cater wrote:Is the Citi Forward really 5% though? You get 5 "ThankYou" points, but I'm hearing that Thank You points are really hard to convert to straight cash (or money off of your bill) at that rate. It looks like it would only truly be 5% if you redeem for home mortgage, student loans, or air travel.
Is this misleading information?
Unlike say Cash Plus (or Amex BCX) the cash or statement credit conversion rate is really bad. But if you redeem for $100 gift cards, you get the 1:1 conversion and so it is 5%. If you have the Thank You Preferred or Premier (or Prestige), all conversions are 1:1. With the latter two, all redemptions for travel are 1.33 cents per point, making the 5% category 6.6% for travel.
If you really want cash, you just ask for a mortgage or student loan check. They ask which bank to make it out to and send it to YOU, so it is your responsibility to get it credited to your mortgage/loan account. Now, if, by mistake, you have given them the name of the bank that has your checking account, you might compound that mistake by depositing the check into your account. Lots of people do this, so it really is just a slightly clumsy process to get cash back at the 5 or 6.6% rate.