Citigroup Inc. is offering prepaid debit cards as rewards through its Thank You program.
The New York company said Wednesday that it would introduce prepaid cards in denominations of $25, $50, and $100 as a reward for its customers. The cards run on Visa Inc.'s network and have no fees, but they cannot be used to withdraw cash at automated teller machines.
Citi's Thank You program allows customers to earn points across multiple banking products or accounts, not just cards.
The prepaid cards can be earned more quickly than the cashback offerings from Thank You, which requires 8,000 points for a $50 check or 16,000 points for a $100 check, Citi said. A $25 prepaid card can be earned with 3,500 points, a $50 card with 7,000 points, and a $100 card with 14,000 points.