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Citi has changed the terms of its popular Citi® Double Cash Card to allow cash back rewards to be converted into ThankYou® Points — broadening cardholders’ redemption options.
Citi recently rolled back some flagship benefits across certain of its cards. This change could indicate that Citi is taking a second look at some of the features of its cards.
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Citi® Double Cash Card holders are now able to convert $1 in cash rewards to 100 ThankYou points, according to a Citi customer service representative. To convert and redeem your points, you can visit Citi’s ThankYou Rewards portal. But your redemption options are limited to gift cards for now, according to the rep.
However, if in addition to your Citi® Double Cash Card you have other Citi cards that use the ThankYou points currency, you can transfer your converted ThankYou points to those cards and redeem them for benefits other than gift cards, including travel.
Citi’s move to change the terms of the Citi® Double Cash Card comes after many Citi card benefits were removed across certain cards. Some of the benefits Citi recently cut included Citi Price Rewind, trip cancellation and interruption protection, and other car and travel insurance protections.
As The Wall Street Journal previously reported this year, credit card issuers have struggled to keep their cash back and rewards cards profitable because customers aren’t carrying balances month-to-month or haven’t been using them as often as they expected.
Given this, it’s possible Citi changed the rewards terms for the Citi® Double Cash Card because it found customers were more likely to use their cards when they have rewards that encourage them to spend.
It could also be a way to give current and future holders of the Citi® Double Cash Card more incentive to sign up for an additional ThankYou points-based rewards card such as the Citi Premier℠ Card or Citi Prestige® Card.
In any case, this change from Citi does broaden your redemption options with the Citi® Double Cash Card. But time will tell whether it’s an effective strategy at getting cardholders to spend more or to apply for additional rewards cards through Citi.