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Citi suspends USA Prestige card applications August 2018

Citi suspends USA Prestige card applications August 2018

Old Sep 26, 18, 10:51 pm
  #241  
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Originally Posted by 355F1 View Post
I donít know anything about non-US cards but this is definitely interesting and maybe someone else more knowledgeable can chime in to see if this might be relevant to possible changes to the US card?
Although both cards bear the same "Prestige" name, they are far from the same. To name a few differences of the Hong Kong Card against the U.S. card:

1. The HK card does not enjoy no FTF.

2. There is no AF reduction for Citigold / Citi Priority clients. Also, the AF is relatively higher.

3. The welcoming bonus is significantly lower.

4. The HK card earns different kind of Thank You points with different kind of partners. For example, you can transfer miles to Avios with the HK card.

5. There is no travel incidental reimbursement ($250 credit).

As I have said previously from another thread - in Hong Kong, you either end up with a credit card that sucks, or a program that sucks. It is a matter of what you can tolerate.
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Old Sep 27, 18, 4:39 am
  #242  
 
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Originally Posted by oyabun View Post
Long time lurker on the forum, decided to join in... have the Citi Prestige Card here in Hong Kong, been a holder since 2015. Yesterday Citi sent out an email notifying 2 changes on the card benefits. Btw, card is still available for new applicants here in Hong Kong.

1. Annual membership fee hiked from HKD 2500 (USD 300) to HKD 3,800 (USD 450) for new applicants. Existing users of the card get to pay HKD 2,500 until further notice.
2. They are replacing Priority Pass with Mastercard lounge key. PP is valid until 01 Dec 18, after which it wont be offered anymore with the card
3. 4th night free hotel stay still active and offered with the card. No changes announced.
Very informative DP! This is what one is interested to see: is Prestige 4NF able to survive even when overall Prestige costs are too high. Yours seems to show it does.
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Old Oct 17, 18, 11:11 am
  #243  
 
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I guess no news on reopening for US cardholders? I did some searching and found that citi website still has an upgrade portal available -- it allows other cardholders to upgrade to prestige. Unclear what cards might be invited, also requires an invitation code to work.
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Old Oct 17, 18, 1:15 pm
  #244  
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Originally Posted by bigwings8 View Post
I guess no news on reopening for US cardholders?
At this moment, I would say no news is good news, as I am afraid the next news would be the total discontinuation of Prestige.
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Old Oct 18, 18, 2:37 pm
  #245  
 
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Some comments from Credit Suisse on a rewards card war starting up, causing them to get negative on AXP.

====================

AXP's Refreshed Benefits On Gold Card Ė Is Rewards War Restarting?
On October 4th
2018,

AXP announced revamped benefits for its Gold card, and
also raised annual fee from $195 (waived first year) to $250 (no waiver). Before
this, the product earned 3x rewards on airfare, 2x on gas, 2x on supermarket
and 2x on dining. Meanwhile, the new Gold card will now earn 3x rewards on
airfare, 4x on dining and 4x on supermarket (no more extra earn on gas spend
for new cardholders, though current cardholders will still have this perk until Oct4th
2019). New benefits also include a monthly $10 dining credit when the card is
used at participating dining partners, which are Grubhub, Seamless, The
Cheesecake Factory, Ruth's Chris Steak House and Shake Shack. Below are
our takes:

■A sensible move from AXP to enhance T&E benefits:

We believe this move is overdue given product launches from competitors in the past 12
months that give heavy rewards to dining (Capital One Savor card gives 4%
cash back on dining and entertainment, Barclays Uber card gives 4% cash
back on dining).

■Other big competitors are likely to follow suit, thus intensifying rewards
competition:

With the new benefits, Amex Gold card, which we believe is
still 1 notch below the luxury card offerings like Amex Platinum and Chase
Sapphire Reserve, is now having higher rewards rate than Chase Sapphire
Reserve (currently earning only 3x rewards on dining) which is a luxury card
product. Given Chase has been actively promoting the Sapphire brand, we
will not be surprised if Chase will increase the rewards rate on dining in the
near future, thus maintaining an intense rewards competition environment

AXP will likely refresh benefits for its other charge card products that are
earning rewards below market rate:
Given the revamping of benefits for Platinum
card in early 2017 and the recent revamping of benefits for Gold card, we will not be
surprised if AXP will, in the near future, upgrade the benefits for its Green card product
(it is estimated there were at least 15 million Americans who carried an Amex Green
card in early 2015 Ė see
source, and there were 36 million active Amex cards among
U.S. consumers as of 1Q18). This product currently has $95 annual fee (waived first
year), yet only earns 2x rewards on purchases at amextravel.com and 1x on everything
else, which we believe is relatively unattractive compared to other fee products.

■It will be difficult for AXP to keep rewards rate flat going forward:

We believe this round of benefit refreshing is another reminder of the competitive rewards competition,
particularly within T&E segment. Mgmt is expecting rewards expense growth to be in
line with billing growth in 2018, thus implying a pretty much flat rewards rate, which we
now believe will be hard to achieve with this round of benefit refresh. Nonetheless, we
believe the impact on rewards and service expenses due to the new benefits on the
Gold card will be less than that due to previous benefit refresh on the Platinum card in
early 2017, as the credits on the Gold card are smaller and somewhat more restrictive.
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Old Oct 23, 18, 4:35 pm
  #246  
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