Citi ThankYou Rewards has added a new transfer partner to its program: Preferred Hotels iPrefer is now a transfer partner at a ratio of 1,000 ThankYou points to 4,000 iPrefer points. That’s an exciting development that gives Citi exclusive access to yet another boutique hotel booking platform at what could be solid value for ThankYou points, though you’ll probably have to be willing to fork out a decent chunk of change for a cash & points stay to use these points.
The Deal
- Citi Thank You Rewards has added Preferred Hotels iPrefer as a new transfer partner at a ratio of 1,000 Thank You points : 4,000 iPrefer points
Quick Thoughts
We’ve written about Preferred Hotels many times before, but most of that has been about booking Preferred Hotels through Choice Privileges. Thus far, our posts about iPrefer have mostly been in the context of joining the iPrefer program and getting program benefits (though we did write about a status match opportunity that turned out to be targeted to Air Canada Aeroplan cardmembers). It’s awesome to see that rather than just booking Preferred Hotels through Choice, we now have another opportunity to potentially get good value for points thanks to this new transfer partnership.
That said, an early glance into the program indicates that the most widely-available use of iPrefer points is for cash + points redemptions. As you would expect given the 1:4 transfer ratio, points aren’t highly valuable (and in fact sometimes have negative value, which is to say that some points + cash redemptions were more expensive than a cash booking), but in at least some of our test cases so far, points have yielded from 0.415c per point. to 0.91c per point. Given the 1:4 transfer ratio from Citi, that’s 1.66 to 3.64c per Citi point, which would represent a great use of Citi points (so long as you don’t mind laying out the majority of the cost of your hotel in cash).
If you’re able to find availability to cover a stay entirely with points, the value can be even better, but our early research indicates that finding pure rewards stay availability (as opposed to cash and points) can be quite a challenge. At this point, it seems like iPrefer may not be a great program for those looking to spend $0 out of pocket given that most of the award availability is going to require a decent chunk of cash outlay whereby points will reduce your cost rather than eliminate it. In fact, the cash & points redemptions we’ve seen require paying the majority of the cost of the stay in cash — so it’s best to look at iPrefer points as providing a discount over the full cash rate.
Still, it’s great to see Citi add yet another unique hotel program to its stable as it broadens the potential use case for Thank You points.
H/T: Doctor of Credit
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