Citi Increases Value of ThankYou Points When Used for Student Loan Rebates, Mortgage Payments
In a refreshing change from the norm, Citi recently increased the value of its ThankYou points when they are redeemed for student loan rebates or mortgage payments. Citi credit card members can now redeem Thank You points for a check towards either their student loan or mortgage at an exchange rate of 100 points per $1. For instance, 2,500 Thank You points can be redeemed for a $25 check.
What makes this especially enticing is that in the past, people have not only used this redemption method to pay down their student loans or mortgages, but as a way to directly convert their points to cash. (It should be noted, however, that Citi does not officially support this practice.)
To redeem your points, call the ThankYou Service Center at 1-800-THANKYOU (1-800-842-6596). You’ll be asked for the name and spelling of the financial institution holding your loan. Alternatively, if you are looking to directly convert your points to cash, you can give them the name of the bank where you want to deposit the check. Citi will then send out a check made out to that bank or lender. At that point, you can deposit it as you would with any other check, or mail it in to your lender.