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Cardholders in a financial pinch who could truly benefit from making their minimum payment with points should do so, says Ted Rossman, industry analyst at Bankrate. “It’s unusual to see any sort of cash back redemption that covers the minimum payment,” Rossman says, adding he suspects the perk won’t be around for very long. If you’re interested in utilizing this new redemption option, bear in mind paying off your minimum balance keeps your account in good standing but doesn’t stave off on your remaining balance. “Citi could stand to make a lot of money from that over time (assuming the cardholder is able to pay them back),” Rossman says. What s the point value for this redemption choice
Redeeming ThankYou points toward your minimum due payment values them at 0.8 cents per point, which is the same as Pay with Points, according to Rossman. This is in stark contrast to the up to 1.9 cents per point you can get by redeeming and transferring ThankYou points for travel, as determined by . Apart from those seeking financial assistance through this perk, cardholders interested in additional redemption options may find more value by redeeming toward minimum payments. “Another viable use case could be someone who wants and can get a better redemption rate this way than on a traditional statement credit,” says Rossman. According to Rossman, your ThankYou points have a value of 0.5 cents per piece when redeeming for statement credit and 1 cent per piece for gift cards—making the 0.8 cent value of minimum payments even more lucrative. For more premium like the and , Rossman suggests holding onto points for future use when travel has resumed (assuming you’re free from financial burden and can afford to safeguard your points). An overview of Citi ThankYou point redemption options
In addition to redeeming your ThankYou points toward your minimum payment, you can, in most cases, redeem for: Gift cards Travel Shop with points (on Amazon.com or PayPal) Donations Statement credit Cash rewards Payment toward student loans and mortgage Point transfer and sharing Online bill pay with points Note: You can now redeem cash rewards toward your minimum due, as well, through 11/07/2020. Keep in mind that, while the allows you to convert your cash back earnings to points, you can’t transfer those points to partner airlines without also owning a Citi travel card. The bottom line
The addition of a ThankYou point redemption option toward minimum payments is beneficial for cardholders in need of financial assistance or those looking for creative ways to further their points’ value. If your hardship goes further than what this perk can help you with, consider . SHARE: Claire Dickey is a product editor for Bankrate, and . Before joining Bankrate, Claire worked as a copywriter for brands within the telecommunications industry as well as a hybrid marketing and content writer. Related Articles