• long running

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

550
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
Pgreenslade on 29/10/2024 - 18:42 www1.citibank.com.au (1214 clicks)

I was looking for this deal on ozbargain, saw it was marked as expired, but actually it's active again.

Copying from last deal: https://www.ozbargain.com.au/node/866040

Same points bonus 250,000.

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

Related Stores

Citibank Australia
Citibank Australia

Comments

  • askbargain on 29/10/2024 - 18:48
    +1

    https://www.ozbargain.com.au/node/836040

    220k here

    • lazywombat on 30/10/2024 - 08:21
      -2

      This other deal expired on 31 Oct and only seems to offer 110K points

      • 6079 Smith on 30/10/2024 - 08:43

        That deal refers to 110k Velocity points which are converted 1:2 from Citi points, hence 220k Citi points (so yes, less good than this deal)

      • askbargain on 31/10/2024 - 19:33

        expired after your comment but well done

    • MadMaxBargainRoad on 30/10/2024 - 10:56

      This is indeed a better deal if it hasn't expired. 300 af vs 700 with just a tad bit less points

      • thriver on 30/10/2024 - 21:33

        There’s still one more day to 31Oct expiry

  • Homr on 29/10/2024 - 19:03
    +1

    is there a minimum income to join this card?

    • Hugh G Rection on 29/10/2024 - 19:13
      +20

      if you have to ask, it probably isn't a good idea to apply. lol.

    • nightelves on 29/10/2024 - 19:51

      Yeah 10 stacks of high society

    • knighty on 30/10/2024 - 16:39

      It's likely not as high as you think. The min $15k limit Westpac card is only $70k p.a.

  • kevst on 29/10/2024 - 19:17

    Weird,

    Citi is only doing credit products now.
    They closed all their retail products and sold them to NAB and now they are doing the credit products only.

    Maybe they run these products as part of the private banking and are trying to maximise income for these products by selling them retail as well.

    Huh.

    • ol mate on 31/10/2024 - 03:39

      Citi Australia’s consumer business in Australia is owned by NAB. NAB has transitioned all their products except cards to the nab brand now - I think it’s a bit harder for them to transition the card business because of the co-branding for other banks

  • tnarg on 29/10/2024 - 19:22
    +1

    Great explanation

  • DingoBilly on 29/10/2024 - 19:38
    +6

    I'm a regular credit card churner but this feels like the big leagues of credit cards. Massive limit, spend and annual fees. I'm sure it's worth to some but easier rewards to be had elsewhere.

    • gazer on 29/10/2024 - 19:41
      +3

      Me too and don’t reckon $550 a great ROI/effort. At least 850 return is where I think this league card has been previously

      • Broos on 29/10/2024 - 21:19
        +3

        Okay so what is the current superior alternative to this card, then?

    • dealstacker on 29/10/2024 - 20:42

      There is effectively zero spend required if you use the payall feature to pay yourself $10,000 for a $95 fee (also receive $50 in flybuys dollars from earning 10k points).

      • gazer on 29/10/2024 - 20:56

        Doesn’t change return of only ($550+50)- 95 = 505 though if you’re going to be spending the $10k anyway?

        • realaccount627465746 on 29/10/2024 - 22:15
          +1

          unlimited priority pass, visit every venue in the airport a few times lol

        • dealstacker on 29/10/2024 - 22:50
          +1

          Plus over $500 in interest earned/saved from the balance transfer offer makes this card an elite churn. Add in mobile phone insurance, unlimited pp, $100 uber credit for even more value too.

          • Kibbelhs on 30/10/2024 - 09:30
            +3

            @dealstacker: Mobile insurance only for post-paid. Not compatible with many ozbs.

            • SithVicious on 31/10/2024 - 11:59

              @Kibbelhs: What does post-paid mobile insurance mean? Asking for a dumb friend.

              • Kibbelhs on 31/10/2024 - 13:43

                @SithVicious: I meant the mobile insurance is only available for postpaid plans.

    • ZuluOz on 29/10/2024 - 22:41

      What does churning do to your credit history in Aus?

      I see lots of Americans talking about it but not much on the impact to the way we do it.

