Citi just announced another devaluation to its ThankYou points program — this time hitting hotel transfer partners.
Effective April 19, 2026, transfer rates to Choice Privileges and Preferred Hotels (I Prefer) are getting cut significantly. If you’ve been sitting on Citi points with hotel stays in mind, you have about three weeks to act.
What’s Changing
Here’s the breakdown for premium Citi cards (Strata Premier, Prestige):
Choice Privileges
- Current rate: 1,000 ThankYou → 2,000 Choice points
- New rate (April 19): 1,000 ThankYou → 1,500 Choice points
- Impact: 25% devaluation
Preferred Hotels (I Prefer)
- Current rate: 1,000 ThankYou → 4,000 I Prefer points
- New rate (April 19): 1,000 ThankYou → 2,000 I Prefer points
- Impact: 50% devaluation
The I Prefer cut is particularly brutal — you’ll need twice as many Citi points to get the same value after April 19.
Should You Transfer Now?
The usual rules apply: don’t transfer speculatively.
But if you have a specific redemption in mind, now’s the time to lock in the better rates.
When to transfer before April 19:
- You have a Choice or I Prefer hotel stay booked or planned
- You regularly use these programs and will definitely use the points
- You’re topping off an existing balance for a specific redemption
When to hold off:
- No concrete travel plans
- You’re not sure if you’ll use these programs
- You have better options through other transfer partners
Remember: hotel points can devalue too, and you can’t transfer them back once they’re moved.
How This Compares to Other Programs
Even after the devaluation, Citi will still beat Capital One for Choice Privileges:
| Program | Choice Privileges Rate |
|---|---|
| Citi ThankYou (current) | 1:2 |
| Citi ThankYou (April 19+) | 1:1.5 |
| Capital One | 1:1 |
For I Prefer, Citi will match Capital One’s rate after April 19 (both at 1:2). So Citi loses its competitive advantage there.
The Bigger Picture
This isn’t happening in isolation. We’ve seen a clear trend of transfer partner devaluations across all major programs:
- Amex dropped Cathay Pacific to 5:4
- Chase removed Emirates entirely
- Citi is now cutting hotel ratios
The era of generous 1:1 (or better) transfer rates is slowly ending. Loyalty programs are charging banks more for their points, and banks are passing that cost along to us through worse ratios.
The lesson: Use your points while the rates are good. Don’t hoard indefinitely assuming current values will last forever.
What I’d Do
If you have Citi ThankYou points and any interest in Choice or I Prefer:
- Check your upcoming travel — Any hotel stays in the next 6-12 months where these programs make sense?
- Do the math — Is the current transfer rate actually good value for your redemption?
- Transfer before April 19 if it makes sense — Lock in the 1:2 Choice rate or 1:4 I Prefer rate while you can
- Don’t panic transfer — If you don’t have concrete plans, hold your flexible Citi points
For most people, Citi’s airline partners (especially with the current 30% Virgin Atlantic bonus) probably offer better value anyway.
Timeline
- Now through April 18: Current rates (1:2 Choice, 1:4 I Prefer)
- April 19, 2026: New rates take effect (1:1.5 Choice, 1:2 I Prefer)
Mark your calendar if you need to make moves.
Related Reading:
- Choice → Flying Blue 100% Transfer Bonus — Already have Choice points? Convert them to airline miles at double the rate
- Citi ThankYou Points: Complete Guide
- March 2026 Transfer Bonuses
- Choice Hotels Triple Points Ending March 31 — Stack up Choice points before the transfer rate drops
- Amex Cathay Pacific Transfer Devaluation
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