Recently there was some pretty negative news when it comes to Citi credit cards. They are removing a ton of benefits from most of their credit cards. Both the Double Cash and the Dividend get it the worst, with the loss of price protection and warranty protection. Still, Citi may have found a way for many of the Double Cash card users to keep their cards…
The Citi Double Cash card earns 1% cashback anytime you buy something, and another 1% back when you pay off the purchase. All of the rewards are given out as directly cashback that you can redeem for statement credit or gift cards.
However, when some users are logging into their Citi accounts, they are getting a pop up that states in the Fall of 2019, you will be able to redeem your cashback as ThankYou points. Unfortunately, we do not know if it will be a direct 1:1 ratio or not.
The ratio of cashback to points will make or break this news. If Citi gave us a direct 1:1 ratio, this would be a deal! Anything less than that, and I’m not sure if its worth keeping the card with the lose of all of the other benefits. Let’s face it, even on a no annual fee card like the DoubleCash, losing the benefits is a big loss. If we weren’t able to transfer the points at a 1:1 ratio it may not even be worth doing. TPG values ThankYou points at 1.7 cents right now, so you will definitely be getting some value with the points either way.
What do you think of this change? Will it convince you to keep the DoubleCash long term? Let us know below!