UPDATE: 27 October 2015
Booking Hotels/Flights with Citibank ThankYou® Points
You can now make hotel and flight reservations using your Citibank ThankYou® Points but is it actually worth it? I had a quick look this morning and it seems like each Citibank ThankYou® Points are worth approximately 0.43 cents which means to offset S$1 on your hotel rate, you would have to contribute 233 Citibank ThankYou® Points.
To put things into perspective, 233 Citibank ThankYou® Points are be converted into 93.2 miles (based on current conversion rates). At the lowest end of the redemption rate, 93.2 miles is worth $0.932 (since 1,000 KrisFlyer Miles can offset S$10 on your SQ flight). Of course, if you are using these miles for Award Redemptions, they are worth a lot more.
All in all, you probably shouldn't use your Citibank ThankYou® Points for redemption. Assuming that you do earn 10 Citibank ThankYou® Points per S$1 for your bonus spend, redeeming this on hotels will give you a cashback of approximately 4.3%.
1000 Citibank ThankYou® Points = 400 Miles (approx. S$4.00 to $8.00) = Hotel Redemption (approx. $4.30)
If you do not already know this, Citibank Singapore made a silent change to their rewards portal over the weekends and the Citi Rewards Points and Citi Miles that you hold dear will now be translated into ThankYou® Points (in line with global standards) over time. While the value of your points and miles have not dropped overnight, Citibank Singapore has added a few new partners for points transfer (great news for travellers!).
You will find a list of Points Transfer Partners below - this is how much 1 Citi Mile is worth on the new program (bold partners are new inclusions):
Asia Miles™ - 1 Asia Miles for 1 mile
British Airways Executive Club - 1 Avios for 1 mile
Delta SkyMiles® - 1 Delta SkyMiles for 1 mile
EVA Air Infinity MileageLands - 1 Infinity MileageLands Miles for 1 mile
Etihad Guest - 1 Guest Miles for 1 mile
Flying Blue - 1 Flying Blue Award Miles for 1 mile
Garuda Indonesia Frequent Flyer - 1 Garuda Frequent Flyer Miles for 1 mile
Malaysia Airlines Enrich - 1 Enrich Miles for 1 mile
Qantas Frequent Flyer - 1 Qantas Points for 1 mile
Qatar Airways Privilege Club - 1 Qmiles for 1 mile
Singapore Airlines KrisFlyer - 1 KrisFlyer Miles for 1 mile
Thai Airways Royal Orchid Plus - 1 Royal Orchid Plus Miles for 1 mile
Club Carlson - 1 Gold Point for 1 mile
Hilton HHonors Worldwide - 1.5 HHonors Points for 1 mile
IHG Rewards Club - 1 IHG Reward Points for 1 mile
The use for Citi Miles on Hilton HHonors Points remain to be one of the must lucrative redemption option you can have - especially when you are looking to spend them on Category 1 or 2 properties (5,000 to 10,000 HHonors Points a night).