Good afternoon everyone, I hope your week is going well. On April 10, 2021, Citi reduced the value of Citi ThankYou Points (TYPs) when redeemed for travel from 1.25 cents per point (CPP) to 1.0 CPP. To make up for the devaluation of TYPs, Citi started allowing members with a Citi Premier Credit Card to cash out TYPs at 1 CPP in any amount, down to a single TYP (this redemption already existed on the Citi Prestige Credit Card). With that info in mind, I wanted to test out the cash out feature on my Citi Double Cash Credit Card. I made several small purchases and then several cash out redemptions.
Unfortunately, the cash out statement credit redemptions do not count as eligible payments, therefore they do not earn cash back on the Citi Double Cash (I missed out the normal 1% cash back for paying off the credit card). As you can see by my recent statement, I made $88.99 in purchases, made a $5.01 payment, and $83.98 in cash out statement credits (which posted as credits instead of payments).