  • auindie on 29/10/2024 - 19:45
    +2

    Has anyone been able to do a BT into a offset mortgage account recently as looking at other threads its only possible to do a BT inti a CC account
    . I got this card last September and looimv ti get 80% of my credit limit for next 6 months

    • a1234my on 29/10/2024 - 20:34

      Yes, call them and give them the Bsb + account number

    • dealstacker on 29/10/2024 - 20:44

      I have done this and it works. Call them.

    • ely on 30/10/2024 - 17:12

      I've done this in the past by BTing on to ANZ and Westpac cards, putting them into credit, and then transferring out without fees.

    • HiDave on 31/10/2024 - 22:10

      Oh wow, I thought I had to BT to another card (then move the positive balance to my offset).
      Amazing to hear some are just BTing to their BSB!
      Thanks guys.

  • mr_asstight on 29/10/2024 - 19:59

    I cancelled this card only 2 months ago can I sign up again?

    • czxbnb on 30/10/2024 - 00:09
      +3

      Cancelled in Jul 2023 due to mortgage application and applied again in Nov 2023, being approved within 24 hours and received the bonus point.

    • realaccount627465746 on 30/10/2024 - 07:30
      +3

      yeah citi don't have an exclusion period

  • HuntnBrew on 29/10/2024 - 20:09

    Nice thanks for the explanation.

    How do people find the priority pass?

    • nightelves on 29/10/2024 - 20:32
      +3

      I make good use of the food voucher.

      • fozzie on 29/10/2024 - 22:15

        Is that food voucher only at airports?

    • graceyym on 30/10/2024 - 10:38

      Was amazing while travelling - only a couple of very small airports didn't have a lounge or food pass, but travelled to Europe & used Priority Pass and got a friend in for free around 7-8 times. Ordereed plenty of cocktails & ate my money's worth in food while waiting for connecting flights. Very happy with it

  • xrailgun on 29/10/2024 - 20:12
    +2

    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).

    Can someone ELI5?? Read it 3 times and still have no idea.

    • thecloudking on 29/10/2024 - 20:44
      +1

      Take out 10k credit card. Transfer 8k into your offset.

      Leave it for 5 months 29 days. Transfer it back

      You pay 6 months less tax on mortgage thanks to the extra 8k : - )

      I could be dead ass wrong.

    • dealstacker on 29/10/2024 - 20:50
      +15
      1. Get the card
      2. Call and ask for a 'balance transfer', to a BSB and account number of your choosing
      3. Let the balance sit in a high interest savings or mortgage offset account to accrue or offset home loan interest
      4. pay the minimum repayments of 2% per month
      5. right before 3 months have elapsed, pay the balance back and then request another balance transfer to reset the 6 month 0% period (the promotion applies to balances transferred within the first three months from approval) to effectively get 9 months of interest free money
      6. pay the minimum repayments until the promo is over, at which point pay the balance back off and close the card before the next annual fee comes.

      Any questions?

      • wshinji on 29/10/2024 - 20:55
        +1

        Yes how do you combine this with the 10k spend as you can't have BT when you haven't completed the 10k spend. Only option is to use payall straight away?

      • b-t on 29/10/2024 - 21:37
        +17

        To maximise the returns, I believe you're missing the PayAll step.

        1. Get the card
        2. Perform PayAll of $10K to your own BSB and account number
        3. After receiving $10K in other bank, immediately repay the $10K
        4. Call and ask for a 'balance transfer', to a BSB and account number of your choosing
        5. Let the balance sit in a high interest savings or mortgage offset account to accrue or offset home loan interest
        6. Pay the minimum repayments of 2% per month
        7. Redeem the 250,000 Citi Rewards points however you deem valuable (ie. Velocity, Qantas, FlyBuys…)
        8. Right before 3 months (suggested 85-90 days) have elapsed, pay the balance back and then request another balance transfer to reset the 6 month 0% period (the promotion applies to balances transferred within the first three months from approval) to effectively get 9 months of interest free money
        9. Pay the minimum repayments until the promo is over, at which point pay the balance back off and close the card before the next annual fee comes

        Am I correct?

