Anyone get the Prestige survey?

[wasCB14]

I read on FT that Citi took a survey of some Prestige customers' benefit preferences about two or three weeks ago.

Did anyone here participate and recall the details...or, better yet, save a copy of the survey?

I don't have much info about it, but apparently the survey indicates that Citi is thinking more seriously about capping the 4th night benefit to twice a year.

[Anonymous]

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@wasCB14 wrote:

I read on FT that Citi took a survey of some Prestige customers' benefit preferences about two or three weeks ago.

Did anyone here participate and recall the details...or, better yet, save a copy of the survey?

I don't have much info about it, but apparently the survey indicates that Citi is thinking more seriously about capping the 4th night benefit to twice a year.

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Citi needs to stop cutting back on spending, seriously. 

[wasCB14]

Retention offers on Prestige are also drying up for light spenders. This marks a big change from 2017 and early 2018, when $1k spend ttm and a pulse could get one. The last two offers on FT went to a $25k spender and a $65k spender.

It's hard to guess what they'll do with the card, but this disinterest in keeping lighter spenders after the meganerf is new.

My best guess, from reading the September survey and hearing a little about the April one:

-4th night is going to get some dollar or frequency cap

-Rewards will be improved

[Anonymous]

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@wasCB14 wrote:

Retention offers on Prestige are also drying up for light spenders. This marks a big change from 2017 and early 2018, when $1k spend ttm and a pulse could get one. The last two offers on FT went to a $25k spender and a $65k spender.

It's hard to guess what they'll do with the card, but this disinterest in keeping lighter spenders after the meganerf is new.

My best guess, from reading the September survey and hearing a little about the April one:

-4th night is going to get some dollar or frequency cap

-Rewards will be improved

---

An improvement in rewards will be needed. Citi should expand "travel" to the Prestige, rather than just hotels and flights, and give double points on internet merchant purchases, like with the AT&T Access. 

In the end, we could see something like: 

3x on travel, including gas. 

2x on dining/entertainment/internet merchants

1x on all other purchases. 

$250 airfare credit. 

Priority Pass

$300 annual hotel credit

The usual warranties and travel protections. 

What I would really like to see is the 1.6 cpp AA redemptions come back, but Citi has become too lazy to grow their partnership. Thanks again, Corbat... The worst CEO in America.  Seems like the guy wants to turn Citi into a community bank. "Oh, we can't pay for those kinds of perks!! We have to push people towards the Double Cash and other basic cards where it costs us less money."

[Anonymous]

What?! Ok kill the free golf course use, nerf the AA transfer rate, etc etc...but cap.the 4th hotel night to twice a year?! If they do that then I'm probably gonna have to bail on my plan to go with the prestige...well maybe unless I can nab it for the $350 fee.

[wasCB14]

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@Anonymous wrote:

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@wasCB14 wrote:

Retention offers on Prestige are also drying up for light spenders. This marks a big change from 2017 and early 2018, when $1k spend ttm and a pulse could get one. The last two offers on FT went to a $25k spender and a $65k spender.

It's hard to guess what they'll do with the card, but this disinterest in keeping lighter spenders after the meganerf is new.

My best guess, from reading the September survey and hearing a little about the April one:

-4th night is going to get some dollar or frequency cap

-Rewards will be improved

---

An improvement in rewards will be needed. Citi should expand "travel" to the Prestige, rather than just hotels and flights, and give double points on internet merchant purchases, like with the AT&T Access. 

In the end, we could see something like: 

3x on travel, including gas. 

2x on dining/entertainment/internet merchants

1x on all other purchases. 

$250 airfare credit. 

Priority Pass

$300 annual hotel credit

The usual warranties and travel protections. 

What I would really like to see is the 1.6 cpp AA redemptions come back, but Citi has become too lazy to grow their partnership. Thanks again, Corbat... The worst CEO in America.  Seems like the guy wants to turn Citi into a community bank. "Oh, we can't pay for those kinds of perks!! We have to push people towards the Double Cash and other basic cards where it costs us less money."

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I wouldn't expect $550 in easy-to-use travel credits on a $350/$450 card. A $300 credit was a proposed option in September.

Another was offering not just 2x but even 3x on internet purchases.

Expanding the 3x category to general travel (and even making it 5x) and improving dining rewards tp 3x or 5x are also possible.

[wasCB14]

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@Anonymous wrote:
What?! Ok kill the free golf course use, nerf the AA transfer rate, etc etc...but cap.the 4th hotel night to twice a year?! If they do that then I'm probably gonna have to bail on my plan to go with the prestige...well maybe unless I can nab it for the $350 fee.

