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Our verdict

Offers 80,000 bonus Velocity Points, airport lounge access and complimentary insurance. But make sure the benefits give you enough value to justify the annual fee.

The Citi Premier is a top-level credit card that offers flexible rewards points and has a generous bonus points offer. You could use 80,000 bonus Velocity Points for a return business class flight from Brisbane to Queenstown (71,100 points plus fees and taxes), with points to spare. If you’re more interested in cash rewards right now, you could use these Velocity Points to get $350 worth of Westfield gift cards (72,836 points for one $250 gift card and two $50 gift cards).

The Citi Premier is also packed with perks, including Priority Pass airport lounge access, complimentary insurance and a concierge. Considering these benefits, a $150 annual fee would be very competitive. But if you don’t spend at least $48,000 on the card each year, you’ll pay $300 in the first year and future years. That works out to an average monthly spend of $6,000 – so check how much you usually spend when you're comparing this card to other options.

Pros

80,000 bonus Velocity Points
Higher rate of 2 Citi Rewards Points per $1 on eligible international spend and purchases made online in Australia or overseas
Complimentary Priority Pass membership and 2 airport lounge visits per year
Complimentary travel insurance
Reduced $150 annual fee from second year on if you spend at least $48,000 in each year
0% p.a. on balance transfers for 15 months, with no BT fee

Cons

High $300 annual fee in the first year and in future years, unless you meet the spend requirements
High 3.4% foreign transaction fee
Balance transfer reverts to a high 22.24% p.a. cash advance rate
You will not be eligible for interest-free days on retail purchases while you have a balance transfer

This Citi Premier credit card offer gives you a way to boost your frequent flyer point balance, with 80,000 bonus Velocity Points when you apply and are approved by and spend $6,000 on eligible purchases in the first 90 days from approval. It charges a $300 annual fee in the first year, but you can get a $150 annual fee in future years if you spend at least $48,000 per year. Keep this in mind when you’re weighing up the card’s features to decide if it’s worth it for you.

The Citi Premier also offers lounge access, with complimentary Priority Pass membership and complimentary international travel insurance, smartphone insurance and other cover. And it earns up to 2 Citi reward Points per $1 on all your eligible spending, which you can transfer to Velocity and other partner loyalty programs, or redeem for gift cards and other rewards.

Details

Product details

Product Name	Citi Premier Card - Velocity Points Offer
Balance transfer rate p.a.	0% for 15 months, then 22.24%
Balance transfer limit	80% of available limit
Purchase rate p.a.	21.49%
Interest-free period	Up to 55 days on purchases
Cash advance rate p.a.	22.24%
Min credit limit	$10,000
Max credit limit	$100,000
Card type	Mastercard

Eligibility

Available to temporary residents	No
Minimum income	$75,000
Joint application	No

Rewards

Rewards program	Velocity / Citi
Bonus points	80,000
Rewards points per $ spent	1
Rewards points cap	200,000

Fees

Annual fee	$300
Minimum monthly repayment	2% of the closing balance or $30, whichever is greater
Late payment fee	$30
Foreign currency conversion fee	3.4%
Cash advance fee	3.5% or $3.50, whichever is greater
Overseas cash advance fee	5%
Additional cardholder fee	$0
Number of additional cardholders	4

On 1 June 2022, Citi's consumer banking business was acquired by NAB. Citi credit cards are still available for application and will have the Citi brand. However, the contract for these cards is now with NAB.

How to apply

You can apply for the Citi Premier Credit Card online in 10 minutes and should receive a response within 60 seconds. Before you get started, make sure to check the eligibility requirements and organise the necessary information to complete the application.

Eligibility criteria

New cardholder. The bonus Velocity Points offer is only available to new Citi customers.
Residency. You must be an Australian citizen or permanent resident.

Credit history. You must have a good credit history with no evidence of defaults or bankruptcy to receive approval. You can get a free copy of your comprehensive credit report and score through Finder.
Age. You must be at least 18 years old to apply.
Eligible balance transfer debt. If you plan to take advantage of the balance transfer offer. You can transfer up to 80% of your credit limit from cards and personal loans not issued under the Citi brand.
Velocity Frequent Flyer details. You will need to provide your Velocity Frequent Flyer membership details to be able to collect the bonus points on offer.