        • iwatchfatpplsleep on 30/10/2024 - 11:33
          +2

          Im gonna bookmark this amd come and complain to you later if it doesnt work. Thanks

        • greenslade on 31/10/2024 - 19:07

          thanks for the explanation.
          Just checking, does this still make sense if one doesn't have an offset account? no mortgage or offset, just high interest savings account.

          • b-t on 31/10/2024 - 20:09
            +1

            @greenslade: Yes, your returns will just be slightly less. Mortgage at 6% interest with a 100% offset would mean your gains is 6% p.a.

            With a HISA, your gains will be whatever your interest percentage is p.a., but then also you will need to pay tax on that as it’s considered “income”.

      • xrailgun on 29/10/2024 - 22:01
        +2

        Thanks! So there's actually no interest charged, and the "minimum repayments of 2% per month" are effectively just principle as well? Truly no cost loan for ~9 months?!

        • dealstacker on 29/10/2024 - 22:35
          +1

          Yeah best to payall first (I was just explaining the BT component of the deal). There is no interest charged you are correct that the 2% is principle repayments. Other banks do have these types of offers for BTs but Citi’s advantage is they let you send the funds straight to your bank

          • ModBot on 30/10/2024 - 07:13
            +1

            @dealstacker: I thought they removed payall from these cards ? Is there a fee now?

            EDIT: just read OPs post, there is a fee. (0.95%)

  • kehuehue on 29/10/2024 - 20:51
    +1

    Just closed my Citi Rewards Card as payall expired. How long do I need to wait before I can apply for this?

    • dealstacker on 29/10/2024 - 20:52

      Doesn't seem to be any disclosed exclusion period. Ask via chat or phone

  • maruko on 29/10/2024 - 21:11

    Can someone explain this bit in more detail. My brain hurts.

    ….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)…

    • nicolascage on 30/10/2024 - 08:14
      +1

      So I think you could do N transfers but you want to wait until the end of the 3 months, this is the period which offers the interest free promotion. The reason why you wait until the end is to maximise the interest free period which will get you 9 months, an extra 6 months. If you were to balance transfer only once, in the second month you’ll only get 8 months. That’s one month less of free cash in your mortgage or high interest savings account.

      Quote
      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

  • abc on 29/10/2024 - 21:12

    Are existing Citi card holders eligible?

  • fozzie on 29/10/2024 - 21:25

    I think also the balance transfer works for Qantas as well. They are offering $1700 worth in points atm (150k plus 20.000 via activation for new credit card Qantas members)

    • dealstacker on 29/10/2024 - 22:42
      +2

      Beware the qantas version excludes payall transactions as part of the eligible spend. So you’d need to actually spend 7.5k in two months to get the bonus.

      • fozzie on 29/10/2024 - 22:43

        Great thanks for that! We already applied for that one. I’m assuming that we could still have do the rest pay all to our bank account to maximise the interest free? Thanks

        • dealstacker on 29/10/2024 - 22:45
          +1

          The interest free balance transfer is different to payall. It is a payment executed by Citi when you request over the phone or on application. Payall is simply treated as a purchase.

          • fozzie on 29/10/2024 - 22:50

            @dealstacker: Just editing. We will be able to spend $7500 over two months. I’ll then just request a balance transfer to my bank account. Could I ask for $12500 or is there a maximum amount? Thanks again

            • a1234my on 29/10/2024 - 23:08

              @fozzie: qantas version exclude spending on payall

              Eligible purchases exclude Citi PayAll payments, Cash Advances, Balance Transfers, Special Promotions, interest, fees, refunds and Chargebacks.

              • fozzie on 29/10/2024 - 23:16

                @a1234my: Yes, I understand but I wonder if I can do a balance transfer? I’ll get in touch once approved and ask.

                • a1234my on 29/10/2024 - 23:38

                  @fozzie: Yes same 6 months, mate with a qantas version. Call up did balance transfer 80% to bsb.

                  • fozzie on 29/10/2024 - 23:42

                    @a1234my: Thanks very much :)
                    Looks like if you can meet spend criteria and want Qantas points it’s a slightly better offer as you get $1500 in points plus free interest from balance transfer. -$750 fee.

