It's true. According to the inquiry of Citibank official website, it is true that Citibank points are converted into cash. Citibank has launched a variety of credit cards, each of which has a point mechanism. Citibank credit card points are a virtual currency that can be exchanged online. Cardholders can redeem corresponding points while spending by credit card. Points can be exchanged at Citibank official website, for various goods or services, and even for cash.