Reduction in Transfer Rates to Velocity/Krisflyer

[Beta4Me]

Why stick with a lower earn card?
Citibank signature is still 0.75ppd (velocity) which is higher than most. It's still the best Visa card in my pocket because of $0 annual fee.

You're right. For some reason I calculated a 0.67ppd earn rate but it has, in fact, only dropped to 0.75ppd. I've now edited my previous post. The Virgin and ANZ cards now carry the most appeal to me for non-Amex earn.

 

[N860CR]

Citi is painful with the transfer amounts though. You have to put through some significant spend to reach the minimum brackets. It makes it easier to just use Altitude and have everything in the same place. Altitude still provides 1.5 PPD for the Amex.

 

[Beta4Me]

Anyone got a response from them yet? I've just lodged an enquiry via email.

...what's the best 1:1 earning option for Velocity now??

Virgin High Flyer at 1.25ppd?

 

[kpc]

Virgin High Flyer at 1.25ppd?

Canberra friendly?

 

[hummel]

Anyone got a response from them yet? I've just lodged an enquiry via email.

...what's the best 1:1 earning option for Velocity now??

Citibank have asked for my best number/time to contact me tomorrow. Let's see what they say.

 

[Isochronous]

I'm happy to take the lead drafting a proper legal demand letter, but before I disseminate anything, can I have a summary of the arguments Citi has been citing in response to complaints? This will make the exercise more effective.

 

[N860CR]

I've only spoken via FB as I'm overseas, however they have simply said that they occasionally review costs and that it is all in accordance with the T&C. Nothing more than that from me.

 

[hummel]

I've only spoken via FB as I'm overseas, however they have simply said that they occasionally review costs and that it is all in accordance with the T&C. Nothing more than that from me.

That's the same I got which is what I expected.

 

[Beta4Me]

Canberra friendly?

It's Citibank-issued, so no

 

[MEL_Traveller]

I'm happy to take the lead drafting a proper legal demand letter, but before I disseminate anything, can I have a summary of the arguments Citi has been citing in response to complaints? This will make the exercise more effective.

I think there are a number of people waiting to hear back from Citi - me included. I think once Citi has a 'formal' reply, and discussed compensation (which has been offered in various amounts), that might determine the nature of further action.

The main issue is that Citi doesn't believe they need to give notice under 6.2 because ti falls under the third bullet point. Everyone else is arguing it falls under the 'points conversion' clause.

 

[lmere12]

3 conversations, 600k + devaluation loss for me and hadn't been offered anything at all. I know others have had some offers.

 

[burmans]

FYI for those looking to complain about losses and gain reward points to offset those, having recently been through this with Citigroup and FOS, it's important to note FOS will generally only rule on incurred losses and they will not award points as compensation. This means you need to have a demonstrable financial loss.

For example the sudden points devaluing without notice resulted in you needing 100k extra points, which you purchased at $1,000 to buy a flight. Your loss as a result of Citi's conduct would therefore be $1,000.

However, if you only intended to purchase the flight, but didn't, you have incurred no loss, and FOS will not award compensation for speculative losses.

This is true BUT. FOS in fact can't actually force Citibank to do anything but there is considerable expense to any credit provider in the FOS process so as long as you are realistic you may well find Citibank want to "settle" because for commercial reasons the alternative may be worse for them.

 

[Eggsbenedict]

Nail on the head! My question/argument is why would they have a specific clause relating to points conversion of it does not apply?

 

[burmans]

Citibank Complaints policy.
I would probably give them a call using teh number listed on their policy
http://www.citibank.com.au/global_docs/pdf/citi_complaint_resolution_policy.pdf

This may be personal preference but I have yet to have a satisfactory response (indeed quite the opposite) from a call to Citibank. Their CSRs just don't have the training or authority to provide a useful resolution and indeed because of this any call will be incredibly frustrating. Whereas if I send an email when they do ring you I'll get a person who actually knows what they are talking about and actually has some ability to make it happen.

But feel free to waste your own time by phoning, I've yet to see a positive story on this forum of their phone experience!

 

[burmans]

As a compensation for me personally to move from annual fee free Visa Signature to annual fee free Visa Prestige... that would make me happy! Since that would make it back to $1 to 1 VA/KF.
I'm sure others might feel differently on what would make them happy.

Yes - restoration to previous redemption rate would be ideal... plus, clean up their act on 90 days notification too...

yes that's who I rang. They put the complaint through but said sorry, didn't have to tell you.

That's good, you have exhausted their internal disputes resolution process, you can now go to FOS. And frankly I think going to FOS or the threat of it is the only thing that will work here.

 

[aerotravel]

the 15k minimum transfer (Visa Signature annual fee free) to VA is too high for non high spenders. i'm almost reaching the minimum 15k which prevented from transferring the points across regularly.
would love a new enhancement to lower the minimum transfer... there goes my future travels for not much spending with this new devaluation.

just moved some direct debits (that accepts Amex) to Amex Plat Edge where the transfer is still 1MR to 1 VA/1 KF. only reason why i made the direct debit to Citi is to meet the minimum transfer quickly in time for bonus transfers to VA twice a year.

now, cross my fingers for free upgrade to Visa Prestige (for compensation)... since I put so many purchases and payments for this card.

 

[lmere12]

That's good, you have exhausted their internal disputes resolution process, you can now go to FOS. And frankly I think going to FOS or the threat of it is the only thing that will work here.[/QUOTE

Good! thanks .. Will do. Too many points not to have a fight for

 

[Colin 2905]

I've yet to look for KrisFlyer options, but I doubt it's going to look good.

Best Visa / MasterCard that I could find was still only 0.75 KrisFlyer ppd (Bank SA or St George Amplify). Others (such as ANZ, Westpac and HSBC) were 0.625 ppd and 0.667 ppd.

 

[Eggsbenedict]

Just on the phone to citibank, and it looks like the changes were effective from 1/11/15 and are here to stay. I've escalated it up the chain so we'll see if anyone actually calls me back.

I've got their comp limo transfer and free night coming up at the end of Nov, so I'll be cancelling after that.

Hmm, I'm reading that we have 90 days from 6.2 in this link, as posted earlier in the thread.

https: //citibank.com.au/ICARD/subapp/rewardhome/html/termsAndConditions.htm (pdf links at the top depending on type of card)

Best Visa / MasterCard that I could find was still only 0.75 KrisFlyer ppd (Bank SA or St George Amplify). Others (such as ANZ, Westpac and HSBC) were 0.625 ppd and 0.667 ppd.

ANZ Black is 0.74 KF if you go via Velocity first and of course more when there is bonuses.

 

[Eggsbenedict]

ANZ Black is 0.74 KF if you go via Velocity first and of course more when there is bonuses.

And Virgin High Flyer is 0.92