Last updated on November 3rd, 2020
Citi recently introduced the option of using Citi ThankYou Points and cash rewards to pay the minimum balance due on Citibank credit cards. A few weeks on from the announcement, Citi is already touting the new COVID-19 measure as a rousing success. Here’s what you need to know.
An Overwhelming Response to Citi’s Newest COVID-19 Initiative
According to the bank, the initial response to Citi’s new ThankYou Points redemption option has been overwhelmingly positive. Within two weeks, over 30,000 Citi credit cardholders have redeemed either their ThankYou Rewards points or cash rewards to cover their minimum payment due on their card(s). The vast majority of those taking advantage of the promotions (74%) are doing so through mobile redemption.
What Is the Citi ThankYou Point and Cash Reward Minimum Payment Program?
Citibank is one of the most proactive card issuers when it comes to responding to the impact of the coronavirus (COVID-19) pandemic. The issuer often touts its active engagement with cardholders and their evolving financial situations in this ever-changing pandemic landscape. The addition of using ThankYou Points or Citi cash rewards towards minimum payments on credit card statements is one such move.
Eligible Citi ThankYou Rewards or cash back credit cardholders can now use their rewards to meet their minimum payment obligations. Previously, Citi offered the option of “Online Bill Pay with Points,” but this did not waive the minimum payment requirement. Now, points and rewards apply to the minimum payment requirement.
Other Citi ThankYou Changes During the Coronavirus Pandemic
The removal of minimum payment restrictions for Citi cardholders is just one of many recent initiatives by the bank. Citi previously added a charitable donations option to its rewards portal. The Citi Prestige and Citi Premier credit cards range also enjoy new bonus categories due to the pandemic.
Citibank is a multinational bank and subsidiary of Citigroup. Citi is one of the largest credit card issuers in the United States, with over 68 million credit cards currently in circulation. Citi ThankYou Points are the rewards currency of Citi rewards credit cards., including the Citi Prestige, Citi Rewards+, Citi Premier, and AT&T Access Card from Citi. ThankYou Rewards points are among the most valuable points available and offer a 1:1 transfer value with 15 leading airlines from around the world.