CB Rewards Platinum 2:1 VA, SQ KF / VA now [was 15K:10K]

[wafliron]

While I'm lucky enough to not have an existing balance affected by this change (Select+CBG, but no points in the CBG at present), I'd be livid if I did. I also /suspect/ that this change is really pushing the boundary of both Fair Trading and Unfair Contract law (but am not a lawyer).

I often think people are too quick to jump to the "complain to everyone!!!11!!" response, but I reckon it's justified in this case - ACCC and FOS / COSL (depending upon who Citi use) specifically. Having had some experience with FOS / COSL on the credit provider side I suspect they will probably side with Citi, but you never know. ACCC... NAB precedent suggests they may get interested, but you've got to get the right person to notice first.

Oh, and if you're going to complain to FOS / COSL, make sure you follow ALL of Citi's Internal Dispute Resolution process first, or they'll tell you to go away until you have.

 

[wafliron]

Forgot to ask: Did anyone with a CBG call and ask if any changes to the 1:1 transfer to QF?

 

[spentan]

Forgot to ask: Did anyone with a CBG call and ask if any changes to the 1:1 transfer to QF?

in for this info

 

[Alanslegal]

I just did it online (not via the App). It doesn't take you to a confirmation page, after you enter how many points and click next, it goes to another page which just says your transfer is successful and takes up to three weeks bla bla bla. I did enter only 15,000 -> 10K rates, so who knows if the transfer will be at those ratios. Will report back I guess.

I'd suggest those who are keen on transferring to do so ASAP. I sent 15K CB a few days back and can confirm that I have received 10K KF in my account, that's still at the old 1.5:1 rates. Who knows how long its still valid for but its a bonus if its 1.5:1 ... but do expect the new devalued rates to be applied sometime very soon.

 

[cove]

Alanslegal you read my mind. No point joining the Coulda Beens!

 

[Alanslegal]

Play the FF game by the horns and see where it takes you ....... looks like it will take me to a F 388 flight.

 

[kpc]

Play the FF game by the horns and see where it takes you ....... looks like it will take me to a F 388 flight.

I'm saving too.....unfortunately I just burnt 250K for SQ J flights for 2 to Mle, so I'm starting from a very low value. Will take me another 6 months plus to have enough for 2x F SQ 388 flights....

 

[lovetravellingoz]

Forgot to ask: Did anyone with a CBG call and ask if any changes to the 1:1 transfer to QF?

No, as I only put points to QFF if I have no other choice, or the rate is more punitive that the QF redemption rate.

 

[lovetravellingoz]

I'd suggest those who are keen on transferring to do so ASAP. I sent 15K CB a few days back and can confirm that I have received 10K KF in my account, that's still at the old 1.5:1 rates. Who knows how long its still valid for but its a bonus if its 1.5:1 ... but do expect the new devalued rates to be applied sometime very soon.

Yes the operator called last week indicated that it was still at 1.5:1 and then transferred it for me, but that CBG was now 2:1.

As the transfer rate on the website now states 2:1, it is most likely only a matter of time before the back-end catches up and becomes 2:1.

Either that or they have made a mistake in the wording, and will rectify that.

 

[asg29e]

I will transfer monthly as a result of this entry from Alanslegal as you cannot trust anything they don't say.
Nothing on ATO points change
Nothing on Price Match Guarantee
Nothing on Points Conversion Changes
Now it will be a bit difficult to figure what is next!

I agree Citibank have hardly covered themselves in glory over the last few months. Similarly I have just emptied the points on my Select card over to Krisflyer before they enhance that one without notice as well.

Oh well, now I will be forced to book a couple of suites before the points all expire. Poor me I guess.

 

[cove]

It is hard to cope with all the points in the one place isn't it asg29e. Battle on regardless!

 

[blessed11]

My Citi rewards balance has never been so low. All points now transferred out into KF.

 

[perthtraveller]

While I'm lucky enough to not have an existing balance affected by this change (Select+CBG, but no points in the CBG at present), I'd be livid if I did. I also /suspect/ that this change is really pushing the boundary of both Fair Trading and Unfair Contract law (but am not a lawyer).

I often think people are too quick to jump to the "complain to everyone!!!11!!" response, but I reckon it's justified in this case - ACCC and FOS / COSL (depending upon who Citi use) specifically. Having had some experience with FOS / COSL on the credit provider side I suspect they will probably side with Citi, but you never know. ACCC... NAB precedent suggests they may get interested, but you've got to get the right person to notice first.

Oh, and if you're going to complain to FOS / COSL, make sure you follow ALL of Citi's Internal Dispute Resolution process first, or they'll tell you to go away until you have.

