Update 8/30/21: Citi has now sent out an email to those who used the Preferred 1% cashout indicating that it was a mistake and won’t work going forward.Â
Update 7/23/21: Readers now reporting that Preferred is back down to .5%
Update 5/31/21: Citi Preferred now has this option as well. Seems to only be available for some readers unfortunately. Hat tip to reader Eric (YMMV, based on reader’s comments)
Original Post:
Citi Premier cardholders can now cash out ThankYou points at one cent per point using the Cash Rewards or Statement Credit options.
Go to ‘More Ways to Redeem’ > ‘Cash Rewards’ or ‘Statement Credit’. Using the Cash Rewards option you can get $50 for 5,000 points or $100 for 10,000 points. Using the Statement Credit option, you can get $10, $15, $20, etc.
Back in 2017, Citi added the option for Prestige cardholders to cash out ThankYou points at 1-cent-per-point, and now they seem to be implementing the same for Premier cardholders. Other Citi cards get just .5 cents per point when cashing out ThankYou points. There were always creative ways of the getting the 1 CPP with mortgage payments, but this makes everything easier, and only requires the $95 Premier card.
Perhaps this is to make up for the negative change of losing the 25% travel center bonus which was just implemented. It is odd that we haven’t heard anything yet from Citi directly about the change.
Hat tip to philonous03 and TheFascination
Update: You can redeem down to the point now as well (e.g 2,541 points = $25.41 – before you had to redeem in increments.
