Citi Custom Cash points do not expire as long as your account is open and in good standing. You will forfeit any points you have yet to redeem if you or Citibank closes your Citi Custom Cash account for any reason.
More specifically, once the account is closed, Citibank will allow you 60 days to redeem your unused points. After 60 days, you’ll lose your points and will not be able to get them back.
Similarly, Citibank will not allow you to redeem points whenever you’re late making the minimum payment.
Yes, cash back rewards can expire with credit cards from 9 of the 10 biggest credit card companies. It’s most common for cash back credit card rewards to expire after the cardholder or issuer closes the account, or after a certain period of account inactivity. In general, you can avoid losing cash back rewards by redeeming often, using your card regularly, and keeping your account open and in good standing.… read full answer
When Cash Back Can Expire, by Major Credit Card Company:
American Express: Cash back rewards won’t expire unless you or Amex cancels your credit card account. However, American Express cardholders will not earn rewards during any billing period where a late payment occurs.
Bank of America: Cash back does not expire as long as your account remains in good standing. This means your account must be open and must have charging privileges.
Barclays: Cash back rewards don’t expire as long as your account remains open and in good standing.
Capital One: Cash back rewards won’t expire unless you or Capital One cancels your credit card account.
Chase: Cash back rewards won’t expire unless you or Chase cancels your credit card account.
Citi: Cash back rewards expire if you don’t earn cash back on the card for 12 months.
Discover: Cash back never expires. If your account is closed or you haven’t used the card in 18 months, Discover credits your account with your cash back balance.
USAA: Cash back rewards expire 90 calendar days after your account closes for any reason. You can redeem cash back during this 90-day period by calling 800-980-8722.
U.S. Bank: Cash back expires 36 months after the billing cycle in which it is earned.
Wells Fargo: Cash back does not expire as long as the credit card account remains open.
It’s important to read the expiration policy thoroughly before you apply for a cash back credit card. Many of these rewards structures can change at any time, too, so be sure to keep an eye out for policy changes even after you have the card.
Exactly how you redeem credit card reward points varies by credit card company, but most credit card users can redeem reward points online through their account summary page. Some credit card issuers also let you redeem rewards over the phone. Credit card reward points may be redeemable for cash back, travel purchases, gift cards, and more, depending on the card.… read full answer
Once you redeem your credit card reward points, they’ll be subtracted from your rewards balance immediately and your account will be credited within 1-3 weeks, if applicable. In some cases, reward points will expire if you do not use them by a certain time.
Here's how to redeem credit card reward points:
Log in to your online account and head to “Account Summary.” Specifics will vary by issuer, but your rewards will usually be featured on a main account page.
Click on “Rewards Balance.” The exact wording may differ depending on the issuer. Once you click on your rewards balance, you’ll be taken to a page with your total amount of unredeemed rewards, and information about your redemption options.
Select how you’d like to redeem your rewards. You may be able to redeem reward points for travel purchases, cash back in the form of a check or statement credit, merchandise, or gift cards, depending on the rewards card.
Redeem your rewards. Once you redeem your credit card reward points, the points will be deducted from your rewards balance immediately. If you’re redeeming for statement credits or covering past purchases, your account will usually be credited within a week. If you redeem your points for gift cards or merchandise, you can expect them to arrive in the mail within 2-3 weeks.
While many rewards cards will let you choose from multiple redemption options, you’ll usually get the most value with one in particular. For example, travel rewards credit cards will often give you the most when you redeem your points for travel purchases, and your rewards may be worth less if you redeem them for cash back or gift cards.
On average, credit card reward points are worth 1 cent each. Most major credit card issuers, like Chase, Capital One and American Express, advertise that your points will not expire as long as your account remains open. But you should check the exact terms and conditions of your specific credit card to make sure you don’t lose any rewards you’ve earned.
You can calculate reward point values by dividing the dollar value of what you redeem points for by the number of points required to get that product or service. This will leave you with the value of a single reward point. For example, if a $500 plane ticket costs 40,000 points, that means each point is worth 1.25 cents when redeemed for airfare.… read full answer
Cost of Item in Dollars / Cost in Points = Value of 1 Reward Point
In many credit card rewards structures, point redemption values change depending on what you redeem them for. Some credit cards give more value point-for-point on travel redemptions than cash back, for example. The average credit card reward point value is 1 cent, for reference.
WalletHub Answers is a free service that helps consumers access financial information. Information on WalletHub Answers is provided “as is” and should not be considered financial, legal or investment advice. WalletHub is not a financial advisor, law firm, “lawyer referral service,” or a substitute for a financial advisor, attorney, or law firm. You may want to hire a professional before making any decision. WalletHub does not endorse any particular contributors and cannot guarantee the quality or reliability of any information posted. The helpfulness of a financial advisor's answer is not indicative of future advisor performance.
WalletHub members have a wealth of knowledge to share, and we encourage everyone to do so while respecting our content guidelines. This question was posted by WalletHub.
Please keep in mind that editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. In addition, it is not a financial institution’s responsibility to ensure all posts and questions are answered.
Ad Disclosure: Certain offers that appear on this site originate from paying advertisers, and this will be noted on an offer’s details page using the designation "Sponsored", where applicable. Advertising may impact how and where products appear on this site (including, for example, the order in which they appear). At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products.