Reduction in Transfer Rates to Velocity/Krisflyer

[Isochronous]

So they are going for a universal change to terms and conditions which means they only have to give 20 days notice to make changes from the effective date of the new terms and conditions rather than the current 90 days.

Interesting to note that this is the minimum legally permitted by ASIC so they are reverting to the minimum permitted:

It is a statutory requirement under section 68(1) of NCCPA that a credit provider refrain from exercising any contractual power to unilaterally amend its terms without providing at least 20 days’ written notice before the change takes effect, setting out the particulars of those changes.

But they still need to give 30 days to make these new changes effective which they appear to be ignoring if they're effective from 1st December...
I think they are trying to give 30days to then allow them to give 20days which is 50days rather than 90. But just guessing their intentions would be to change the conversion rates before the end of the year...

My points are out of there as of today anyway..... trust has been severely diminished...

In a way its amusing that they're now using the statutory minimum under NCCPA basically because we told them to last week!

 

[DaveB]

I'm with you Cruiser, nothing transferred, just sitting back waiting.

Have kept a third of my current balance just to weigh up options when Citi gives notification. VA and SQ balances looking rather healthy at the moment - just have to keep the news from our two young ladies - lucky one has been confined to London the past 6 months.

 

[kcoulson]

I was reading the previous posts about the short time span, for citibank points to transfer to Velocity or KF. I did a transfer at the end of October, and the points were STILL not there. Problem solved. Apparently if you transfer to KF with the Velocity membership number (I cut and pasted from awardwallet) you won't have much success. Managed to do exactly the same thing for the AMEX transfer on the same day too.

 

[CJEMNMAC]

Apparently if you transfer to KF with the Velocity membership number (I cut and pasted from awardwallet) you won't have much success. Managed to do exactly the same thing for the AMEX transfer on the same day too.

I would say most definitely not apparently ......

 

[andye]

I was reading the previous posts about the short time span, for citibank points to transfer to Velocity or KF. I did a transfer at the end of October, and the points were STILL not there. Problem solved. Apparently if you transfer to KF with the Velocity membership number (I cut and pasted from awardwallet) you won't have much success. Managed to do exactly the same thing for the AMEX transfer on the same day too.

The perils of too many numbers . I managed to put in my VFF number into a transfer from Mrs andye's e-rewards last month. They did manage to sort it out within a week or so

 

[edman]

My transfers to SQ appeared next day, VA took a bit longer. 20k bonus and the $350 credit for 1/2 the fee has now appeared too.

 

[burmans]

So they are going for a universal change to terms and conditions which means they only have to give 20 days notice to make changes from the effective date of the new terms and conditions rather than the current 90 days.

Interesting to note that this is the minimum legally permitted by ASIC so they are reverting to the minimum permitted:

It is a statutory requirement under section 68(1) of NCCPA that a credit provider refrain from exercising any contractual power to unilaterally amend its terms without providing at least 20 days’ written notice before the change takes effect, setting out the particulars of those changes.

But they still need to give 30 days to make these new changes effective which they appear to be ignoring if they're effective from 1st December...
I think they are trying to give 30days to then allow them to give 20days which is 50days rather than 90. But just guessing their intentions would be to change the conversion rates before the end of the year...

My points are out of there as of today anyway..... trust has been severely diminished...

So from 1st December they would only have to give 20 days notice of a T&C change. But as far as I am aware they have formally given us notice of any changes to the Rewards T&C's including any change to the conversion rates?

 

[VAG newbie]

So from 1st December they would only have to give 20 days notice of a T&C change. But as far as I am aware they have formally given us notice of any changes to the Rewards T&C's including any change to the conversion rates?

I don't mind 20 days. That's still plenty for us to make decisions. Not saying I'm happy with it, but better than sneaking in without notice.

 

[Glider_]

I still don't quite get it. The main T&Cs (copied above) say 20 days notice, but when you do your points transfer the much shorter T&C's (discussed a few pages earlier) say that you agree that changes to points transfer rates can change with or without any notice.

The way I read it is that the main T&C's say you get 20 days unless you've agreed otherwise, and the new T&C's in the rewards redemption process makes you agree that they can give no notice...

