7th June 2023 - 2 min read
Citi has notified customers that it will be discontinuing the redemption of Rewards Points and PremierMiles for various channels or benefits, effective on either 18 June or 11 July 2023. This comes as Citi continues with the process of migrating its consumer business to UOB Bank.
Here’s the full list of Citi’s points and miles redemption services that are set to be discontinued on the respective date:
|Effective date of discontinuation||Redemption channels that will be discontinued|
|18 June 2023||– Points Exchange |
– Pay With Points via Samsung Pay
– Shop with Points on Amazon.com
|11 July 2023||– Pay With Points via Citi Mobile App and Citibank Online |
– Points Transfers
– Annual fee
Citi also reassured customers that they do not have to worry about their accumulated points being forfeited following this development. “Rest assured that your unredeemed Rewards points and miles will be transferred to United Overseas Bank (Malaysia) Berhad at an equivalent value, and you will be able to redeem them upon completion of migration,” the bank shared in the notice as well.
That said, Citi did not mention a timeline for the completion of this transfer or when customers can once again redeem their points and miles via UOB.
This latest update from Citi is undertaken as yet another step towards the migration of its services and assets to UOB’s ecosystem, following UOB’s acquisition of Citi’s consumer business in 2022. Last month, for example, Citi had already announced that it is disabling Samsung Pay for its credit cardholders in stages starting from 17 June.
For context, Citi had sold its business in Malaysia – along with those in Indonesia, Thailand, and Vietnam – to UOB after making the decision to exit retail banking in 13 markets across two regions. Since obtaining regulatory approval from Bank Negara Malaysia (BNM) for the acquisition in September 2022, both the banks have been working to make the transfer as seamless as possible for existing Citi customers. The whole process is expected to be completed by September this year, as indicated by a tentative timeline released by UOB back in November 2022.
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