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Citibank 5% Cash Back on Paywave (New Customers Only)

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Citibank 5% Cash Back on Paywave (New Customers Only)
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EnergicAU on 14/01/2015 - 10:37 citibank.com.au (2826 clicks)
Last edited 03/03/2015 - 02:33 by 2 other users

5% cash back up to $100 per transaction for new customers only

You'll get 5% cashback (up to $500 per month) on your Visa payWave purchases until 31 May 2015, when you deposit $2,000 or more per month into a new Citibank Plus account.

Also, good for international withdrawals for conversion purposes (refer to Whirlpool forums for an in depth disussion).

Free ATM withdrawals in Australia from westpac, st George, bank SA and bank of Melb.

The cashback offer will apply, when at least $2,000 is deposited into an eligible Citibank Plus account from a non Citibank account by the last day of the calendar month

Financial Bank Account Transaction Account

Related Stores

Citibank Australia
Citibank Australia

closed Comments

  • 11112007 on 14/01/2015 - 10:38
    +16

    New customers only….. cry :(

  • DealzEddy123 on 14/01/2015 - 10:39
    +6

    nice! new customers only….. cry :(

    You should put that it's a condition to deposit $2k a month and only up to 31st May 2015

  • aec on 14/01/2015 - 10:40
    +4

    Easy to join me bank

  • homersyd on 14/01/2015 - 10:41

    I wonder if you could use this to top-up Opal card….

    • DealzEddy123 on 14/01/2015 - 10:42
      +1

      sure you could. as long as the place selling u the top-up has paywave

    • forumninja on 14/01/2015 - 10:54
      +8

      You're better off getting 5% WISH gift cards and topping up at Woolworths, since you get the QFF points and EDR fuel voucher as well.

      • homersyd on 14/01/2015 - 10:55
        +1

        nice idea! :) how do you get the 5% wish gift card?

      • MadMaxBargainRoad on 14/01/2015 - 13:39
        +1

        I wish I could top up Myki at WWs.

      • fredblogs on 14/01/2015 - 14:18

        When you top up at Woolworths is there still 5% off?

        • tomclancy on 14/01/2015 - 14:35

          Yep. Top up and use the WISH gift card as payment (instead of cash/credit card). They don't care how you obtained the WISH gift card nor that you bought the WISH gift card for 5% discount.

        • 41202 on 14/01/2015 - 17:57

          @PBG: myki can be toped up at Woolworths？

        • tomclancy on 14/01/2015 - 20:39

          @41202:

          Lol, no. I was referring to Opal (which started this thread of comments). It somehow moved onto myki and then got a bit confusing. But fredblogs and I were talking about topping up Opal.

        • fredblogs on 15/01/2015 - 09:02

          @PBG: Oh, no I was wondering if I can purchase a discounted WISH card using paywave (to stack this deal).

        • homersyd on 15/01/2015 - 10:09

          @fredblogs: I thought about that, I dont see why not…
          EDIT: oh wait, I think this deal is only applicable to paywave purchases, so if only cashrewards does paywave for buying the wish giftcard…!?

        • tomclancy on 15/01/2015 - 13:32

          @homersyd:

          Ahhh. I see. Cashrrwards is an internet purchase, definitely not paywave. Hope that clarifies

        • homersyd on 15/01/2015 - 15:20

          @PBG: yea i know they are online, i was thinking if only they had a physical pickup point so you can pay using paywave lol

        • tomclancy on 15/01/2015 - 19:18

          @homersyd:

          Would be nice :)

  • theone4Abargain83 on 14/01/2015 - 10:47
    +1

    Yes, and change the title for customers who do a $2000 per month deposit only.

  • [Deactivated] on 14/01/2015 - 10:58

    o_O

    I also noticed this:

    If you are a resident of Australia for the purpose of Australian income tax, then you should include cashback amounts received in your assessable income in your Australian income tax return. x_O? I thought it was a win-fall as there is no guarantee that you will win the prize as it can be revoked. i.e. Game of chance.

    • brokenxsmile on 14/01/2015 - 11:15
      +1

      Wow.

      I see it as a 'cash back offer' like when you buy a new TV and get $200 cash back - it's a bonus. I don't see why it would need to be declared for tax purposes. It's not a source of income.