Required documents

Personal information. You'll need to provide your full name, age, address and contact details.
Proof of identity. You'll need to confirm your identity with your Australian driver's licence, passport, Medicare card or birth certificate.
Income. You'll be asked to include tax forms or current pay slips to confirm your current income.
Employment. This will include the name of your employer, your role and your employer's contact details.
Balance transfer information. If you want to transfer a balance to this card, you will need to provide the details of that account(s).

Card benefits

80,000 bonus Velocity Points. You'll collect the bonus points when you apply and are approved for the Citi Premier card by and spend $6,000 on eligible purchases in the first 90 days from card approval. Eligible purchases cover most everyday transactions, including retail and supermarket shopping, food, coffee and fuel. Transactions that won't count towards the bonus points include cash advances, balance transfers, and refunds. The bonus points will be credited to your Velocity Frequent Flyer account within 6-8 weeks of meeting the spend criteria.
Rewards program. You'll earn 2 Citi reward Points per $1 on eligible purchases made online in Australia or overseas, 2 points per $1 on eligible international spending and 1 point per $1 on all other eligible spending in Australia. This means you'll earn points for most of your purchases, with an annual points cap of 200,000 points. But you won't earn points for transactions including cash advances, balance transfers, BPAY payments, transactions made when you're operating a business and government charges (including payments to the Australian Taxation Office). Learn more about Citi Rewards in Finder's guide.

Citi PayAll. You can earn 1 point per $1 spent with no points cap when you use Citi PayAll to pay your bills, including rent, property management fees and taxes. This service lets you use your Citi credit card to transfer funds to an Australian bank account, with the option to set up single or regular payments through the Citi Mobile App or online.
Complimentary Priority Pass Membership and 2 airport lounge visits per year. This card offers complimentary Priority Pass standard membership, with 2 airport lounge visits per year. Priority Pass gives you access to over 1,300 airport lounges worldwide. Within Australia, the Priority Pass is currently available at Adelaide, Canberra, Darwin, Brisbane International Airports, Sydney Kingsford Smith, Gold Coast Coolangatta and Melbourne. Learn more about the terms and conditions.
Complimentary travel insurance. Use your Citi Premier credit card to pay for eligible travel bookings and you can save on insurance costs with complimentary international travel insurance and domestic travel insurance. As with any insurance policy, make sure you read the terms and conditions (available via Citi) for full details so you can decide if it will give you enough cover for your travel plans.
Purchase insurances. Items bought with your Citi Premier credit card are also protected by a complimentary purchase protection insurance and extended warranty insurance.
Complimentary mobile phone insurance. Use the Citi Premier Card to pay your monthly mobile plan and you'll get cover for accidental damage that affects the way your smartphone is supposed to work. You also get cover for theft when it's unavoidable. This complimentary insurance is underwritten by AIG Insurance and, as with any policy, it's a good idea to check the policy document for full details of what's covered and how to make a claim.
Luxury Escapes discount. Until 1 March 2024, you can get 10% off (up to $250) on Limited Time LUX Exclusive hotel offers when you pay with your Citi card through the Luxury Escapes website or app and use the promo code CITI10.
Mastercard benefits. With Mastercard Priceless Cities, you'll get access to exclusive entertainment, dining, travel and other lifestyle experiences in more than 40 cities around the world.
Mobile payment technology. With the Samsung Pay, Google Pay and Apple Pay smartphone apps, you can now easily make payments by tapping your phone or smart device at the contactless terminal.

Rates & fees

Annual fee. This card has a $300 annual fee in the first year. After that, a $150 annual fee is charged if you spend $48,000 on eligible purchases or cash advances within that year. Otherwise, the annual fee is $300.
Interest rates. The purchase rate on this card is 21.49% p.a. and the cash advance rate is 22.24% p.a. (variable).

Balance transfer. Take advantage of 0% interest on balance transfers for 15 months with no balance transfer fee. At the end of the introductory period, the interest rate reverts to the variable cash advance rate, currently at 22.24% p.a. Note that any purchases you make won't be eligible for interest-free days when you have a balance transfer debt.
Interest-free days. The Citi Premier credit card offers up to 55 days interest-free on purchases, when you pay the balance in full by the due date on each statement. Please note that interest-free days do not apply while you are carrying a balance transfer debt.
Foreign transaction fees. If you use your Citi Premier Card to make a foreign transaction, the standard 3.4% international transaction fee will apply.
Additional cardholders. You can get up to 4 additional cardholders over the age of 16 for no extra cost. Note that you'll be responsible for managing the account and all charges that are added to it.

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Citi Premier Card – Velocity Points Offer

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