What happens to ThankYou points if Citi goes under?

Searched/googled but didn't find anything about this.

I guess there is a finite possibility now that Citi might go the Bear Stearns way. I am not worried about my deposits. But what happens to the Thankyou points? Is Thankyou.com independent of Citi?

are you stupid? after lehmen, do you think the US gov't will let another bank to fail? Citi is many times bigger than lehmen.

US banks are actually in much better shape than the europe counterparts in term of leverage.

Let's not turn this into a discussion on who can fail and who can't. I think a lot of people would have called you stupid if you had predicted in Jan 2008 that Bear Stearns, Lehmann Brothers, Merril Lynch, Washington Mutual would all disappear in the space of 8-10 months with AIG, GM, Ford and Chrysler hanging by the skin of their teeth for dear life.

Now, what happens to the TY points? How exactly is Thankyou Network dependent on Citi?

theman2 said: Since thankyoupoints have no intrinsic value, it hardly seems to matter. What stops Citi from massively devaluing the TY points when it is in their best interest?

That's a very good point. I'm worried that they may severely devalue TYPs. I have about 100K saved up that I need to use.

Can the government have a TY point bailout? I guesstimate they need 120 trillion TY points on hand in case of failure. Do you think the gov't has time to start a TYPIC (thank you point insurance corporation) before Citi fails?

have to believe TY Points will become close to worthless if Citibank were to file for bankruptcy.

Thankyou points is part of citi, not independent. You will lose them, just like any other rewards programs offered by failing companies.

Dont save them, use them

I can see the headline now:

MASS REDEMPTION OF TY POINTS PUSHES CITI INTO BANKRUPTCY
Fatwallet.com thread blamed for rewards program panic

Circuit City closed a bunch of stores. One week later, it filed for chapter 11.
Citi Group laid off a bunch of workers. One week later, it ...

You'll be able to convert them to Schrute Bucks.

billygreen23 said: theman2 said: Since thankyoupoints have no intrinsic value, it hardly seems to matter. What stops Citi from massively devaluing the TY points when it is in their best interest?

That's a very good point. I'm worried that they may severely devalue TYPs. I have about 100K saved up that I need to use.
then just use them, quit warring about it...

I'm not going to use mine. I'm going to wait to see what happens. Question: what will happen to the credit cards that citi issues?

Consider that the credit card dept at Citigroup is probably a significant cash-cow for the company, I'd reckon that thank-you points would have more staying power than a Linen's-n-Things giftcard. "Citicards" might be sold to another company and things might go on as normal.

Read this.

It is understood that teams of executives within Citigroup have already begun drawing up plans for the emergency sale of the Smith Barney retail brokerage, the global credit card division and the transaction services unit.

is it time to switch credit cards?

Is citi kaput? Since last night I can't log into CitiCards.com anymore. Neither could yodlee today. Trying to call their tech support has been an exercise in futility.

Rumor is that sometime next week, Citi will exchange ThankYou points 1:1 for Citi stock.

You would probably be better off keeping the TYpoints.

catanpirate said: Consider that the credit card dept at Citigroup is probably a significant cash-cow for the company,that would be true if this was 2006.

Not today.

Wow, I just checked thankyounetwork.com and they've eliminated all the gas cards (except for the $25 Sunoco card), and all the $25 cards are 3500 points (weren't they 3000 points before?). And they're no longer offering a discount on certain cards (Lands End, etc.).

I just ordered a couple $50 cards.....hopefully they'll get shipped before Citi goes under.

All I know is that if citi goes, I'm going to have to start from scratch with my personal credit card strategies...

Nothing wrong with just getting the ole statement credit if you can't decide what else to redeem your points for. I don't have use for most anything else that they offer except the cash. It gets credited to your card in about 48 hours too - no waiting for GC's in the mail. I have 3 days before my next statement close to squeeze another $75 from them. I hope they hang in there.

catanpirate said: crisis averted?not so fast