New Changes to Citi Cards

[DerekG]

It looks as though you can pay via Paypal in Australian Dollars from overseas online merchants and it avoids the overseas transaction charge.

Yes, it avoids the forex fee on your Citi Credit Card. Instead you paid Paypal about 3% for them doing the conversion. If you look at the Paypal transaction it will show you the conversion rate you ended up paying.

 

[DeKa]

Another change - Citibank Signature Visa is changing to a Visa Infinite product... interesting as it's a way for the bank to earn a higher interchange fee.

 

[Mark3000]

DeKa beat me to it
Some good news from Citi, especially Hilton Gold

This is a quick note to let you know that by the end of March you will receive a new Citi Rewards Signature Credit Card in the mail. We are replacing your existing Card with a Visa Infinite version.

What does this mean? Apart from a different Visa logo on your new Card, you will now be able to access the following Visa Infinite customer benefits:

Earn Hilton HHonors Gold status and enjoy a range of privileges. Simply complete 2 stays or 4 nights at any participating hotels and resorts within 90 days of registration1. Learn More.

Enhance your travel experience with 20% off luxury airport transfers2, available within selected cities in Asia Pacific.

 

[tharaka]

It looks like they're upgrading some "signature" users to Citi Prestige card. I don't see the reason for them to have 2 Infinite offerings.

The interchange fees will come into effect next year! Banks' strategy will be to give premium cards now and later downgrade them based on the usage next year..

 

[Deleted member 6404]

But will the upgrades carry the Annual Fee free for life

 

[DeKa]

But will the upgrades carry the Annual Fee free for life

Appears it's not an upgrade to Citi Prestige, but a re-issue of the Signature Card with a Visa Infinite logo on it.

 

[Chicken]

Was the upgrade notice sent to you via e-mail?

 

[Mark3000]

Yes that was my impression too. I have fee free Signature and would love a prestige. But my impression is they have just added the Infinite label to the signature. I would love it though if the FF point transfer rates change to match the prestige

 

[Zerosignal]

Hmm, I have not received any notification from Citibank on that...

 

[SC9]

Just got the same email today. Has anyone upgraded to Citi Prestige from Citi Signature annual-fee free?

Effectively you pay $700 to get 33% more points per $1.

If you value each point at $0.02, breakeven spent would be = $140K (locally per year, overseas you earn 5pts with Prestige)

 

[kieranchu]

Yes that was my impression too. I have fee free Signature and would love a prestige. But my impression is they have just added the Infinite label to the signature. I would love it though if the FF point transfer rates change to match the prestige

Gosh - I just saw the email as well and only if it was an upgrade to the Prestige, I would definitely start using my Citibank card again

 

[Isochronous]

Is the discounted airport transfer worth it?

 

[Deleted member 6404]

Just got my email from Citi also advising of the new name , but is the 2 free priority lounge passes per year going to stay with this card, or phased out.?.

 

[psi999]

It looks like they're upgrading some "signature" users to Citi Prestige card. I don't see the reason for them to have 2 Infinite offerings.

Nothing here (email or secure mail) fee free signature and have probably run 60k through he card in the last 12 months. Additionally my chosen credit limit is under the 30k minimum for citi prestige / infinite.

Will be interesting to see if this is targeted or a global product movement to infinite.

 

[Legoman]

This is a cynical exercise aimed at creating yet another 'in-between' card tier. A new tier that earns the higher interchange fee, but doesn't cost all the benefits and rewards of the real Infinite card. An Infinite-light if you will.

My bet is it will retain all the same fee-free status and points earn rate of the Signature it really is, but will look and feel like the Prestige (Infinite) card for what matters most - the interchange fee they skim everytime you use it. This is the new strategy the credit card companies are using to extract more income from their products. Was started by MasterCard with their 28 Degrees card that became 'Platinum' by name only with no other tangible benefits at all. When surchaging becomes commonplace for Platinum cards, I'm rubbing the letters off my 28 Degrees. Wouldn't be hard to do.

 

[k3nnis]

What other benefits does infinite present to signature card holders?

 

[PLANT]

I just want my priority passes to stay on the card......I thought interchange fees were going not ramping up?

 

[psi999]

I just want my priority passes to stay on the card......I thought interchange fees were going not ramping up?

Visa Australia | About Visa | Interchange | Interchange

Effective 1 November 2015, the following interchange rates apply to domestic transactions processed through Visa’s NNSS

Super Premium (Visa Signature) rate 1.375%
High Net Worth rate 2.200%

Super Premium consumer product – a generic name given to the following products: Visa Rewards (including the Commonwealth Bank Visa Diamond and ANZ Black Visa products) and Visa Signature
High Net Worth consumer product – a generic name given to a Visa high net worth product such as Visa Infinite

Legoman is all over it. Pretty disgusting really if indeed the signature card is reissued as a between-tier card with same devalued signature earn. 2.2% is higher interchange rate than the previous signature rate prior to points devaluation.

 

[Mark3000]

Agreed. Not fair at all on shop owners
They pay higher percentage to bank for nothing

 

[Zerosignal]

To those that got an email is your credit limit above the prerequisite $30k?