Citi cards - major changes

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Just catching up on this thread. Nutcase, I would probably not be using economics as an sort of a credibility crutch. You just blew your whole argument. :)


"The only function of economic forecasting is to make astrology look respectable." (and meteorologists) John Kenneth Galbraith


For every complex problem there is an answer that is clear, simple, and wrong.
H. L. Mencken
 
FWIW currently on the Citibank website it is showing at the new SQ KF rate (2.5 Citibank points = 1 KF mile) even though it is not 15 June 2017 yet.

I'm still seeing 2:1. What card are you using? I'm looking with Prestige.
 
Looks like from June 15 the reward redemption for items and stuff will go up as well. I wonder if I should use my 311k points to book two tix to Japan now or not. hmmmmmm
 
Pretty disappointing change, given my main use for the card was some big monthly o/s spend... 2.5KF per $1 was amazing - new effective rate is 1.2 if my math is right, hardly worth it..

Unfortunately I need to keep the card with my need for a high limit, which isn't quickly or easily attainable with present circumstances... and on the plus, there are still some great benefits like 4/3 nights, which I use quite frequently..

One thought is to flick it over to QF - suddenly 1.5QF per $ on international spend is looking quite good, considering.. especially after KF removed the 15% discount as well.

P
 
The RBA's fiddling around with regulations of ATMs and interchange fees has only caused consumers to suffer. Those moronic bureuacrats have done nothing to make lives better for consumers.
 
The RBA's fiddling around with regulations of ATMs and interchange fees has only caused consumers to suffer. Those moronic bureuacrats have done nothing to make lives better for consumers.

Cannot agree more. The problem with this country. Moronic bureaucrats - what an accurate description!
 
The RBA's fiddling around with regulations of ATMs and interchange fees has only caused consumers to suffer. Those moronic bureuacrats have done nothing to make lives better for consumers.

Are these the same bureaucrats who have overseen 25 years of non stop economic growth (no recessions), record low interest rates, a healthy economy and a stable and secure banking system?

These same bureaucrats?

Asking for a friend.
 
Are these the same bureaucrats who have overseen 25 years of non stop economic growth (no recessions), record low interest rates, a healthy economy and a stable and secure banking system?

These same bureaucrats?

Asking for a friend.

I think if you read most business magazines, the economic growth is in-spite of the RBA. The mining boom and the restructures put in place by both Hawke/Keating and Howard Governments are the main reason for the growth up to 2007. Since then is simply because Rudd/Gillard decided to borrow a generations worth of money and destroy the taxation base and continued by the self-interest of the Senate that has refused to scale it back. We NEED a recession in the way a forest needs a bushfire. The collapse of the world economy and the failings of all the governments since Howard is the reason for record low interest rates, which is to prop up the failing economy (contradicting your first and third points btw). A healthy economy..hmmm and a stable and secure banking system?? Maybe because they have the highest margins and profits in the world in what could only be called criminal collusion.

No friend here on these topics.
 
CitiRewards site for Signature still showing 2:1

Whoops. I was looking at the Citirewards site without logging in. That shows 2.5:1.
When I log in to my Signature and link through internet banking, it says 2:1.
 
I think if you read most business magazines, the economic growth is in-spite of the RBA. The mining boom and the restructures put in place by both Hawke/Keating and Howard Governments are the main reason for the growth up to 2007. Since then is simply because Rudd/Gillard decided to borrow a generations worth of money and destroy the taxation base and continued by the self-interest of the Senate that has refused to scale it back. We NEED a recession in the way a forest needs a bushfire. The collapse of the world economy and the failings of all the governments since Howard is the reason for record low interest rates, which is to prop up the failing economy (contradicting your first and third points btw). A healthy economy..hmmm and a stable and secure banking system?? Maybe because they have the highest margins and profits in the world in what could only be called criminal collusion.

No friend here on these topics.

Interesting opinion.
 
Are these the same bureaucrats who have overseen 25 years of non stop economic growth (no recessions), record low interest rates, a healthy economy and a stable and secure banking system?

The ones who despite their best efforts couldn't prevent 25 years of non-stop growth, you mean.

As soon as the current housing bubble bursts it's you and your RBA colleagues who will be up against the wall.
 
Looks like on June 14th Ill be transferring my points which isn't many since I'm pushing more through Amex since the last Citi Devaluation.

