Report: No Fee Citi Double Cash to Earn 2x Transferable Points Starting September 23

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Back in July we learned that starting this fall the Citi® Double Cash Card – already one of the very best cash back cards – would have its points convert to airline miles, too.

The card has no annual fee and earns 2% back on purchases (1% when you buy and 1% as you make payments for those purchases). There’s no caps on the cash back you earn, and the full rebate applies regardless of spending category.

This card is a already no brainer for many people to get if they ever spend money on a credit card earning just 1 mile per dollar. You wouldn’t want to earn 1 airline mile per dollar on your spending, for instance, because you would not buy that mile for 2 cents. Earning 2% cash back is the opportunity cost of putting spending on another rewards card.

The news in July was rewards you earn with the Citi® Double Cash Card will convert into Citi ThankYou points and therefore will become combinable with points in a Premier or Prestige account.

Coming in Fall 2019 your Citi Double Cash Card will allow you to convert your cash rewards to ThankYou Points which can be redeemed for gift cards, travel, purchases at select retailers, and more. For more details, please review the terms and conditions of your Citi Double Cash Card and the terms and conditions at www.thankyou.com

Citi® Double Cash Card will continue to be a cash back card, it will just become even more flexible.

According to a report of a call with Citi (HT: Doctor of Credit):

This isn’t information directly from Citi at this point, just relayed from a Citi representative, but seems consistent with what Citi has said so far — that there would be transfers, and that those transfers would start in the fall.

Assuming the report is accurate it’s the biggest no brainer ever to earn unlimited 2x on all of your spend and move them to a Premier or Prestige account. That’s mean the ability to earn category bonuses from those cards, but never less than 2 points per dollar on your spend (and without resorting to a small business card, the Blue Business® Plus Credit Card from American Express earns 2 Membership Rewards points on your first $50,000 in purchases per year and those points transfer to airline miles.

Citi® Double Cash Card was worth getting to begin with. This would make it indispensable.

About Gary Leff

Gary Leff is one of the foremost experts in the field of miles, points, and frequent business travel - a topic he has covered since 2002. Co-founder of frequent flyer community InsideFlyer.com, emcee of the Freddie Awards, and named one of the "World's Top Travel Experts" by Conde' Nast Traveler (2010-Present) Gary has been a guest on most major news media, profiled in several top print publications, and published broadly on the topic of consumer loyalty. More About Gary »

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  1. And we shouldn’t forget the ability to transfer up to 100k TY points per year to anyone else. So even if you only have the Double Cash card, you could transfer them to someone who has a Premier or Prestige and can then convert them into miles ((if they don’t implement a restriction on that).

  2. Is it really worth the extra 1/2 percent from the Citi Double Cash World Elite MasterCard compared to a myriad of 1.5% no annual fee cash back credit card alternatives to have a World Elite card with the higher swipe fee but with no added benefits as of September 2019; hard to understand, scripted, and generally ineffective overseas customer service; a foreign transaction fee; and now with the dubious option of converting cash to points with many redemption options worth less than one cent per point? Seriously?

    It is a no brainer to cancel this card and every other Citi card except perhaps the Costco card.

    The Citibank Double Cash was the best cash back card when it was released. No more.

  3. They know we all want to close our Premier and Prestige cards. A $0.01/TYP conversion would definitely make me reconsider.

    I don’t know exactly what would happen to the Rewards+ in that case, though. As an addition to the Premier or Prestige, it’s only useful for the points rebate and maybe groceries (both) and gas (Prestige only) if you don’t have another, better card for those; as an addition to the DC, it’d be marginally better at grocery stores and gas stations (because of roundup), get you the points rebate (effectively earning 2.22% in DC if used for portal bookings and most GCs), and unlock transfers to jetBlue (effectively earning 1.78X-after-rebate instead of 2% cash/2.22% on portal). So, a sock-drawer card that comes out only when it’s unprofitable for the issuer. I think there’ll either be limitations, a lower ratio, or a change to the Rewards+.

  4. I just PC’ed my DC to Rewards+ this April since i also have the Prestige so the 10% back on redemption combined with Prestige was more attractive. But with this transfer, i’m certainly going to think about getting a DC somehow since its effectively a 2.2 % TY points per dollar with the Rewards+ on redemption (assuming the transfer from DC to TY is 1:1). Then Citi would certainly have created the trifecta or quadfecta if you throw in the Premier

  5. There are Thank You points and Thank You points. The TY points earned for having a bank account are limited; they cannot be transferred to airlines, nor used at 1.25 cents toward paid tickets (when some TY points could). What sort of TY points will the Double Cash dollars convert to? (I understand that you don’t know yet, but I hope you will share the answer when you learn it).

  6. What can you do w/ Thankyou points? Years ago I had a card that gave Thankyou points, and it seemed like I could only use them for concerts (no thankx) or magazines (no thanx). I currently have the Double Cash card. So you say they’ll transfer to miles now?

  7. Having read your article, I just called Citi to convert my Prestige to the Double Cash card. The agent explained to me how it would work in the future. To summarize her explanation:
    The conversion will not occur until November 5th.
    The “double cash” will continue to be deposited to my account in the form of cash, not TYP
    I will have the option of buying 1 TYP for 1 Cent, regardless of how much cash back I received.
    The TYP can then be converted to participating airline miles at a 1:1 ratio.
    So… After it is all said and done, I will actually get 2 miles per $ spent. But the process is a bit cumbersome, if the agent explained it to me correctly.

  8. @Ron Lichtenstein
    I assumed thus confirmed PDC -> miles route (get 2 miles per $ spent)
    how do you buy TYP? you dont transfer DC to Premier?
    “conversion will not occur until November 5th” is that system policy or based on your billing cycle?

    thx for the DP.

  9. Very good questions. I am not sure the agent actually understood it all. She just rattled off some info from the screen. If she is correct, it will upend the whole points/miles industry, because buying 100 TYP for $1 would mean being able to transfer to airlines and get miles at 1 cent per mile. Right now the airlines are basing their business model around a value of 1.5-2.2 cents per mile. This seems way too good to be true, so I would just try it with some small amounts of about 1000 TYP until I see that it actually works as advertised.

    As far as the November 5th date goes: it does not seem to be a system or policy issue. Rather, Citi gives you a certain amount of time to finish the conversion and use up the TYPs. Only then will they send you the new card. So the 11/5 dates is based on the day you make the request for the conversion. Again, the agent rattled off the screen and was not very familiar with the issue.

    This all sounds like very good news. But I would strongly recommend not to do anything beyond playing with some small amounts until we fully understand the changes.

  10. thx all good info.
    i dont have DC so no cash to convert/buy. i am thinking about PC Premier to DC then keeping rolling earnings to Prestige for miles transfer. This will cut down on my Plastiq cost.

  11. Does anyone know if converting another Citi card to the double cash back card would count as applying for a card under Chase’s 5/24 rules? I am trying to find whether taking Citi’s offer to do so would bring about this issue.

  12. I don’t know if you folks are insane for being so passionate about this arcana, or I am insane for not bothering.

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