During the pandemic, many credit card issuers are offering creative ways for customers to use their credit card rewards points, which would typically be redeemed for travel in normal times.
Through the April 15 tax-filing deadline, Citi is offering discounts up to $20 on several versions of the popular tax-preparation software TurboTax. You can also cover the cost of TurboTax with Citi ThankYou points if you pay through PayPal’s “Pay with Rewards” program.
Eligible cardmembers include those who hold:
Citi Prestige® Card.
Citi® Double Cash Card – 18 month BT offer (if you convert your cash back to ThankYou points).
The offer includes these discounts:
TurboTax Deluxe: $30 instead of $40.
TurboTax Premier: $55 instead of $70.
TurboTax Self-Employed: $70 instead of $90.
Note: Electronic filing of state tax returns costs extra.
Paying with ThankYou points
After your discount is applied, you can pay for your TurboTax services with ThankYou points through PayPal. Since you're not likely to redeem your points for travel right now, this can be a decent way to use your rewards.
However, it's important to note that ThankYou points are worth just 0.8 cent each when redeemed through PayPal. That’s higher than the 0.5 cent per point you'd get if you redeemed for cash, but a relatively poor point value compared with other redemption options, such as travel. ThankYou points are typically worth an average of 1 cent each, although value varies depending on how you chose to redeem your points and which eligible card you have.
Information related to the Citi Prestige® Card has been collected by NerdWallet and has not been reviewed or provided by the issuer or provider of this product or service.