This was posted 3 months 20 days ago, and might be an out-dated deal.

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Citi Prestige Credit Card: 250,000 Citi Rewards Points ($10,000 Spend in 90 Days), 6 Months 0% Interest BT, $700 Annual Fee

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Citi Prestige Credit Card: 250,000 Citi Rewards Points ($10,000 Spend in 90 Days), 6 Months 0% Interest BT, $700 Annual Fee
Go to Deal
dealstacker on 11/09/2024 - 20:48 www1.citibank.com.au (743 clicks)
Last edited 11/09/2024 - 20:57 by 1 other user

Copying from last deal: https://www.ozbargain.com.au/node/788664

reduced points bonus to 250,000 from 275,000.

Key Points:
$700 annual fee
250,000 Citi Rewards Points when you spend $10,000 on eligible purchases within 90 days from approval.
Points redeemable for $1,250 in FlyBuys Dollars, $550 profit after annual fee.
$20,000 minimum credit limit, $100,000 maximum - although I applied for the max limit possible and was approved for the minimum, exactly $20,000 limit and told I can't apply for higher until 6 months in. Unsure if this was normal practice with Citi or specifically with me.
6 months interest free on balance transfers made within the first three months from approval (up to 80% of credit limit) with no balance transfer fee.

The $10,000 minimum spend can be met via Citi PayAll to yourself (for 0.95% fee).

Even with the reduced bonus points and erosion of other benefits over time I think this is still one of the best cards on offer at the moment:

  • bonus points yield $1,250 in FlyBuys Dollars (I normally buy 4% off Coles gift cards with a rewards card - ~1% extra value - so I value at 0.95 x $1,250 = $1,187.50)

  • The balance transfer can go into a bank account or mortgage offset so one could do this on activation and then 85-90 days in to get another 6 months of interest free (as the interest free period counts from the date of transfer when this is done within the first 3 months). on a 20k limit, an initial balance transfer of 80% ($16,000) with minimum repayments of 2% (and then restarting 3 months in) yields an average balance of around $15,000 over the nine months. In a mortgage offset of 6% this will save 9/12 x 0.06 x 15,000 = $675 in interest. In a savings account at 5.5% interest this yields $618.75 (before tax).

  • Using the mortgage example, with an annual fee of $795 (including PayAll fee) and main benefits of $1,862.50 this nets out to $1,067.50 which I think is pretty great for just one card. Plus premium benefits like unlimited priority pass, $100 Uber credit etc.

Keeping in mind if you can get a hold of a higher credit limit this becomes far more lucrative.

Financial Credit Card MasterCard Reward Points

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closed Comments

  • Wiadro on 11/09/2024 - 20:49
    +20

    These deals are worse and worse

    • nightelves on 11/09/2024 - 21:38
      +4

      But there’s no exclusion period so it’s actually alright.

      • unknownhitler on 14/09/2024 - 12:10

        But they will decline your application, there is hidden exclusion period

  • askbargain on 11/09/2024 - 20:51

    Keeping in mind if you can get a hold of a higher credit limit this becomes far more lucrative.

    Can you prepay to go above credit limit with Citi?

  • HolyCr4p on 11/09/2024 - 20:52
    +11

    700 bucks annual fee- no thank you

    • cantthinkofone on 11/09/2024 - 23:10
      +1

      Only people who don't enjoy travelling or see value in 250,000 points would say this. This converts to 125,000 Velocity points and is almost enough for a one way business class trip to Europe.

      • TightAl on 11/09/2024 - 23:41
        +7

        shhh let them be sir

      • abs898 on 12/09/2024 - 00:30
        +4

        This is not a churning card, if you end goal is just to get 100k velocity, Virgin Money is the best one, only $75-150 fees and can score upto 90k per churn.

        • cantthinkofone on 12/09/2024 - 09:36
          +3

          When did I ever say anything about churning? Even if you were to churn this card, you could and you'd still be way ahead of the $700. All the other benefits that go along are good value for people that utilize them.

          • abs898 on 12/09/2024 - 09:45
            +2

            @cantthinkofone: It wasn't targetted towards you. Was just making a statement that there are easier ways to get the 100k without the 700 pricetag, incase someone wants to churn.

      • TheKas on 10/10/2024 - 12:58

        725,000 velocity points plus $500 for one way business class to London from Aus capital city.
        Haven't really found good use for points in general for booking flights.

        • cantthinkofone on 10/10/2024 - 14:09

          Maybe that's because you don't know how to redeem them properly. A Business class velocity redemption from east coast to anywhere in Europe is 139,000. 725,000 or anything outrageous is paying the value of the cash fare using points , they aren't award seat redemptions.

