Citi announced Tuesday that, starting on March 28, 2022, the Citi Double Cash Card will earn ThankYou points instead of cash rewards. Citi is also removing the current minimum $25 redemption requirement.
According to Citi, the change will happen automatically, and any cash rewards cardholders have at that time will be converted to ThankYou points at a rate of 1 point for every cent. If you have $10 in cash rewards come March 28, for example, it will be converted to 1,000 ThankYou points instead. There is no limit to the number of points cardholders can earn, and points will not expire.
As it stands, the Citi Double Cash Card only earns cash rewards that can be redeemed as statement credits, deposited directly into a bank account, or redeemed as a check received by mail. By switching to ThankYou points, cardholders will have access to more redemption options.
ThankYou points can be redeemed for cash rewards, travel, merchandise, and gift cards. Cardholders will also be able to shop with their points at Amazon. Using ThankYou points for travel means the Double Cash will earn 2X miles per dollar, a good rate for a no annual fee card. Learn more about Citi's airline and hotel partners right here.
The Citi Double Cash Card is one of the best cash back cards on the market. It requires no annual fee, provides a long introductory APR balance transfer offer, and earns 2% cash back for every purchase (1% when you initially make the purchase, and 1% when it's paid off).