Today I noticed a feature on the ThankYou rewards site I hadn't seen before: Select and Credit. Essentially it allows you to select recent charges made to your card in certain categories and then redeem TY points as a statement credit to offset the charges. In Citi's words:
Now you can use ThankYouÂ® Points for statement credits equal to the dollar amount of your recent eligible Citi credit card transactions for dining, entertainment, utility bills, gas, grocery, and drug store purchases.
I was able to select purchases made as far back as 12/30/13. According to Citi's FAQ the purchases must have been made within the current credit card billing cycle.
My purchases add up to $92.30, which requires 12,302 TY points. Not sure how Citi figures that's an even point for dollar exchange. They're doing some generous rounding and/or the language they use to describe the exchange rate is misleading. Either way, if I did the redemption, it equates to a .007 return. That's .002 better than the return on a $100 statement credit.
Considering my Forward has the old 5 pts per dollar at restaurants/book stores/music stores, it seems Select and Credit is the best way to redeem TY points. What do you all think?