  • coralda on 29/10/2024 - 22:26
    +5

    The Priority Pass offering is somewhat unique insomuch as you get to take a guest for free. Even purchasing direct from PP doesn’t offer that.

    • dealstacker on 29/10/2024 - 22:43
      +2

      And also you get to use the passes for restaurant vouchers which the Amex platinum excludes you from doing.

      • patinadiary on 31/10/2024 - 14:53

        can you please explain this in a little more detail?

        • dealstacker on 31/10/2024 - 15:05

          Priority pass visits can be used for lounges or a $36 dining credit at select restaurants at a given airport which can be better or worse than the lounges as quality varies. Better yet, these can be used at each different restaurant if there is more than one. In my case me and my partner have this card yet there are five of us travelling at the end of the year. We can use the four total visits (cardholder plus one guest for each card) to have a total of 4 x $36 = $144 in dining credit at each restaurant rather than having only four of the five of us able to access the lounges. More options never hurts and this I believe is the only card which has unlimited visits which include the dining credit (AMEX has unlimited visits but excludes the credit)

          • CodeXD on 31/10/2024 - 15:21
            +1

            @dealstacker:

            Priority pass visits can be used for lounges and a $36 dining credit at select restaurants

            Fixed it for you

    • huuuuugo on 30/10/2024 - 14:53
      +1

      Can confirm that the Priority Pass thing is amazing. Used it on multiple occasions in multiple countries over the last 2-3 years. Only worth $700 p.a. if you are flying a lot or gaining lots of money back from spending on this (which is an unhealthy way of thinking TBH)

  • retnup on 29/10/2024 - 23:04
    +1

    PayAll or Sniip for rent/mortgage? I can't decide

    • mouski on 30/10/2024 - 07:51

      Sniip has higher fee 1.5% for visa/mc

  • AdModnar on 29/10/2024 - 23:38

    is it possible to do another balance transfer (of the 2% minimum payment amount you've just made) after each of the first two months?
    that maximises the amount of "free" interest paying or balance in mortgage offset account.
    Not big effect overall but I wonder….

  • hotdish on 30/10/2024 - 04:42
    +20

    For anyone on the fence with this, I've had it for 2 years since the days of the half price annual fee and 0% payall.

    What most people overlook is the value of priority pass.

    If you fly regularly, the $36 credit per sector for several stores is great and as it is the platinum priority pass you get to have a "guest" for an additional $36, totalling $72. Funny how my guest "wife" is never actually in line though and the stores don't care.

    So arrive at an Australian airport, use a $72 credit for store 1, then go to store 2 5 minutes later and rinse repeat for another $72 credit.

    When I travel through Melbourne I stop by the brewery (Virgin terminal) and use my $76 on t shirts and hoodies lol. I have about 15 shirts at home and give them away to friends and family.

    To be clear, it is not $36/$72 per sector. If you are doing a one way flight, and there are 5 eligible stores to use priority pass, you can spend $72 at all 5 and also have another crack once you land. This is well documented and discussed in ozbargain forums, whirlpool and expired Citibank posts for this product.

    When I arrive home, I also stop by the sushi store at Canberra and bring $72 of sushi home takeaway. Also nothing stopping you from buying $72 of takeaway coke/energy drink cans. If any store asks you where your guest is just get the person in line behind you to be your first and shout them a drink.

    I'm easily spending $800 annually on priority pass annually for a cost of $0.

    • Weasel on 30/10/2024 - 07:37
      +1

      This is next level - love it.

    • 6079 Smith on 30/10/2024 - 08:46
      +1

      It never occurred to me that I could buy a hoodie. Well done!
      I cancelled the card on Thursday about my PP account still seems to be active so might see how much more I can get from it.

      • a1234my on 30/10/2024 - 13:24

        Please report back how long will the PP membership die out. TIA

        • 6079 Smith on 30/10/2024 - 17:32
          +1

          End date on the PP card is 11 Nov which must be 12 months from when I activated it, I assume as long as the card shows in the app it works

    • AG_ACT on 30/10/2024 - 08:55

      Can you officially use priority pass when you land, or are you just chancing it?

