I hate to start the New Year with some sad news. In 2011, I’d called the Citibank PremierMiles the best travel credit card around in India, because you could earn 1 airmile across airline programs for every INR 25 spend, and then you could earn 1 airmile across airline programs for every INR 10 spend for air tickets or booking via specific websites.
With effect from February 1, 2015, all that changes.Citibank is devaluing the transfer ratios for the transfer to their partner airlines from 1:1 to 2:1, which means, 2 PremierMiles = 1 Airline Mile. For your reference, the following airlines are partners with Citi for conversions to airmiles:
Not just that, they are also doing a 10% devaluation of the miles for cash redemptions. So, you no longer can burn your PM at 1 PM = INR 0.5, but at 1 PM = INR 0.45. The second big devaluation in the history of this card.
Clearly, the party is over. This translation means that I earn 5 miles on the card for all my airline spends, and 2 miles for all my other spends. This is much worse than the Citi Prestige which has become my go to card ever since I received it, and clearly the case for conversion to the Citi Prestige becomes even more stronger now.
The only good news is, that Citibank has given a notice of a whole month to cut-over to the new conversion rates, which means there is an opportunity to convert your PremierMiles to a mileage currency of your choice in the next few days.
For the moment, PremierMiles will no longer get a lion’s share of my spend, and maybe I’ll go back to spending a lot more on the Citibank Prestige and the Air India SBI Credit Card as well.