If you have a Citi credit card or a Citibank account with the ThankYou points rewards system, you have a wide array of options to redeem your points at ThankYou.com. But while that fancy coffeemaker may look nice, chances are the cash equivalent value for your points is quite poor. I’ve covered this in bits and pieces before, but here’s a complete guide to getting the most value out of your points.
Eligible ThankYou accounts (* are the ones I have linked to my account):
- Citibank checking accounts – Varies, historically 10,000 to 40,000 bonus ThankYou points for opening an account.
- Citi ThankYou® Preferred Card– Low Intro APRs – 0% APR fo 15 months on balance transfer and purchases. No annual fee.
- Citi ThankYou® Preferred Card – Earn up to 20,000 Bonus Points – Earn 20,000 bonus points after $1,500 in purchases in the first 3 months of account opening. No annual fee.
- Citi ThankYou® Premier Card – 50,000 bonus ThankYou® Points, Travel redemption bonus, see application for details.
- Citi ThankYou® Preferred Card for College Students – Earn 2,500 Bonus Points - 2,500 bonus ThankYou Points After you spend $500 in purchases within 3 months of account opening.
- CitiBusiness ThankYou® Card* – 15,000 bonus ThankYou® Points after $3,000 in purchases within 3 months of account opening. 3X points in rotating categories. No annual fee.
Best Value Option #1: Limited Time Offers
If you have either patience or luck, Citi does offer “sales” on gift card redemptions which can reduce the cost of a reward by up to 25%. For example, right now until 3/31 you can get a $50 Home Depot gift card for 4,500 points. Normally, you’d need 5,000-6,000 points. That equates 1.11 cents in gift card value per point. If you wanted cash, you could sell a Home Depot gift card at PlasticJungle.com for 87% of face value in cash, 91.35% in Amazon.com gift certificates. That equates to 0.967 cents per point in cash.
Previously ThankYou point sales have involved gift card to other popular retailers like Wal-mart, Lowe’s, Kohl’s, Best Buy, Gap, and Macy’s. The regular price is usually 1 cent in gift card value per point.