Live now: 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.
However, there are some credit cards that are marketed as cash-back cards but the earnings can be made more valuable by transferring the rewards to a different credit card.
For example, the cash back earned through the Chase Freedom (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 an UR-earning card such as the 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.
The information for the Ink Business Cash and Chase Freedom has been collected independently by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.
Now, the Citi Double Cash has just became another one of these cards. As of September 22, 2019, cardholders can convert their cash back to ThankYou Points via a linked ThankYou account. Members are receiving these emails:
As was previously shared, the transfer ratio is $1 to 100 ThankYou Points — meaning effectively a 1:1 ratio. This can now be seen on Double Cash Card accounts:
This is really good news, as the Citi Double Cash Card has just become a top everyday credit card with an effective 2x ThankYou Point earning rate on all purchases. TPG values ThankYou points at 1.7 cents each, meaning this card would effectively get at 3.4% return on all purchases.
The Citi Double Cash isn’t currently 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 is offering new cardholders a 0% intro APR for 18 months on balance transfers within the first four months of card opening (then a variable APR of 13.99% – 23.99% 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 either $5 or 3% of the amount of each transfer, whichever is greater. So, make sure that you’re going to save at least that much in interest from your current option.
Additional reporting by Carissa Rawson.
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(Feature photo by Eric Helgas for The Points Guy)
- Earn cash back twice. Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases.
- To earn cash back, pay at least the minimum due on time.
- Balance Transfer Offer: 0% intro APR on Balance Transfers for 18 months. After that, the variable APR will be 13.99% - 23.99%, based on your creditworthiness.
- Balance Transfers do not earn cash back.
- If you transfer a balance, interest will be charged on your purchases unless you pay your entire balance (including balance transfers) by the due date each month.
- There is a balance transfer fee of either $5 or 3% of the amount of each transfer, whichever is greater.
- The standard variable APR for Citi Flex Plan is 13.99% – 23.99% based on your creditworthiness. Citi Flex Plan offers are made available at Citi's discretion.