Reduction in Transfer Rates for Citibusiness Gold

[big_RED]

This sucks. Received the letter today as well. FYI they are also making it that you need to transfer a min 20k points and in 20k chunks.

So if you don't have that you kind of effectively loose those <19,000 points if you're closing off the account.

Which I will also be doing.

Why do you think they've slashed the transfer so much?? Is Qantas charging them for the points they give customers, and so halving the points transfer saves costs for Citibank?

 

[DerekG]

Why do you think they've slashed the transfer so much?? Is Qantas charging them for the points they give customers, and so halving the points transfer saves costs for Citibank?

No, the Reserve Bank is set to slash the interchange fee charged between banks on credit card transactions next year. This will reduce the profits the banks make on credit card transactions.

 

[trippin_the_rift]

No, the Reserve Bank is set to slash the interchange fee charged between banks on credit card transactions next year. This will reduce the profits the banks make on credit card transactions.

Which, last I checked was put on hold...

 

[DerekG]

Which, last I checked was put on hold...

A final decision is expected in the first quarter next year.

More here:

Qantas, Virgin and banks to lose up to $800m in card fees, points revenue

 

[big_RED]

A final decision is expected in the first quarter next year

Just to confirm. This is the cc surcharge we get charged for using our credit cards?

E.g 3% on Amex, but 1% on Visa/MasterCard?

This could be good then couldn't it? Lower fee for Amex, which means we can use that card more which has always provided us a higher points earn rate?

 

[TonyHancock]

This could be good then couldn't it? Lower fee for Amex, which means we can use that card more which has always provided us a higher points earn rate?

It will probably lead to reduced points earning.

 

[Jacques Vert]

Just received an email to say that the 15% - 20% offer is back on for a limited time; not sure if it's targeted or open to all.

JV

I have now received my 15% bonus from QF on the points I transferred straight after Citi reversed their previous decision to halve the transfer rate the first time around, giving me an effective 1.4375 points per $.

I've had the CBG for many years but alas, it will be of little use to me after they reinstall the reduced transfer rate; although I haven't received notification as yet it can't be far away.

So I'll be moving onto (or back to) an alternative card for the New Year.

JV

 

[drbuckyballs]

I had the CGB for 13 years

I called up and they wont waive the annual fee of $149
they seem to have reduced the QFF points conversion according to this thread (and a letter i didn't understand).
No reason to stay with them anymore as they have the most useless banking app on the planet anway and poor customer service so I'm happy to finally move on...

I'll be leaving them asap but not sure where to go next?

 

[burmans]

And there is the crux of the issue, they may be going to be worse than they were but are they really worse than the others?. Last time I looked there were no obviously better conversion rates, most CC's charge a annual fee (albeit some are partially negotiable).

Personally am at least thinking of moving on, but need to find something better, and am frankly struggling a bit!

 

[big_RED]

And there is the crux of the issue, they may be going to be worse than they were but are they really worse than the others?. Last time I looked there were no obviously better conversion rates, most CC's charge a annual fee (albeit some are partially negotiable).

Personally am at least thinking of moving on, but need to find something better, and am frankly struggling a bit!

I got the jetstar visa. 1:1 so it's not much worse. Plus came with 40k bonus points so that helps make up for things. Roughly the same cost per year however annual cards are additional.

 

[DerekG]

I got the jetstar visa. 1:1 so it's not much worse. Plus came with 40k bonus points so that helps make up for things.

Yes, from my searches the Jetstar Visa seems to be the best card which is offering 1 Qantas FF point per $1 spent.

comparison

The Jetstar (Qantas) bonus points come & go every 3 to 6 months, so I will wait until they are next on offer.

There is also the Qantas Credit Union Platinum Visa Card with an annual fee of $195. It also offers a 1:1 earn rate. The 30,000 Qantas bonus points offer finished at the end of December 2015 ........... but it will likely be back again in a few months time.

https://www.qantascu.com.au/credit-cards-visa-platinum-credit-card.html

 

[Jacques Vert]

There is also the Qantas Credit Union Platinum Visa Card with an annual fee of $195. It also offers a 1:1 earn rate. The 30,000 Qantas bonus points offer finished at the end of December 2015 ........... but it will likely be back again in a few months time.

