(Rumor) Could Citi DoubleCash Be The Next “New” Hotness
Doctor of Credit dropped a potential bomb shell over the weekend that may have gone unnoticed with the holiday. It is a potential rumor that could pay dividends for DoubleCash cardholders and Citi ThankYou points loyalists (is that a thing?). After Citi just torpedoed their travel insurance perks on ALL cards could they be throwing Citi DoubleCash cardholders a bone? The bombshell is that you will be able to turn Citi DoubleCash cashback into ThankYou points.
UPDATE: According to a reddit user the Citi Doublecash will have a 1 to 1 transfer rate. If that is the case then Citi would become a behemoth in the miles and points space. Especially with how hot ThankYou points have become with the Turkish Miles sweet spots. HT DoC
Where is this Coming From?
A reader noticed a announcement on their statement that said in the Fall of 2019 that it will be possible to convert Citi Double Cash rewards into Citi ThankYou Points. It did not give any details on the conversion rates though.
What Does This Mean?
Without having more details on the conversion rates we are speculating from here on out.
If it was a 1 to 1 conversion that would make the Citi DoubleCash an everyday spending machine. We would earn 2 ThankYou points per dollar on every purchase. That would only be trumped by the Blue Business Plus from American Express that earns 2 Membership Rewards points per dollar. Although the BB+ does comes with a $50K per year spending cap. If this was to be uncapped it could be a better option for big spenders.
That means we would be able to get 2.5% back on every purchase, if the points were redeemed via their travel portal. I would assume that a premium card like the Citi Premier card may be needed to unlock this feature.
I think it is more likely that they will give .75 points per 1 cent or a transferable rate of 1.5 points per dollar of spend. That would put it in line with the Chase Freedom Unlimited and it’s 1.5X earning rate. This would actually be a devaluation, netting you a return of 1.875% per dollar based on a 1.25 cent redemption. You may be able to do better if you had a specific transfer in mind though.
Knowing Citi they will probably give a .5 points per 1 cent transfer which would make this worthless. I am only partially serious here…but come on it is Citi we are talking about.
If Citi makes this a one to one transfer, Citi Doublecash to ThankYou points, I would actually consider making the ThankYou points program a priority. Right now I don’t put a ton of effort into the ThankYou program because I prefer Ultimate Rewards and Membership Rewards. Both of those points are easier to earn as well. This could change things.
Citi has a chance to make a statement here. Whether or not they follow through on this promising development remains to be seen. And even if they do there is no telling how long it will last before they nerf it all together anyway. It is Citi after all!