Citibank reverses points devaluation

Citibank has been advising customers this morning that it will be reversing the devaluation in its points conversion to Velocity and Krisflyer.  The unexpected and unannounced changes caused a storm of protest on social media as news of the devaluation spread earlier this week.

The changes introduced resulted in decreases in the order of 20-25 percent in the number of Velocity of Krisflyer points that would be received when transferring blocks of Citi Rewards points across to the respective programs.

While most customers could understand the need for adjusting transfer rates, it was the unannounced aspect of the change that served to fireup the posts on social media.

The notifications on Facebook indicate that the rates will be returned to the Octiober 31 levels. The timeframe for this change to take place is not clear, and it may take a few days.


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