      If you declare it, you're getting 5% back, then paying whatever tax bracket you're in back to the tax department and would probably owe the AT) money if you have a simple tax return (eg. just income from work, no other deductions etc).

      • jaypee06 on 14/01/2015 - 11:41
        +4

        No chance in hell it would be assessable income. Otherwise you could claim the purchase of the TV as a deduction necessary to earn the $200 cash back.

        • c64 on 14/01/2015 - 11:44
          +2

          depends. if you paid for some business expense, say $100, and got $5 back, then the actual business expense is $95 and not $100. but i don't think getting a rebate is something you generally need to declare.

        • jaypee06 on 14/01/2015 - 11:48
          +1

          @mattgal: yes, the expense will vary in each case. the key point is that the deduction will always be more than the income earned which is not in the tax office's favour which is why it would never be considered assessable income.

        • c64 on 14/01/2015 - 11:55
          +3

          everyone would be (legally) declaring the $5 rebate as income and then a $100 deduction as an expense in earning that $5. say you pay 50% tax then you get $50 back

    • inherentchoice on 14/01/2015 - 12:51

      I just use the pre fill for bank interest. Not sure if the bank counted the cashback as interest.

  • inherentchoice on 14/01/2015 - 11:04

    So the cashback is only until until 31 May 2015? That's not really comparable to ING Direct's perpetual 2%.

    • EnergicAU on 14/01/2015 - 11:14
      +1

      5% > 2% then or revert to ing after I suppose.

      • inherentchoice on 14/01/2015 - 12:38

        True. But I will only be about $24 better off if I spend an average of $100 per week on pay wave.

        So I'm not sure it's worth the effort to sign up and load 2k each month just to save $24 after 5 months. I have many other ways I could save $24 over 5 months.

        • ronnknee on 14/01/2015 - 12:57
          +3

          But it's not exclusive, so you can still save $24 on top of your "other ways" during these 5 months.

    • INFIDEL on 14/01/2015 - 14:59
      +1

      Was surprised to see both my & father's ING cards from last June still give 5% rebate :-)

    • neil aus on 14/01/2015 - 20:06

      ME Bank is 5% cashback for 6 months, so this deal isn't the best available.

  • tunzafun001 on 14/01/2015 - 11:15
    -1

    But at 2% with loss of interest from the transfer, aren't u going backwards? Has anyone compared a standard 50 days interest free+1.5 rewards points Vs 5% cash back (with interest lost from a decent saver account)? Based on the $2000 transfered citi scenario

    • EnergicAU on 14/01/2015 - 11:16
      +1

      The way I would do it is transfer 2k at start of month and then transfer it back day 2.

    • dazweeja on 14/01/2015 - 11:36

      If you deposit $2000 and then do 20 x $100 paywave transactions per month, you are receiving $100 cashback in that month. A savings account with 4% interest (generous) would give you less than $7 interest for the month.

      • Knightelf on 14/01/2015 - 16:09

        In option one you would have $100 and goods/services worth $2,000, option B you would have $2,007 in cash… Not exactly comparable?

        • dazweeja on 14/01/2015 - 16:21
          +1

          Not exactly but I thought the gist of the question was that the money would be spent over the month (because he was comparing it with a credit card). Of course, this means that interest earned over the month would be less than the $7 (due to the balance steadily decreasing) but I thought it was already pretty obvious that the interest foregone was far outweighed by the benefit of the cashback.

    • inherentchoice on 14/01/2015 - 12:18
      +3

      If you can get 4% interest in your savings account that only amounts to 0.34% per month or 0.6% for the 55 day interest free period of most credit cards.

      So if you spent $100 on your credit card on the first day of the month then you could earn $0.60 by keeping your $100 in the bank for those 55 days.

      Obviously $5 cashback from Citi or $2 from ING is much better than $0.60 for your $100 purchase.

      At the same time the lost interest on $2000 is about $6.66 per month or $0.22 a day and you can just transfer it out after a day.

      • tunzafun001 on 14/01/2015 - 14:59
        +1

        Good stuff, thanks guys for the numbers. Makes sense!

