Reduction in Transfer Rates to Velocity/Krisflyer

[vae086]

I have sent an email through online account this afternoon. Waiting to hear back.

 

[CJEMNMAC]

Just reading through here.. Looks like another Citi complaint on the way

 

[burmans]

Best Visa / MasterCard that I could find was still only 0.75 KrisFlyer ppd (Bank SA or St George Amplify). Others (such as ANZ, Westpac and HSBC) were 0.625 ppd and 0.667 ppd.

I think where to from Citibank is a good thread to start up but probably shouldn't be this thread!

 

[edman]

And Virgin High Flyer is 0.92

hmmm, I've never really looked at this card before. Yes issued by Citibank, but 1.25 Velocity points per dollar is pretty good, and uncapped. The flight benefits are ok at 50% off base fare excl costs, annual fee not too bad. This would appear to be leader now the Prestigei is on 1ppd, am I missing anything? Of course Citi may change the rates on us...

 

[edman]

seems like Citi have a lot of calls to return.

My offer of 1/2 annual fee and 20000 points on the Prestige is apparently available for a month. They will consider a pro-rata refund of unused annual fee if cancelling but I don't see why they would. I'm thinking at $350, the unlimited priority pass, golf benefits, limo transfer and free hotel night, and 1ppd for the little spend I will put through it after this change, could still be worthwhile.

 

[Mark3000]

I have just submitted a very angry message to them.
The points i emphasised were how unfair it is to do this
a) without warning, and
b) applying retrospectively in effect to points already earned.
I could understand Citi saying that from Jan 1, points will now be worth x, but the points I have already earned should not be affected. What they have done is effectively stolen 25 % of my points and that makes me furious

 

[deluxeflyer]

A little late to the funeral.
I'm livid - have 400K+ Citipoints,
so looking at a substantial and significant devaluation.
I'll be speaking strongly to my RM tomorrow morning.
Citi - how do you expect me to trust you with my wealth when you are stealing points from under me ?

 

[anat0l]

Citi - how do you expect me to trust you with my wealth when you are stealing points from under me ?

Considering you have spent the equivalent to accumulate some 400k points with them (and even more), they may have already taken their lion's share of your wealth enough not to pine your departure.


All a damn shame... I was considering this card when my finances were better placed to be able to apply for it. If it's as normal as the rest now then I guess I'm back to searching the market.

 

[vitagen]

found out today and i'm pretty pissed off.

gonna call them tomorrow...

 

[DIANNENICOLOFF]

I sent my message of disapproval through Facebook (my husbands Citibank Signature) including my mobile number last night, and got a phone call from a guy called Peter (in Australia). Same story as everyone else, citing the clause. Will wait and see.
I changed my Citibank Signature about 6 months ago to direct earn to Qantas, and now wonder how long it will be before they reduce the points from 1:1.
If you don't mind QFF, opt in for $49.

 

[mos]

I think there are a number of people waiting to hear back from Citi - me included. I think once Citi has a 'formal' reply, and discussed compensation (which has been offered in various amounts), that might determine the nature of further action.

The main issue is that Citi doesn't believe they need to give notice under 6.2 because ti falls under the third bullet point. Everyone else is arguing it falls under the 'points conversion' clause.

The Velocity Terms and Conditions might be helpful, which suggest that points are "a unit of measurement" and not goods or services (copied below).

Cheers,
Mike

9. POINTS
9.1 General
9.1.1 Points:

(a) do not have any cash value and are not convertible into cash;
(b) are solely a unit of measurement adopted by VRPL and not any form of contractual right, property or currency;
​

 

[madrooster]

Here's the previous visa interchange fees:

Visa Australia | About Visa | Interchange | Interchange

And now:

Visa Australia | About Visa | Interchange | Interchange

The rate has been cut from 1.98% to 1.375% so that explains the points cut. Similar cuts at Mastercard, including world mastercards.

Those of you who have points warehoused at another bank that issues a mastercard or visa, eg. ANZ rewards, consider transferring your points ASAP...

