Updated with new ThankYou point options.The is a popular rewards credit card as it offers 2% flat cash back on all purchases, not just specific categories. In late March 2022, your purchases will technically earn Citi ThankYou points, but don’t worry – they can still be redeemed as cash statement credits for the same end result. However, this opens up several additional new flexible options as well, especially if you have other Citi credit cards. See details below.
- 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.
- 0% Intro APR on Balance Transfers for 18 months. (Balance transfers do not earn cash back.)
- No annual fee.
Note: Starting on March 28, 2022, your purchases will earn 1 point for every $1 spent on purchases, and 1 point for every $1 paid on those purchases. With this card, you can then redeem 1 ThankYou point = $0.01. An improvement is that there is no longer a minimum redemption amount of $25 for direct deposits into your bank account or statement credit ($5 minimum for paper check). You can redeem as little as 1 point for 1 cent, cashing out down to the penny.
Cash back details. Imagine you make a $100 purchase. 1 point per $1 spent is 100 points. You pay the $100 bill from your bank account, and get an additional 100 points. Final tally: 200 points = $2.00 back on $100 in purchases. In other words, still 2% cash back.
You can redeem for cash via statement credit, direct deposit to your bank account, or a paper check. Note that you are only allowed to redeem cash rewards into a linked bank account if it is a checking account from any bank from which you have paid a Citi Credit Card bill at least two times, or any Citi savings/checking account.
If you only have the , here are the highlighted changes as of late March:
- Earn ThankYou points first, which can then easily be converted to cash if you wish.
- No limit on how many ThankYou points you can earn.
- No expiration of ThankYou points, as long as your account is open.
- No longer a $25 redemption minimum for direct deposits and statement credits.
- New options of redeeming ThankYou points for discounted gift cards at ThankYou.com, Shop with Points at Amazon.com, and booking flights and hotel at Thankyou.com.
- Transfer and combine your ThankYou points to other Citi credit cards with additional redemption options (see below).
- No annual fee (still).
If you have the AND the :
- By having the Citi Premier Card, you can transfer the ThankYou points earned on the Citi Double Cash to participating airline mileage programs on a 1:1 basis including JetBlue TrueBlue, Virgin Atlantic, Singapore Airlines, Cathay Pacific, EVA Air, Etihad, Flying Blue by Air France and KLM, and Thai Airways.
- By having the Citi Double Cash, you can cash out the ThankYou points earned on the Citi Premier Card (which has the special feature of paying 3X points at Supermarkets, Restaurants, Gas Stations, Air Travel, and Hotels).
If you have the AND the :
- By having the Citi Rewards+ Card, you get 10% Points Back for the first 100,000 ThankYou® Points you redeem per year. If you earn 20,000 points (possible earned across all your various Citi cards including the Citi Double Cash), then redeem 20,000 ThankYou points, you’ll get 2,000 points rebated back to your account.
- By having the Citi Double Cash, you can cash out the ThankYou points earned on the Citi Rewards+ Card (which pays a minimum 10 points earned on every purchase). The Citi Rewards+ Card automatically rounds up to the nearest 10 points on every purchase, so for example a $1 parking charge or $2 cup of coffee can earn 10 points. ).
If you have the AND the :
- By using the Citi Custom Cash Card, you get 5% cash back (5X Thank You points) on your top eligible spending category up to $500 spent each monthly billing cycle.
(The Citi Double Cash card does not have any special categories.) - By using the Citi Double Cash, you get 2% cash back (2X Thank You points) on all other purchases. (The Citi Custom Cash card only earns 1% cash back on all other purchases.)
As you can see, Citi has been steadily improving their ThankYou point program to make it more rewarding to hold multiple Citi credit cards. It is good for the consumer to have competition with Chase Ultimate Rewards, American Express Membership Rewards points, and Capital One Miles.
Bottom line. The Citi® Double Cash Card lets you earn 2% cash back on all purchases: 1% when you buy plus 1% as you pay. Everyone should have a 2% cash back card in their purse/wallets, even if they have other cards with higher cashback in specific categories. I’ve had this card for several years now. In late March, this card will start to earn ThankYou points, which offers additional flexibility and possibly better redemption options when combined with other Citi rewards cards.
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