Citibank has halved redemption rates for QFF - not just Velocity

[turnip666]

Apologies if this has already been noted.

I was feeling unconcerned about the thread on Citi reducing earn rate for Velocity here:

Reduction in Transfer Rates to Velocity/Krisflyer - Page 26

That was until I went to Citi to move my points, just in case.

Reward points are now 2:1, halving the transfer rate from the last transfer of 1:1.

Did I miss something in the last few months?

If you have been warehousing points it is worth reviewing that thread and registering your complaint with Citi.

 

[kelvedon]

I'm still getting 1:1 on my Citibank Signature (with direct transfer though)

 

[turnip666]

Mine is Citi Business. Always was 1:1 but never had Direct Transfer.

 

[burmans]

Mine is Citi Business. Always was 1:1 but never had Direct Transfer.

Oh that's even better, so this is clearly Citi initiating this rather than the airlines.

 

[yohy?!]

It seems that Citi is trying to treat points transfers at the customers request as if they are a redemption of goods and services which can be repriced without notice.

Cards that sweep to QF every month automatically are unaffected.

 

[turnip666]

It seems that Citi is trying to treat points transfers at the customers request as if they are a redemption of goods and services which can be repriced without notice.

Cards that sweep to QF every month automatically are unaffected.

Wonder if I can change it for the future? ...still I am out 75000 QFF points if they don't cave

 

[JohnK]

It seems that Citi is trying to treat points transfers at the customers request as if they are a redemption of goods and services which can be repriced without notice.

They are not? So Citibank can change the redemption cost of a toaster without notice but redemptions to airline partners require 90 days notice? Who would have thought?

 

[turnip666]

They are not? So Citibank can change the redemption cost of a toaster without notice but redemptions to airline partners require 90 days notice? Who would have thought?

I think the key is "Goods and Services". Points are neither. ACCC has already found against NAB in the same circumstances.

Understand why they may have to reprice particular Goods and Services as the supply price changes. Even if points can be classes as G&S's have QFF increased charges so much requiring a 50% devaluation in only some programs?

 

[hossein_au]

I just checked and mine has also changed (Citi Sig). Damn! Can they do that without at least a 24 hour notice?

I was literally about to put about $10k through the card. I think I will use another card now...

 

[turnip666]

It has now been reversed and will return to the previous arrangements once the programming has been done....likely Saturday.

Don;t leave it too long to get your points out. You know they want to make changes now.

 

[hossein_au]

It has now been reversed and will return to the previous arrangements once the programming has been done....likely Saturday.

Don;t leave it too long to get your points out. You know they want to make changes now.

Phew! It is fortunate timing as well with the 15% transfer bonus.

Edit: Just realised Citi is not included in the promotion this time :-(

 

[$CJ]

Does this affect direct earn as well? I just checked the website for the Signature card and I can't see any reference to Qantas points.

Edit: Direct earn seems to have it's own separate page https://www.citibank.com.au/aus/credit_cards/qantas_rewards.htm - does not seem to be affected.