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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
Pgreenslade on 29/10/2024 - 18:42 www1.citibank.com.au (1227 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

    • 6079 Smith on 30/10/2024 - 08:49
      +2

      Generally they just mean you have a return date to Australia prior to leaving rather than it being an open ended trip, they don’t care if it’s on the same PNR or not

  • clause on 30/10/2024 - 08:55
    +1

    I've recently applied and currently holding the citi premier one, will I still be eligible for the bonus points if I apply for this card? Thanks!

    • realaccount627465746 on 30/10/2024 - 11:28
      +1

      yeah i've churned the premier twice while holding this card

  • UWK on 30/10/2024 - 09:26

    Sorry a stupid question because I never knew that BT could go towards your offset account.

    This Citi card offers:

    Citi Clear Credit Card
    0% p.a. | 28 Months on BT

    It has a minimum limit of 2k and upper limit of 100k. Would this card not be better for mortgage offset? Unless there is something special about the Citi Prestige Credit Card BT?

    • dealstacker on 30/10/2024 - 13:52
      +2

      That card has a 3% balance transfer fee.

  • vikaskamboj on 30/10/2024 - 09:37
    -1

    With current level of inflation 10k in 90 days is so doable.. they should raise their criteria for the card to be considered prestige 😄

  • cktftw on 30/10/2024 - 09:48

    Can anyone help confirm whether this card's points can be transferred to Cathay Pacific Asia Miles?
    Some websites say it does but Citi's website only lists 3 options (SQ, flybuys and Virgin)

    • h4lcyon on 30/10/2024 - 11:25
      +2

      Looks like it. Here is what I see in the portal for points transfer.
      https://ibb.co/yn8SbMr

      • cktftw on 30/10/2024 - 12:48
        +1

        Cheers

    • Kods on 31/10/2024 - 18:22

      Yes it does, I have been doing it for the last 2 years.

  • Davelovesdealz on 30/10/2024 - 10:25

    mmm - is the BT still 0% with spending on the card? How would I do the transfer on day one of owning the card and get the 250k points….

    • dealstacker on 30/10/2024 - 15:23

      The BT is 0% always, but spending with the BT is not. Payall would be charged interest from the date of payment. Best to do the payall first for $10,000 to get the bonus points. Once the payall goes through, pay it back and then do the balance transfer.

  • neme on 30/10/2024 - 10:34

    Citi is the only institution that knocks me back and I can't figure why. I'm earning 150k+ annually and I pay an extremely discounted rent (family member owns the house) with no other high limit cards.
    I churn several cards every year, but so do most of you? 760 credit rating, though.

    • Homr on 30/10/2024 - 12:16

      how many is several? If you churn once every 2-3 months then you might have a problem.

      I got knocked back before when I churned within 3 months.

      • neme on 30/10/2024 - 12:45

        Yeah every 2 months or so. I'll wait a bit before applying for this one again then.

        • Homr on 30/10/2024 - 13:53
          +3

          Yeh every 2 months is too soon. i would aim for 4 churns max per year which is once every 3 months.

    • nightelves on 01/11/2024 - 05:47

      800+ credit score seems to be the sweet spot for Citi.

      • neme on 01/11/2024 - 10:44

        Yeah I find it hard to get there as I have very few bills in my name, and I churn a bit too much. I did get the Citi Ready Credit thing approved once, though

        • nightelves on 01/11/2024 - 10:50

          Sign up to Illion so you can track when credit cards gets closed or see if there's one that you have closed but have not been recorded. It's probably the best way to churn and get an idea if the banks will approve you or not.

    • Major Packer on 01/11/2024 - 12:06

      I make similar income, have a home loan, credit score 890+ and got approved

  • Drakesy on 30/10/2024 - 14:30
    -3

    WHY IS THIS GETTING UPVOTED?

    This is a trash deal imho.

    • dealstacker on 30/10/2024 - 15:25

      Churning this card yields over $1,000 profit in gift cards and interest through the points and balance transfer alone for anyone with a PPOR mortgage, and close to $1,000 for anyone else. Few cards come close to that

      • Drakesy on 30/10/2024 - 18:24
        -1

        ANZ, AMEX all have offers better than this and they don't require a spend of $10k.

        • dealstacker on 30/10/2024 - 22:00

          What cards are you referring to?

          The AMEX offers are all awful at the moment. Platinum is 150,000 points which is only worth $750 with an annual fee of $1,450, although it does come with other benefits which cannot be converted to an exact dollar amount. Even at higher offers of 300,000 for the platinum it barely breaks even with the annual fee.

          ANZ Rewards Black card offer is great netting approximately $600 after fees for the sign up bonus but it isn't better than the Prestige considering it nets $1,000. The required spend for the Prestige is effectively zero due to PayAll, detailed in the original post.

  • Trying2SaveABuck on 30/10/2024 - 14:44

    Someone want to explain balance transfers to me like im 5 y.o

    • dealstacker on 30/10/2024 - 15:38
      +3

      A balance transfer traditionally transfers a debt or 'balance' from one credit card to another. Banks offer promo periods of low or no interest and a small or no fee, for you to move your lucrative (for them) credit card debt from another bank (card A) to theirs (card B). Functionally this occurs by the new bank paying out the balance of card A, and then charging that to card B. If you have credit card debt this can save you thousands in interest. However, because the bank is just paying whatever sum of money you ask to card A (you don't need to prove you actually have any credit card debt/balance) you can give yourself interest free cash by requesting one to a card without any debt to put card A into a credit (surplus) balance, then get that credit balance refunded to you in cash. You can then earn interest in a savings account or home loan offset with this. Citi is attractive in particular because they uniquely offer the balance transfer funds to be sent to a BSB and account number directly, negating the need for a card A.

      Considerations for balance transfers with other cards:

      they can come with either interest (usually 0-3%) or one off establishment fees (usually 0-3%)

      Some cards require closure for the credit balance to be paid back to you, like ANZ. So ANZ would not be an ideal card A if you wanted to keep it open.

      Some banks like NAB are picky with who they abalone transfer to. for example they will not balance transfer from AMEX cards.

  • bp1984 on 30/10/2024 - 16:00

    international transaction fee of 3.4%??? 🙀

    • h4lcyon on 30/10/2024 - 16:04

      This is a card you only use locally, there are other cards better suited for international transactions.

      • bp1984 on 30/10/2024 - 16:04

        yes makes sense

  • Major Packer on 30/10/2024 - 18:23

    Do you earn the 250,000 Citi Rewards Points in the second year? If not, can anyone share strategies to get $700 back if I only travel and use the PP a couple of times a year?

  • itzSTARSCREAM on 30/10/2024 - 21:22

    How long does it take for the bonus points to appear? First statement?

    • dealstacker on 30/10/2024 - 22:01
      +1

      First statement for me.

  • Major Packer on 30/10/2024 - 22:44

    Can the additional card holder also get PP?

  • mengqing on 31/10/2024 - 23:27

    Anyone know if you can apply the card under a business?

  • b00tyman on 01/11/2024 - 11:28

    I had a prestige card previously <12months
    Would i be able to apply for this and be eligible for the bonus points?
    Couldnt see it in the T&C's like other bank cards stating minimum 12months

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