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Hi guys. I have a general question about my Citi Thankyou Points. I earned about 19,000 points through my Citi Rewards+ credt card and another 50,000 points as a signup bonus on the Citi Priority checking account. I found out that I dont really use the checking account as much as I thought so I would like to cancel it, but I am worried that I might lose the points if I close it. The total amount of 69,000 points shows up on both my credit card and checking accounts (since I have separate logins for both). Does anybody know if I can still keep the point as long as I have the credit card even if I close the checcking account or will I lose them if I close the account?
Assuming I dont cash out since unless I booking travel the redemption options are horrendous.
Thanks so much for all your input.
@imaximous wrote:
I'm not 100% sure, but I do know all TYPs are not created equal. TYPs don't work like URs or MRs. They continue to get tracked from the source even after you combine them, so if you close a particular TYP earning card, those points expire after 60 days.
Assuming the same applies to your TYPs from the checking account SUB, if you close it, they *should* expire after 60 days.
Also, TYPs from banking don't mix well with TYPs from credit cards because they can't be transferred to travel partners. They only have cash value and that also depends on what you're redeeming for.
To be safe, you could redeem the points for gift cards to get their full 1:1 value. I'm pretty sure you can find some useful gift cards on the TYP site.
And in the past at least, points from banking cause a 1099 to be generated, so you really want to make sure you use them if you plan to close the bank account
@longtimelurker wrote:
@imaximous wrote:
I'm not 100% sure, but I do know all TYPs are not created equal. TYPs don't work like URs or MRs. They continue to get tracked from the source even after you combine them, so if you close a particular TYP earning card, those points expire after 60 days.
Assuming the same applies to your TYPs from the checking account SUB, if you close it, they *should* expire after 60 days.
Also, TYPs from banking don't mix well with TYPs from credit cards because they can't be transferred to travel partners. They only have cash value and that also depends on what you're redeeming for.
To be safe, you could redeem the points for gift cards to get their full 1:1 value. I'm pretty sure you can find some useful gift cards on the TYP site.And in the past at least, points from banking cause a 1099 to be generated, so you really want to make sure you use them if you plan to close the bank account
Right, that too... and even that is weird with Citi as well. Last year, when I opened my checking and savings package at Citi, I think I got a $500 SUB. I was expecting a 1099 to file along with SUBs and interest from other banks. I never got one. Looked in the docs section online -- nothing. I called Citi and they told me there wasn't any 1099 for me. Huh?
I looked ALL over the web and many people reported the same. Some said that Citi has a threshold for this, which I never found out what it was.
Some thoughts:
1. Since you have Rewards+, you get a 10% rebate when you redeem your points. You really have at least 75,900 TYP.
Check here for the occasional transfer bonuses Citi and others offer. I redeemed my points to Jet Blue when Citi was offering a 25% bonus to do so.
2. You have more transfer options for TYP when you open a Citi Premier or Prestige card. The Premier card isn't shabby, with a nice SUB and an August upgrade offers 3x TYP at Supermarkets, Restaurants, Gas Stations, Air Travel & Hotels. Plus a $100 hotel savings when you book a $500 stay on the ThankYou portal (to help offset the $95 annual fee).
Since you have the Rewards+ card with the 10% rebate, you will actually earn 3.33x TYP in those categories.
Best to combine your credit card TYP accounts.
@imaximous wrote:
@longtimelurker wrote:
@imaximous wrote:
I'm not 100% sure, but I do know all TYPs are not created equal. TYPs don't work like URs or MRs. They continue to get tracked from the source even after you combine them, so if you close a particular TYP earning card, those points expire after 60 days.
Assuming the same applies to your TYPs from the checking account SUB, if you close it, they *should* expire after 60 days.
Also, TYPs from banking don't mix well with TYPs from credit cards because they can't be transferred to travel partners. They only have cash value and that also depends on what you're redeeming for.
To be safe, you could redeem the points for gift cards to get their full 1:1 value. I'm pretty sure you can find some useful gift cards on the TYP site.And in the past at least, points from banking cause a 1099 to be generated, so you really want to make sure you use them if you plan to close the bank account
Right, that too... and even that is weird with Citi as well. Last year, when I opened my checking and savings package at Citi, I think I got a $500 SUB. I was expecting a 1099 to file along with SUBs and interest from other banks. I never got one. Looked in the docs section online -- nothing. I called Citi and they told me there wasn't any 1099 for me. Huh?
I looked ALL over the web and many people reported the same. Some said that Citi has a threshold for this, which I never found out what it was.
The commonly stated minimum (e.g. on DoC) is $600.
And in my part-time role as IRA enforcement agent, a gentle reminder to all that you need to pay tax on the amount even if you do not receive a 1099. (Harder to guess what value to use if you don't get a form, but that's your problem!)
@longtimelurker wrote:
@imaximous wrote:
@longtimelurker wrote:
@imaximous wrote:
I'm not 100% sure, but I do know all TYPs are not created equal. TYPs don't work like URs or MRs. They continue to get tracked from the source even after you combine them, so if you close a particular TYP earning card, those points expire after 60 days.
Assuming the same applies to your TYPs from the checking account SUB, if you close it, they *should* expire after 60 days.
Also, TYPs from banking don't mix well with TYPs from credit cards because they can't be transferred to travel partners. They only have cash value and that also depends on what you're redeeming for.
To be safe, you could redeem the points for gift cards to get their full 1:1 value. I'm pretty sure you can find some useful gift cards on the TYP site.And in the past at least, points from banking cause a 1099 to be generated, so you really want to make sure you use them if you plan to close the bank account
Right, that too... and even that is weird with Citi as well. Last year, when I opened my checking and savings package at Citi, I think I got a $500 SUB. I was expecting a 1099 to file along with SUBs and interest from other banks. I never got one. Looked in the docs section online -- nothing. I called Citi and they told me there wasn't any 1099 for me. Huh?
I looked ALL over the web and many people reported the same. Some said that Citi has a threshold for this, which I never found out what it was.
The commonly stated minimum (e.g. on DoC) is $600.
And in my part-time role as IRA enforcement agent, a gentle reminder to all that you need to pay tax on the amount even if you do not receive a 1099. (Harder to guess what value to use if you don't get a form, but that's your problem!)
+1 Employers and lenders are not required to issue a 1099 if your earnings were under $600, but you are still required to report and pay taxes on any money received as income even if it's $1; that includes the $2.17 you earned on your savings account.
Based on my experience with Citi and PC to another card then using the points well before the 60 days, I'd redeem the points before closing any account.
They gave me 60 or 90 days to redeem, but devalued the TYP when I redeemed them. Not saying they would do that in your case, but it happened to me, so anything is possible.