Back in October 2021, Kris+ added Citibank as a transfer partner, allowing cardholders to convert Citi Miles & ThankYou points into KrisPay and KrisFlyer miles instantly, with no administrative fees. Citibank is the third credit card partner to join the platform, after DBS and UOB.
From now till 8 November 2022, Kris+ is offering a a 10% conversion bonus for Citi Miles & ThankYou points. This is smaller than the 15% conversion bonus we saw back in May this year, and my advice would be to hold off if you have no immediate need for miles- especially since there could be a year-end bankwide transfer bonus coming our way!ย
10% bonus for converting Citi rewards points via Kris+
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| Citi Miles/ Points | ย | KrisPay Miles |
| 4,000 Citi Miles | โ | 3,740 miles |
| 10,000 ThankYou Points | 3,740 miles |
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From 19 October to 8 November 2022, Citi cardholders will receive a 10% bonus for every conversion of at least 10,000 ThankYou points or 4,000 Citi Miles.
Do note that while the wording of the T&Cs suggests a flat bonus of 340 miles regardless of the number of points transferred, it’s actually 340 miles per 10,000 ThankYou points/4,000 Citi Miles. In other words, there’s no need to break up your transfers.ย
There is no cap on the number of transfers you can make, nor the bonus miles you can receive. The bonus will be reflected on the Kris+ app at the point of transfer, so you can check the final amounts before confirming.
There’s two important things to remember.ย
First, you will have seven days to convert these KrisPay miles into KrisFlyer miles. Wait any longer, andย the miles will be stuck in KrisPay where they can only be spent at a measly 0.67 cents/mile, with a six-month expiry.
Transferring to KrisFlyer is as simple as tapping a button, but you’d be amazed how many people neglect to do this step!
Second, you cannot use any of the converted KrisPay miles for any Kris+ purchase, as doing so will “contaminate” the entire block, rendering it ineligible for transfer. For example, if I transfer 4,000 Citi Miles and spend 240 of the 3,740 KrisPay miles I receive, I will not be able to transfer the remaining 3,500 KrisPay miles to KrisFlyer!
The full T&Cs of this offer can be found here.ย
Is it worth converting?
If you converted Citi points via the Citibank rewards portal, you’d enjoy a rate of:
- 10,000 Citi Miles= 10,000 KrisFlyer miles
- 25,000 ThankYou points= 10,000 KrisFlyer miles
This means that 4,000 Citi Miles or 10,000 ThankYou points should get you 4,000 KrisFlyer miles, and the 3,740 KrisFlyer miles you receive from Kris+ represents a 6.5% haircut.ย
So why would you transfer Citi points via Kris+? Namely because converting Citi points via the Citibank rewards portal:
- Entails a S$26.75 fee per card account (Citi points don’t pool)
- Requires 1-2 working days
- Requires a minimum of 10,000 Citi Miles or 25,000 ThankYou points
Therefore, a case could be made for taking the Kris+ route, since you save on the fees, get instant transfers, and can convert a smaller amount of points than you otherwise would have to. Remember: Citi Miles & ThankYou points are extremely valuable, with 11 different transfer partners to choose from. You don’t want to transfer more than necessary!
| ๐ณ Citibank Transfer Partners | |
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| For a full list of transfer partners, refer to this article | |
With regard to fees, it’s worth noting that the more points you transfer, the more significant the haircut (in absolute terms). There will come a point where the loss in miles more than offsets the S$26.75 savings in conversion fees- assuming you value a mile at 1.5 cents each, this will come around the 28,000 miles mark.ย
If you’re transferring anything less than this, or trying to cash out an orphan balance on your Citi card (Citi does not pool points), it might be worth considering.ย
Furthermore, I’d advise you to wait till November to transfer, since this gives you an additional month of validity. Any miles transferred from 19-31 October 2022 will expire on 31 October 2025, but any miles transferred in 1-8 November 2022 will expire on 30 November 2025.
Is a bankwide transfer bonus coming?
If you don’t have an immediate need for KrisFlyer miles, my suggestion would be to pass on this offer and wait a few weeks more.
For the past two years, Singapore Airlines has offered a year-end bonusย of up to 15% for transferring credit card points.ย I’ve heard credible rumours that they plan to do the same again this year, given further credence by the fact this banner occasionally pops up on the Singapore Airlines home page (clicking on it leads to the 2021 offer).
So I’m personally keeping my powder dry for now, if only to see what November brings.ย
Conclusion
Kris+ is offering a 10% conversion bonus on Citi Miles & ThankYou points from now till 8 November 2022. This entails a 6.5% haircut in terms of value, but could still make sense for anyone who:ย
- Wants to avoid the S$26.75 conversion fee charged by Citibank
- Needs quick miles to snap up a redemption opportunity
- Only requires a small top-up and doesn’t want to transfer the full 10,000 miles block
- Wants to cash out orphan points on a Citi card
Assuming you can wait, however, I’d be curious to see whether November brings with it a bankwide transfer bonus.ย
Watch this space!
