Slickdeals is community-supported.  We may get paid by brands for deals, including promoted items.
Forum Thread

Citi Double Cash Card just dropped the 2% cashback to 2% Thank you points and became unattractive

421 242 February 4, 2022 at 04:52 AM in Finance (4)
Deal
Score -25
8,490 Views

Thread Details

Last Edited by Universeisgr8 February 5, 2022 at 02:23 PM
-25 Deal Score
8,490 Views
Got an email today from Citibank about the changes announced for the Citi Double Cash card cashback system. Now instead of earning the 2% cashback and be able to redeem always as cash, you will earn, starting 3/28/22, one Thankyou point every one dollar spent and one Thankyou point after paying the card statement.
So at this moment, you will still earn 2% cashback in points but this may not be as straightforward for some as just getting pure cash back and there is a risk of points devaluation in the future.

I believe this change is not targeted but nationwide.
Add a Comment
Report Reply

Community Wiki

Last Edited by bluekiwi February 5, 2022 at 06:18 AM
You will earn ThankYou Points which you can redeem for a bunch of options, including cash at the same redemption rate as before.

62 Comments

View Forum Thread

Your comment cannot be blank.

Sign up for a Slickdeals account to remove this ad.

Joined Jan 2006
L7: Teacher
> bubble2 2,393 Posts
482 Reputation
Pro
msheikh25
02-05-2022 at 06:27 AM.
02-05-2022 at 06:27 AM.
Fidelity card may not be so bad if it forces you to invest a bit. I had a Schwab card for a couple of years and had to do a Schwab brokerage for the cash back the same way and it grew nicely. Schwab changed their terms and lowered the Cashback so I've had the Priceline Visa 2% everything visa for almost 10 years now. It's the longest I've had a card since most change terms and don't grandfather people into the old terms like Priceline did. It also works the same way with earning points and then redeeming at 2% equivalent cashback but they bump to 1.5x Cashback for travel expenses points redemption plus 10% extra points. So really works out to almost 3.5% Cashback on everything since I wait and only redeem on travel expenses now. So this Citi change to points can actually help if they do something similar with a bonuses now that they have a point system.
Reply
Joined Feb 2021
L6: Expert
> bubble2 1,869 Posts
312 Reputation
nyc10036
02-05-2022 at 06:57 AM.
02-05-2022 at 06:57 AM.
Quote from PrincipalMember :
Fidelity 2% only if cashed out to a fidelity account. Fidelity is scumbag - while the rules said no points expiration, they started expiring them.
I have had no problems with points expiring.
I don't use it alot but it is connected to my PirateShip account so every month there is some activity.
I have had a Fidelity account for ages so it is not a big deal.

.
Reply
Joined Feb 2021
L6: Expert
> bubble2 1,869 Posts
312 Reputation
nyc10036
02-05-2022 at 06:58 AM.
02-05-2022 at 06:58 AM.
Quote from msheikh25 :
Fidelity card may not be so bad if it forces you to invest a bit.
I prefer to keep my investing separate from my credit cards.
The Fidelity card is fine just as is.
Reply
Joined Feb 2021
L6: Expert
> bubble2 1,869 Posts
312 Reputation
nyc10036
02-05-2022 at 07:00 AM.
02-05-2022 at 07:00 AM.
Quote from PrincipalMember :
While I have a lot of money with Fidelity due to 401K etc., I have no account with Fidelity where I can redeem the amount. Citi double cash is so much easier - no such funny requirements - my Fidelity card is sock drawered.
Sounds like you didn't take advantage of the $100 from late last year.
Reply
Joined Feb 2021
L6: Expert
> bubble2 1,869 Posts
312 Reputation
nyc10036
02-05-2022 at 07:00 AM.
02-05-2022 at 07:00 AM.
Quote from SiennaDeer8270 :
Is there a minimum to transfer to Fidelity account? Why not setup auto transfer every month? Then you never have to worry about expiration.

