Conversion rates for redeeming Travel$ against cash credits remain the same. However, you now have the flexibility to redeem against S$8, S$20 and S$50.
DISCONTINUATION OF TRANSPORT/LIFESTYLE REBATES
You used to be able to get 5% rebates for MotorPay, EZ-Reload as well as some participating merchants (e.g. Cold Storage, Golden Village, Giant, Jasons, Marketplace and Guardian). These will be discontinued after 31 August 2014.
ANNUAL FEE
The card member used to be awarded 12,000 Travel$ upon renewal of the annual membership from the second year (S$200 for main card holder). Since it only requires 11,000 Travel$ to redeem for S$200 cash credit, paying the annual fee allowed cardholders to earn a minimal profit (S$15) alongside some extra Travel$.
However, the bonus Travel$ issued for card renewals will fall from 12,000 Travel$ to 10,000 Travel$, discontinuing the "profit" that cardholders were able to take advantage of previously. 10,000 Travel$ is enough for S$180 cash credit so you're essentially paying only $20 for the card - which isn't a bad deal considering the free lounge access that you get with holding the card.
CONCLUSION
With all the impending changes to the ANZ Travel Visa Signature Credit Card, is it still worthwhile to keep this card? The answer for me is yes. Since I do not fly internationally often enough on non-budget airlines, spending only S$20 a year for free lounge access is a no-brainer for me. The card also offers a flat 2.55% cash rebate for the first S$10,000 spend each month with no minimum spending required. Do keep in mind that you still have to deal with paper statements and the internet banking for ANZ Singapore right now is almost non-existent especially if you do not have a savings account with them.