You can convert Citi ThankYou Preferred to Double Cash if you receive an e-mail offer for a “product change.” That may be a longshot, though. Citi is more likely to send ThankYou Preferred cardholders a targeted offer to switch to the new Citi Rewards+ card. It debuted in 2019 as a replacement for the Preferred card.
Citi ThankYou Preferred cardholders may also receive offers for a product change to Citi Premier or Prestige. If you have the ThankYou Preferred card but have not received an email about switching, call customer service at 1 (800) 950-5114 and inquire about a product change.
Another option is to apply for the Double Cash card outright. That means you will have two open accounts unless you decide to cancel the ThankYou Preferred card. Just be aware that there’s a hard pull of your credit when you apply for a new card, unlike with a product change.
The Citi Double Cash card works like this: Cardholders earn a total of 2% cash back on every purchase, but they get it in two 1% chunks. First, Double Cash gives 1% cash back at the time of purchase. Then, it gives the other 1% cash back when Citi gets repaid for that purchase. The Double Cash rewards system is unique compared to most other rewards cards, which reward purchases only – without providing the extra incentive to pay in full. So it’s understandable why people are sometimes confused by how it works.… read full answer
Rewards aren’t the only aspect of the offer that might need some explaining, either. Even the card’s official name – “Citi Double Cash Card – 18 month BT offer” – might lead to some questions about how it works and who it’s for. If you aren’t sure, “BT” stands for “balance transfer,” and it refers to the fact that the card has an introductory APR of Not Offered on balance transfers. That’s a feature uncommon among top-notch cash back rewards cards.
It’s pretty clear how the Double Cash card works otherwise. It has a $0 annual fee, so it should only cost you money if you carry a balance from month to month after the introductory APRs wear off. You generally need at least good credit to get approved. And while there’s no cap on how much you can earn in rewards, unredeemed earnings will expire if you don’t earn more rewards for 12 straight months. You can redeem Double Cash rewards for a check, statement credit or direct deposit, among other options.
You can redeem Citi Thank You points for cash through here. You have the option of receiving either a statement credit or a check.
Redeeming ThankYou points for cash isn’t a very good deal, though. Each point will get you just half a cent, or 0.5% cash back. And you’d get more bang for your buck, so to speak, by redeeming your Citi ThankYou points for travel.… read full answer
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