Citibank to reduce Velocity/KrisFlyer earn

Citibank has announced that it will be adjusting the transfer rates to the Krisflyer and Velocity Rewards program. The change, which will become effective on 18 March, changes the transfer rate to the two programs from a transfer rate of 1.1:1 to a 2:1 ratio.

The relevant section of the document announcing the change is:

In early November, Citibank rolled out a reduction in the transfer rate of points from the Citibank Rewards program to the Krisflyer and Velocity Rewards program. After a bit of a social media backlash, Citibank reversed the changes, and returned the transfer rates to the pre-November rates.

The changes to the transfer rates are incorporated into the same document that announces the introduction of points capping to the Signature card. These announcement of these changes may be found on the Citibank website here.

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