Citibank - New Changes to Their Point System

Lmbck on 03/04/2017 - 23:55
Last edited 05/04/2017 - 00:00

It seems citibank has made some changes to all their credit cards. This will take into effect from the 15th of June 2017.

It seems you earn a higher rate for certain spends (major restaurants/hotels/flights, as well as petrols/supermarket and major retailers).

You get reduced earn rate for everything else. Government spends has also been excluded
For more info go here

Click on important changes

Ps anyone saw the new hsbc credit card look?

4/4/17

We'll apparently points transfer to airline points are also changing. Check out pointhack

Poll Options

  • 0
    I'll be staying with citibank
  • 2
    I'll be looking elsewhere
  • 28
    I've got the signature free for life
  • 2
    Bikies
Financial

Related Stores

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Comments

  • randoom on 04/04/2017 - 08:35

    For the Citibank Qantas Signature card, it's just changing from bad to worse:

    • 1 Point per $1 for selected purchases made and booked directly from a range of major restaurants and restaurant chains, major hotel chains and flights directly booked with major airlines^
    • 0.75 points per $1 for selected purchases made at major petrol outlets, major supermarkets and major national retailers.
    • 0.5 points per $1 spent everywhere else on Eligible Transactions for the first $20,000 spent each Statement Period

    With no clear definition as to what constitutes "major", and needing book direct with airlines/hotels/etc it's best to think 0.5 points per $1 — if you get more, great. And At least it's half a point up to $20k a month now..not that I even get close to spending that much.

    • tsunamisurfer on 04/04/2017 - 14:40
      +1

      The only reason to keep this card is the free for life deal.

      Otherwise its no even close to being worth it to pay when others can offer better.

  • starburstyellow on 04/04/2017 - 13:55

    Least no change to the supermarket and petrol it looks like.

    Edit: in reference to citi signature rewards.

  • Peck on 04/04/2017 - 13:55

    I went to the OP's link, and then Clicked the 'here' spot for more details. But nothing happened :(
    I only use my Rewards Card for payment for AirAsia one-way flights from Australia to get the free travel insurance (plus no booking fee via Paypal). I am hoping that these changes will give me more points for flights booked with AirAsia.
    Does anyone have the actual link for the 'More Details' ?

    • starburstyellow on 04/04/2017 - 13:56

      Works for me, on mobile. Try the pc.

      • Peck on 04/04/2017 - 14:05

        Thanks Starry, worked on my mobile but not on my computer.
        Yep 2 points for bookings direct with Airlines, is a bonus for me! Citi Signature Rewards Card.

  • burningrage on 04/04/2017 - 19:49

    It's beginning to be very difficult to find an optimum sets of cards in Australia.

    I hope someone in this forum could suggest a new sets.

    I can only think of BankWest Zero Annual Fee Platinum for International Purchases (55 days) but that doesn't earn points.

    What would partner this card other than AMEX/Diners for domestic purchases? At the moment, only Signature Citibank Fee Free for Life comes into mind. 55 days, zero fee, and with some points albeit devalued massively after June 2017.

    • Peck on 04/04/2017 - 20:54

      That will depend a lot on you! For example, do you travel overseas a lot? (re lounge access) How much do you spend etc etc. there is so much info on Ozb about many different cards. But only you will know if you can get value out of the benefits and rewards vs cost of annual fees.

  • wei13 on 16/04/2017 - 18:54

    Please also note that citibank is also making redemption of rewards more 'expensive'. The following notice appears on their website:

    "Important information about changes to your Citi Rewards

    Effective 15 June 2017, we will be making changes which will increase the number of Points required to redeem a range of gift cards, merchandise, prepaid cards and travel available in Citi Rewards. The new number of Points required will be published on the rewards website at that time."

    So both a reduction in points earned, plus an increase in points needed for redemption.

  • spa on 19/04/2017 - 11:07

    Interested to know what people are planning to do with their points prior to the devaluation. I've been hoarding points for years!

    • pakkapie on 19/04/2017 - 20:41

      I'd like to know too, 370k in points and don't know what to do. Best option at the moment is Velocity Reward points, but interested to know if anyone has any better ideas.

      • spa on 20/04/2017 - 11:28

        As far as their merchandise goes, nothing I've seen is good value, at least compared to the gift cards they offer.
        So might be worth me also looking into if velocity rewards is better value.

        • Peck on 20/04/2017 - 14:12
          +1

          According to Pointhacks
          "Focusing on Citi Signature and Citi Prestige:
          KrisFlyer moves from 2 Citi Rewards to 1 KrisFlyer Miles from 2.5:1
          Velocity transfer rates are unchanged"
          So , if going to convert to Velocity, then there is no need to panic??

        • spa on 21/04/2017 - 15:53

          @Peck:

          Good to know. I'm on Platinum => 2.5 rewards points to 1 Velocity point. Although yes it turns out it's also not changing transfer rate.

  • Tsort on 19/04/2017 - 21:55

    Not only Citibank, but also Suncorp's.
    The start date of the change is also same: 15th June 2017.
    Those are managed by the same 3rd party "reward provider"?

  • coolsteps on 23/04/2017 - 20:27

    i plan to cash out all my points 70k for the first time as they keep on devaluing them. what would be the best dollar value for points use them to book travel via citibank or convert to velocity or coles gift cards?

    • starburstyellow on 25/04/2017 - 16:50

      Convert direct to Krisflyer is what I would do.

