Highest Cashback Credit Card - Citi Prestige

Ldealstacker on 31/08/2024 - 20:57
Last edited 31/08/2024 - 20:58

I think the Citi Prestige card is the best single card available to churn from a direct cash benefit and utility perspective:

  • $10k spend criteria (which can be done through PayAll for 0.95% fee - $95)

  • $700 annual fee

  • 275,000 (plus 10,000 by spending $10k) rewards points transfers 1:1 with flybuys which is worth $1,425

  • 0% balance transfer (with no bt fee) for 6 months, and can be paid to a bank account

  • mobile phone insurance

  • priority pass

So the net benefit from the points is $630 assuming use of PayAll which is already higher than the benefit from high earning cards like ANZ Black and NAB Signature, but the balance transfer allows for more benefit. Assuming the minimum credit limit of $20k, you can balance transfer $16k to a high interest bank account or offset for the duration of the interest free period, with minimum payments of 2%. With this an average balance of $15,040 would be carried. At 5.5% p.a. this generates another $413.60 (before tax) of revenue. If you have a home loan at 6% it is more like $451.20 untaxed. A higher credit limit will make this even better although that might be hard to get depending on income/expenses/credit history.

I know this card used to be better with 0% PayAll fees, but to me it still is one of the best cards out there at over $1,000 in easy Cashback PLUS priority pass, mobile phone insurance and other benefits.

link to deal: https://www.ozbargain.com.au/node/788664

Financial Cashback Credit Card

Comments

  • Trying2SaveABuck on 31/08/2024 - 21:14
    +1

    yea this is fair enough - i agree

  • MrThing on 31/08/2024 - 21:16
    +1

    roger

  • playbargain on 31/08/2024 - 21:24
    +1

    copy that

  • May4th on 31/08/2024 - 21:50
    +2

    also unlimited priority pass means you can eat back some of the annual fees, and if you have a business that annual fee can be tax deductible if used to pay business expense

    • Bargainitis on 01/09/2024 - 12:41
      +3

      Haha yeah this was crazy.

      I remember when I had this card and used to go all 3 airport outlets to eat / drink with a friend. That was $72 x 3 before a flight. We were degenerates.

      • dealstacker on 01/09/2024 - 15:18
        +1

        Which airport was this? So you can use the card at each of the venues in the same day before a flight?

        • ekswhyzed on 01/09/2024 - 21:42
          +1

          I didn't know this either so I recently emailed their support to ask. Yes you can. You can use your unlimited priority pass membership at each participating venue in an airport (restaurant or lounge) one time per 24h, as long as you have a valid boarding pass for same day travel. So you could go to the airport before your flight and go eat for free at each participating restaurant.

          Each time you use the membership it counts as a lounge useage, so if you had a membership with limited entries you of course shouldn't do this. But unlimited entries, go nuts.

        • Bargainitis on 01/09/2024 - 22:25
          +2

          Yeah I think Sydney had 3 venues you could go to at the international lounge.

          • timhn on 19/09/2024 - 01:27

            @Bargainitis: T1: 3 lounges (1 on arrival side) and 2 restaurants
            T2: 1 lounge , 2 restaurants
            T3: 2 restaurants

        • kanga91 on 06/09/2024 - 08:11
          +1

          Melbourne T2 has 3 restaraunts like this, T4 has one cafe. It's insane value if you regularly fly and your local airport has it. You can also use it upon arrival at domestic airports.

          • scanuck on 06/09/2024 - 11:12
            +1

            @kanga91: Did this just the other day

            Brekky and snacks/water for tbr plane at quick shots

            Then chill in the rex lounge

          • Gryan0619 on 13/09/2024 - 12:49

            @kanga91: Do you mean we can use restaurant discounts for both departure and arrival for one flight? TIA

  • Wiadro on 31/08/2024 - 22:06

    how many qantas points is that

  • 6079 Smith on 01/09/2024 - 10:04
    +1

    They’ve devalued it ago this year but don’t forget the:

    • $100 Uber Premium credit (used to be $10/month AND a free airport transfer)

    • Stay 4, Pay 3 on accom (used to be any hotel on Expedia but is now limited to Luxury Escapes which generally has good prices but a much smaller pool of properties). You can make back the annual fee from this alone if you’re travelling enough.

  • TurnipHead on 01/09/2024 - 11:05
    +1

    I saw somewhere that this is also one of the few (only?) World Elite cards in Australia. So you get Flexiroam and whatever other benefits come with World Elite.

  • cocomelon on 02/09/2024 - 11:36

    thought they stop Payall to be considered in minimun spending?

  • JDMcarfan on 02/09/2024 - 18:44
    +1

    What about citi premier?
    200k points
    $150 AF first year
    $7k spending requirement

    • dealstacker on 02/09/2024 - 22:17

      The 200k points are locked behind the second annual fee so $450 for $1k in points having to hold the card for more than one year vs $700 for $1,375 in points in the first year, plus a couple extras that don't come with the premier (full priority pass, 4th night free hotels, $100 uber credit). Both are some of the best cards going when you pair the bonus points offer with the 0% balance transfer arbitrage. After writing this, I might try to get both cards.

      • May4th on 03/09/2024 - 13:05
        +1

        the deal seemed to have changed, I got 220k in first year bonus with premier not long ago on the pointhacks deal. having to wait a year is definitely a deal breaker

        • palmplex on 08/09/2024 - 00:18
          +1

          I got the 220k citi points recently . Trying to decide if i leave them there for now or transfer to Flybuys and / or wait for a 5% uplift to convert to velocity points OR convert from Flybuys now to Velocity from a new Flybuys account with autotransfer to get 660 entries (220 × 3) for the 5 million points competition.
          Can't decide what to do…….

          • May4th on 11/09/2024 - 15:07

            @palmplex: I missed the velocity bonus transfer window as I dawdled, it was 15% before June. it's the best value transfer and usually twice per year - after the bonus it's roughly the same conversion to krisflyer if you decided to convert VFF to KF later on with the added benefit of points never expiring

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