I'll transfer them to Velocity since I already have enough points in Krisflyer and Amex for F/Suites travel, but with the Krisflyer devaluation it is cheaper points wise to use Velocity for J flights for me. Just hope Veloctiy offer a 15% transfer bonus between now and June 14th.
 
FWIW currently on the Citibank website it is showing at the new SQ KF rate (2.5 Citibank points = 1 KF mile) even though it is not 15 June 2017 yet.

Apologies if I've missed it. Is there a change to velocity transfers or is it staying at 2:1? Even if not changed, hard to swallow $700 annual fee on Prestige for 0.5 VFF uncapped earn.
 
Was asked but not answered a few pages back, what are the issues with cancelling this card, benefits-wise? I can't see any point holding the prestige over the signature for my 0 vs 700 annual fee (reduction request in progress).

I have another transfer booked and the free night both coming up this year though.
 
I've made a query about downgrading to free for life Signature with Citi. They seemed resistant to it and said there is no free for life offer.
I'm waiting until the dust settles and everyone else has announced their changes so I decide which way to jump.
Going to transfer all my points out before deval kicks in and try to book the other benefits like 'free hotel night' and our airport limo rides for later in the year.
I'll then re-approach about downgrade to 'free' signature otherwise I'll just downgrade it to base card and put it in the bottom drawer with minimal annual fee (limit is too large to cancel outright).
I liked the perks but I was there for the points. If they cancelled the perks but kept the points, I would keep the card.
Do we still have to be Prestige holders at the time we're using the benefits like the limo ride? I'm planning to book it for September but going to be canning the card in June. Just thinking ahead should I need to make any changes to my booking post June.
 
It may have been their point but it is misguided because practically no one pays with cash. Therefore all that happened in reality is that prices went up 1-3% for 90% of consumers.


I always pay cash where I can, its the large items like council rates insurances that I use the card, Im disappointed with this points assault on utility's etc. maybe I should freak the banks out and demand $10000 (ohh ohh red flag, only terrorists and drug dealers deal in cash) then rock up to the council chambers to pay my rates, all in $5 notes of course. Coin would be better but my time is valuable lol.
 
maybe I should freak the banks out and demand $10000 (ohh ohh red flag, only terrorists and drug dealers deal in cash) then rock up to the council chambers to pay my rates, all in $5 notes of course. Coin would be better but my time is valuable lol.

Theres nothing stopping you withdrawing $10,000 in cash. AUSTRAC is automated anyway for amounts of $10k plus. The teller would also ask you what the funds are for as part of their compliance obligations.

You could try and pay in cash at the council chambers however councils have outsourced receivables to Australia Post and Banks so they no longer have the ability to receipt the funds.

Im not quite sure what this would achieve except to inconvenience you enormously. The issue with points devaluation has nothing to do with the council that you are trying to punish.

Its a bit like drinking poison and expecting someone else to die.
 
After I first saw this thread, I rang the Concierge to find out what my anniversary date was. They couldn't help but said they would get someone from card services to ring back. I rang pretty much every section it seemed trying to find this out and also to getting my annual fee waived. I kept getting told that someone would ring me back. Anyway, I finally had enough and told them I would stay on the line until I got my questions answered.

As it turns out, my anniversary was this Friday, 21/4. I finally got put through to a supervisor and she stated that no-one will be given a discount for the annual fee as the benefits more than justify it and they have been instructed. I asked her to check the notes on my card as last year I had complained about the reduced benefits and they had claimed that it was still justifiable because of the high earn. If that was the case, and reducing the earn by 50+%, then there is no excuse for not waiving the fee. I also pointed out my spend for the year (amazed that I needed to) which thanks to a few projects where my suppliers took visa with no surcharge (very happy with that), was approx $1m in the last anniversary year and $500k in the previous year. Her response was "We don't buy customers, so either cancel the card or don't, it's your decision"! That was when I hit send on 2.2m rewards points to Krisflyer.

So I transferred the entire balance outstanding on the account, with the points to be finalised on Thursday before they close it and Citibank can stick it up the cough!!! :evil::evil::evil:

In the end, I think I got a lot more than $1400 (2 yrs @ $700) extra over any other card, but there was better cards now, so perfect time to move on. :D:D:D
 
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