      • realaccount627465746 on 30/10/2024 - 10:28
        +2

        just need to have a boarding pass. every time i've used it they just ask for a flight number don't even sight a pass. doesn't mention prior to flight anywhere i doubt the stores care they get paid anyway, same reason they don't care about imaginary guests.

        can be an issue accessing them if they're after security depending where you get dumped out on arrival.

      • 6079 Smith on 30/10/2024 - 17:34
        +1

        I’ve found often the language, especially for Landside lounges or dining outlets, is “same day boarding pass required”
        Doesn’t say which direction

        • heytherehoney on 30/10/2024 - 20:58

          This is a good point - I've always assumed it had to be pre-travel so I've never tried it on landing (I get asked for a boarding pass 50% of the time I'd say). Worth a shot next time.

      • hotdish on 31/10/2024 - 16:35

        In your account (the app) it says unlimited visits…I've had this for two years, never had issues. It's not like I'm going to the airport with fake boarding passes … It doesn't say in the terms and conditions you can't use it on arrival.

    • cktftw on 30/10/2024 - 10:14

      What type of priority pass do you get with Amex Platinum?
      Same?

      • dealstacker on 31/10/2024 - 21:36

        Similar with the exception that you can’t use it for dining credit at restaurants. The AMEX does have another PP for one supplementary cardholder.

    • CodeXD on 30/10/2024 - 13:33
      +1

      When I travel through Melbourne I stop by the brewery (Virgin terminal) and use my $76 on t shirts and hoodies lol.

      Is the brewery "stomping ground brewery and beer hall"? I googled Melbourne Airport Virgin terminal and got T3, and then checked my priority pass app for places in T3.

      I'm heading over to Melb over Christmas so would be a good chance to use PP more.

      • hotdish on 31/10/2024 - 16:19
        +1

        Yeah mate Stomping ground! Even when I fly with Qantas (different terminal), if I have time I'll walk over to the other terminal (15 mins) and use my $72 of credit there. They don't care what airline you're flying with - they don't care you're flying in another terminal. Priority pass just needs a valid flight that day. That's it.

        • CodeXD on 31/10/2024 - 17:51
          +1

          Cheers! Can't wait to stomp those grounds real good

    • nightelves on 01/11/2024 - 05:43
      +1

      Are the hoodies any good at the brewery? Didn’t know you could get merch. That’s next level.

  • hiaaron on 30/10/2024 - 06:20
    +1

    I have this one. You can usually ask for a waiver of the annual fee, and then they halve it depending on your expenses over the year. It was great when Payall was free, you could earn lots of points that could easily offset the annual fee.

    • greenslade on 30/10/2024 - 10:18

      Interesting. I'm curious, when do you ask for the waiver? when you open the account, or when you negotiate to discuss closing the account, or just any time?

      • realaccount627465746 on 30/10/2024 - 10:45
        +2

        if you discuss closing it they can't negotiate, they just have to close it.

        when the anniversary is close then ring and ask about the fee and waiving it

        • nightelves on 01/11/2024 - 05:44

          Wow did not know you could do that either. I’ll definitely try that for next af.

    • muzzamo on 30/10/2024 - 10:52

      I was able to get it halved when going into my second year, but going into my third year they wouldn't budge. Called back several times etc. I've still got payall going so as you say for third year i will earn ~$1200 in gift cards to offset the annual fee.

      I've also used it for the luxury escapes 4th night free deal, it's ok although the inventory at luxuryescapes is often a bit dearer to begin with than going through hotels direct etc.

  • ellave on 30/10/2024 - 07:26
    +2

    What exactly is Payall? Is it just a cash advance but without the usual high cash advances fees??

  • retnup on 30/10/2024 - 07:59

    Any ideas if annual fee can actually get halved or waived upon request? And eligibility, what kind min salary would you require for this? Churning from ANZ black which I'll be closing soon and looking at next options

  • HuntnBrew on 30/10/2024 - 08:23

    Has anyone activated the travel insurance ? To be eligible you must have a return overseas travel ticket which means an air or cruise ticket departing from and returning to Australia. I have purchased single ticket overseas i,e oneway. If i purchase another single ticket back to Australia, i take it i am not eligible ?

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