Cash out CitiBank Reward Points as Gift Card or Transfer to Velocity Points?

LMr Frodo on 07/11/2016 - 15:36
Last edited 07/11/2016 - 15:37 by 1 other user

Hi All,

Am genuinely stuck. I have recently started to accumulate Velocity Points. Status Credits is low - 40 I think. Credit Points is about 12k. I've just transferred some points from FlyBuys to Velocity account too.

I have about 112k Citibank points with Citibank. I think I can cash out about ~$625 with that however I'm thinking whether to transfer that into the velocity account. The Citi conversion rate is 2.5 Citi Rewards Points = 1 Velocity FF points.

So that should equate to 48k points. Plus the 15% bonus that's going around will give me about 55200 points.

Can anyone advise if that worth transferring? 55200 seems quite low when I can buy a gift card worth $625.

I'm leaning towards getting a gift card for that amount, but would the 15% make me better of?

Thanks in advance.

Related Stores

Citibank Australia

• 

  pantsparty on 07/11/2016 - 16:12

  +1

  Depends, do you want to use your points to book reward business class flights? If so, this is much more valuable then $625.

  • 

    Mr Frodo on 07/11/2016 - 16:48

    I want to use the points to book a business class - but not at $625 (plus much more) cost! To me it makes sense when free points pay for flights and you don't have to pay for the points. By "Free" I mean like when you receive points for free when flying etc. But not by paying for the points. Wouldn't not cashing $625 be similar to paying?

  • 

    tunzafun001 on 07/11/2016 - 19:06

    I guess you want an international flight to get value out of business? But mostly likely looking at a one way flight/ leg at best? (except maybe NZ?) and then need to pay for another one way for the return (which might be just as much/ some times more than the initial return ticket anyway - especially if it starts from Heathrow).

    I'm new to this and will soon be in a similar predicament. The vibe i'm getting is you will spend about the equivalent cost of an economy (on special) flight in taxes, and the points are purely upgrade value, or even book an economy flight, then upgrade it.

    Don't think you can upgrade only one leg for some airlines, maybe all?

    Where would one start to find an Ozbargainers style rewards class flight (including tax costs)? Does the price (points and or taxes) change like normal flights, or does it just come down to availability?

    and…

    which airline gives best bang for points from Velocity? In terms of both level of service and points required. I'm hearing positives from Singapore and Cathay? Vs Etihad who are charging $200+ per leg just to use a rewards flight!

    For me looking for Europe (Edinborough), the US or maybe RTW.

• 

  D6C1 on 07/11/2016 - 16:15

  +1

  Cash.. go for gold

• 

  tuvz on 07/11/2016 - 16:49

  +1

  What citibank card do you have? you may be able to transfer out at 2:1..?

  • 

    Mr Frodo on 07/11/2016 - 16:50

    Platinum. I think Signature card is 2:1.

  • 

    Mr Frodo on 09/11/2016 - 21:41

    +1

    btw, appreciate your response. I was applying for an AMEX explorer card - found your name as a referrer so used your link. Responding to OzBargain posts has it's benefits, on top of the satisfaction of helping the OZB'rs. Enjoy your 10,000 points if I get approved for my CC. Don't see why they would decline though.

    • 

      tuvz on 09/11/2016 - 22:00

      +1

      Legend!
      Much appreciated

      I try do my bit to help :)

      Edit: you are unable to receive pm's?

      • 

        Mr Frodo on 11/11/2016 - 09:58

        Oh - didn't know I had to opt in for PMs. Thanks, I've activated PMs on my profile now.

• 

  beneuto on 07/11/2016 - 19:58

  +1

  I just booked some flights with Velocity points and compared it to the cash price and it worked out to slightly under 1.5 cents per point. I was surprised as I have always figured it to be around 1 cent per point. Anyway that would make your points worth around $800 for reward point economy flights.