Where'd you get the info on the transfer rate changes, didn't see those on the website.
If that's true, those are some brutal changes. Earn rate on SQ going from 1 point per dollar to 0.4 point per dollar.
Anyone know if we can book the free hotel and airport transfers and then cancel the card without affecting the bookings?
If it's true? Do you think I make this up? It's on the last page in the document outlining the changes
https://www.citibank.com.au/global_docs/pdf/Citibank_Rewards_and_Qantas_Rewards_Program.pdf
from pointhacks - major changes coming to earn rates on Citi cards - very disappointing
Citi overhauling earn rates across their rewards card range from June 2017 - here’s what’s changing - Point Hacks
the biggest changes for me with prestige card are
they have effectively HALVED the earn rate on a $700/annum card to now earn 0.5 KF/VFF per $ which is honestly pathetic.
- ‘Eligible Domestic Spend’ earn rate cut from 2 Citi Rewards to 1 Citi Rewards point per $
- International spend cut from 5 points per $ to 3 points per $
even with the increase in "bonus categories" to 1.5 KFF per $ this is a horrible overall earn rate
i will most certainly drop my card when renewal comes up later this year.
Wow this is brutal.
Guess we can blame the RBA for that!
They dont tackle the property bubble in Oz, but tinker with FF reward points
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You are blaming the RBA for your points being reduced. That's like blaming Smith and Wesson when someone gets shot.
Perhaps the blame sits with Qantas loyalty (and the other rewards partners) for charging the banks too much for rewards points in the first place?
Why don't Qantas (and the other airlines) reduce the amount they charge for points?
Dont agree with the analogy
It was because of the RBA enquiry into interchange fees that sparked this off... they wanted to reduce the fee pool / profits from credit card transactions as they thought it was too high. It was this high fees that enabled banks to offer credit card points at a reasonable rate.
And nothing the RBA has done has reduced prices for consumers, which was the stated goal of the changes in the first place.
Dont agree with the analogy
It was because of the RBA enquiry into interchange fees that sparked this off... they wanted to reduce the fee pool / profits from credit card transactions as they thought it was too high. It was this high fees that enabled banks to offer credit card points at a reasonable rate.
Any proof of that?
Australia has some of the lowest Merchant service fees in the world. The RBA changes have been a huge success from that perspective.
You are blaming the RBA for your points being reduced. That's like blaming Smith and Wesson when someone gets shot.
Perhaps the blame sits with Qantas loyalty (and the other rewards partners) for charging the banks too much for rewards points in the first place?
Why don't Qantas (and the other airlines) reduce the amount they charge for points?
Most governing banks are aware of the problem and are on the way to regulation as the schemes wont regulate themselves. Australia is just part of the puzzle. The RBA did nothing radical except to cause the banks to take some card holders toys away.
Stick with AMEX and Diners and blame Qantas (and other loyalty programs) for having fees that are too high to justify being of value.