Citibank - ThankYou Points a Rip-Off, and Ripped Off
ThankYou Rewards Service Center - Complaint
LOS ANGELES, CALIFORNIA -- I am closing my Citigold relationship with Citi, having just learned
Citi removed 56,401 ThankYou points from my account without notifying or telling me.
I check the site regularly. There is a notification of points "Expiring (within 90 days)". It has always been 0. Yet I am told by "Wanda" that, because I closed one (of my seven) credit card accounts with Citi (a Premier MasterCard, of which I already had one) and did not use the points within 30 days of closing, the points were confiscated and there is nothing I can do.
The Thank You points are more like f-you points. There are a depreciating currency (over time, the cash you can receive for them has declined ... it's now down to 1/2 cent per point). There is apparently some very fine print about their expiration (WITHOUT notifying you online), so what Citi giveth, it taketh away.
With the exception of gift cards (restricted currency), rewards on the Thank You redemption site are very expensive. Even deposits to one's account (a simple electronic transfer) are valued at 1/2 cent per point. Chase points are worth one cent. Bank of America points are worth one cent. HSBC points are worth one cent. Capital One points are worth one cent. Discover points are worth one cent. Only Citibank is so niggardly.
Further, my six remaining Citibank credit cards have some of the chinciest point rewards of all (1.2% for gas -- woo hoo! -- whereas my various other credit cards give 2%, 3%, 3.3%, 5%, and 5.1%). And these other cards reward one with cash back, not 1/2-cent points.
So for the 56,401 points they deducted, without notification, from my account, Citibank will be losing a long-time Gold customer, and gaining a noisy spokesperson against them. (I'm also a stockholder ... don't even ask me about what I think of their management.)