Earn up to 150,000 bonus points during Citi’s credit card Flash Sale
Citi’s credit card Flash Sale offers the highest bonus points reward on the market, but is it worth it?
Citi is luring new cardholders to sign up for its Citi Platinum and Signature credit cards with the promise of up to 150,000 Citi Reward Points. The highest bonus points offer currently available on the market, it’s only available to cardholders who apply during the Flash Sale until 22 November 2016. Currently, the American Express Explorer credit card is the closest competitor, offering up to 100,000 bonus points for applicants who apply by 30 November 2016.
As you’d expect, though, Citi’s 150,000 bonus points don’t come for free. Instead, cardholders are required to make a minimum purchase of at least $1 in a statement period to receive the points. The points are awarded in increments of 10,000 and you can take advantage of the offer every statement period for 15 months, giving you the potential to earn up to 150,000 points in total.
While both of the cards have a reduced annual fee of $124 for the Platinum card and Signature $197 for the first year, these revert to $249 p.a. and $395 p.a. respectively thereafter. So, if you were using the Platinum card and wanted to take full potential of the points, you’d have to pay a minimum of $388. This obviously doesn’t include any additional purchases and interest of 20.99% p.a. if you don't pay off your balance. Unless these purchases already match your spending habits, you'd need to calculate whether the dollar value of the points outweighed this cost to determine whether the bonus points are giving you any extra value.
In contrast, the American Express Explorer card has an annual fee of $395 and spend requirement of $1,500 within the first two months of card approval. This brings the total amount you’d need to spend to earn the 100,000 bonus points with American Express to $1,895. However, as the Explorer card offers an annual $400 travel voucher, this could help offset some of the costs to earn the points.
The whole reason you earn points with your credit card is for the rewards, so what can you redeem with this number of points? If you browse the Citi Rewards store, you can find plenty of rewards that are 150,000 Reward Points or less.
Citibank Rewards transfer rates to frequent flyer programs
|Frequent flyer program||Transfer requirements||Points rates|
||2.5 Citi Rewards = 1 Skywards Mile (Prestige and Signature)3 Citi Rewards = 1 Skywards Mile (Rewards Platinum)|
|Singapore Airlines KrisFlyer||
||2 Citi Rewards = 1 KrisFlyer Mile (Prestige and Signature)2.5 Citi Rewards = 1 KrisFlyer Mile (Rewards Platinum)|
|Virgin Australia Velocity||
||2 Citi Rewards = 1 Velocity Point (Prestige and Signature)2.5 Citi Rewards = 1 Velocity Point (Rewards Platinum)|
You could redeem a Masport 625 St Mulch and Catch Lawn Mower for 103,200 points, a Coleman 6P Series Instant Up Tent and two chairs for 109,400 points or a Qantas Constellation 3 piece trolley case set for 75,100 points, just to name a few options. If you’d prefer to redeem your Citi Rewards for travel perks, you can transfer them to your choice of Cathay Pacific Asia Miles, Emirates Skywards Miles, Singapore Airlines KrisFlyer Miles and Virgin Australia Velocity Points for an exchange rate of 2 Citi Rewards per 1 frequent flyer point. So if you transferred 150,000 Citi Reward Points to Velocity Points, you’d get 75,000 Velocity Points. Using the Velocity points table, you could travel from Sydney to Los Angeles in Premium Economy for approximately 71,700 points. Considering most one-way economy flights from Sydney to Los Angeles cost between approximately $700 and $1,000, redeeming your points for flights could be a rewarding way to offset the cost spent to earn the points.
In contrast, American Express has an exchange rate of 1 Membership Reward point per 1 Velocity Point. So, you’d get an equal exchange rate of 100,000 Membership Rewards for 100,000 Velocity Points with the bonus points from the Explorer credit card. This could get you a return economy flight (89,600 Velocity Points) or business one-way flight from Sydney to Los Angeles (95,500 Velocity Points). In this case, redeeming your bonus points for flights is another way you can outweigh the spending requirements to earn the points.
While the Citi Platinum and Signature Flash Sale credit cards offer the highest bonus points offer on the market, it will only be the most competitive offer for you if the spend requirements and annual fees suit your budget. If you want to know more about how these cards work, including the other additional features and fees involved, check out our review of the Citi Platinum and Citi Signature flash sale offers.