  • Deridas on 25/04/2017 - 21:37
    +1

    So, Citibank is now devaluing our points. Better to spend them now then after June I guess.
    I don't fly very much, so Krisflyer is unfortunately not for me :(
    I think the best value is Coles $100, $250, and Myer $500 gift cards (in ascending order).

  • Make it so on 26/04/2017 - 11:45

    Got the email today. Already put a reminder to redeem my points before they increase the points needed for gift cards. Have been spending my points on $250 prepaid Visa cards. Disappointing though… Even free money is getting decreased now :)
    I suspect Citibank got Ozbargained :)

  • cashless on 26/04/2017 - 12:05

    Got my Citibank Visa to accumulate Krisflyer points.
    When I first got the card the rate was 1.5 points per Krisflyer Mile.
    In March 2016 they upped it to 2 points per mile.
    The latest change (June 2017) sees it devalued again to 2.5 points per mile.
    Time to dump the card and move on……

    • Deridas on 26/04/2017 - 12:36
      +2

      I have the card free for life, even with the changes I'm getting something for nothing. Do you have any other recommendations that gets us more for nothing? (I couldn't find any others out there myself)

      • Make it so on 26/04/2017 - 13:24
        +1

        Yeah, I agree.
        When I see the changes, I'm thinking "That's it! I'm….. never mind."

        Waiting for them to change conversion to 2.5 points per Krisflyer Kilometre.

      • cashless on 26/04/2017 - 20:54
        +2

        Yeah, knee jerk reaction from me. I'm also on the free for life Signature card, so won't hand it back, yet.
        Will be looking for more chances to use a rewards AMEX, the rewards are better in general…
        Plus using AMEX with PayPal expands the places it can be used. I pay my water bill and electric using AMEX through PayPal.
        Citibank change means you can no longer get points for paying ATO or Shire rates etc, so need to be smarter and find ways to get rewarded on those bigger bills.
        Citibank Visa reward cards look ok at $0.005 per point ($100 Visa card = 18600 points) until June 15th, but after that….?
        I guess what this means for me is that the Signature card is no longer my preferred option. It's going to be gathering dust as choice number 3 or 4 from June onwards.

        • Deridas on 26/04/2017 - 22:33

          Change of Citibank rewards has made me look around for better deals. With regards to AMEX… I've noticed there is a $0 annual fee card with rewards. How does the Citibank Signature compare with the AMEX Essential? (https://www.ozbargain.com.au/node/266749)

          The OP of that post quotes a return of 0.741% (except for government/utilities, which is half of that) as cash credit. The old (well, current) Citibank Signature I calculated approx 0.8% back in Coles gift cards, but perhaps with modified Citibank Signature the AMEX may be better?

          What AMEX card are you with blibster?

  • buckster on 26/04/2017 - 21:01

    It's a shame because I have it for the times AMEX isn't accepted, which often includes 'government spends' so will be a shame to get zippo for those. No annual fee for life means I might hold onto it but would be interested to see if there's another offer that comes out from a different bank that makes swapping worthwhile.

  • MelbBoy on 26/04/2017 - 23:44

    ATO payments I can understand as govt related; but they also included Australia Post … :(

    • Love a bargain on 26/04/2017 - 23:54

      in case people pay their bills at the post office?

    • Make it so on 27/04/2017 - 18:00
      +1

      And car registration….. and council rates….. that's several thousand right there.
      Already they dropped points on BPay, so I started paying through the Website portal instead so that it counts as purchase. But now that won't work when paying rates or rego.

  • PlasticSpaceman on 02/05/2017 - 16:15

    I'm planning on cashing my points in for Visa cards. Only minor issue there is in the past they have simply sent the card out in a normal envelope. As it's basically cash in hand, that worries me little. Would like the option for it to be signature on delivery or something…..

    JB HiFi $100 cards are at the same exchange rate ($0.0056 for every point) as the $500 visa card. Cashback is safer, but the conversion rate is awful - $1000 costs 400,000 points ie $0.0025 per point or less than half the Visa/Mastercard. A points transfer to Velocity is probably the best option? At 2 points converting to 1 Velocity point, according tohttp://www.pointhacks.com.au/rewards-points-valuations/ that would mean 90,000 points (a $500 Visa card) would equal 45,000 Velocity points which at $0.019 per point would mean $855 or $0.0095 per point ie close to 1c per point.

  • Deridas on 02/05/2017 - 20:51

    Coles $100 card costs 17900 points, Visa prepaid $500 card costs 80000 points. You're still 500 points better off with the Coles card, just. Myer $500 card probably is the best but I don't intend to buy anything from Myer at present :(

    • PlasticSpaceman on 03/05/2017 - 09:06

      True, but with the Coles/Myer/JB/etc cards you are locked into getting something from them. The Visa/Mastercard gives you the option to buy stuff from pretty much anyone including, for example, discounted gift cards from Coles that you may not be able to use a Coles card to purchase….

      Velocity still seems the best option to squeeze the most value out of the points, although I don't fly Virgin.

  • rickb on 02/05/2017 - 22:22

    Velocity offering 15% bonus points on transfers until 31 May.

  • ozshaz on 12/05/2017 - 20:23

    Seems like velocity points are looking good for conversion.

    Just to clarify can we use the velocity points for buying other stuff from the rewards store ? Just looking to get Apple TV 64gb from velocity store. Cheers !

  • Nikunj on 20/02/2018 - 19:09

    I need help on this can some one help; See this link for help…Forum

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