      • dbadcock on 14/01/2015 - 18:21
        -1

        An interesting factor also worth noting is this quote from their "Important Information"

        Section 1

        If you are a resident of Australia for the purpose of Australian income tax, then you should include cashback amounts received in your assessable income in your Australian income tax return. This does not constitute taxation advice. You should seek your own independent taxation advice taking into account your circumstances.

  • mudkipz on 14/01/2015 - 11:16

    Can I remove the $2000 after every month? Or is it a balance increase of $2000?

  • [Deactivated] on 14/01/2015 - 11:28

    dham, already have an account so not eligible :(

  • DEvok on 14/01/2015 - 11:30

    I have a Citibank online account, don't have a physical card, am I still have the rebate if I apply?

  • pilchard on 14/01/2015 - 11:36
    +1

    I signed up yesterday. :(

  • Cluster on 14/01/2015 - 11:40
    +3

    Good to see another bank getting onto the 5% off Paywave/Pass band wagon. Pity the offer is only valid until 31 May, and not for 6 months. Quite a few people have ME Bank's offer active for 6 months since signing up in November and December ($50 + $50 offer) so it mostly overlaps.

  • cristobaljamesy on 14/01/2015 - 11:43
    +2

    Should offer this to existing customers, typical!

    • c64 on 14/01/2015 - 11:46

      i think it is just replacing the $100 they used to give new customers (at least that is what i got).

    • tanoshiiki on 14/01/2015 - 13:26

      Yep, never got the ME Bank 5% promotion, as I had been with ME Bank for ages.

  • tightarse on 14/01/2015 - 12:39

    Too bad it's for new customers only, but great find all the same.

  • tyng on 14/01/2015 - 12:47

    Damn, i've been a Citibank customer for 10+ years

  • bluedufflecoat on 14/01/2015 - 13:01
    +2

    Does new customers exclude current credit card holders without the Citibank plus account?

    • abc on 14/01/2015 - 13:37
      +4

      Yes. Confirmed via chat.

      I am currently a citibank credit card holder. This is the only product I have with you. Am I eligable for this promotion? http://www.citibank.com.au/plus3/index.htm?code=A1KQAAA1&cid…
      L • 1:18 PM

      Yes, as long as this is the first Citibank Plus account you open.
      M • 1:31 PM

      thanks, so i can apply via the "existing customer" link from the promo page?
      L • 1:34 PM

      Yes, you can.
      M • 1:35 PM

  • perilious2 on 14/01/2015 - 13:19

    There was a link for existing customer. I opened another account.

    • T-man on 14/01/2015 - 16:35

      So existing customers can also get 5%, did you mean? What is the link, can you share? Thanks.

      • perilious2 on 02/02/2015 - 12:40

        No. I was misleading. It said 5% off, clicked, there were two buttons, New Customers and Existing Customers. Existing customer button allows opening account online without needing to require verification at post office. But, I did not get 5% cash back offer, at least till now. I am going to close that account.

  • Mad Max on 14/01/2015 - 13:38
    -2

    So you need both a citybank visa account and a citybank plus account to get this 5% rebate deal?

    • uvbunny on 14/01/2015 - 15:24

      No, you only need a citybank plus account. It comes with a visa debit card that supports paywave.

  • abc on 14/01/2015 - 13:42
    +4

    Effectively this is only 4 months at 5% cashback - Feb-May inclusive I have included 2 weeks of "stuffing around" with Citi in order to get the account open if you are a new customer. Maybe only worth it if you were already going to open one or want to take advantage of the benefits (eg. fee free overseas transactions) later down the track.

    Otherwise you could roll the dice and see if they come up with something better down the track such as what ME Bank did. If you are already on 5% cashback there is no need to open this.

    • Diji1 on 14/01/2015 - 20:19

      And meanwhile you could also be earning $8.33 per month (if I calculated that right) if you deposited the $2000 at %5 and avoid the hassle of joining …

  • Kevan2 on 14/01/2015 - 14:13

    For those in Qld. Do your research and see if can be a benefit or not. I think I remember on similiar posts here that you may not get 5% on %5 off card and account.

    http://www.racq.com.au/membership/what-you-get/discounts/Woo…

  • donbot on 14/01/2015 - 14:33

    is a joint account considered a new account?

