A few weeks ago Citi started allowing Premier cardholders to cash out their points on a 1cpp basis.
Doctor of Credit is now reporting that some ThankYou Preferred cardholders are also being offered the same option.
As you can see in the above screenshot there are a few cash out options, all of which give you the 1cpp redemption options. Needless to say, redeeming for a statement credit will require that you have some kind of charges on your Premier or Preferred credit card for them to be allocated against.
To select one of these options, you can access the cash out page here. One of the good features of all three of these options is that you can cash out any number of points – you’re not restricted to redeeming your ThankYou points in 1,000 point increments. That means that if you’re planning on closing a card rather than product changing, you can cash out all your points without letting any of them go to waste.
This obviously isn’t the best redemption option for Citi ThankYou points seeing as they can be redeemed for far more value by transferring to travel partners, but it’s always better to have more redemption options for transferable points than fewer.