Transfer your Citi Double Cash Card rewards to ThankYou Points
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When you’re looking for the best return on your credit card purchases, you have two primary earning categories: points/miles-earning cards or cash-back cards. One of the best cash-back cards around is the Citi® Double Cash Card. Despite having no annual fee, you can earn a solid 2% cash back on all purchases — 1% at the time of purchase and another 1% when you pay your balance.
The Citi Double Cash card is also part of a category of credit cards marketed as cash-back cards, but the earnings can be made more valuable by transferring the rewards to a different credit card. If you’re not already taking advantage of this option, you could be losing out on additional cash-back.
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Other examples of this include the cash back earned through the Chase Freedom Flex (5% cash back on rotating categories up to $1,500 each quarter you activate) and Ink Business Cash Credit Card (5% cash back at office supply stores and on internet, cable and phone services on the first $25,000 spent in combined categories, each anniversary year) can be transferred to Ultimate Rewards points if you have a UR-earning card such as the Ink Business Preferred Credit Card, Chase Sapphire Preferred Card or the Chase Sapphire Reserve. That means you can effectively earn 5x Ultimate Rewards points on many purchases by having the right lineup of cards.
When it comes to the Citi Double Cash, cardholders can convert their cash back to ThankYou Points via a linked ThankYou account. The transfer ratio for the Citi Double Cash is $1 to 100 ThankYou Points — meaning effectively a 1:1 ratio. When looking at your Double Cash Card accounts, this is what you’ll see if you’re trying to convert your cashback:
The Citi Double Cash Card is one of the top everyday credit cards due to its 2% (2x ThankYou Point earning rate) on all purchases. TPG values ThankYou points at 1.7 cents each, meaning this card effectively gets a 3.4% return on all purchases.
Currently, Citi Double Cash isn’t offering a sign-up bonus, which is understandable for a credit card with a solid 2% cash-back earning and no annual fee. Instead, the card offers new cardholders a 0% intro APR for the first 18 months on balance transfers made within the first four months of card opening (then a variable APR of 15.49% – 25.49% applies).
While we at TPG recommend that readers pay their balance in full each month, this could be a good option if you have outstanding credit card debt. Just note that there’s a balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. After that, your fee will be 5% of each transfer (minimum $5). So, make sure that you’re going to save at least that much in interest from your current option.
Official application link: Citi® Double Cash Card
Additional reporting by Joseph Hostetler.
Featured photo by John Gribben/The Points Guy
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