Cardholders Can Now Use Citi ThankYou Points to Cover Minimum Payments


If you have a Citi rewards credit card that offers cash back or ThankYou Points, you may now use rewards to cover your minimum monthly payment.

In light of the hardships many are facing in the wake of the pandemic, Citi is offering this unusual redemption option for eligible cardholders through Nov. 7, 2020. This is a standout offer because typically when you redeem credit card rewards for cash back or statement credits, you will still owe the minimum payment due, even if the rewards more than cover that amount. 

Carrying a balance on a rewards credit card is not ideal. Interest costs can quickly wipe out the value of any rewards you earn. However, if using rewards to cover a minimum payment will keep your account in good standing, help you avoid late fees, and keep your credit score from tanking, this could be a useful option while money is tight. Citi is still offering financial assistance in the form of deferred payments and waived late fees, too. 

Citi’s email announcement about this limited-time offer didn’t indicate how much ThankYou Points are worth when used to cover a monthly payment, but it’s a good rule of thumb to aim for a 1 cent per point redemption value when using credit card rewards. We don’t typically recommend redeeming Citi ThankYou Points for cash back, because often points are only worth 0.5 cents each when used that way.

Travel is usually the most valuable way to use Citi ThankYou Points, based on our current analysis, offering anywhere from 1 cent per point if you book travel through Citi, or 1.44 cents of value per point when transferred to JetBlue’s frequent flyer rewards program. 

As of publication, Citi did not respond to our request for comment and additional information, or share what cards are eligible for this limited-time offer. 

To find out if you have this rewards redemption option, see the “Rewards Details” section of your online account or call the number listed on the back of your Citi card.

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