          • TheKas on 11/10/2024 - 13:39

            @cantthinkofone: What is the best way to book with points? i.e. least amount of points to get a business seat.
            Is it to buy the Economy Lite (or the basic teir) seat and upgrade with points?
            Direct booking with points from East/South cost of Aus to London is showing 700k ish points.

  • BargainSnatcher on 11/09/2024 - 20:53
    +5

    Rich get richer for spending big

  • didactw on 11/09/2024 - 21:10

    But really poor customer service and high probability of rejecting application

  • PerthectDeal on 11/09/2024 - 21:14
    +11

    This was the best deal ever when Citi offered no fee Pay All that was the bonus points plus 20,000 points every month!

    • kdmeir on 11/09/2024 - 21:38
      +4

      I agree. Got the card May last year. half price annual fee. The amount of free dollars and gift cards was out of this world. I Thought there had to be a catch. cancelled the card just before the next annual fee.

      Thank you Citi.

      And thank you Ozbargain, would never have known about it otherwise.

      • Fancydancer on 12/09/2024 - 06:29
        +1

        Yeah, it was the gift that just kept on giving ;)

      • Craze on 13/09/2024 - 22:18

        I think you were late to the party- many OzB members got on the bandwagon earlier to milk on the free Payall feature (and continuing as they've set up for 10 years).

        I also only realised last year and signed up then, have renewed this year for another cycle as had 2 years of Payall set up.

    • strike1 on 12/09/2024 - 08:12
      +1

      Agree.. the luxury transfer service was also amazing.. now it’s just Uber (thanks NAB 😡)

    • nonpop on 12/09/2024 - 11:21

      Loved that Payall $n/c offer they ran twice in a row. We've still got scheduled payments going through.

  • jj8aus on 11/09/2024 - 21:14
    +1

    "Please note, you will be charged interest on retail purchases while you have a balance transfer."

    • pman54 on 11/09/2024 - 21:25

      Would Payall qualify as a BT for 6 months interest free ?

      • dealstacker on 11/09/2024 - 21:28

        It wouldn't but you could just pay it back immediately then do the BT

        • pman54 on 11/09/2024 - 21:33

          So, if I do a Payall and put the money in my offset account, I would be charged interest on the credit card ?

          • dealstacker on 11/09/2024 - 21:37
            +1

            @pman54: If you did it while a BT was active yeah - but otherwise you'd have an interest free period. The way I'm doing it is BT straight away, PayAll $10k and then repay immediately to avoid interest charges.

            • pman54 on 11/09/2024 - 22:01
              +1

              @dealstacker: Thanks OP.

            • IXXI on 13/09/2024 - 12:22
              +1

              @dealstacker: Do you know if its possible to hit the $10k minimum spend, then arrange the BT following that? Is there a time limit after the card is open that you can arrange the BT? I've tried to find some information in this regard on their site, but its not immediately obvious.

              • IXXI on 13/09/2024 - 13:29

                @IXXI: Answered my own question with their online chat. You have 90 days from application approval, which i now see was also in the deal description above…… ¯_(ツ)_/¯

            • penguinswillrise on 18/09/2024 - 14:51

              @dealstacker: Hey sorry I'm a bit confused, what is the benefit of payall if you are repaying immedidately? Asking as someone who has an offset account but not necesarily looking to BT from another card

              • dealstacker on 23/09/2024 - 19:19

                @penguinswillrise: @penguinswillrise The benefit of PayAll is to meet the $10,000 minimum spend without actually spending. A big drawcard of Citi is that, when requesting a balance transfer, you can select a bank account for the funds to be sent to (rather than to pay off another credit card). This is what allows you to offset the mortgage.

                • penguinswillrise on 23/09/2024 - 22:25

                  @dealstacker: Ah right, does it matter what my balance with the other cc is? Can i request a BT for 10k despite not having a 10k balance on the other cc?

                  • dealstacker on 24/09/2024 - 08:10

                    @penguinswillrise: Yes you can but you don't even need another card at all when doing this with Citi because they let you pay to a bank account. Other banks you do need a card to transfer the funds to but they don't need to have any balance on them. So you can request as much as you like.

                    • penguinswillrise on 24/09/2024 - 10:34

                      @dealstacker: Thank you, and I can BT up to the approved credit limit? I'm just thinking of maxing the BT for my mortgage offset then just use my other cards for everyday spend.

                      • dealstacker on 24/09/2024 - 10:46

                        @penguinswillrise: 80% of the limit for Citi

                        • penguinswillrise on 24/09/2024 - 11:36

                          @dealstacker: Sorry for the questions I'm still trying to wrap my head around this, does BT and PayAll work together for this or are they separate things? In my mind the 0% interest period applies to BT while the 0.95% fee applies to the PayAll, do they stack?