  • BluebirdV on 14/01/2015 - 14:39

    I had an account with them opened in the late 1990's. I haven't used it in over a decade. I still have an old debit card, expiring in 2049! I don't know what type of account it is, or if it's still open. I wonder if I would be eligible as a new customer, especially if they already closed the account?

  • strikerzebra on 14/01/2015 - 15:10
    +3

    The whole of ozbargain would already be a citibank member due to the free international atm withdrawls which they use with their cebu pacific $200 return flights to philippines

  • chillybags on 14/01/2015 - 16:07

    I signed up for a citibank plus account late december. Haven't used the card yet. is there a date in which the new customers need to sign up?

  • T-man on 14/01/2015 - 16:34
    +4

    They are penalising loyal customers like me, I've been with citibank for years. Anyway, I'm still getting 5% with Me Bank and 2% with ING. I use Citibank for most of international transactions.

    • Diji1 on 14/01/2015 - 20:17

      How are they penalising you?

      • T-man on 14/01/2015 - 22:44

        New Customers Only

        • iceshadow on 18/01/2015 - 15:35
          -1

          I sent them an email about this penalizing existing loyal customers and got the following reply:

          Dear

          We thank you for bringing this matter to our attention and regret that
          on this occasion you had a less than satisfactory experience with
          Citibank.

          For your reference, please be advised that the 5% Cashback paywave offer
          applies on the customer?s first Citibank Plus account (for accounts
          opened between 14 January 2015 and 28 February 2015 ) and our records
          indicate that your existing account is ineligible.

          We acknowledge your concern and truly appreciate your business. Citibank
          is dedicated to customers and your feedback and suggestions are valued.
          In this regard, we have forwarded the content of your email to the
          relevant department for review to ensure that we can provide suitable
          offers for existing accounts in the future.

          If there?s anything else we can do to assist you, please let us know and
          we?ll be happy to help.

          Thank you for using the Citibank Australia Website.

          Yours sincerely,
          Citibank Online Customer Service Centre
          © Citigroup Pty Limited ABN 88 004 325 080 AFSL No. 238098 Australian
          Credit Licence No. 238098
          citibank.com.au

          Original Message Follows:

          Form Message
          subject:Enquiry on Product Promotions
          EMAIL:[email protected]
          formcode:jpc.mymlb
          Comments:Hi Citibank,

          Today I saw on your homepage that Citibank Plus customers can earn 5%
          cashback on Visa Paywave transactions, however realize that I do not
          qualify as I am a current customer. I find this very disappointing as I
          have been a loyal Citibank customer since 2011 and have never been
          rewarded for it yet new customers instantly receive 5% cashback.

          Kind Regards,

  • dbadcock on 14/01/2015 - 18:10

    Damn, signed up two weeks ago

  • grasstown on 16/01/2015 - 22:00

    both my phone and my pc cant open an account. as an existing customer, it just loops me to log in each time, and once logged in I select open account and I have to log in again and it goes on and on. I cant see on the app where to open an account. have been trying to open an account for the past few weeks. I guess its lucky since this offer wasn't around when I tried and now I am eligible, but it is giving me the shits.

  • abc on 03/02/2015 - 16:30
    +1

    Has anyone received their cashback for the previous month yet? Wondering when we actually will be paid?

    • Bappy on 05/02/2015 - 10:16
      +1

      Yeah I also didn't get any cashback yet.
      Called them twice, first at January, they said wait till next calendar month (February).
      Called again this month, this time they advised the cashback for January will be paid at the end of February when they will generate the monthly statement (for February)… confusing, but I'll be happy as long as I get the cashback.

  • Ahan on 11/02/2015 - 08:36

    They Are hopeless at customer service although their products are generally very good…

    I am still waiting for my cash back. I am also awaiting they sorting out my online log in problem I have rang them several times already about it.
    For another credit card account, I sent several requests for additional card in months, none of them were properly processed and I have given up getting one.
    When on the phone they sound professional nice and make all sorts of promises but they never deliver.

  • Ahan on 12/02/2015 - 09:24

    Got my cash back but only 4%… Dont know if it's to do with cut off.

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