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Citibank's loyalty program is called ThankYou Rewards. ThankYou Rewards Guide.

• You can transfer your ThankYou points to many different frequent flyer programs. ThankYou points can be converted into frequent flyer miles with any of about a dozen different frequent flyer programs. This gives you the flexibility to take advantage of award space on over a hundred different airlines, and the ability to combine the points you earn from your credit cards and points you earn directly with the airline program. In many cases, you can redeem tickets for an upcoming flight, through one of several different programs, allowing you to take advantage of whichever program requires the fewest miles for any given trip.
• ThankYou Rewards occasionally offers promotional transfer bonuses. While the promotion is active, you'll get extra airline miles when you transfer your ThankYou Reward points. For example, if Citibank is offering a 40% bonus for British Airways, you'll receive 14,000 British Airways points, for every 10,000 ThankYou points you transfer. See Take Advantage of Transfer Bonuses to Get More Value from Your Reward Points for more information or visit Frequent Miler’s Current Transfer Bonuses page for a list of current (and past bonuses)..
• The Citi Premier card lets you redeem your points for airfare purchases at 1.25 cents each. This benefit isn't available from the more expensive Citi Prestige card, but it extends to the ThankYou points you earn from all of your cards. This is the best way to cash out your points if you don't find good opportunities to convert them to frequent flyer miles. If you don't have a Premier card, your limited to 1 cent redemptions through the Citibank travel site (or via Mortgage payments).
• We value ThankYou points at 1.5 cents each. Because you can take advantage of award space and "sweet spots" from many different frequent flyer programs, and the occasional transfer bonus, ThankYou points are generally worth more than any single type of airline miles. If you highly valuable premium-cabin award tickets, ThankYou points are worth even more. But, because they have the generally weakest set of airline partners, they are typically somewhat less valuable than Membership Reward points and a little less valuable than Ultimate Reward points, if you expect to convert them to miles.

If you want to avoid the hassles associated with frequent flyer tickets, they are worth considerably less than Ultimate Reward points. How Much are Points Worth?