How to redeem Citi thank you points for mortgages and student loans – Forbes Advisor

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If you’re sitting on a pile of Citi ThankYou Points because using them for travel is unattractive or impossible right now, there’s a great way to put that income to work. You can redeem ThankYou Points worth a penny each for your mortgage or student loan payment. This benefit can be used with any mortgage or student loan, making it a solid option for anyone with this type of loan.

In general, it’s best to use a stash of rewards and then let them sit there to collect virtual dust. Why? Because loyalty program point ratings, especially airline and hotel programs, are subject to change without notice. Over the years, this trend has generally not been in favor of the consumer. That first-class plane ticket you landed by transferring 80,000 thank you points a few years ago could barely cover a coach seat today.

If you are considering redeeming your thank you points for hard cash, you might want to think again. Even though money is the most flexible reward of all, the value of a thank you point is only 0.5 cents compared to the value of a cent per point for a mortgage or student loan redemption. This means 2,500 ThankYou Points can be redeemed for $ 25 for your existing debt, or for just $ 12.50 cash in your pocket.

If you want to take advantage of Citi’s one-time redemption option, here’s how.

Redeem your thank you points for your mortgage

  1. Determine the number of points you wish to redeem. Points are worth one cent each towards a mortgage payment repayment. You can redeem from 2,500 points for $ 25, then in increments of $ 50, $ 75, $ 100, $ 250, $ 500, $ 750, or $ 1,000. It is possible to request more than one refund, but refunds must be made in the allowable increments and they will be combined into one check.
  2. Call Citi at 1-800-THANKYOU (842-6596) and request this type of redemption. Citi will ask you for the name of your lending institution and other basic information.
  3. You will receive a check in the mail between one and three weeks after repayment made payable to the lending institution you specified for the amount you requested. It is your responsibility to send the check to your mortgage company, and if you are including the check with your own funds, make sure your lending institution authorizes multiple checks during the same payment period. Checks are valid 180 days after issue.

Redeem your ThankYou points for your student loans

  1. Determine the number of points you wish to redeem. Points are worth one cent each towards a mortgage payment repayment. You can redeem from 2,500 points for $ 25, then in increments of $ 50, $ 75, $ 100, $ 250, $ 500, $ 750, or $ 1,000.
  2. Call Citi at 1-800-THANKYOU (842-6596) and request this type of redemption. Citi will ask you for the name of your lending institution and other basic information.
  3. You will receive a check in the mail between one and three weeks after repayment made payable to the lending institution you specified. It is your responsibility to send the check to your student loan company and if you are including the check with your own funds, make sure your lending institution allows multiple checks during the same payment period. Checks are valid 180 days after issue.

Final result

While using your Thank You Points to help pay off your mortgage or student loan isn’t as exciting as an Insta-worthy vacation, paying down debt is a smart money move that will reward your wallet. . Citi is the only issuer that allows you to use your rewards to pay off any mortgage or student loan, making it a great option for ThankYou point redemptions.

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Paul Cox

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