 

[lmere12]

My citibusiness GOLD is redeeming 1:05 - it was 1:1 a week ago so the agent told me

 

[PaulZ]

My citibusiness GOLD is redeeming 1:05 - it was 1:1 a week ago so the agent told me

Confirmed.

They have cut the value of my Citi Business points by half as well.

So thats a potential loss of 185,000 qantas points and 145,000 sq/va points for me... not happy.

Cant believe they are trying to rely on point 3 of cl 6.2.

 

[MEL_Traveller]

It's confusing and I'm not sure what it means... some calls to Citi are getting an immediate rejection (ie clause 6.2), others are being promised a call back, others are being offered compensation (points and/or reduction of annual fee).

Will be interesting to see if the promised call backs result in the same answers (clause 6.2), or whether they are actually being considered by management?

Is there any pattern here? different call centres? Different client 'value'?

 

[kcoulson]

By absolute luck I transferred almost everything out of Citibank into KF on the last day of October. At the time, my husband told me to warehouse - because of the short lifespan of KF and because there is always a small chance of a bonus on KF at some time in the future. Lucky that I didn't listen!

Going forward - I am thinking that the solution might be....... Buy up the remaining KF points needed for redemption (next year via a Starwood special). Stop using the Citibank signature, and apply for a Virgin card with a 1:1 ratio into Velocity. I think that I saw a 20,000 points bonus with a $0 annual fee. I think it was a Visa or MasterCard. We have a lot of AMEX, but you need a VISA/MasterCard for other times.

 

[kamchatsky]

Ok I've just submitted my complaint and have requested compensation points for both my Platinum and Signature card accounts to restore to equivalent miles lost. My request is not a big one so hopefully they cough up the points.

Given both my cards are Annual Fee free for life the only compensation worth getting is getting additional points for me.

Everyone just need to hammer Citibank to compensate for your loss. It is the sheepish that won't get compensated, and Citibank is counting most of customers won't dare or put in effort to complain to Citibank.

 

[KVK]

I am in the same boat, would be interested to see what Visa / MC you can find at 1:1. I did have WW card, but that is now capped and the Citi has lost appeal for use in Aus. And congratulations on your transfer, maybe you should go out and buy a lottery ticket?

By absolute luck I transferred almost everything out of Citibank into KF on the last day of October. At the time, my husband told me to warehouse - because of the short lifespan of KF and because there is always a small chance of a bonus on KF at some time in the future. Lucky that I didn't listen!

Going forward - I am thinking that the solution might be....... Buy up the remaining KF points needed for redemption (next year via a Starwood special). Stop using the Citibank signature, and apply for a Virgin card with a 1:1 ratio into Velocity. I think that I saw a 20,000 points bonus with a $0 annual fee. I think it was a Visa or MasterCard. We have a lot of AMEX, but you need a VISA/MasterCard for other times.

 

[kamchatsky]

By absolute luck I transferred almost everything out of Citibank into KF on the last day of October. At the time, my husband told me to warehouse - because of the short lifespan of KF and because there is always a small chance of a bonus on KF at some time in the future. Lucky that I didn't listen!

Going forward - I am thinking that the solution might be....... Buy up the remaining KF points needed for redemption (next year via a Starwood special). Stop using the Citibank signature, and apply for a Virgin card with a 1:1 ratio into Velocity. I think that I saw a 20,000 points bonus with a $0 annual fee. I think it was a Visa or MasterCard. We have a lot of AMEX, but you need a VISA/MasterCard for other times.

WARNING: Virgin Money card is ALSO issued by Citibank!!!!!

I would say best Visa/Mastercard earn for Velocity right now that is not Citibank issued is the ANZ Rewards Black card. Equivalent to 1:1 earning.

 

[yohy?!]

WARNING: Virgin Money card is ALSO issued by Citibank!!!!!

I would say best Visa/Mastercard earn for Velocity right now that is not Citibank issued is the ANZ Rewards Black card. Equivalent to 1:1 earning.

+1 fortunately just got my Black up and running so very easy to bench the Signature - Citi just upped the limit on it again and offered a 0% BT so probably pay it down to 0 then BT the full amount into a high interest savings account and extract some interest from them.