Signature points now capped at $20K per "Statement", 1½ PP$ International

[Isochronous]

Will they be attacking Bpay points earn on other Citi issued cards like the Prestige too?

 

[infinity]

I've just crunched the numbers on this and it shouldn't really affect anyone. If someone is spending over $20k per month consistently - $240k per year then there is a points opportunity cost to the tune of 79,200 KrisFlyer points per year based on the .33 earn differential of 240k points. In that regard, even without spending over the threshold someone would be better off paying the $350 with citigold or $700 without citigold for the enhanced earning potential plus the prestige benefits- the international earn is the bigger loss but as the point earn is higher if there is significant international earn then again it makes sense to shift to prestige anyway and pay the annual fee

I do $100k-$300k pm so Prestige is better, but no doubt that will get enhanced away soon too.

Is the Prestige still unaffected?

Heard verbally these Citi changes don't come into till March???

If so should I risk getting Prestige now and use Signature till it changes or a combination?

 

[kamchatsky]

For most people (including myself) they would not be affected in the change as they spend less than 20K per month.

Obviously with the devaluation of overseas points I will now take my 28 degree credit card out of the drawer again.

 

[daveozsydney]

I do $100k-$300k pm so Prestige is better, but no doubt that will get enhanced away soon too.

Is the Prestige still unaffected?

Heard verbally these Citi changes don't come into till March???

If so should I risk getting Prestige now and use Signature till it changes or a combination?

Prestige is less affected - international earn is unaffected
The only changes I can see are:
1. Fx rate margin 3.3% ---> 3.4%.
2. Airline transfer rates kf and Velocity go from 1:.667 to 1:0.5

Apart from that business as usual...

 

[daveozsydney]

Will they be attacking Bpay points earn on other Citi issued cards like the Prestige too?

yes on all cards - check out the changes to the terms and conditions on their website -

 

[burmans]

yes on all cards - check out the changes to the terms and conditions on their website -

On their website but yet to be notified to us?

 

[daveozsydney]

On their website but yet to be notified to us?

Yes that's right so I assume they will be sending something out with this month's statements or a notice on the statements so they have given 90 days written notice as required.

 

[pangwen]

Yes that's right so I assume they will be sending something out with this month's statements or a notice on the statements so they have given 90 days written notice as required.

Something's a bit funny - I can't believe that all Citi Signature cardholders have their statement days between now (when the conditions started appearing) and next week 19/12 (exactly 90 days before 18/3)...

 

[burmans]

Something's a bit funny - I can't believe that all Citi Signature cardholders have their statement days between now (when the conditions started appearing) and next week 19/12 (exactly 90 days before 18/3)...

They may be mailing these out!

 

[yohy?!]

Last nail in the coffin for citi, will be using it for international spend over next few weeks then transfer points and cancel.

 

[AndyMelb]

Thanks for the heads-up.

Not happy at all. Will be ringing Citi to get a Prestige card or might even move to another bank.

 

[DeKa]

Last nail in the coffin for citi, will be using it for international spend over next few weeks then transfer points and cancel.

Why not continue until 18 March 2016?

 

[burmans]

Why not continue until 18 March 2016?

Because international point capping starts in just over a month.

 

[DeKa]

Because international point capping starts in just over a month.

No, that's 18 March. 18 January sees the FX rate increase by 0.1% to 3.4%.

 

[trippin_the_rift]

If you're spending more than 20k/month on the signature card... You have the wrong card.

 

[Spizz]

If you're spending more than 20k/month on the signature card... You have the wrong card.

And if your not you are about to have the wrong card after March IMO

 

[cj0325]

Ouch on the BPAY points but not surprised - the interchange fee is about 1/2 so was probably always coming. Wonder how long it will take for that change to roll over to Virgin Money and other Citibank issued products...

 

[Plutonus]

It would suggest the old interchange fee was propping up Bpay revenue... as the Bpay capture reimbursement fee is set by Bpay and the payments don't go via the Visa network.

Ouch on the BPAY points but not surprised - the interchange fee is about 1/2 so was probably always coming. Wonder how long it will take for that change to roll over to Virgin Money and other Citibank issued products...

 

[Mitch_W]

Prestige is less affected - international earn is unaffected
The only changes I can see are:
1. Fx rate margin 3.3% ---> 3.4%.
2. Airline transfer rates kf and Velocity go from 1:.667 to 1:0.5

Apart from that business as usual...

Hi Dave,
Are you saying that the airline transfer rates are definitely moving to 1:0.5 for KF?
if so, what date? The last I heard was they reversed this decision back in November.
I have Prestige and this brings the real rate back to 1:1
i will be moving all my points to KF now if this is the case.

cheers,
Mitch

 

[Duffa]

Hi Dave,
Are you saying that the airline transfer rates are definitely moving to 1:0.5 for KF?
if so, what date? The last I heard was they reversed this decision back in November.
I have Prestige and this brings the real rate back to 1:1
i will be moving all my points to KF now if this is the case.
cheers,
Mitch

Yes, it will change
They changed the rate, unannounced, last month but caved in to customer pressure over the lack of notification. Then they said they would give 90 days notice of any future changes, which they have just done.
Given us 90 days notice of a drop in transfer rate to KF and Velocity - will be effective 1:1 from 18 March 2016 for Prestige