I was considering to get Citibank Global account for travelling, since NAB have acquired Citibank does this mean that I won't get the benefits in the future or the features with the account will change. I.e. no fee free for ATM withdrawals, fees for international transactions?
What's the difference between MasterCard rate and Citibank exchange rate, which one is better? Is there an option for me to choose which rate I want when withdrawing cash from ATM or using the card internationally?
I don't know for how long but 10 years is a long time.
What's changed with the global transfer ?
Discontinued
What was the good thing about it? What feature did it offer?
I was the one who made the edits to the int. travel card page and work in banking so have been in the loop over the acquisition (although not from the consumer finance side).
This is the excerpt from NAB's newsroom regarding the acquisition and Citi products
"From 1 June 2022 NAB will continue to operate the Citigroup Consumer Business largely on a standalone basis. NAB will communicate with customers about any changes to available products and the NAB service offering. Integration of the Citigroup Consumer Business will occur progressively over the next 2 – 3 years.
Citigroup Consumer Business customers will continue to use their Citigroup app, card and services.
When the Citigroup Consumer Business is fully integrated, customers will benefit from NAB’s branch footprint, banking app and digital capabilities."
What does this mean to the Plus everyday account? Who knows for now but an eventual outcome will be decided within the next 2-3 years (I'd expect sooner)
Is it likely a similar product will stay on? IMO no, NAB has an equivalent product that charges fees so the eventual migration will be to that or a similar product, and I see no reason why they'd willingly lose out on revenue or otherwise lose out on revenue they've gotten to date by offering fee-free int spend to all their customers (none of the Big 4 do)
If you're going on a holiday sometime this year then you'd likely be fine with using Citi as an announcement will take time given the acquisition last month, and an implementation period of at least a few months will take place before they officially convert you to NAB products.
NAB's acquisition of Citi is more related to acquiring their Home Loan/Credit Card/Personal Loan customers (i.e. revenue generating customers) and not those of us who are solely with them for the Plus Everyday account for international travel (likely a loss-leader).
IMO, I see no point staying on with Citi following on the acquisition, given the uncertainty and availability of several other banks with F/F international transactions.
My pick of the bunch is Macquarie Bank.
Thank you for that insightful information!
I hope my Premier CC, free fees for life still stick when we move over else it been a good ride and I will be looking for a new credit card for the first time in over a decade
Indeed.
Fee free, rewards, lounge visits.
I plan to use my lounge visits up sooner than later.
I note that the wine program has ended (not that I have ever used it)
https://www.ozbargain.com.au/node/710016
And now the Travel Booking Service (not that I have ever used it)
“ We are writing to inform you that after careful consideration, the Citi Travel Booking service is being discontinued as of 1 September 2022. From 26 June 2022, we will no longer accept new travel reservations for travel dates beyond 31 August 2022.
We recognise the service provided flexibility and that's important. Included in your Citi credit card benefits is Pay with Points, which allows you to use your Citi credit card to book your next holiday on any site, anytime and anywhere, and redeem Points for credit back. For more information, please visit the Rewards website. If you have questions regarding an existing Citi Travel Booking, please visit the Contact Us page.”
How long in the future you're planning for, 10 years?
Nothing changed so far (other than Global Transfer) and when it will they'll let you know in advance. And then you'll figure out where to move.