Reduction in Transfer Rates to Velocity/Krisflyer

[M@rcoPolo]

Bit worried to bulk transfer to Kris after trying to get 1 J seat Syd to EUR in August/Sept . Think I only found 1 or 2 avail.
anyone else noticed availability drying up?

Understandable especially in August being peak season for Europe, try to find a Qantas award seat during that period if you can...

 

[Spizz]

Bit worried to bulk transfer to Kris after trying to get 1 J seat Syd to EUR in August/Sept . Think I only found 1 or 2 avail.
anyone else noticed availability drying up?

That is peak time and you really need to book a year out (like Qantas) for J seats. Have found some R Seats on multiple dates though.

 

[lmere12]

ok tks, haven't booked a J in ages only F's didn't realise they needed forward booking. I did find some F's but requiring 2 F's and 1 J - the J being the impossible. Have on hold with AA 2 F's , 1 J with Etihad

 

[daveozsydney]

According to Keith at point hacks the changes will be effective from March to existing signature cardholders

 

[Spizz]

According to Keith at point hacks the changes will be effective from March to existing signature cardholders

What a shame. Will use it until the devaluation on March 22nd, if the point transfer devaluation doesn't come in before that. Keith makes some good assumptions/points in his article that this change may put of the devaluation, but it will make it harder to swallow the 3.3% foreign currency fee for the international spend.

 

[DeKa]

According to Keith at point hacks the changes will be effective from March to existing signature cardholders

Confirmed for 18 March 2016: http://www.citibank.com.au/global_docs/pdf/Citi-Prestige-Signature.pdf (page 4)

 

[Cruiser Elite]

We live in interesting times don't we - Citibank appear to do little to foster Customer Loyalty. Still for years now it has been quite obvious that the 'Creation, Cultivation, and Harvesting' of FF pts of all persuasions is becoming harder and requires greater creativity than ever before.

 

[Spizz]

Confirmed for 18 March 2016: http://www.citibank.com.au/global_docs/pdf/Citi-Prestige-Signature.pdf (page 4)

cough the foreign conversion fee is going up to

 

[Cynicor]

Confirmed for 18 March 2016: http://www.citibank.com.au/global_docs/pdf/Citi-Prestige-Signature.pdf (page 4)

So. Is it worth it for the prestige, in light of all the changes, or is it better with an alternative. Where are you heading CE?

I'll be bailing to SQ in Feb but will need an alternative card or 2.

 

[Cruiser Elite]

Is it worth it for the prestige, in light of all the changes, or is it better with an alternative. Where are you heading CE?

I am going nowhere - unless Prestige is changed so who knows. IMHO Prestige is a sensational card - best I have ever had - am praying for 'no enhancements'.

 

[Spizz]

Points transfer devaluation also on 18th of March and also new minimum points transfer amount of 20,000 points *for both* Signature and Prestige cards.

 

[Cruiser Elite]

I can live with that - don't like it but I can live with it - but no cap on monthly pts earn - that's the important one for me.

 

[Isochronous]

Is that in the new T&Cs too?

 

[Supersonic Swinger]

Points transfer devaluation also on 18th of March and also new minimum points transfer amount of 20,000 points *for both* Signature and Prestige cards.

Where did you see this? Does that mean you have to transfer 20,000 to get 13,333 VA or SQ points?

Smells like they are prepping for a change to the 2:1 conversion ratio.

EDIT: Just seen in the T&Cs that is the case. Why anyone would pay the annual fee they are asking is beyond me...

 

[daveozsydney]

Where did you see this? Does that mean you have to transfer 20,000 to get 13,333 VA or SQ points?



Smells like they are prepping for a change to the 2:1 conversion ratio.

EDIT: Just seen in the T&Cs that is the case. Why anyone would pay the annual fee they are asking is beyond me...

It means you have to transfer 20K to get 10K VA points or SQ points as from 18th March when the conversion rate changes to 2:1.

For prestige it's still good value - uncapped point earn, good international point earn 2.5 KF per $ equivalent, domestic 1 KF per $

For Signature Qantas cardholders it makes it a poor product, but if you're choosing a Qantas card anyway then (arguably) you're not abreast of what's available in the marketplace and probably won't notice.

For Signature Rewards cardholders it's still a good flexible point earning card albeit at a lower rate now. If customers are pumping 240K plus through the card it makes more sense to have been/ be on prestige anyway due to the opportunity cost (the $350 or $700 fee is more than worth the point differential of .33 per points x 240k spend - now .25 per $) of not earning those points.

Would someone pay $350 or $700 for 60,000 KF or VA points? That works out at 0.01167 per point or 0.005833 which is like buying a one way business class ticket for $396 or $793 which is worth doing for me.
Plus you get the 2 airport limo transfers per year plus a night's hotel accommodation plus the pay 3 get 4th night hotel free.
I can't see many cards on the market competing with that.

If spending less, the changes don't affect them other than the conversion rate and intl spend. But what other options are there for 0.75 KF per $ or enhanced international spend? Probably Velocity Amex, but the extra point doesn't pay for the forex fees so probably better with 28 degrees or doing a bank transfer if that's available.

 

[daveozsydney]

I can live with that - don't like it but I can live with it - but no cap on monthly pts earn - that's the important one for me.

Yeah with you there - no cap most important to me too. Already blitz the credit limit each week/month...

Also it may make other programmes more open for redemptions..

 

[daveozsydney]

It's also really good they are adhering to their own terms and conditions and avoiding a class action by giving the required notification period.

 

[Spizz]

Since from the 18th of March Signature spend local/overseas will be $1 = .75 SQ/VA points, compared to the current Signature $1 local = 1 SQ/VA points and overseas $1 = 2.66 SQ/VA points.

For local or Overseas spend you are better off using an Amex card where you will get $1 = 1 SQ/VA points ($195 Annual Fee)
For Overseas spend you can get $1 = 1.5 SQ/VA points on the Westpack Black Mastercard / Amex ($395 Annual Fee)

If you can get the Citi Prestige then as Dave states local will be $1 = 1 SQ/VA points for local or overseas $1 = 2.5 SQ/VA points ($700 Annual Fee)

I wonder if Citi will allow Signature Card owners the ability due to the changes of moving to the Prestige Card at the discount $350 Annual Fee? I guess this would upset there current Prestige customers whom don't pay the discounted fee.

Either way Amex will now be my preferred safe haven for warehousing points.

 

[kamchatsky]

Everyone put in a calendar event (say 15 March) to transfer your points to Velocity to Krisflyer!!!!

Oh well now that from mid March Signature card goes down 0.75 points per dollar, I probably will look at ANZ Black Rewards card as the Visa earns 1 VA point per dollar as I have ANZ home loan so I get the annual fee waived anyway.

Also my 28 degree card will be out of the drawer and into my wallet again for overseas spending.

Of course, Citibank can keep my business by offering me free upgrade to annual fee free Citibank Prestige

 

[infinity]

I can live with that - don't like it but I can live with it - but no cap on monthly pts earn - that's the important one for me.

Looks like I am going to convert to Pretige in March?

Or might need to play safe and apply for one now??