Valid till 31 December 2015: 10% bonus miles on converting Citi PM to Asia Miles

Citibank Premier Miles is offering a 10% bonus on transfer of Citi PMs to the Asia Miles program, which can be used for redemptions on Cathay Pacific and partner airlines.

This offer is valid for transfers made till 31 December 2015, which means you've only got a handful of days left to make use of this offer.

The current normal transfer rate is 2 Citi PMs for 1 Asia Mile, after the 50% devaluation of Citi PMs that was announced almost exactly a year ago. Which means, that under this offer, conversions will earn 1.1 Asia Miles for every 2 Citi PMs transferred.

You will need to call Citibank to request them for the transfer, by providing your Citi PM credit card number as well as your Asia Miles account number. Points should normally post within 5 working days, but make sure you request before 31 December 2015.

This offer is only slightly different from the 25% bonus on conversion to the Etihad Guest program from, among others, Citi PM.

After the devaluation, that I've referred to above, Citi PMs have become relatively less useful as a source of transfer to partner programs. Having said that, depending on the sector you're looking to fly, this promotion (or indeed, any conversion from Citi PMs) may occasionally find some good value.

For instance, you can redeem Citi PMs for revenue tickets (thereby earning a few travel miles in the process, if you can), at the rate of 1 Citi PM = Rs 0.45. You can read this previous post of mine about redeeming Citi PMs and JP Miles for award tickets (though it needs to be updated for the devaluation). Delhi to Hong Kong will require about 20,000 Asia Miles (or about 36,363 Citi PMs under this promotion, and 40,000 Citi PMs outside of it), which PMs will be valued at Rs 16,400 approximately if you had to buy revenue tickets. However, subject to award availability (CX can often be miserly at this), any DEL-HKG ticket will likely cost more than Rs 16,400 (you need to see how much the cash component is, to make a proper assessment), which makes the transfer worth your while.

Having said that, these kind of high-value redemptions are outliers (else airlines wouldn't have them in the first place), and so you will need to work it out for yourself, as to whether you should convert your Citi PMs under this offer. 

I likely would not. How about you?