Citi to Devalue ThankYou Point Transfer Ratios to Two Hotel Partners in Mid-April — What to Know

In the wake of announcing that it’s ending person-to-person transfers, Citi shared another negative update affecting ThankYou^® Points. Effective April 19, 2026, the transfer ratios to two hotel partners — Choice Privileges and Preferred Hotels (I Prefer) — will be devalued in a fairly significant way. And it's not pretty.

Here’s what to know, along with the timeline for these changes to take effect.

Citi to Devalue Points Transfer Ratios to Two Hotel Partners

If you happened to check your email in the evening hours of March 20, 2026, you might’ve noticed a message from Citi about an update to transferring ThankYou Points to some of its travel loyalty partners. In short, Citi plans to devalue transfer ratios to Choice Privileges and Preferred Hotels.

Effective April 19, 2026, Citi will trim the number of Choice Privileges points you receive from transferring 1,000 ThankYou Points (from an annual-fee-carrying card) by 25%, and reduce the number of I Prefer Hotel Rewards points by 50%.

Screenshot of email from Citi ThankYou

Choice Privileges

As of April 19, 2026, transferring 1,000 Citi points to Choice Privileges will yield 1,500 Choice Privileges points (1:1.5 ratio). That’s down from the current 1:2 transfer ratio, where 1,000 Citi points nets you 2,000 Choice points.

This is rather unfortunate, as the 1:2 ratio has long made it possible to unlock fantastic value from Choice points — especially for stays in Europe. Soon enough, though, those sweet spots will lose a bit of their shine.

The last day to take advantage of the current 1:2 transfer ratio is April 18. Thankfully, one other Choice transfer partner will continue to offer a more-favorable 1:2 ratio.

Preferred Hotels (I Prefer)

Also on April 19, 2026, the ThankYou Rewards transfer ratio to Preferred Hotels’ I Prefer Rewards program will look very different. The ratio is dropping from 1,000 Citi points = 4,000 I Prefer points to 1,000 Citi points = 2,000 I Prefer points.

It’s rare to see a 50% devaluation like this, and it’s not one we’re exactly thrilled about. If you’re willing to navigate the nuances of the I Prefer program, there’s still solid value to be had, but this change certainly reduces some of the upside.

And like with Choice, the last day to take advantage of the current transfer ratio is April 18. To jog your memory, here are the other Preferred Hotels transfer partners:

Bottom Line

The hits keep coming — especially from Citi ThankYou.

Citi’s planned transfer ratio devaluation that'll impact both Choice and I Prefer is certainly disappointing, but it’s not all that surprising. Over the past year, Citi has already devalued transfers to Emirates Skywards plus a few other programs (but only on select cards). And it's making us wonder how long the other 1:1 transfer ratios will stick around.