[Updated: Citibank have been advising customers that the devaluation is being reversed.]
Citibank has, seemingly unannounced, reduced the number of points that you will receive when transferring Citibank Rewards Points into either the Krisflyer program of Singapore Airlines, or the Velocity program of Virgin Australia.
As different cards have different transfer rates, the effect on each person will depend on which card you have.
The changes to Velocity can be seen in the following images:
|Previous Exchange to Velocity|
|New Exchange to Velocity|
As the different cards have different points earning, the effective number of Velocity Points per dollar spent is probably a more relevant figure
For the Prestige card, there was an earn of 2 Citibank Rewards Points per dollar spent, which would convert to 1.33 Velocity Points. The $1 spend will now get 1 Velocity Point.
In the case of the Signature card, the earn rate on the card is 1.5 Citibank Reward Points per dollar. Previously that dollar would yield 1 Velocity Point, and now it will get 0.75 Velocity Points.
A similar change had been made for transfer across to the Singapore Airlines Krisflyer program.
Unannounced changes such as these to exchange rates are quite unfortunate.