I have been waiting for the 30k bonus to reappear which as you say comes and goes from time to time.

I'm also intending to ask for a Citi Signature fee-free-for-life plus some bonus points when I cancel the CBG next month. Pretty sure I know what the answer will be but no harm in trying!

 

[big_RED]

I'm also intending to ask for a Citi Signature fee-free-for-life plus some bonus points

If you spend 6k in the first 90 days they're giving away 75k points. Great for the points, however ANZ are offering their black Amex & Visa with 75k bonus points for only $2,500 spend in the first 90 days.

Also - what would you do with the CitiBank points? You'd just use CitiBank to book your flights etc through their concierge?

 

[Jacques Vert]

If you spend 6k in the first 90 days they're giving away 75k points. Great for the points, however ANZ are offering their black Amex & Visa with 75k bonus points for only $2,500 spend in the first 90 days.

Also - what would you do with the CitiBank points? You'd just use CitiBank to book your flights etc through their concierge?

Thanks for your thoughts. I already have taken advantage of the ANZ, Westpac and other offers. Credit rating not looking so flash at present so might have to lay low for a short while.

As to what to do with the Citibank points - well if they gave me a card for no annual fee and some bonus points to kick me off, I am sure I could find a use for them (maybe SQ, maybe even QF at the reduced transfer rate). I would be happy to hang onto a no-fee card as a back up

 

[mick]

... And with what can only be described as perfect timing, Qantas have announced this offer:

Dear mick,

It's that time again! Simply transfer your credit or charge card rewards points~ to Qantas Points between 1 and 31 March 2016 and you'll receive*:

• 20% more Qantas Points* when you transfer 350,000 Qantas Points or more,
• 15% more Qantas Points* when you transfer less than 350,000 Qantas Points.

These Qantas Points could be used for a variety of great rewards, in the air and on the ground. Visit qantas.com/usingpoints to see the full range on offer.
To transfer, visit the points transfer page of your credit or charge card provider's website or phone the number on the back of your card.

For me, March 16th will be the last transfer I make, as I shelve (or cancel, if no annual fee waiver) my CBG account. It was a good Points earner for seven years...

 

[DerekG]

... And with what can only be described as perfect timing, Qantas have announced this offer

Excellent News. Thanks for this Mick.

For me, March 16th will be the last transfer I make, as I shelve (or cancel, if no annual fee waiver) my CBG account. It was a good Points earner for seven years...

For me too.

The 40,000 bonus QFF points is back with the Jetstar Card. I will be moving over to that card as I say bye bye to my Citibusiness Card.

More on the Jetstar Platinum MasterCard in this thread:

http://www.australianfrequentflyer....stercard-40k-points-70260-16.html#post1406170

 

[lakun]

Me too
transferrd points to qantas with bonus offer to clear out my points
cancelling card now
bye bye Citi, all my spend will now be with someone else

wonder how many others will cancel the card now that their points earn has gone from being best in market to one of the worst in market. Brilliant move, Citi

 

[Stephen65]

Today I bid adieu to my dear old CBG card. Cancelling was relatively painless as they only made a half-hearted effort to keep me once I told them the reason was the downgrade in the rewards scheme. They offered to waive the annual fee but I said no thanks.

 

[Stephen65]

Today I got an email from a research company engaged by Citibank who asked me to fill in a short questionnaire explaining why I had closed my Citibusiness card.

Needless to say I was not shy when it came to putting all the blame on their destruction of the reward program.

 

[DerekG]

Thanks for the heads up. Apparently reduced from 1 November despite the T & Cs on their Website still stating it is 1:1.

My letter (came with my electronic statement last year) said the new (lower) rate would apply from the 18/01/2016 (today).

The transfer rate reduced from 1.25 points per dollar spent to 0.75.

Also, the new minimum transfer is 20,000 points & points transfers must be in multiples of 10,000 points.

Maquarie Bank & Jetstar are offering 1 point per dollar spent. There are a couple of threads running on this forum relating to these offers.