Reduction in Transfer Rates for Citibusiness Gold

[Jacques Vert]

How did they even think they could change it without notice based on these conditions?

6.2 We reserve the right to vary these Terms andConditions from time to time. We will giveyou thirty days written notice if we decide tochange these Terms and Conditions.


12. Additional Conditions for Qantas FrequentFlyer Redemptions
12.3When Points are redeemed for Qantas FrequentFlyer Points they will be redeemed at a rate of 1Point for 1 Qantas Frequent Flyer Point.

I asked this very question; they stated that it wasn't a change to the conditions, as the Citi points were not effected: it was only a change to the transfer rate! Utter cough. Guess that may be why they had to backtrack.

 

[Jacques Vert]

The conversion is back to as @ 31/10 so all my citibusiness gold points have been sent to QF

Me too. Account empty. Now looking for an alternative. ANZ?

I was advised that the rate will be changed back mid-Saturday.

Still hoping for a QFF bonus transfer offer before I get the "written notice".

JV

 

[DC3]

... Now would be a good time for Red Roo to make another of those special conversion offers!

A special conversion offer? Now that would get my attention, especially after the recent events.

 

[Yoz]

A special conversion offer? Now that would get my attention, especially after the recent events.

Haha. So greedy! We already have it pretty good

It's easy to get the fee waived on the CBG which leaves you with a fee-free Visa earning 1.4375 QF per $1 if taking advantage of the 15% bonuses that Qantas churns out 2-3x per year

 

[Jacques Vert]

Haha. So greedy! We already have it pretty good

It's easy to get the fee waived on the CBG which leaves you with a fee-free Visa earning 1.4375 QF per $1 if taking advantage of the 15% bonuses that Qantas churns out 2-3x per year

Agreed; provided that the next QF 15% bonus offer comes through before Citi reduce the earning rate again (within their T & C's next time).

As Virgin have a bonus offer currently, they may pick up a disproportionate % of the transfers; and I think there will be many transferring points after what has recently gone on.

 

[mick]

As Virgin have a bonus offer currently, they may pick up a disproportionate % of the transfers; and I think there will be many transferring points after what has recently gone on.

Interestingly, the current Virgin offer excludes Citi Rewards transfers.

 

[Jacques Vert]

Agreed; provided that the next QF 15% bonus offer comes through before Citi reduce the earning rate again (within their T & C's next time).

Just received an email to say that the 15% - 20% offer is back on for a limited time; not sure if it's targeted or open to all.

JV

 

[Stephen65]

Citibusiness Gold: significant downgrades from 18 March 2016 announced

From 18 March downgrades to all transfer rates will apply, in particular QFF transfer rates are being halved.

In addition no points for Bpay transactions.

See:

https://citibank.com.au/global_docs/pdf/Citibusiness.pdf

That effectively reduces QFF earn from $1 spent = 1.25 QFF to $1 = 0.625 QFF.

Alas this sees the death of the single best Visa/Mcard for earning QFF points.

 

[TonyHancock]

Re: Citibusiness Gold: significant downgrades from 18 March 2016 announced

I guess it was inevitable. 'twas a nice little points earner.

 

[lakun]

Re: Citibusiness Gold: significant downgrades from 18 March 2016 announced

so does that mean we can still earn 1.25 till March and as long as we transfer before mar 17, we'ss still get the higher rate?
might transfer in feb just to be safe

 

[Stephen65]

Re: Citibusiness Gold: significant downgrades from 18 March 2016 announced

Yes I was fond of my plucky little Citibusiness Card.

I'll probably cancel it after 18 March as it will be no better than my CBA Diamond MCard for earning QFF points and its not worth the hassle or the annual fee to have a second card from a different bank that earns at the same rate.

 

[lakun]

Re: Citibusiness Gold: significant downgrades from 18 March 2016 announced

From 18 March downgrades to all transfer rates will apply, in particular QFF transfer rates are being halved.

In addition no points for Bpay transactions.

See:

https://citibank.com.au/global_docs/pdf/Citibusiness.pdf

That effectively reduces QFF earn from $1 spent = 1.25 QFF to $1 = 0.625 QFF.

Alas this sees the death of the single best Visa/Mcard for earning QFF points.

What's the best earn rate now for Visa/MC , for those wanting to accrue / transfer to Qantas points? Both for local and international?

