Citibank seems to be falling off the cliff on the Citibank Ultima credit card, which was their equivalent of the most aspirational credit card in the Indian plastic space. Like I wrote earlier, they recently withdrew the proposition where you could pay the exceptionally high fee for this card and also get Jet Airways Platinum membership in the process.
The few benefits still on the card are also seeming to be withdrawn slowly and steadily. One of the prime benefits of the card, for the travel focussed tribe, was the Priority Pass, where you could access it and bring along a colleague, or two, or three along into the same lounge along with yourself. This was of interest if you frequently travel with colleagues who do not have status and you’d like to bring them along to the lounge.
However, on my latest statement, there was an announcement sneaked in, which stated that with effect from 1st April 2013, the ability to bring in guests on Priority Pass will be withdrawn, which means you and only your add-on card holders will be able to access the lounge, and none of the card members will be able to ‘guest’ someone in.
In my book, that is one lesser reason to retain this card going forward. It is quickly trying to become the lesser cousin to American Express Platinum, and this race to the bottom has not ended yet, specially when the fees they charge is Rs. 50,000.
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Posted by Live From A Lounge |
Tags: Citi, Citibank, Credit Card, Priority Pass, Ultima
Citibank Ultima is was one of the best lifestyle credit cards in the market, and now it seems that it will be losing the edge soon. The invite-only Ultima card has premium proposition that includes an unlimited Priority Pass, a membership to the ITC Culinary Plus program, Golf privileges, an international medical cover for $50K and other stuff. The reason a business traveller would get interested? Till last December, they used to have a product variant, which used to let you get access to the Jet Airways’ Jet Privilege program Platinum Tier, along with the upgrade vouchers and complimentary 50K JPMiles (used to cost INR 50K per annum in fees!!)
Like I reported a couple of months back, this partnership has also gone away now, perhaps as a fallout of the troubles on the Citibank Jet Airways Co-branded CC, which first impacted the famous PremierMiles credit card. But the trouble is, there is nothing great to replace these benefits that are going away now. The benefits which replace the earning of 50K JPMiles per annum, which will be valid from March 1, 2013 are listed below:
- The annual fee goes down from Rs. 50K to Rs. 30K.
- Ultima spends earn 1 Reward point for every Rs. 125 spend. Earlier 1 reward point = 2.5 miles, now this goes up to 5 miles
- Increase in transfer partners. Jet Airways stays, Air India was also there, while all the PremierMiles card options come on board too: British Airways, Delta, Singapore Airlines, Thai Airways, Etihad and Cathay Pacific. This makes earning at par with PremierMiles, not better! Yes, you do have Jet as a partner, but you could earn better on Jet Airways with ICICI Bank or American Express cards
- Complimentary Room upgrades at Taj Hotels & Palaces, and 10% off on Best Available Rates
- Sailing privileges in Mumbai on a yacht
- Personal Shopping at The Collective, which is a multi-brand luxury store.
However, my problem is, these do not up the game, at all! Not from my perspective. The single Unique Selling Point this card had, which was not existing for another player in the Indian market, was the unconditional membership at Jet Airways’ loyalty program top tier. Earlier the option was also to get top-tier with Kingfisher Airlines but that was withdrawn for obvious reasons.
Now, this makes the Amex Platinum (which I don’t love by the way!) a valid competitor, or maybe better (I don’t know!). Look at this:
- Membership Travel Services, it is basically Amex’s famous travel agency on the phone for you!
- Complimentary membership to SPG Gold and Club Carlson Gold Elite
- The American Express Fine Hotels & Resorts program, which is one of the best out there
- Amex Platinum Lounges in Delhi & Mumbai
- Complimentary membership to Priority Pass’s highest tier
- Cruise benefits
- …and there is a lot more, and the income qualifier to get in is also lesser.
All in all, Citibank will have to make huge leaps and jumps on this product if it wants to still compete in the premium(est) end of the market. At this point of time, I don’t see the INR 50K paying customers stepping up and retaining their Ultima CC’s just for a status symbol.
What do you guys think this will work out to?
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Tags: Citi, Citibank, Credit Card, Ultima
Things are going sour very fast between Jet Airways and Citibank. Earlier in May 2012, they parted ways on the Jet Airways/Citibank credit card and things have never been the same again between the two. Jet Airways ended up partnering with 3 banks to counter their earlier partner Citibank: HDFC Bank, ICICI Bank & American Express.
However, the statement at that point of time was that Citibank Ultima – the super premium luxury card product from Citibank, was not going to be affected with this turn of events. Ultima is an invite-only product, and one of the benefits of the product is that it comes with Jet Privilege Platinum tier membership, a heapload of Jet Airways miles and vouchers.
Turns out, this membership is also on the rocks now and both partners are parting ways within a month or so. While the website of Citibank still states that the benefits are available, such is not the case, and with effect from January 2013, the Jet Airways benefits will no longer be offered. What could be a replacement? We don’t know yet!
Drat, so many credit card companies and just one full service airline of note? We definitely need more airlines to get elite privileges on 
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Tags: 9W, Citi, Citibank, Credit Card, Jet Airways, Ultima