  • 6079 Smith on 11/09/2024 - 22:25
    +1

    If you have an upcoming luxury hotel stay with LE (I know this is probs the wrong crowd) then the Stay 4 Pay 3 deal can possibly cover the card fee. If you want to test it out, promo is CitiPrestige​

    • Big L on 12/09/2024 - 00:27

      It was great before being exclusively LE; I wouldn't give that ratbag a zac

      • 6079 Smith on 12/09/2024 - 11:08

        I do miss the old Expedia set up.
        Which ratbag are you referring to ?

        • nightelves on 13/09/2024 - 13:07

          They’re referring to Luxury Escape as the provider now.

        • Big L on 13/09/2024 - 13:15
          +1

          Adam Schwab, the CEO. A flog of biblical proportions

    • IXXI on 13/09/2024 - 08:45

      I tried a number of dummy bookings using that code and all said "No active promo code found". Probably doing something wrong.

  • Fancydancer on 12/09/2024 - 06:41
    +5

    I love the top level priority pass with this deal, no brainer for travelling - particularly domestic where lounges are rare.

    • kanga91 on 12/09/2024 - 09:52
      +5

      This gets me $210 of restaurant credits every time I fly from T2 at Melbourne. It's unreal how much value I've gotten from this

      • evgpek on 12/09/2024 - 11:04
        +2

        Although the $210 credit is true, the real value is more like $52.5 because everything is overpriced at the airports. Unless you really were going to spend $210 :)

        Also it is best to pay the difference in cash at restaurants, as they apply a 1.5-3% credit card fee to the total value.

      • IXXI on 12/09/2024 - 14:13

        Could you please elaborate on this? It seems to be $36 per guest from looking at the Priority Pass site. How do you score the $210?

        • kanga91 on 12/09/2024 - 14:29
          +2

          You get unlimited +1 guest making it $72 and there is 3 restaurants you can go to.

          • IXXI on 12/09/2024 - 14:33
            +1

            @kanga91: Ahh, great, thanks. So there is nothing in place to prevent you hopping restaurants? This might well be worth it then for my family of 5 travelling via Singapore, Munich, Frankfurt and JFK next month. Assume we could just grab 2 meals at a number of restaurants to feed the whole gang? I'd get $700 of value from that one holiday alone.

            • kanga91 on 12/09/2024 - 15:38

              @IXXI: Yeah that's right. A lot of airports don't have restaurants to redeem at though only lounges. You can check before hand on the priority pass app

            • Fancydancer on 12/09/2024 - 17:14

              @IXXI: Absolute no brainer

            • chacha on 13/09/2024 - 13:49

              @IXXI: We done this at Singapore! Very worth it.

          • angry-redbird on 12/09/2024 - 14:47

            @kanga91: So if I have my wife & kid with me and our total bill is $100, they would take $72 off the bill?

          • Gryan0619 on 13/09/2024 - 12:41

            @kanga91: Could I also visit the lounge after those restaurants? TIA

            • kanga91 on 13/09/2024 - 12:49

              @Gryan0619: Yes

            • chacha on 13/09/2024 - 13:50

              @Gryan0619: had a 8 hour transit recently at Singapore. Visited 3 lounges in 3 terminals. Tried food from 2 different restaurants. Had a massage and a shower.

              • Gryan0619 on 13/09/2024 - 13:54

                @chacha: WOW, what a good deal. Thanks, guys will try it.

              • nightelves on 14/09/2024 - 12:35

                @chacha: That there probably paid for the annual fee 😂

            • Fancydancer on 18/09/2024 - 15:36

              @Gryan0619: Of course

      • pjwellsey on 13/09/2024 - 20:17

        The old T2 Priority pass pub crawl

  • captbollocks on 12/09/2024 - 13:59

    This time though we can't use free Citi PayAll to get to the required $10,000 spend. That was a peace of piss last time!

    • Fancydancer on 13/09/2024 - 09:06

      Are PayAll transactions considered to be ‘cash advances’ under their terms? I can’t see any mention of not earning points on these otherwise

      • dealstacker on 13/09/2024 - 12:23
        +1

        No, they are considered purchases and are eligible to meet spend criteria. Just comes with a 0.95% fee.

        • Fancydancer on 13/09/2024 - 12:27
          +1

          That’s what I thought but not sure why captbollocks was saying otherwise. Thanks

          • captbollocks on 13/09/2024 - 12:39
            +2

            @Fancydancer: As per dealstacker it counted towards the $10k spend criteria to get the 250k bonus points but now there's a fee.

    • SirDarkRed on 13/09/2024 - 17:16
      +1

      You can PayAll to a mortgage offset or savings account, earning a bit of interest and hitting SUB at the same time.

      • MangoUbe on 24/09/2024 - 11:17

        i just tried and it said the receiving account cannot be under your name

        • a1234my on 24/09/2024 - 11:21

          Starting to check account name now?

          • MangoUbe on 24/09/2024 - 12:04

            @a1234my: Yeah, it looks like it. Lucky offset account is joint with the wife. So i used wifes name instead.