 

[Stephen65]

Re: Citibusiness Gold: significant downgrades from 18 March 2016 announced

so does that mean we can still earn 1.25 till March and as long as we transfer before mar 17, we'ss still get the higher rate?
might transfer in feb just to be safe

As I read it:

1. the earn rate is staying at $1 = 1.25 Citi rewards points

2. the downgrades to the redemption rates apply to all redemptions from 18 March

So provided you transfer prior to 18 March you should be OK. Like you I would allow at least a week before 18 March to avoid the inevitable risk of Citi stuffing something up.

 

[Stephen65]

Re: Citibusiness Gold: significant downgrades from 18 March 2016 announced

What's the best earn rate now for Visa/MC , for those wanting to accrue / transfer to Qantas points? Both for local and international?

CBA Diamond MCard is $1 = 0.625 QFF.

I believe the Citi Prestige card is $1 =1 QFF but that comes with a $700 annual fee.

 

[lakun]

Re: Citibusiness Gold: significant downgrades from 18 March 2016 announced

CBA Diamond MCard is $1 = 0.625 QFF.

I believe the Citi Prestige card is $1 =1 QFF but that comes with a $700 annual fee.

I think i have answered my own question.. Macquarie Black card has 1 point per $1, for a Visa card, no points cap and $299 annual fee (reduced to $99 first year). This is the best i can find in the market today.. if anyone can find any other Visa/MC cards with a $1:1 QFF point earn rate, with a low annual fee, please do share.

My only worry is that Macquarie may itself devalue the points transfer rate on this card, as they all seem to be doing it

 

[DerekG]

Who has the latest T&C's for this card?

Citibank emailed me the changes this morning. They take effect on 18th March 2016:

https://citibank.com.au/global_docs/pdf/Citibusiness.pdf

Effectively we will now only get 0.625 QFF points per $1 spent.

The earlier T&Cs for this card can be found here:

https://www.citibank.com.au/global_...CitiBusiness_Rewards_Terms_and_Conditions.pdf

I'm on the hunt now for a better QFF earning Visa or Mastercard card. Any suggestions will be appreciated.

ADDED: I've located the Jetstar Platinum Mastercard which is currently offering 40,000 Qantas points for successful applicants who spend $3000 in the first 60 days.

Cost is $149/year ($69 in the first year) and the earn rate is 1:1 with a annual limit of 100,000 QFF points. You can also earn points for payments to the ATO.

http://www.pointhacks.com.au/credit-cards/jetstar-mastercard-guide/

 

[DerekG]

Re: Citibusiness Gold: significant downgrades from 18 March 2016 announced

I'll probably cancel it after 18 March as it will be no better than my CBA Diamond MCard for earning QFF points and its not worth the hassle or the annual fee to have a second card from a different bank that earns at the same rate.

I'm in the same boat & will do exactly as you will do above.

Macquarie Black card has 1 point per $1, for a Visa card, no points cap and $299 annual fee (reduced to $99 first year). This is the best i can find in the market today.. if anyone can find any other Visa/MC cards with a $1:1 QFF point earn rate, with a low annual fee, please do share.

Yes, I too am interested in any Visa/Mastercards with an earn rate of 1:1 (or better) with a lower annual cost than $299pa.

I also earn Velocity points as the taxes/charges on Virgin are (normally) always less for international flights than on Qantas. The Virgin High Flyer Visa card (also issued by Citibank by the way) earns 1.25 Velocity points per $1 spent. It costs $289/year but there are some deals going for half price for the first year along with bonus points for successful applicants.

EDIT: I have just read that the Virgin High Flyer Visa Card will reduce their points earn to 1:1 from 1st April next year.

http://www.pointhacks.com.au/credit-cards/virgin-money-velocity-flyer-visa-ultimate-benefits-guide/

 

[turnip666]

Re: Citibusiness Gold: significant downgrades from 18 March 2016 announced

I have both the Citibusiness and WoW cards. Both are for the scrap heap, though may hand onto the Wow card at a very small limit as it is at least 1:1 up to $2500 points.

Pity about Citi as I liked the idea of not being challenged about business expenses as they seem to be against most T&C's.

Still, I've got a about 50000 to go on before 18th March and we got a few more months to prepare.

 

[DerekG]

Re: Citibusiness Gold: significant downgrades from 18 March 2016 announced

There is another thread on this running here:

http://www.australianfrequentflyer....transfer-rates-citibusiness-gold-71862-3.html

I will see if the mods will roll them together.

 

[JessicaTam]

Re: Citibusiness Gold: significant downgrades from 18 March 2016 announced

Threads merged.