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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, take advantage of whichever program requires the fewest miles for any trip, combine the points you earn from your credit cards with points you earn from flights.
• 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).
• You can also redeem your points, at 1 cent each, for travel purchases made on the Citibank website. This is the easiest way to "cash out" your points if you are having trouble redeeming them for frequent flyer tickets, but it is also possible to cash them out at 1 cent each for Mortgage payments. If you had the Citi Premier card before April 10, 2020, you get 1.25 cents per point until April 10, 2021.
• If you have the no-annual-fee Citi Rewards+ card, you get a 10% rebate on all your redemptions. This is capped at a 10,000 point rebate on a total of 100,000 points of redemptions each year. For example, if you transfer 50,000 points to British Airways, you'll get 5,000 points back.
• 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. On the other hand, if you expect to be able to take advantage of Turkish Airlines awards for domestic and Hawaii travel on United Airlines, they may actually be more valuable the the other types of bank points.

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?