IMPORTANT
Dear Sir or Madam,
Upon logging into my Citibank Online account and proceeding to the CitiRewards subsite to transfer points, I became aware that the redemption ratio for KrisFlyer and Velocity has been reduced from 1.5:1 to 1:0.5. I have not received any notice of this change which appears to have come into effect 1 November 2015--and, seemingly, neither have any other Citibank customers.
I draw your attention to Citibank Rewards and Citibank Qantas Rewards Program Terms and Conditions which applies to the product that I hold, the Citibank Rewards Credit Card - Signature. At Clause 6.2 it clearly states: If we change the rate at which all Points in the program are generally earned or CONVERTED we will give you 90 DAYS WRITTEN NOTICE of that change (emphases added). This without notice devaluation in points transfer redemptions is a direct breach of the product terms and conditions and is therefore unlawful.
Accordingly, I demand the following:
- With respect to my current balance of 202,273 CitiRewards points which would have been convertible to 134,849 KrisFlyer miles or Velocity points, a credit of 67,425 points such that the amount of post-conversion points or miles is maintained.
- With respect to 90 days worth of future transactions and the associated 83,956 CitiRewards points (based on the last three account statements) that would have been earned, a credit of 27,986 points as compensation for the lost post-conversion points or miles associated with this earning.
- A further 95,411 CitiRewards points (being the amount of the above-mentioned compensatory points) as compensation for the stress, suffering and lost time that this matter has caused me--notwithstanding the unlawful manner in which Citibank has acted.
It should be noted, with reference to notes on my account, that I have consistently experienced extremely poor customer service from Citibank and this devaluation, unfortunately, appears to be the continuation of it. For me to maintain my current revolving credit facility with Citibank, I would have to maintain the same effective points earn and conversion rates, which is now only possible with the Citibank Prestige credit card product. Therefore, I further request an immediate conversion to this product whilst maintaining the current fee free for life status which I hold with my current card. Failure to honour this request would reflect bad faith and cause me to seriously reconsider my relationship with Citibank.
I look forward to a prompt reply.
Yours sincerely,
Beta4Me