I’ve been doing research on the various reward catalogs of credit card companies when I discovered my favorite reward, a student loan rebate check from the Citi ThankYou Network , had gone up in price. I would routinely cite that reward as one of the main reasons I kept using my Citi card. A few short months ago, for 10,000 points, you could get a $100 check written to your student loan servicer. That came out to each point being valued at 1¢.
Now, the point prices for student loan rebate checks are (reference ):
|Reward||Points||Value per Point (¢)|
At even the most favorable rate, it’s still at least a 20% reduction in value!
Another thing to note: the schedule as a little hitch at the $75 check mark. You get a slightly higher value out of converting to a $75 check than a $100 check, which disappears if you can wait to $250.
This is one of the reasons why I wanted to do a review of all the reward networks’ catalogs. It’s important to understand that while you may get “5 points per $1 spent,” to assume it’s equivalent to a 5% cashback credit card would be a mistake.
All good things come to an end, I suppose.
(Photo: m00by )