I recently upgraded from Platinum to Select. Aren't points simply warehoused in a general Citibank Rewards account (i.e. no distinction between points earned as a Platinum v Select)? I

 

[asg29e]

I recently upgraded from Platinum to Select. Aren't points simply warehoused in a general Citibank Rewards account (i.e. no distinction between points earned as a Platinum v Select)? I

I think that used to be true. But it is what happens when those points are converted to something useful like Krisflyer points. Citi in their now customary sneaky fashion have just enhanced the conversion rate for those with other than Signature or Select cards from 1.5 Citi points: 1 Krisflyer point to 2 Citi points : 1 Krisflyer points. Without giving any notice.

And the worry is that they may do the same with Select cards which is why everyone is emptying their accounts.

 

[perthtraveller]

I think that used to be true. But it is what happens when those points are converted to something useful like Krisflyer points. Citi in their now customary sneaky fashion have just enhanced the conversion rate for those with other than Signature or Select cards from 1.5 Citi points: 1 Krisflyer point to 2 Citi points : 1 Krisflyer points. Without giving any notice.

And the worry is that they may do the same with Select cards which is why everyone is emptying their accounts.

Thanks. I understand the conversion change. However, my question is different.

I accrued about a million CB reward points whilst holding a Platinum card. In December, I upgraded to the Select card. My question is whether CB deems the initial million CB points as "Platinum" points and thus convert at 2:1? Or is there no such distinction and thus I'm subject to a 1.5:1 conversion rate for ALL my points as I am a Select cardholder?

I would assume the latter as CB, as the former would require CB to make a distinction on redemptions post my upgrade.

wafliron - looking at you

 

[asg29e]

I would assume the latter as CB, as the former would require CB to make a distinction on redemptions post my upgrade.

OK, I understand now. Interesting question. I hope not, but I wouldn't put it past them to make such a distinction and I can see how you would be seriously annoyed if that was the case. I would try a little test run to see what happens.

 

[mick]

Forgot to ask: Did anyone with a CBG call and ask if any changes to the 1:1 transfer to QF?

That's exactly what I want to know!

 

[mick]

I called Citi Rewards and they told me that the redemption rate for CBG rewards to QFF is still 1:1 and that they weren't aware of any changes (for now). Despite this, with all the changes going on with redemption rates, I'm not sure that I'm entirely comfortable with leaving the points where they are for very much longer... :-|

 

[SydneyJaymz]

Hi, I just noticed this this morning when I logged on to transfer Citi points to my Velocity account. This thread was one of the first to come up on Google so I registered just to comment.

I have had one of the 'regular' Citibank classic rewards cards for a while now (mastercard, not even advertised on the site anymore). I originally got it purely to take advantage of one of the balance transfer offers at the time, but ended up making it my regular card and getting rid of my other. It was only in Feb this year that I decided to upgrade it to a Citi Platinum card to take advantage of the better earn rate, especially the overseas earning rate. I went on a trip last year to Vegas with a large group and put all the large group spending for nightclubs tables, etc, on my card, and missed out on a huge number of bonus points I would have earned as a result of not having the platinum card at the time.

I just saw this new transfer rate today, and am pretty p-off about it. Nothing was mentioned to me when I upgraded just a short while ago, and I am paying the annual fee for it. I was tossing up between staying with Citi or moving to one of the dedicated Velocity cards, as I really only use Virgin, and never would have moved to platinum had I known the rate would be changing.

As I was originally a Citibank Mastercard holder, my new platinum is also a Mastercard (which isn't even listed by Citibank anymore) so I don't know if that changes things. I transfered my remaining points this morning and it appears to have gone through at the older 1.5 : 1 rate. I don't know if that is just an error however or the result of my still being on a M/C instead of the newer Visa Citibank cards. I don't really want to call them to ask if it is going to point out an error that has worked in my favour of course!

If 2:1 is going to be the way it is from now on, it will be goodbye Citibank for me. I'm an ANZ customer but have become frustrated with them lately so I will probably look at moving all of my banking to NAB as they offer Velocity branded Visa/AMEX cards. I'll also have to look at the Virgin branded Velocity cards (which I believe are operated by Citi???)

One thing I did like about Citi though was that they don't treat money transferred into a Neteller account as a cash advance, which as it is also treated as an O/S purchase (so 3 citi points per $), which poses obvious rewards benefits....

 

[sr81]

So I read this last night and setup the Citi ap on my Android tablet. I then moved 240,000 Citi points to Krisflyer. I found 160,000 points in my KF account this morning.

I got the 1.5:1 - phew. I have now about 4,000 Citi points left and will be closing this card. It has nothing for me now.