Citi Updates Double Cash Card to Offer ThankYou Points

Citi has announced changes to the Citi Double Cash Card, converting it from a cash-back earning credit card to a ThankYou points earning credit card, though cash back will remain as a points redemption option. The new changes, which will take place in March, will open up more flexibility for redemptions.

The Citi Double Cash Card Gets an Upgrade

The Citi Double Cash Card has been one of the top cash-back credit cards since it came onto the scene in 2014. Cardholders earn 1% cash back when they make a purchase, then another 1% back as they pay it off.

In March, however, cardholders will start earning ThankYou points with the card instead of straight cash back—that's 1 point per dollar spent and 1 point per dollar paid on those purchases.

The switch to the ThankYou rewards program opens up more opportunities for redemption. Currently, cardholders have two options: get cash back in the form of a statement credit, direct deposit or check, or convert their rewards to ThankYou points.

When the card gets updated in March, redemption options will include cash back, gift cards, online shopping and travel reservations. What's more, the card's $25 minimum on cash-back redemptions will be eliminated, meaning cardholders will be able to redeem as little as 1 point.

That said, points earned with the Citi Double Cash Card are not eligible for transfers to all of Citi's travel partners unless you have a ThankYou points credit card that offers that option, such as the Citi Premier Credit Card. ThankYou points earned from the Double Cash Card will be eligible for transfer to JetBlue, Choice Privileges and Wyndham Rewards, however.

Cardholders don't need to take any action to make the switch. If you want to continue to get your rewards in the form of cash back, you can do so. But if you want to consider other redemptions, that option will be available to you.