Maybe auto transfer into your Roth to reduce oop annual contribution. Not useful for us that don't qualify for Roth but good deal for the rest of you.
There is auto transfer but only when the $25 redemption limit is reached.
Reply
Last edited by nyc10036 February 5, 2022 at 07:03 AM.
Joined Jan 2006
L7: Teacher
> bubble2 2,125 Posts
418 Reputation
unknown00
02-05-2022 at 07:05 AM.
02-05-2022 at 07:05 AM.
How sure are we 1000 = $10? I know some Citi cards are 1000 = $5 when redeeming for cash or credit back
Reply
Joined Feb 2021
L6: Expert
> bubble2 1,869 Posts
312 Reputation
nyc10036
02-05-2022 at 07:09 AM.
02-05-2022 at 07:09 AM.
Quote from unknown00 :
How sure are we 1000 = $10? I know some Citi cards are 1000 = $5 when redeeming for cash or credit back
Right now it is 1000 points = $10.
It is in the original post.

Several of us are warning that it may not stay that way.
Sneaky Citi.
Reply

Sign up for a Slickdeals account to remove this ad.

Joined Aug 2006
L4: Apprentice
> bubble2 421 Posts
242 Reputation
Original Poster
Universeisgr8
02-05-2022 at 02:19 PM.
02-05-2022 at 02:19 PM.
Quote :
Quote from nyc10036 :
Right now it is 1000 points = $10.
It is in the original post.

Several of us are warning that it may not stay that way.
Sneaky Citi.
nyc10036Right now it is 1000 points = $10.
It is in the original post.

Several of us are warning that it may not stay that way.
Sneaky Citi.
Thats likely the reason for first converting pure cashback to points and later devalue points. Just like they earlier removed most shopping benefits.
Reply
Joined Feb 2010
L6: Expert
> bubble2 1,094 Posts
306 Reputation
Topspin14m
02-05-2022 at 08:40 PM.
02-05-2022 at 08:40 PM.
Quote from Universeisgr8 :
Thats likely the reason for first converting pure cashback to points and later devalue points. Just like they earlier removed most shopping benefits.
I think they are probably doing it to create a reason for people who have other cards with Thank You points to also get Double Cash and vice versa. Chase is really good at this with Freedom and Sapphire -- it encourages people to bundle these same bank cards together in their wallet.
Reply
Joined Jul 2006
L6: Expert
> bubble2 1,321 Posts
496 Reputation
PrincipalMember
02-05-2022 at 10:26 PM.
02-05-2022 at 10:26 PM.
Quote from SiennaDeer8270 :
No taxable or roth? Roth is way better than 401k unless you get 100% match. Most of us make way too much to only have a 401k.
I have taxable, I have Roth, I have two ira's, my wife has a Roth, my wife has an ira - but all these are with TD. Frankly - Fidelity interface is amateurish at best. And when it comes to options - not sure if they have fixed it but I just could not execute one particular trade. And they couldn't figure out for 30 mins. First of all - 30 mins of wasted time is too long. Secondly - the market can move on you in 30 minutes - that trade may no longer be feasible. So I moved every single dime that I could move out of Fidelity. And when I leave my current job, all that 401k money is going to move out of fidelity.

Very happy with TD - I get access to their private client services - if I have an issue, I don't think I have been placed on hold and things are resolved in less than 2min. Hopefully Schwab doesn't mess all this up.
Reply
Joined Dec 2009
L10: Grand Master
> bubble2 8,367 Posts
916 Reputation
Ashvins
02-06-2022 at 08:28 AM.
02-06-2022 at 08:28 AM.
Quote from Intelslacker :
A few months ago I was trying to convert DC to Custom Cash and they would not let me.

Multiple threads on reddit about failed attempts. Has anything changed since this change?
My experience as well when they killed my old Forward card in favor of some worthless alternative. They are notoriously reluctant to allow swaps.

Quote from nyc10036 :
for now
dilution of points may be in the future
I would not be surprised if that happens.
Citi isnt doing this to benefit us. It is to benefit them.
They are all untrustworthy.
Exactly. They did this for a reason and that reason isn't your best interest. Pen Fed did the same thing with their old 5% CB gas card. First, switch from cash to points, then devalue the points.

