Credit card users want to earn the best credit card rewards on their card spend. These rewards typically come in the form of cash back or loyalty points with the most popular type of loyalty point offering being frequent flier miles. Unfortunately, frequent flyer credit cards have many drawbacks, especially due to the fact that large airlines have been limiting award availability while raising the number of miles needed to for many flights, thereby decreasing the value of miles.
Due to adverse miles revaluations, customers have become increasingly frustrated with this reality, and in response, banks have begun to promote their own loyalty point systems. Citi’s proprietary ThankYou program lets cardholders earn points that can be redeemed for cash back, travel, gift cards or a variety of merchandise rewards.
How the Citi ThankYou Rewards Program Works
Eight different Citi credit cards allow members to earn ThankYou points. These products are the Citi ThankYou Preferred Card, Citi Forward Card, Citi ThankYou Premier Card, Citi ThankYou Prestige Card, AT&T Universal Savings & Rewards Card, CitiBusiness World MasterCard, and the AT&T Universal Business Rewards Card.
Once earned, ThankYou points can be used in many different ways. Cash back can be redeemed at a rate of $50 for each 8,000 points, or .62 cents per point. Statement credits return slightly greater value at .71 cents per point. Restaurant gift cards are available at a rate of one cent per point for $50 and $100 denominations. Other redemption options that return one cent in value per point include student loan rebates and mortgage payments.
Another option for cardholders are flight redemptions through Citi’s travel provider, Connexions Loyalty Travel Solutions. Using this service, card members can redeem their points for travel on most airlines. With most cards, ThankYou reward points are worth one cent when redeemed, but Citi ThankYou Premier cardholders receive an additional 33% bonus. For example, the Citi ThankYou Premier card currently offers a 30,000 point sign up bonus. When redeemed for airfare, cardholders will enjoy a $399 credit towards any flight.
Additionally, Citi ThankYou Premier cardholder’s not only earn miles on the airline they fly, but also get matching miles from Citi. This is a pretty strong deal, especially given that most airlines do not let customers earn miles on reward travel.
Who Can Benefit with a Citi ThankYou Rewards Card
For those who have become disillusioned with the declining value and utility of frequent flier miles, this program is a great way to reliably earn credit card rewards. Although cash back and statement credits are the least favorable redemption options, there are many gift card and flight award options that can return one cent in value or more for each point redeemed. Finally, customers who have an existing student loan or home mortgage with Citi will easily be able to use their points to reduce their debt at a rate of one cent per point. Citi ThankYou points are a solid way to earn rewards on credit card spending, and, unlike many other rewards program, Citi has been increasing the value of ThankYou points over the past few months.
For additional information on current Citi ThankYou rewards cards offering sign up bonuses ranging from 15,000 to 30,000 points, please see this comparative review of all current Citi ThankYou Rewards offers.
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About the author
Jeffrey Weber has been following and blogging about the credit card industry since 2004. He has also written for Forbes and been cited in a wide range of major media outlets including USA Today, Time, MSN Money, The Christian Science Monitor, The Detroit Free Press and numerous other prestigious online and print publications.
Jeffrey resides in Easton, Connecticut and enjoys spending his free time chasing after his two year old son, watching films with his wife and occasionally taking a holiday to go snorkeling.
Jeffrey Weber – has written 65 posts.
