Last updated on April 25th, 2022
Citi is making a major change to its popular Double Cash Card. Beginning at the end of March, Double Cash cardholders will earn double ThankYou points on every purchase instead of cash back – a huge change that provides significant value.
Citi Double Cash Converting to ThankYou Points
The Citi Double Cash Card is one of the more popular cash back cards on the market, thanks to its 2% cash back on all eligible purchases. That cash back works out to 1% back when you make a purchase and an additional 1% back when you pay off the balance on your card.
Now, Citi is giving cardholders even more options, thanks to the addition of ThankYou points to the Citi Double Cash Mastercard. Starting March 28, 2022, Citi Double Cash cardholders will continue to earn 1% cash back when they buy and 1% when they pay for their purchases; however, cash back will be earned in the form of ThankYou Points.
How to Earn (and Spend) ThankYou Points
Cardholders earn one ThankYou point per $1 spent on purchases and an additional point for every $1 paid on the purchase balance. Citi Double Cash cardmembers can still redeem their points for cash back – through direct deposit, a statement credit, or check – at the same redemption value of one cent per point. Additionally, Citi is removing the $25 minimum to redeem for a statement credit or direct deposit.
Beyond cash back, ThankYou points offer a huge array of redemption options. Over the last year, ThankYou Rewards has grown exponentially to include more than 50,000 hotels and vacation rentals through Wyndham Rewards and Choice Privileges; new charitable redemption options with CODE (RED) and the Susan G. Komen Foundation; and 12 new gift card merchants to the now nearly 140 merchants within the ThankYou Gift Card catalog, including Nordstrom, Ace Hardware, and The Container Store.
Any existing cash rewards on a customer’s account will be automatically converted into ThankYou Points in a ratio of $0.01 to one point.
Citi’s First Major Change to the Card
This new refresh marks the first significant change to the card since 2019, when the Double Cash first gained the option to transfer cash back into ThankYou Points. Since then, Citi has seen significant interest from cardmembers in the flexibility that comes with redeeming ThankYou Points.
Related Article: Citi Double Cash Will Now Be a World Elite Mastercard
