The Citi ThankYou® Preferred Rewards Card is here, and is offering a $250 gift card when you redeem the 25,000 bonus ThankYou® Points received after $2,000 in purchases within 4 months of account opening. How it works though, is that instead of straight cash back, they pay you in ThankYou points. Here’s a look at how they stack up.
How much is a ThankYou point worth?
Since this is the currency we’re dealing with, let’s see what we can get for it. Although they run promotions from time to time, in general it takes 6,000 points to redeem for a $50 gift to retailers like Gap, Banana Republic, Bed Bath & Beyond, CVS Pharmacy, Land’s End. At 10,000 points, you can get a $100 gift card. This gives a value of 0.83 to 1 cent per point in gift cards.
Want something closer to cash? For a check mailed to you, it costs 8,000 points for $50. For a statement credit, it’s 7,500 points for $50. For a prepaid Visa card, it’s also 7,500 points for $50. For a check mailed towards your mortgage payment or student loan (made out to your lender), is costs 6,400 points for $50. This works out to between 0.63 to 0.78 cents per point.
The card has other smaller perks, like 100 bonus points for signing up for online account access, 100 points for paperless statements, and a 1-3% bonus on your existing point balance on your annual card anniversary. More importantly, it has no annual fee.