You can now use ThankYou points to meet your minimum payment requirement
Editor's Note
Citi is a TPG advertising partner.
While we all love the feeling of redeeming points for a premium cabin flight or luxury hotel stay, travel (especially international) will likely continue to be limited for the foreseeable future. Flexibility in redemption options is more important now than ever. Thankfully, multiple credit card issuers have taken steps in recent months to help cardholders get more value out of their points — from Capital One's added redemption categories to Chase's Pay Yourself Back feature.
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Citi has now joined the fray with a way to help cardholders utilize points and cash back rewards while staying on top of their credit card bills. Your rewards can now be redeemed as a statement credit that goes toward your minimum payment.
Typically, Pay With Points or cash back redemptions wouldn't negate your requirement to pay your minimum payment. But this new option allows cardholders that might be experiencing financial difficulties the ability to meet their minimum payment requirements when they otherwise might have had to miss a payment (which could mean a ding to your credit score, a pentalty APR applied to your balance and/or a late payment fee).
Citi lists this redemption option as part of its COVID-19 relief program for cardholders, and a representative did confirm that this option will remain available through Nov. 7, 2020.
Related reading: Guide to card benefits during the pandemic
Are you getting good value from your points?
From the looks of it, points are worth just under 1 cent each. For example, one TPG reader has the option of redeeming 2,625 for a $21.00 minimum payment.
TPG values Citi ThankYou points at 1.7 cents each because of the flexibility to transfer to partners, so you won't get as much value as you would from redeeming your points for travel. But if you don't think you'll make your minimum payment otherwise, this is certainly a worthwhile redemption option.
Also keep in mind that you can also use cash back rewards from your Citi Double Cash. Because cash back is always worth the same, you're not sacrificing any value by using your rewards to meet your minimum payment.
Related reading: Are non-travel statement credit redemptions worthwhile?
Bottom line
While I wish it was a better redemption value, it's nice to see Citi taking steps to help consumers by enabling them to utilize points in a way that could help cardholders avoid late payment fees and penalty APRs. To redeem your points toward your minimum payment, log into your account on the Citi app or website and navigate to the redemption portal. From there, you should have the option to redeem your points toward statement credits.
TPG featured card
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Terms & restrictions apply. See rates & fees.
| 4X | Earn 4X Membership Rewards® points per dollar spent on purchases at restaurants worldwide, on up to $50,000 in purchases per calendar year, then 1X points for the rest of the year. |
| 4X | Earn 4X Membership Rewards® points per dollar spent at US supermarkets, on up to $25,000 in purchases per calendar year, then 1X points for the rest of the year. |
| 5X | New! Earn 5X Membership Rewards® points on prepaid hotel stays booked through AmexTravel.com or the Amex Travel App. |
| 3X | Earn 3X Membership Rewards® points on flights booked through AmexTravel.com, the Amex Travel App, or purchased directly from airlines. |
| 2X | Earn 2X Membership Rewards® points on prepaid car rentals booked through AmexTravel.com or the Amex Travel App and cruises booked and paid through AmexTravel.com. |
| 1X | Earn 1X Membership Rewards® point per dollar spent on all other eligible purchases. |
Pros
- Valuable dining and food-related credits
- Flexible rewards with airline and hotel transfer partners
- Multiple travel and purchase protections
- No foreign transaction fees
- Access to Amex Offers for additional savings (enrollment required)
Cons
- Not as useful for those living outside the U.S.
- Some may have trouble using Uber and other dining credits
- You may be eligible for as high as 100,000 Membership Rewards® Points after you spend $8,000 in eligible purchases on your new Card in your first 6 months of Card Membership. Welcome offers vary and you may not be eligible for an offer. Apply to know if you’re approved and find out your exact welcome offer amount – all with no credit score impact. If you’re approved and choose to accept the Card, your score may be impacted.
- Earn 4X Membership Rewards® points per dollar spent on purchases at restaurants worldwide, on up to $50,000 in purchases per calendar year, then 1X points for the rest of the year.
- Earn 4X Membership Rewards® points per dollar spent at US supermarkets, on up to $25,000 in purchases per calendar year, then 1X points for the rest of the year.
- New! Earn 5X Membership Rewards® points on prepaid hotel stays booked through AmexTravel.com or the Amex Travel App.
- Earn 3X Membership Rewards® points on flights booked through AmexTravel.com, the Amex Travel App, or purchased directly from airlines.
- Earn 2X Membership Rewards® points on prepaid car rentals booked through AmexTravel.com or the Amex Travel App and cruises booked and paid through AmexTravel.com.
- Earn 1X Membership Rewards® point per dollar spent on all other eligible purchases.
- Pay It® lets you tap in the American Express® App to quickly pay for small purchase amounts throughout the month and still earn rewards the way you usually do. Plan It® gives you the option to split up big purchases into equal monthly payments with a fixed fee. You’ll know upfront exactly how much you’ll pay.
- Updated! $120 Dining Credit: Earn up to a total of $10 in statement credits monthly when you pay with the Gold Card at Grubhub (including Seamless), Buffalo Wild Wings, Five Guys, The Cheesecake Factory, and Wonder. This can be an annual savings of up to $120. Enrollment required.
- $100 Resy Credit: Get up to $100 in statement credits each calendar year at over 10,000 qualifying U.S. Resy restaurants after you pay for eligible purchases with the American Express® Gold Card. That’s up to $50 in statement credits semi-annually. Enrollment required.
- $84 Dunkin' Credit: Earn up to $7 in monthly statement credits after you pay with the American Express® Gold Card at U.S. Dunkin’ locations. Enrollment required.
- $120 Uber Cash on Gold: Enjoy up to $120 in Uber Cash annually with your Gold Card. Just add your Card to your Uber account and you'll get $10 in Uber Cash each month to use on orders and rides in the U.S. when you select an Amex Card for your transaction.
- New! As an American Express® Gold Card Member, you can enjoy complimentary Hertz Five Star® Status. Enjoy benefits like skipping the counter at select locations, adding an additional driver at no additional cost*, and vehicle upgrades**. Benefit enrollment and Hertz Gold+ registration are required. *Additional drivers must meet standard rental qualifications and must be a spouse or domestic partner to qualify as complimentary. Other additional drivers subject to fees. **Benefits are subject to availability and vary by location. Additional Hertz program Terms and Conditions including age restrictions apply.
- Take advantage of a $100 credit towards eligible charges* at over 1,300 upscale hotels worldwide when you book The Hotel Collection through AmexTravel.com or the Amex Travel App **. *Eligible charges vary by property. **The Hotel Collection requires a two-night minimum stay.
- Book your travel through the Amex Travel App with added peace of mind – backed by American Express® service and support. Only for American Express® Card Members.
- Whenever you need us, we're here. Our Member Services team will ensure you are taken care of. From lost Card replacement to statement questions, we are available to help 24/7.
- No Foreign Transaction Fees.
- Annual Fee is $325.
- Terms Apply.