Citi cardholders have lengthy been capable of convert their hard-earned factors into money at a fee of 0.5 cent per level. However, Citi lately improved its ThankYou factors program and now, eligible Citi cardholders can convert Citi ThankYou factors to money at a fee of 1 cent per level. This enchancment successfully doubles the baseline worth for ThankYou factors.
This might look like fantastic information, however simply because you may redeem Citi ThankYou factors for 1 cent every doesn’t suggest you must. Take a take a look at the right way to money out Citi ThankYou factors at 1 cent every, and how one can redeem these factors at a good greater worth.
ThankYou playing cards eligible to money out factors at 1 cent every
The choice to money out Citi ThankYou factors to money is a current and unannounced enchancment, so we aren’t certain precisely which playing cards are lined. However, we have been capable of affirm that not less than the next playing cards are eligible for the 1-cent-per-point redemption fee:
Not all ThankYou playing cards are eligible to money out factors at this excessive of a fee. Citi Rewards+® Card and AT&T Access Card from Citi cardholders can solely redeem factors at 0.5 cent per level if they do not have a Citi Prestige® Card or Citi Premier® Card.
How to money out Citi ThankYou factors at 1 cent every
Citi ThankYou cardholders have a handful of choices for cashing out at 1 cent per level. You can:
Cash out ThankYou factors for an announcement credit score.
Deposit your money again into your checking account.
Donate to sure charities.
Each of those redemption choices has barely totally different phrases and situations to remember.
ThankYou factors assertion credit score redemptions
Perhaps the best and most simple choice is to redeem ThankYou factors to get an announcement credit score in your Citi bank card account. The benefits of the ThankYou factors assertion credit score choice are that there isn’t any minimal redemption quantity and you will not must deposit a examine.
However, understand that it could take as much as two billing cycles for the assertion credit score to put up to your account. Also, the assertion credit score would not rely as a cost, so you may nonetheless must pay the minimal cost due in your account.
Cash out ThankYou factors for a direct deposit
You can even redeem ThankYou factors at 1 cent per level for a direct deposit right into a verified linked checking account. It shall be deposited inside 5 enterprise days. And, as with the assertion credit score choice, there isn’t any minimal redemption required.
This choice can turn out to be useful if you wish to use ThankYou factors to cowl your minimal cost. That’s as a result of you should utilize the direct deposit cost to pay your bank card invoice.
Redeem your ThankYou factors for a examine by mail
Citi ThankYou cardholders can even redeem ThankYou factors at 1 cent per level for a examine within the mail. However, the downsides with this redemption choice are many.
The examine will take one to a few weeks to reach by the United States Postal Service, making it a lot slower than the direct deposit choice. You must redeem not less than 500 factors for a examine of not less than $5 and you may additionally must deposit the examine inside 180 days.
Use ThankYou factors for a mortgage or scholar mortgage cost
If you need, you even have the choice to redeem ThankYou factors to pay your mortgage or scholar loans. Again, the redemption fee is 1 cent per level. However, you are restricted to redeeming factors in denominations of $25, $50, $75, $100, $250, $500, $750 or $1,000.
Redemptions are fulfilled by mailing you a examine, which you’d then must mail to your monetary establishment. Checks can take one to a few weeks to ship. Between these limitations, it is usually going to be a greater thought to redeem ThankYou factors for a direct deposit or examine by mail. Either approach, you’ll select an actual redemption quantity.
Turn your ThankYou factors right into a charity donation
If you feel charitable, you may redeem ThankYou factors for a donation to considered one of eight charitable funds:
American Red Cross Disaster Relief.
American Red Cross International Services.
In every case, you may must redeem not less than 2,500 factors for a $25 donation. And redemptions should be made in denominations of $25, $50 or $100. So once more, it is likely to be higher to simply money out your ThankYou factors for a direct deposit or examine and make a charitable contribution instantly.
Why you should not money out ThankYou factors at 1 cent every
The choice to money out ThankYou factors at 1 cent every establishes a strong baseline worth. However, Citi ThankYou factors could be a lot extra worthwhile than 1 cent per level by redeeming factors by means of Citi’s airline and lodge companions.
Full listing of Citi ThankYou switch companions
Redeeming for fastened worth by means of JetBlue
You can simply get greater than 1 cent per level in worth by transferring ThankYou factors to JetBlue’s TrueBlue program. That’s as a result of JetBlue TrueBlue factors could be redeemed at a reasonably fastened worth.
In NerdWallet testing, we discovered which you can anticipate to get 1.5 cents per TrueBlue level in worth from JetBlue financial system awards. That means you may usually get 50% extra worth from ThankYou Points by transferring factors to JetBlue quite than cashing out factors at 1 cent every.
Splurge for premium cabin awards
For instance, Citi ThankYou factors switch to Turkish Airlines Miles&Smiles at a 1:1 ratio. That means you should utilize ThankYou factors to e-book a enterprise class flight on United, Turkish or one other Star Alliance accomplice to Europe for round 45,000 Miles&Smiles miles every approach.
Or, switch Citi factors to Virgin Atlantic Flying Club to e-book enterprise class awards to Europe on Delta for simply 50,000 factors every approach.
Even when enterprise class fares are on sale, it is uncommon that you’re going to discover charges for beneath $2,000 spherical journey. So the power to fly to Europe for 90,000 to 100,000 factors round-trip in enterprise class means you are getting not less than 2 cents every in worth out of your Citi ThankYou factors.
If you are contemplating cashing out ThankYou factors
Citi lately improved the speed to redeem Citi ThankYou factors for money from 0.5 cent per level to 1 cent per level for eligible playing cards. This doubles the baseline worth which you can get from Citi ThankYou factors.
However, essentially the most worthwhile Citi ThankYou Point redemption choices are nonetheless going to be discovered by transferring factors to airline and lodge companions. You can simply get greater than 1 cent per level in worth by means of a fixed-value program like JetBlue TrueBlue, and you will get much more worth by making the most of the various Citi ThankYou Point switch accomplice candy spots.
The info associated to Citi Prestige® Card has been collected by NerdWallet and has not been reviewed or offered by the issuer or supplier of this services or products.
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