Reduction in Transfer Rates to Velocity/Krisflyer

[JohnJa]

Looking at transferring some Citi reward points today and noticed that the transfer rate was 0.5 miles per citi point. When did this change? Last time I transferred I thought it was 0.667 miles per point.

 

[N860CR]

Yes I thought it was 10,000 points for 15,000 Citi points. Which card do you have? Makes the altitude MasterCard better value.

 

[JohnJa]

I have the signature card, but I thought transfers were the same across all cards, it was just the earning that was different...

 

[kyle]

Hmmm.. it's showing up as 0.5 for me too!!! That's not good.

And the new rate is on the Velocity site too!!! https://www.velocityfrequentflyer.com/content/Earn/creditcards/pointstransfer/

And where's my 90 day notice? Since there's a change to the rates at which points are generally "converted".

6.2 We may vary these Rewards Program Terms and Conditions from time totime. We will notify you of a change in the following ways:• If we change the rate at which all Points in the program are generallyearned or converted we will give you 90 days written notice of thatchange;• We will give you 30 days written notice of other changes to theseRewards Program Terms and Conditions;• If we change the Point value of individual goods or services in theprogram to reflect changes in the price charged by our suppliers forthose goods or services, or if a particular Reward is unavailable we willnotify you on our rewards website at the time you redeem your Reward

 

[lm118]

Previous earn rate was 1.5 citi rewards points for 1 velocity point.

Now showing as 2 citi rewards points for 1 velocity point.

This must have just happened. There's a cached google search page from 31/10/15 showing the old rate. Did anyone get a notification?

 

[yohy?!]

No notification - I'm going back through old statements to see if they snuck something on there.

Sent a complaint to them also and threatened FOS if they don't honour the old transfer rate - ie transfer the lot and then scrap the card for this treachery!

 

[serfty]

The Platinum card has gone from 20000:10000 to 20000:8000 ... a 20% reduction.

 

[Reggie78]

I just logged into Citi online - yep, mine's gone to 1:0.5 too. No notification either.

I've got it fee-free-for-life, but there's better earning cards out there...

Edit: Mine was for KrisFlyer points.

 

[lm118]

Sent an email too, will followup with a phone call. I guessing it's not a mistake as both the Velocity and Citibank websites have been updated...

 

[kyle]

No notification - I'm going back through old statements to see if they snuck something on there.

Sent a complaint to them also and threatened FOS if they don't honour the old transfer rate - ie transfer the lot and then scrap the card for this treachery!

I await your reply from Citi before I do anything since I don't have a need for VA points at the moment.

 

[tharaka]

yep, shows 0.5 on Prestige as well.. Not happy!

 

[lm118]

I've checked my statements for the past 3 months, and there was no mention of changes to transfer rates.

Virgin High Flyer is 1.25 Velocity points per dollar which is better. Is there anything better for Krisflyer earning?

 

[kpc]

I just logged into Citi online - yep, mine's gone to 1:0.5 too. No notification either.

I've got it fee-free-for-life, but there's better earning cards out there...

Edit: Mine was for KrisFlyer points.

Have fee free Signature card. Was 15000 Citibank reward pts for 10000 Krisflyer points, now says 15000 Citibank reward pts for 7500 Krisflyer points making it a 25% reduction!! Not happy....

 

[N860CR]

Hmm yes that's very annoying. Also have just managed to negotiate the signature card fee free for life. Now it's not worth it!

 

[Plutonus]

I will be interested in their response.

No notification - I'm going back through old statements to see if they snuck something on there.

Sent a complaint to them also and threatened FOS if they don't honour the old transfer rate - ie transfer the lot and then scrap the card for this treachery!

 

[andy2015]

Watching this very closely. Just got a Citi Signature card and now the 60,000 bonus points are a lot less valuable.

 

[bismarck]

Wow....that's pretty bad. Mine (Signature) also showing 1:0.5 for both Velocity and Krisflyer.

Am very fortunate in that I just transferred out about 100,000 CB points on Friday for a redemption (wouldn't have had enough for it under the new rates).

Quite disappointing - I really liked this card. Will have to look at other options in the market for a Visa/Mastercard.

 

[N860CR]

Any other decent options? I think the Westpac Black is about 0.66 PPD.

Really frustrating turn of events... I only remarked a few days ago that it was nice to finally have a good credit card setup (Westpac + Plat Edge + Citi Signature) for only $200 per year!

 

[kamchatsky]

Wow, Citibank, you have done it again! :evil: :evil: :evil:

Whilst I don't have immediate need for Krisflyer or Velocity points, I am livid that they just changed without any notification.

I can see a lot of complaints from AFF right now.

 

[N860CR]

It's probably worth just transferring what's in the account to your preferred program (i.e. Krisflyer for me) and then dumping the account. I guess the saving grace is that, probably via the FOS, citi will clear the account down to the point rather than being stuck with the 15k per transfer limitation.