Citibank has updated its website with changes to the way the rewards programs attached to the Signature card are earned. The changes, which for the moment, affect only new applicants for the card place, make basically two changes. There are changes that will affect members that collect Citi Rewards Points, and those that are enrolled in the Citi Qantas program.
For Citibank Reward customers, the first change is that a cap on point earning is being introduced. This will restrict the number of points that can be earned to 20,000 points per month. On top of the capping, there will also be a change that will reduce the points earned on international transactions to the same level as transactions made in Australia.
Holders that use the Ciribank Qantas Card have a similar change, with an additional step in the earnings rate:
- Earn 1 Qantas point per $1 spent on eligible domestic purchases up to $3000 per statement period, and then 0.5 Qantas points per $1 spent up to $10,000 per statement period)
- Earn 1 Qantas point per $1 spent on eligible international purchases (uncapped)
The changes don’t presently affect exisitng cardholders, although discussion with Citibank Phone Banking suggests that the changes will be rolled out to existing cardholders from 18 March 2016.
These changes represent a significant loss for big spenders on the card. Keep an eye on your statements for any official notification for existing cardholders.