  • Miroslav on 12/09/2024 - 15:17

    "I normally buy 4% off Coles gift cards"

    Where do you buy Coles gift cards at 4% off?

  • SirDarkRed on 12/09/2024 - 18:44
    +1

    These offers keep getting worse.. still a solid card to churn though

  • chacha on 13/09/2024 - 11:49
    +3

    I got this card 9 months ago. Loving Priority Pass access. PP benefit it self has payed out the annual fees. Done 19visits. And for me its no brainer to renew it for 2nd year. With PP unlimited access primary + guest can order food upto the value of $36*2 from selected restaurants in all Australian air ports. We use it (family of 4) during departure and arrivals. Very useful especially if traveling JetStar with kids where they become hungry as soon as enter the plane :) Same options available in most major international air ports like Singapore, KL and HK.I have not mastered the PayAll. I have seen some forums with very creative work. Keen to hear from fellow OZB, but not sure I am too late as free PayAll is no longer there.

  • countmein on 13/09/2024 - 11:50

    Damn i can spent 10k in 3 months, the prob is how i pay it. Damn

  • InfinityXLR on 13/09/2024 - 12:55

    These offers are getting worse and worse.

    Used to have this Citi card with offer $350 annual fee 1st year + 300,000 points when met $10000 spend + 1 year Priority Pass access.

    Love the Priority Pass which enabled us to attend many luxury airport lounges in different countries.

    The best credit card I've ever held.

    Edit: no Pay-all fee applied last year, so we pay in/out $20000 per month to our home loan offset to deduct many loan interests as well.

    The only cost for us is $350 annual fee, we enjoy a lot for the rest benefits :)

    • Fancydancer on 13/09/2024 - 13:05

      Unfortunately in their wisdom for no reason I can find, Citi canceled all my scheduled pay all transactions shortly after they ended the fee free offer :(. I canceled the card the next day, just before the annual fee.

      • InfinityXLR on 13/09/2024 - 13:13
        +1

        Thats sick…
        I cancelled the card before the annual fee renew date, which was still within PayAll fee free period.

  • matbargain on 17/09/2024 - 19:56

    The 5th free stay with luxury escapes, does anyone know if the $1000 back includes cruises?

  • Mr Joker on 20/09/2024 - 11:16

    If i churned this card last year, do i have to wait 12 months before i can re-apply to get this sign on bonus?

    • dealstacker on 20/09/2024 - 17:08

      Unsure. It doesn't have an exclusion period in t&c but some people have mentioned that they have spoke to Citi representatives who say that there is an exclusion period of 12 months. Best to ask chat before applying.

      • Mr Joker on 21/09/2024 - 22:00

        When I spoke to a customer representative. They said that it was 6 months. Another one said that it was 3 months or you could never get the sign on bonus if you had previously held the card. Super confusing but I would assume 12 months is the standard period.

        • dealstacker on 23/09/2024 - 19:15

          Thanks for sharing your data point.

  • MangoUbe on 24/09/2024 - 12:22

    i dont understand the payall process, whats the interest charged if i only pay min 2% repayment? - The balance transfer can go into a bank account or mortgage offset so one could do this on activation and then 85-90 days in to get another 6 months of interest free (as the interest free period counts from the date of transfer when this is done within the first 3 months). on a 20k limit, an initial balance transfer of 80% ($16,000) with minimum repayments of 2% (and then restarting 3 months in) yields an average balance of around $15,000 over the nine months. In a mortgage offset of 6% this will save 9/12 x 0.06 x 15,000 = $675 in interest. In a savings account at 5.5% interest this yields $618.75 (before tax).

  • qq830821 on 24/09/2024 - 17:57

    just a reminder that for those that still have scheduled payall transactions. you can only have a total payall amount of 20k across all your citi cc p.m.. therefore, you wont be able to use payall to meet the spend requirement

  • MangoUbe on 03/10/2024 - 13:06

    Could someone please confirm, so i just done a Payall of $16,000 to offset account, this is 6 months interest free? and i just need to make minimum repayment each month of 2%?

    • dealstacker on 05/10/2024 - 08:16

      It is not interest free. for interest free you would need to pay the card off and then request a balance transfer over the phone or via chat, and ask it to be sent into a BSB and account number.

  • a1234my on 11/10/2024 - 20:26

    Do this works, $16000 BT and $4000 payall (repeat for 2 &1/2 times) ?

    • dealstacker on 11/10/2024 - 20:28

      I did exactly this. Beware though, the Qantas version excludes payall transactions for minimum spend criteria which tells me they may do the same thing to the regular one without notice.

      • a1234my on 11/10/2024 - 21:08
        +1

        thanks for the heads up, mate have the qantas version. Better get printscreen now just incase.

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