Reduction in Transfer Rates to Velocity/Krisflyer

[daveozsydney]

Anyone planning to go out in style with their points via a transfer to Etihad and a Residence redemption? Couple of million points would do it depending on the route!

 

[Glider_]

I asked for 10k points as compensation but am obviously not a particularly valuable customer. This is my secure mail message from Citi:

"Thank you for your email.

For general reference, when changes are made we always consider our
terms and conditions and act appropriately. We are of the view that we
have acted in accord with our terms and conditions.

Furthermore, we advise that Visa and MasterCard announced to reduce
interchange earned on credit cards. As a result, Citibank reviewed the
cost impact of the changes to our rewards program.

However, Citibank is dedicated to its customers and each feedback is
valued.

To maintain a good banking relationship with our customers, Citibank
decided that the transfer rate for our two partner airlines programs
(Singapore Airlines- Kris Flyer and Virgin Airlines - Velocity) will be
returned to the rate that applied on 31 October 2015. As such, our
system has been updated on 07 November 2015.

In line with the changes, we will reimburse any difference in points in
the form of Citi Rewards points within the next 3-5 business days. The
points adjustment will show on your next statement.

Please note that Citibank does not provide compensation for
non-financial loss. Respectfully in this instance your request for
compensation is declined. Should you have incurred any financial loss we
will be happy to review.

We hope this information has clarified your concern.

If there is anything else we can do to assist you, please let us know
and we will be happy to help."

 

[doctau]

On the page where you actually transfer there are terms and conditions you have to accept. It is a tick box under your name and FF number etc..

You have to tick to proceed and by proceeding you acknowledge the conditions

Ah, I should have checked there.

That said, whether it is legal is a good question. I'm pretty sure there was a case in Australia (for an online Playstation game, I think) where they required you to accept T&Cs every time you did something, with no obvious notice they were different from the other times, and the court found it was unreasonable to expect people to read the whole T&Cs in detail every time, and figure out what had changed.

 

[trippin_the_rift]

In other news, received this today: http://puu.sh/lfLef/6ff3f31fed.jpg

BA is back?

 

[daveozsydney]

It's not active on my account when I just checked.

 

[scubabe]

It's not active on my account when I just checked.

Or mine
I don't have enough points to transfer out anyway, so I can't do anything with mine

 

[edman]

Are you prestige or signature? I got the email for prestige.

 

[psi999]

FWIW while I think I have plenty of Velocity points & risk of devaluation from Virgin, I'll transfer my points to Velocity (lesser of 2 evils) & leave 15k for transfers until devaluation is effective.

Hi psi999,

Thank you for your request to transfer your Points to Velocity Points. Soon, your Velocity Points account will be credited with the transferred Points.

All but 15,000 cashed out to VFF & any spend that can be directed via AMEX (matching 1PPD) now going that way.

What a bunch of incompetent fools... even more so as my card is annual fee free so my spending is the only way citi make bank.

Thanks gents

 

[token01]

Still waiting on points to come through.

called back my case manager after his email and he said 3-5 business days is standard.

also had 10k citi points as compo.

 

[RAM]

Sometimes it is great to be busy elsewhere.

Finally had some time and noticed (with SHOCK) the thread. Just finished the 21 page (@30 posts a page) read going from despondent to mellow.

Citi does seem to like to place its feet more often in its mouth than anywhere else.

Fee-free Signature for life offer is CURRENTLY OPEN in the branches (picked up a flyer last week).

Does require you to open a bank account as well though (slight wrinkle on past versions of the offer) - still worth it for free Priority Pass and Travel Insurance (which unfortunately I've had to claim twice in last 19 years though for my family not me!).

I suggest everyone sends off a letter/email/FB post etc expressing:

• upset that this unilateral change has caused.
• is causing me to reassess continuing relationship with Citibank
• counsel them to think twice about effectively retrospective changes to CONVERTING points in the future
• refer to NAB ACCC decision

The rate of post-fix correspondence is MUCH MORE important/notice taken of than the initial problem.

Normal way of assessing effectiveness of damage control and how to handle next issue that arises.

SO leave Citi in NO DOUBT about the damage it has done to its reputation.

Off to transfer all but 15,000 points now!

 

[trippin_the_rift]

Are you prestige or signature? I got the email for prestige.

prestige, i cant see it in the redemption list though.

Does Citibank actually screen the communication that goes out to customers?

 

[MEL_Traveller]

SO leave Citi in NO DOUBT about the damage it has done to its reputation.

Off to transfer all but 15,000 points now!

But.... not 'damaging' enough for you to close your account?

 

[RAM]

But.... not 'damaging' enough for you to close your account?

As luck would have it, after major muck up - I closed bank account two weeks ago.

The fee-free cc is worth it alone for the comprehensive travel insurance and the 2 Priority Passes are handy to use in Heathrow.

As a fee-free CC paid off in full automatically from non-Citi bank account - I like the irony of them clearly knowing that another bank holds funds while they earn nothing directly from me (indirectly via merchant fees though).

BT offer is tempting though, just waiting for a 'bonus' open a new account offer comes up with ING or equivalent while I beef up AMEX purchases.

 

[cove]

I split the transfer into Miles and Points just to be certain that I beat the proposed and then withdrawn changes.

 

[token01]

miles came through last night. sigh of relief.

for interest sake, Im thinking of smashing the prestige with some upcoming spend - how long does it take for citi points to post? days or after each statement. Ive never bothered to check or notice.

 

[diningdecadence]

miles came through last night. sigh of relief.

for interest sake, Im thinking of smashing the prestige with some upcoming spend - how long does it take for citi points to post? days or after each statement. Ive never bothered to check or notice.

days. the transaction will show in your online statement before the points are awarded - seems to be a day lag for some reason. although i have heard anecdotally that if you already click through to your rewards balance it will show the correct amount. haven't ever confirmed.

 

[doctau]

There's an interesting quirk with the new conversion that I didn't notice before - the conversion rate is 1 citi point to 0.6667 SQ miles, not 1.5 to 1. The difference? 15000 citi points gets you 10001 SQ miles, and 30000 gets you 20001, rather than the obvious round number.

So my 60k citi points just went in four separate transfers of 15k, for the extra 3 SQ miles

 

[CJEMNMAC]

Got my statement by email this morning.. I have not read through in detail.. I just find the wording interesting here

 

[hummel]

Mine points arrived into my KF account 1 busniess day later FWIW.

 

[doctau]

Got my statement by email this morning.. I have not read through in detail.. I just find the wording interesting here

View attachment 59141

I had a quick look through, and it doesn't appear to cover the rewards program - it's only the T&Cs for the credit and payment facilities.