Citi halves PremierMiles value — 2:1 transfer ratio

Citi PremierMiles transfer ratio to airline miles changed from 1:1 to 2:1. The cash value of each PremierMile was cut by 10% from ₹0.5 to ₹0.45. This change was effective February 1, 2015, and applies to all transfers to partner airlines such as British Airways and Cathay Pacific.

Cardholders are hit hard by this change, as they now need two PremierMiles to get one mile of a partner currency. This devaluation reduces the value of PremierMiles relative to a straight cashback card.

Our take: 2:1 is not a transfer partner, it’s a toll booth. Two PremierMiles now buy one British Airways or Cathay Pacific mile, and the cash fallback pays ₹0.45 instead of ₹0.5. Earn the sign-up bonus if it is free, but stop banking a balance — every mile you hold today is worth half what it was yesterday, and Citi has now devalued this program twice.