Citi slashing cash-back redemption on Strata Premier by 25%
Editor's Note
Cardholders of the Citi Strata Premier℠ Card just got some negative news. Thanks to FrequentMiler for breaking the news.
Many Citi Strata Premier cardholders received an email Monday indicating that the cash-back redemption of their ThankYou points will be reduced from 1 cent per point to 0.75 cents per point. This change goes into effect as of Aug. 24.
It's a blow to one of the best travel rewards cards out there, but perhaps its impact might be limited for many cardholders who instead prefer to transfer their points to the ThankYou Rewards program's airline and hotel transfer partners.
The email
Interestingly enough, it seems as if not all cardholders of the Strata Premier received an email. Several other TPGers and I did not, but Senior Editorial Director Nick Ewen received the email. Here is what it said:
This comes as quite a shock, but it's not the first one we've had lately, as Citi devalued Emirates Skywards points transfers last month.
Cardholders of other Citi cards, including cash-back ones like the Citi Double Cash® Card, do not seem to have received an email.
That would be strange to see, considering the Double Cash is marketed as earning double cash back. That's because it is marketed as earning up to 2% on every purchase, with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases. If those points suddenly are not worth 1 cent apiece, then the card's value proposition changes entirely. There's no indication that will happen, though.
Looking ahead
For now, the cash-back redemption option for some Citi Strata Premier cardholders has diminished by 25%, from being able to redeem their ThankYou points for cash back at a rate of 1 cent apiece to a mere 0.75 cents apiece.
Still, you can consistently get better value from your Citi ThankYou points by transferring them to the program's many airline and hotel partners, including Air France-KLM Flying Blue, Singapore Airlines KrisFlyer and Wyndham Rewards.
Based on crowdsourced data on the TPG team, it seems like cardholders without a Citi cash-back card linked to their Citi Strata Premier are the only ones affected. For now.
If you prefer using your Citi ThankYou points for cash back or do so on a case-by-case basis, carrying a card like the Citi Double Cash may make sense in the long run, given this change. Barring that, make any cash-back redemptions you intended to with your Citi ThankYou points ahead of the Aug. 24 deadline.
Bottom line
This development is a significant drawback for those who prefer redeeming their ThankYou points for cash back. Even if you did not receive an email detailing this change, be sure to check your Citi account when logging in so you don't miss any announcements.
As of now, however, this is just another devaluation to hit the Citi Strata Premier, and I can't help but wonder if this is Citi's way of setting up its lineup of Strata cards for an upcoming card or an overhaul of its existing cash-back card lineup.
Related: Best cash-back credit cards
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