Quote from msheikh25 :
Fidelity card may not be so bad if it forces you to invest a bit. I had a Schwab card for a couple of years and had to do a Schwab brokerage for the cash back the same way and it grew nicely. Schwab changed their terms and lowered the Cashback so I've had the Priceline Visa 2% everything visa for almost 10 years now. It's the longest I've had a card since most change terms and don't grandfather people into the old terms like Priceline did. It also works the same way with earning points and then redeeming at 2% equivalent cashback but they bump to 1.5x Cashback for travel expenses points redemption plus 10% extra points. So really works out to almost 3.5% Cashback on everything since I wait and only redeem on travel expenses now. So this Citi change to points can actually help if they do something similar with a bonuses now that they have a point system.
Yeah, I had the Schwab card as well. Still have the PL card. I dread the (I fear inevitable) day when they kill the grandfathered rewards on it.
Reply
Last edited by Ashvins February 6, 2022 at 08:31 AM.
Joined Feb 2021
L6: Expert
> bubble2 1,869 Posts
312 Reputation
nyc10036
02-06-2022 at 08:47 AM.
02-06-2022 at 08:47 AM.
Quote from Ashvins :
Exactly. They did this for a reason and that reason isn't your best interest. Pen Fed did the same thing with their old 5% CB gas card. First, switch from cash to points, then devalue the points.
.
What do you think of Citizens Bank's 1.8% Cash Bank World Mastercard?
https://www.citizensbank.com/cred...rcard.aspx
I can't figure out why they don't go 2%.
Reply
Joined Jan 2006
L7: Teacher
> bubble2 2,393 Posts
482 Reputation
Pro
msheikh25
02-06-2022 at 08:54 AM.
02-06-2022 at 08:54 AM.
Quote from Ashvins :
My experience as well when they killed my old Forward card in favor of some worthless alternative. They are notoriously reluctant to allow swaps.



Exactly. They did this for a reason and that reason isn't your best interest. Pen Fed did the same thing with their old 5% CB gas card. First, switch from cash to points, then devalue the points.



Yeah, I had the Schwab card as well. Still have the PL card. I dread the (I fear inevitable) day when they kill the grandfathered rewards on it.

Yea honestly I feel like the bonus points in addition to 1.5x redemption on the PL visa is some kind of glitch (pretty sure both things are not in the terms) and always worried it'll be removed. I usually build up points for like a year since I don't travel much and get a nice $1k+ credit yearly. I do use my Costco visa for restaurants, gas and purchases where I think the 2 year warranty might come in handy (which usually end up being big ticket items so sucks to miss out on the almost 1.5% extra cb on them if put on PL).
Reply
Joined Dec 2009
L10: Grand Master
> bubble2 8,367 Posts
916 Reputation
Ashvins
02-06-2022 at 09:12 AM.
02-06-2022 at 09:12 AM.
Quote from nyc10036 :
What do you think of Citizens Bank's 1.8% Cash Bank World Mastercard?
https://www.citizensbank.com/cred...rcard.aspx
I can't figure out why they don't go 2%.
Seems like a competitive card. They went. 1.8% because it's better than most without having to cough up the full 2%. Here's an article discussing it. Note that they were offering an introductory 5% CB for the first year, but looks like that's expired.

https://www.nerdwallet.com/articl...redit-card
1
Reply
Last edited by Ashvins February 6, 2022 at 09:15 AM.

Sign up for a Slickdeals account to remove this ad.

Joined Feb 2021
L6: Expert
> bubble2 1,869 Posts
312 Reputation
nyc10036
02-06-2022 at 10:04 AM.
02-06-2022 at 10:04 AM.
Quote from Ashvins :
Seems like a competitive card. They went. 1.8% because it's better than most without having to cough up the full 2%. Here's an article discussing it. Note that they were offering an introductory 5% CB for the first year, but looks like that's expired.

https://www.nerdwallet.com/articl...redit-card [nerdwallet.com]
Thank you for that link.
The redemption restrictions are a big NO for me.
It looks like even if you have $25.50, you can only redeem $25.00 whereas with other credit cards, once you go over the limit, you can redeem the entire amount.

Reply
Page 4 of 5
Start the Conversation
 
Link Copied

The link has been copied to the clipboard.