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If you were disappointed to see the prompt death of the Citi Thank You-to-Shop-Your-Way-for-gift-cards play, you’re in luck: Citi has sent an email to some cardholders indicating that they will be offering a 20% discount on ThankYou point redemptions for gift cards on November 30th. This will yield a value of 1.25c – even better than the Shop-Your-Way play, albeit only for a day.
Unfortunately, as is often the case with Citi, communication hasn’t been great: not all cardholders have received an email, so we don’t yet know whether this will be open to everyone
nor do we know if the bonus rate will apply to all gift cards or only specific merchants. Update: It looks like only select brands will be discounted – details are below.
- Citi will offer (at least some cardholders) a 20% bonus when redeeming ThankYou points for the following gift card brands on November 30, 2020 (a value of 1.25c per point)
- Happy Dining
- As an example, this will make it possible to redeem 10,000 ThankYou points for a $125 gift card (ordinarily 12,500 points)
- Valid 11/30/20 from 12:00am ET to 11:59pm ET only
- Not clear whether this is targeted or available for all cardholders
I didn’t get as excited as others about the ability to cash out Citi ThankYou points for gift cards at a rate of 1.2c each. I’ve just become too enamored with Turkish Miles & Smiles to consider trading my Citi points for 1.2c to spend at eBay or Best Buy or Walmart or whatever.
That said, I can’t argue with the math: if you value the available gift cards near face value, trading ThankYou points for gift cards at a rate of 1.2c each makes the return on the Double Cash worth something like 2.4% or the return on Prestige 5x categories like 6%. Those are certainly respectable rates of return.
We will update on November 30th once we know whether this appears to be open to all cardholders
and whether or not all merchant gift cards are available.
H/T: Travel With Grant