If you use a ‘regular’ credit card, i.e., not a mileage earning one or a co-branded card from Citibank, you are most probably earning reward points for your transactions on the card. Now, while most people like to use these reward points for ordering shopping vouchers or gifts from their rewards catalogue, all my reward points are usually transferred to my mileage accounts with one or the other airlines.
Citibank offers the capability to convert these reward points to airmiles on Jet Privilege and Air India Flying Returns. They are now going to reduce the number of miles offered per reward point with effect from 1st September 2012 on these regular credit cards. As per the conversion chart posted on the Citibank website, Citi will reduce the value of each reward point on the following card variants:
- Gold and Titanium cards: 1 Reward Point = 0.75 Airmiles (earlier conversion 1 airmile)
- Titanium Cash Rewards Card: 1 Reward Point = 0.75 Airmiles (earlier conversion 1.5 airmiles)
- Platinum Card: 1 Reward Point = 0.75 airmiles (earlier conversion 2.5 airmiles)
- Platinum Select card holders will no longer be able to redeem against airmiles.
Like you can see, there are some very huge devaluations of their reward currency, specially for the users of their higher end cards like the Platinum Select. So, if you intend to move your currency from Citibank to airmiles, perhaps it will be a good idea to convert it over the next one month before the devaluation kicks in.