As I wrote last October, the Citi Prestige card is being downgraded even more on 9/1. It certainly gives the Chase United Club card a run for its money in the battle for the most devalued card in history.
Originally Citi Prestige offered perks like American Airlines lounge access, 3 free annual rounds of golf, and the ability to spend points at a value of 1.33 cents each towards airfare or 1.6 cents each towards airfare on American. Those benefit were all killed off previously and the value for paid airfare went down to 1.25 per point.
Since then the annual fee has climbed from $450 to $495.
Starting Sunday, the value of points for paid airfare will drop from 1.25 cents to 1 cent per point.
Bizarrely, the $95/year Citi Premier card will retain the ability to redeem points for paid airfare at a value of 1.25 cents.
Additionally starting Sunday, the 4th night free paid hotel benefit will be capped at 2 redemptions per year and will no longer be bookable over the phone. You will be limited to the results and prices that appear online as opposed to discounted rates that can be booked over the phone. That means you may not save anything with a 4th night free compared to discounted rates that are available. Worse yet, stays booked starting on Sunday will no longer qualify for elite benefits and qualification.
Will you book anything before these changes go into effect?