Don’t have enough rewards points to redeem that travel package? Try asking friends and family if they have any points to spare. Citi says its credit cardholders can now transfer ThankYou points to one another.
Citi says all point transfers are free and cardholders can make as many transfers as they like. There’s also no cap on how many points cardholders can give per transfer. Those who don’t have enough points for a reward can now also opt to pay for the difference with their credit cards.
Citi isn’t the first bank to offer such an option.
Bank of America also lets cardholders transfer points at no cost. There’s no limit on how many transfers customers can make, but transfers have to be between 2,500 and 25,000 points.
At Chase, cardholders can only transfer points to spouses or domestic partners. But any cardholder who doesn’t have enough points for a reward can also opt to pay for the difference. Each point costs a penny. So if you were short 2,000 points for a reward, you could pay $20 to bridge the difference.
The option to transfer points is also common with airline loyalty credit cards. But these programs usually charge a per-mile fee on transfers to another account. There also may be caps on how many miles you can give and receive.
Citi is working to make its rewards program more attractive as competition for big spenders heats up. The bank also noted that it expanded its online mall, where cardholders can earn points at an average of four times the normal rate for every dollar spent. The mall now has more than 600 merchants, which is up 50 percent from last year.
Source: The Associated Press.