Do you have a stash of Citi’s ThankYou points that you don’t know what to do with? While the value of these sort of points always comes in the form of travel redemptions, sometimes you need to cash them out in other ways. Citi is giving us another option for redemption!
We are now seeing a partnership between Citi and PayPal. You can redeem ThankYou points at 0.8 cents per point. To add to that, starting March 30th, transferring points to PayPal Checkout from the AT&T card will be the default option if you have your Paypal account linked. Of course you can always opt out of this option.
If you happen to have the Citi Prestige card, you will soon be able to redeem ThankYou points at 1 cent per point. This is higher than the original offer of 0.65 cents per point if you redeem them on any other Citi card.
In the credit card game, if you are earning points, the absolute best way to use them is when you redeem them for traveling. That is where some of the crazy redemptions come into play. If you were to pay for the same things in cash, things could get very expensive very fast.
Alternatively, you can always redeem the points for straight up cash. Unfortunately, it’s almost never a 1:1 redemption. In Citi’s case, for every 100 points you redeem, you’re looking at $0.65 instead of $1.00. If you look at in that way, then this deal with PayPal Checkout is a much better deal. However, even with this deal, it’s still not quite that 1:1 deal. If you happen to have, or are interested in the Citi Prestige card, you would be much better off by waiting until that gives you the 1:1 redemption. At least in that case you are not losing any money by doing so. Of course, unless you absolutely have to, I wouldn’t redeem those points for cash. Use them for travel! Where you can get value in the multiples! Especially when Citi likes to offer transfer bonuses!
Do you think you’ll end up transferring points over to PayPal? Let us know below!