 

[kyle]

I still don't quite get it. The main T&Cs (copied above) say 20 days notice, but when you do your points transfer the much shorter T&C's (discussed a few pages earlier) say that you agree that changes to points transfer rates can change with or without any notice.

The way I read it is that the main T&C's say you get 20 days unless you've agreed otherwise, and the new T&C's in the rewards redemption process makes you agree that they can give no notice...

So in those circumstances, the authorities or the courts are likely to find that the consumer will get the more beneficial term.

 

[daveozsydney]

In a way its amusing that they're now using the statutory minimum under NCCPA basically because we told them to last week!

That did cross my mind... Coincidence... I don't think so!

 

[daveozsydney]

I still don't quite get it. The main T&Cs (copied above) say 20 days notice, but when you do your points transfer the much shorter T&C's (discussed a few pages earlier) say that you agree that changes to points transfer rates can change with or without any notice.

The way I read it is that the main T&C's say you get 20 days unless you've agreed otherwise, and the new T&C's in the rewards redemption process makes you agree that they can give no notice...

As ASIC minimum is 20 days, we may find that they change it in line with what is legally permitted (now that someone other than their in house legal team is reviewing these terms)

 

[Glider_]

I hope so! And I'm really pleased that they know that they're aware of people with teeth watching them.

 

[burmans]

I still don't quite get it. The main T&Cs (copied above) say 20 days notice, but when you do your points transfer the much shorter T&C's (discussed a few pages earlier) say that you agree that changes to points transfer rates can change with or without any notice.

The way I read it is that the main T&C's say you get 20 days unless you've agreed otherwise, and the new T&C's in the rewards redemption process makes you agree that they can give no notice...

Their new T&C's for rewards redemptions may well say they can give no notice, but where have they given notice of this T&C change as is required (and under the existing 6.2 they must give 30 days).

Giving notice of the main T&C's is not notice of the changes to the rewards T&C's unless they include it and the statement I have seen does NOT include the rewards T&C's.

 

[needtotravel]

Have just come back from holidays and have read a lot of the threads concerning CB FF program changes which I wasn't aware of. Can someone confirm that the 200K points I have using my Citi Gold Business CC are still good to transfer to QFF at the 1:1 rate. Or does the reduction in transfer rates only applied to Velocity/KF? Thanks

 

[daveozsydney]

Have just come back from holidays and have read a lot of the threads concerning CB FF program changes which I wasn't aware of. Can someone confirm that the 200K points I have using my Citi Gold Business CC are still good to transfer to QFF at the 1:1 rate. Or does the reduction in transfer rates only applied to Velocity/KF? Thanks

A change affecting quantas redemptions from citi businss cards was made but also reverted.... FOR THE TIME BEING.....

 

[burmans]

Velocity Rewards site seems to be down, they probably have had some many Citi points flowing in it's crashed their system!

 

[CJEMNMAC]

Velocity Rewards site seems tho be down, they probably have had some many Citi points flowing in it's crashed their system!

HA ! I did actually think the same thing..

Its back online now and my points transferred to VA yesterday at 3pm have arrived..

 

[basso]

Giving notice of the main T&C's is not notice of the changes to the rewards T&C's unless they include it and the statement I have seen does NOT include the rewards T&C's.

The T&Cs that come into affect on December 1 have nothing to do with the Rewards program. FWIW the 20 days requirement that everyone is banging on about is in the existing T&Cs that are being replaced. But these are not the Rewards T&Cs'.

 

[CJEMNMAC]

The T&Cs that come into affect on December 1 have nothing to do with the Rewards program. FWIW the 20 days requirement that everyone is banging on about is in the existing T&Cs that are being replaced. But these are not the Rewards T&Cs'.

Yes basso that appears to be..

The irritation for me at least is that there are T&C's that govern the card. They now change the card T&C's.... fine. ( 20 days notice of change )

You then have the T&C's governing the Rewards program attributed to the card ( with Clause 6 interpreted as 90 days notice of change )

And then when you go to redeem the points there are additional T&C's that apply. With the first point you must agree with the additional terms to transfer etc etc ( No Notice of change )

I guess in the end, I hope Citi will soon advise their position