I and Mr SIA1A both received unsolicited 'Signature' cards today, 21 Nov (main card + 1 supplementary). The accompanying letter is dated 4 November and we must accept by 31 Nov if we want to participate. Nice timing - not.
As others have pointed out, the letter from Citi (card attached to letter) notes that the Signature / QFF deal changes to 1 QFF point per $2 spent on 1 March 2012. The same letter also says that our current Platinum Visa cards will change from 1:1 to 1 QFF point per $2 spent on 1 April 2012.
There doesn't seem to be much 'point' in swapping cards (and rearranging direct debits etc, organising new PINs and online banking passwords etc) - despite the fact that Citi charges new cardholders an annual fee of $395 for the 'Signature' card while we apparently get it free. What a rip-off if you are 'new'! (but PSST - there's a 'bonus' 80,000 rewards points for new customers. It's amazing what $395 up front will do at Citi! Yeah right.).
I also agree with others that the new card design is decidedly down-market. I find it about as exciting as a Citi ATM card. It is blue with the word 'Rewards' prominently positioned on the card, together with the Visa Signature logo and, well, that's about it. It has a chip but no Visa Paypass capability, unlike the Visa cards issued by most Australian banks, so Citi certainly ain't interested in introducing customer convenience. It feels about as exclusive to use as a Woolworths Everyday Rewards card when buying Woolworths 'Select' home brand products. (Perhaps Citi should offer a Select card too - wait - they do, at a whopping $700 per year!)
The 'free' Priority Pass offer is misleading. It is NOT free. If you go to
http://prioritypass.com/citibankaus and enter the special offer code supplied by Citi with the new Visa card, you find there's an annual fee of US$12, a member visit fee of $27 per visit and a guest visit fee of $27 per visit. So a visit to a Priority Pass lounge with my spouse and 2 teenagers will cost me US$108. A trip to Europe in January, with 4 Priority Pass lounge visits for our little entourage, will cost US$432 - hardly free. It is cheaper (after joining fee) to get a QF Club membership + annual guest card, good for a year, unlimited visits! I called the Priority Pass service centre in Hong Kong on (852) 2866 1964 and queried the charges. The operator stated that Priority Pass does not offer free deals and that the costs of the Citibank Australia deal are as displayed on the website.
As an aside, many of the lounges accessible to Priority Pass members are available to anyone by paying cash at the door. They are common-use, used by multiple airlines. They are at the low end in the luxury stakes and their profit drive means that things are often missing - like edible food, a good range of drinks, comfortable lounge seats, often crowded, often tatty etc - kind of like Economy. Their overall feel is that of a glorified departure gate zone. Genuine airline clubs (eg QF Club) are far superior. I note that there is only one Priority Pass lounge in Australia - the United lounge at Melbourne airport - and that lounge stopped accepting cards issued via US Banks (Citi is a US bank) on 1 Oct 2011. I think Priority Pass was accepted at Virgin lounges a while ago but that has now stopped too - so Priority Pass is useless within Australia.
I then called Citi. Twice. One operator said that 1:1 QF conversion for most Citi cards changes to 0.5:1 by the middle of next year and this includes Signature cards. The second operator said that Signature cards will remain at 1:1 and there are no plans to change this. Hmm. Both operators referred me to Priority Pass re the so-called free Priority Pass membership and free lounge entry offer.
My take is that the Signature program is poorly thought out. Implementation is appalling, exemplified by the time it has taken to get a letter dated 4 Nov to me - and the disconnect with Priority Pass.
