Citi Double Cash Card allows users to convert cash back to ThankYou points

Citi is a CreditCards.com advertising partner.

The Citi® Double Cash Card is lauded for its generous cash back rate, offering cardholders 1% on everything they buy and an additional 1% when they pay off their purchases. With the potential to earn 2% cash back on every purchase, it’s easy to see how lucrative this card can be.

Since 2019, the Citi Double Cash Card added a new layer of flexibility to those rewards.

“We consistently strive to provide our customers with convenient redemption options that drive meaningful value. As such, starting on September 22, we will offer Double Cash cardmembers the choice to convert their cash rewards to ThankYou Points, allowing them to redeem their points for gift cards, travel, purchases at select retailers and more,” confirmed a Citi representative.

For many Citi Double Cash cardholders, this option is sure to provide great potential value.

Should you redeem your cash rewards for ThankYou points?

Citi Double Cash cardholders can redeem $1 in cash rewards for 100 ThankYou points. This is a top-notch conversion ratio, considering you can stretch the value of ThankYou points by redeeming them strategically.

By our estimates, most ThankYou point redemption options get 1 cent per point of value or less – making it seem like a cash redemption is still your best option. However, there is one notable exception: transferring ThankYou points to travel partners.

Those with the Citi Double Cash who hold a qualifying Citi card (the Citi Premier® Card or the Citi Prestige® Card*) can transfer their points at a 1:1 ratio to any of Citi’s transfer partners.

The good news: Citi cards that earn basic ThankYou points may also transfer to select participating partners. So, if you have the Citi Rewards+ Card or the Citi Double Cash Card, you may transfer your points to Choice Privilege, TrueBlue or Wyndham Rewards.

Citi travel partners are relatively limited compared to other rewards programs, but they still provide a unique opportunity. Since many airline miles are worth more than 1 cent per mile, you can get more out of your rewards by transferring.

For example, say you transfer $25 that you earned on your Citi Double Cash Card to 2,500 in ThankYou points. If you then transfer those points at a 1:1 rate to JetBlue TrueBlue miles (valued at 1.3 cents each by The Points Guy), we estimate you can turn those 2,500 points into around $32.50 worth of airfare. This is because JetBlue offers a wide range of reward flight options, many of which could stretch your miles a long way.

Bottom line

For fans of cash back, the new transfer option on the Citi Double Cash Card probably won’t affect your rewards redemption strategy. But if you chose the card for its high flat rate on general purchases and want to dip your toes in the travel rewards space – transferring your Double Cash rewards to ThankYou points could be incredibly lucrative.