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.
These deals are worse and worse