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Citi and PayPal Expand Partnership, Use TYP as Payment Option
Today, Citi and PayPal announced an expansion of their strategic agreement that will broaden consumer payment choices by enabling eligible Citi cardmembers to use ThankYou Points as a payments option at millions of merchants that accept PayPal in the United States. This new functionality is slated to launch in 2018.
Their original agreement back in 2016, enabled Citi cardmembers to use their cards with PayPal seamlessly – online, in-app and in store. The agreement also included a plan to tokenize cards for customers wishing to use PayPal for in-store purchases, across Mastercard and Visa portfolios in the U.S.
Today’s press release didn’t mention redemption value for ThankYou Points when used through PayPal. But, I contacted Citi and they confirmed that “it will be akin to the rate for other partners such as Amazon”. That means that you’ll be able to redeem ThankYou Points at only 0.8 cents per point. That’s a terrible rate, so please don’t save you points so you can use them through payPal or even Amazon for that matter. You can get 1.25 cents per point when redeeming for travel or you can transfer 1:1 to lots of travel partners. You can even cash out at 1 cents a piece.
While it is always nice to see added versatility to point currencies, using ThankYou Points through PayPal will not be a good idea. It might come in handy if you have a few points left and you just want to cash them out quickly.
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