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I get the sense a large share of the benefit goes to a small number of business travelers who use the card only for that purpose. Some people like to book 4 nights, get reimbursed by an employer or client for 4 nights, and then get an extra statement credit from Citi. They may do dozens of bookings a year.

Citi may have intended the perk for pleasure travelers who used the card for everything (including families who would would only get the benefit on one room) but I don't think it's where most of the benefit dollars are going.

Perhaps capping it could allow them to make improvements with a broader appeal. Ultimately, they want the card to be the favored product of affluent consumers in general, not a program to subsidize the incomes of business travelers.

Two uses per year probably would be draconian, but they might save a lot of money if they limited it to even 8 reservations a year.

[Anonymous]

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@wasCB14 wrote:

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@Anonymous wrote:

---

@wasCB14 wrote:

Retention offers on Prestige are also drying up for light spenders. This marks a big change from 2017 and early 2018, when $1k spend ttm and a pulse could get one. The last two offers on FT went to a $25k spender and a $65k spender.

It's hard to guess what they'll do with the card, but this disinterest in keeping lighter spenders after the meganerf is new.

My best guess, from reading the September survey and hearing a little about the April one:

-4th night is going to get some dollar or frequency cap

-Rewards will be improved

---

An improvement in rewards will be needed. Citi should expand "travel" to the Prestige, rather than just hotels and flights, and give double points on internet merchant purchases, like with the AT&T Access. 

In the end, we could see something like: 

3x on travel, including gas. 

2x on dining/entertainment/internet merchants

1x on all other purchases. 

$250 airfare credit. 

Priority Pass

$300 annual hotel credit

The usual warranties and travel protections. 

What I would really like to see is the 1.6 cpp AA redemptions come back, but Citi has become too lazy to grow their partnership. Thanks again, Corbat... The worst CEO in America.  Seems like the guy wants to turn Citi into a community bank. "Oh, we can't pay for those kinds of perks!! We have to push people towards the Double Cash and other basic cards where it costs us less money."

---

I wouldn't expect $550 in easy-to-use travel credits on a $350/$450 card. A $300 credit was a proposed option in September.

Another was offering not just 2x but even 3x on internet purchases.

Expanding the 3x category to general travel (and even making it 5x) and improving dining rewards tp 3x or 5x are also possible.

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If we look at the introduction of the new SPG card, the new $450 Hilton card, the AMEX Platinum, and the CSR, I think it's reasonable to have $550 in easy to use credits. Of course, $300 of it requires you to book four nights at a hotel, so that can be an obstacle for some. 

5x on travel would be nice, but I don't believe Citi is that generous. 

I would be happy to see Citi cap the hotel benefit to $300 a year and increase the airline benefit to $350 since I'm not a heavy hotel user. 

[wasCB14]

Oh, I thought you meant some general-purpose $300 hotel credit where stay length was irrelevant.

If a $300 credit could only be applied against 4th nights, then that's quite affordable relative to the annual fee. I don't think they would even be that strict with it, as $300 won't cover one night at some hotels where they expect customers to stay. This is supposed to be their card for big spenders, after all, despite appearances to the contrary.

I don't think the drain is due to customers getting $300 in 4th night credits a year, but more like $3k or $13k while using the card for nothing else.

People are more likely to use the airfare credit than the 4th night perk. Also, the cost of each 4th night credit is reduced by the commission Citi receives from the hotel. Citi has mentioned a possible $300 airfare credit, but I wouldn't expect a $350 credit when so many people are playing games (or trying to) with the retention department or by opening deposit accounts to be eligible for the $350 AF and then closing them.

[Anonymous]

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@wasCB14 wrote:

Oh, I thought you meant some general-purpose $300 hotel credit where stay length was irrelevant.

If a $300 credit could only be applied against 4th nights, then that's quite affordable relative to the annual fee. I don't think they would even be that strict with it, as $300 won't cover one night at some hotels where they expect customers to stay. This is supposed to be their card for big spenders, after all, despite appearances to the contrary.

I don't think the drain is due to customers getting $300 in 4th night credits a year, but more like $3k or $13k while using the card for nothing else.

People are more likely to use the airfare credit than the 4th night perk. Also, the cost of each 4th night credit is reduced by the commission Citi receives from the hotel. Citi has mentioned a possible $300 airfare credit, but I wouldn't expect a $350 credit when so many people are playing games (or trying to) with the retention department or by opening deposit accounts to be eligible for the $350 AF and then closing them.

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Weren't you the one who said Citi is aiming more for the casual user instead of the high spenders? 

Perhaps they should bring back the Chairman card, but I'm sure Corbat was the one who killed that too. 

The solution is simple - the $300 credit may be used towards a room (after taxes) at any hotel. The $350 travel credit comes up. The 5x on gas and travel comes up. Then Citi kills retention offers for this card completely to avoid abuse.