Reduction in Transfer Rates for Citibusiness Gold

[Jacques Vert]

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.

Thanks Derek,

To clarify: Citi originally devalued the transfer rate without notice from 1 Nov, but copped such heavy criticism they reversed it and then gave three months notice as required by the T & Cs. I think you will find the transfer rate is now effectively 0.625 per dollar (half the previous rate). Even ANZ Black Visa is better at 0.75/$.

I was able to transfer all my Citi points to QF and get a 15% bonus (with the last of them transferring yesterday).

My only problem is that the Veda score has taken a few hits lately so I will hold off for a few more weeks before going for another 1:1 card, probably QCU. Also need to cancel the CBG or significantly reduce the credit limit before applying for something new.

Meanwhile, the WOW card has come out of the closet but only 2,500 points per month

JV

 

[mick]

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

I think you'll find that transfers must be in multiples of 20,000 points:

Clause 12.4 (Additional Conditions for Qantas Frequent Flyer Redemptions) is deleted and replaced with the following:
The initial redemption must be 20,000 Citi reward Points and subsequent redemptions must be in fixed blocks of 20,000 Points.

 

[DerekG]

Also need to cancel the CBG or significantly reduce the credit limit before applying for something new.

Meanwhile, the WOW card has come out of the closet but only 2,500 points per month
JV

Thanks JV. I will cancel my Citi Business Card as suggested. I also have the WOW card, but as you say it is limited to 2,500 points per month at the 1:1 transfer rate.

 

[pangwen]

Citi incompetence strikes again! I transferred the remainder of my points (~10k) on the 15th (and Citi has acknowledged that fact via email). However, after a few days I had still not received the points so I started wondering what was happening.

Just called Citi to check up on it, and I got told that "although you requested the transfer prior to the 18th, we do have a timeframe of 7-14 days before points transfers are processed. By the time your transfer was processed, the new minimum of 20k points applied and your transfer was rejected"

@!#@$#$*#$#!???????

I asked them to re-send it through for processing with notes to indicate that I had in fact requested the transfer prior to the 18th. Fingers crossed, but this is Citi after all...

 

[DerekG]

Citi incompetence strikes again!

The same has occurred to me. I will call & request CitiBank transfer the points as requested. Should they not do this, I will lodge a complaint with the Banking Ombudsman.

It was clearly in CitiBank's favour to "delay" the transferring of points.

 

[mick]

Just called Citi to check up on it, and I got told that "although you requested the transfer prior to the 18th, we do have a timeframe of 7-14 days before points transfers are processed. By the time your transfer was processed, the new minimum of 20k points applied and your transfer was rejected"

@!#@$#$*#$#!???????

I asked them to re-send it through for processing with notes to indicate that I had in fact requested the transfer prior to the 18th. Fingers crossed, but this is Citi after all...

That sounds like complete nonsense from Citibank! I transferred over 15k the evening of the 16th (registered by QF as occurring on the 17th) and had no such problems - I assume you were transferring to QF? The only time I've ever had delays with Citibank transfers was when they had my first and last name the wrong way around, which caused the whole transfer to fail.

 

[burmans]

That sounds like complete nonsense from Citibank! I transferred over 15k the evening of the 16th (registered by QF as occurring on the 17th) and had no such problems - I assume you were transferring to QF? The only time I've ever had delays with Citibank transfers was when they had my first and last name the wrong way around, which caused the whole transfer to fail.

And another one here. You are not responsible for their operational incompetence, they are. I think you will find the threat alone of going to the Ombudsman will be enough!

 

[pangwen]

And another one here. You are not responsible for their operational incompetence, they are. I think you will find the threat alone of going to the Ombudsman will be enough!

Agreed, will be checking in again tomorrow.

 

[pangwen]

Success! Called again and the consultant admitted that the first failure was due to them entering my qff member number incorrectly (after a dozen times over the years with the correct number, they managed to stuff up this last one), and when I called to follow up, the limit had been increased to 20k so my balance was insufficient for them to try again.

After a bit of to and fro with them asserting that "computer says no", I suggested that since it wasn't my fault, they could give me a one off "goodwill" credit of about 10k points to take my balance to 20k points, after which we could transfer them all as my originally requested 10k of qff points.

Got a manager to approve that, and now my qff balance is 10k higher .

 

[DerekG]

Success! Called again and the consultant admitted that the first failure was due to them entering my qff member number incorrectly (after a dozen times over the years with the correct number, they managed to stuff up this last one)

I applied over the phone as my internet connection whilst overseas was very poor & I got locked out of my account. It appears Citi used my surname with "Mr" in front instead of my first initial. Hence it was rejected by Qantas.

I applied before the points halving. Citi gave me a bonus 5K points to make my total 20K, then transferred it yesterday.

I ended up with the same QFF points as I would have by transferring 10K a couple of weeks ago (well, maybe 15% less as I won't receive the Qantas 15% bonus for the month of March).

I suggested that since it wasn't my fault, they could give me a one off "goodwill" credit of about 10k points to take my balance to 20k points, after which we could transfer them all as my originally requested 10k of qff points.

Got a manager to approve that, and now my qff balance is 10k higher .

You did well to get a 10K bonus.

Citi suggested to me that I apply for the Signature Card as it will now earn more QFF points. Citi advised that this should not be a problem as long as I agreed to transfer my existing credit limit from the Citibusiness Card to the Signature Card. I'm yet to make a decision. My application for the Jetstar Card (with 40K QFF bonus points) was rejected due to the high credit limits already on my existing cards. I found this out by applying for my VEDA history.

 

[burmans]

Time to reduce those high credit limits you don't really use.! Aside from trying to get you to run higher balances the other reason credit providers do this is to reduce your ability to get credit elsewhere.

 

[mick]

Citi suggested to me that I apply for the Signature Card as it will now earn more QFF points. Citi advised that this should not be a problem as long as I agreed to transfer my existing credit limit from the Citibusiness Card to the Signature Card. I'm yet to make a decision. My application for the Jetstar Card (with 40K QFF bonus points) was rejected due to the high credit limits already on my existing cards. I found this out by applying for my VEDA history.

Interesting! I called to cancel my CBG and they offered to halve the annual fee (making it $75) but I declined. I also have a Signature card and they sneakily closed my CBG and rolled the credit limit into my Signature card! Its annual fee has just fallen due and so I'll be calling them up to cancel it unless they waive the annual fee - am just not interested otherwise. As others have mentioned, it's time to kill off some credit limits in preparation for more attractive deals.

 

[Jacques Vert]

As others have mentioned, it's time to kill off some credit limits in preparation for more attractive deals.

Yeah; just reduced my credit limit by >75% on the CBG. Was going to cancel altogether but have to rearrange direct debits first. Am also considering keeping it as a backup until I get another 1:1 card.

Meanwhile using the WOW but that $2,500 limit is giving me grief; also have the ANZ Black at 0.75 which is currently my first runner-up.

Hoping the dosQu has a promotion to go with their change of status.

 

[big_RED]

Thanks JV. I will cancel my Citi Business Card as suggested. I also have the WOW card, but as you say it is limited to 2,500 points per month at the 1:1 transfer rate.

Jetstar has the best I reckon to be honest. And mine came with 40k bonus points.1:1 points/$ spend.No points cap on monthly spend either.