Citi Prestige Card Review – Rates and Details

Get rewarded with bonus points, a free hotel stay and unlimited airport lounge access with the Citi Prestige.

The Citi Prestige is an ultra-premium card designed for big spenders and serious point chasers, with a minimum income requirement of $150,000 and annual fee of $700 p.a. that you’ll need to weigh against it’s perks – including unlimited airport lounge access, complimentary hotel stay each year and frequent flyer transfer partners.

It currently offers 20,000 bonus reward points per month for the first 20 months (up to 400,000 bonus points) when you apply by 31 March 2019 and spend $1,000 or more per statement period. You could convert this to a total of 200,000 Velocity Points.

Product NameCiti Prestige Card
Rewards ProgramCiti Rewards Program
Balance Transfer Revert Rate
The interest rate after the balance transfer ends.
Cash Advance Rate (21.74% p.a.)
Balance Transfer Limit80% of available credit limit
Purchase rate (p.a.)20.99% p.a.
Offer end date31 March 2019
Annual fee$700 p.a.
Interest Free Period
The interest-free period is the maximum number of days during which interest is not charged on new purchases. This only applies if you pay your closing balance in full by the statement due date.
Up to 44 days on purchases
Cash advance rate (p.a.)21.74% p.a.
Min credit limit
This is the lowest credit card limit that you can request. It is possible to apply for a higher credit card limit but not a lower one than this figure.
$30,000
Max credit limit
This credit limit may not be issued to you immediately upon application. This is the maximum credit limit available on this card and you can apply for increases after the account has been opened.
$100,000
Card TypeVisa
Foreign Currency Conversion Fee (VISA)
Foreign currency conversion fees are charged when you make a transaction that is converted by a credit card network, such as MasterCard, Visa or American Express, from Australian dollars to a foreign currency. You’ll also incur a currency conversion fee if you make a purchase or obtain a cash advance in Australian dollars while overseas or shopping online with a foreign merchant or financial institution.
3.4% of transaction value
Complimentary Travel InsuranceYes
Minimum Income$150,000
Minimum Age18 years of age
Available To Temporary ResidentsNo
Joint ApplicationNo
Annual fee$700 p.a.
Minimum Monthly Repayment2% or $30 (whichever is greater)
Late Payment Fee$10
Foreign Currency Conversion Fee (VISA)
Foreign currency conversion fees are charged when you make a transaction that is converted by a credit card network, such as MasterCard, Visa or American Express, from Australian dollars to a foreign currency. You’ll also incur a currency conversion fee if you make a purchase or obtain a cash advance in Australian dollars while overseas or shopping online with a foreign merchant or financial institution.
3.4% of transaction value
Cash Advance Fee3.5% of transaction amount or $3.50
Overseas Cash Advance Fee$5
Gambling Transactions AllowedNo
Additional Cardholder Fee$0
Number of Additional Cardholders4

Pros

  • Receive 20,000 bonus points every month for the first 20 months (up to 400,000 points) when you apply by 31 March 2019 and spend at least $1,000 per statement period.
  • Earn 10,000 extra bonus points when you apply for a Linked Diners Club Card and make your first purchase within the first 90 days from card approval. Earn up to 3 reward Points per $1 spent on eligible purchases with the Citi Rewards Program (see full earn rates below).
  • Earn 10,000 extra bonus points when you apply for a Linked Diners Club Card and make your first purchase within the first 90 days from card approval.
  • Earn up to 3 reward Points per $1 spent on eligible purchases with the Citi Rewards Program (see full earn rates below).

Cons

  • The total bonus points must be earned over a 20-month period with a relatively high spend requirement each month.
  • If you pay your account in full every month, you can only enjoy up to 44 days interest-free on purchases as opposed to most cards that offer up to 55 days.
Rewards ProgramCiti Rewards Program
Bonus Points400,000 bonus points
Rewards Points per $ spent (VISA/MC)3
Rewards Points per $ (VISA/MC) CapUncapped

Benefits of the Citi Prestige Card

  • 20,000 bonus points per month for 20 months. Until 31 March 2019, you will receive 20,000 bonus points every month for the first 20 months when you apply and spend at least $1,000 per statement period. This means you could earn a total of up to 400,000 bonus reward Points.
  • Linked Diners Club Card. Citi Prestige cardholders can also apply for a Linked Diners Club Card (LDCC) to take advantage of higher points earn rates. If you apply for a LDCC, you can earn 10,000 points after you make your first purchase within the first 90 days from card approval. This card comes at no extra cost and offers 2 points per $1 spent on eligible purchases. Please note that separate Diners Club eligibility requirements and rewards terms and conditions apply to this card.
  • Foreign transaction fees. If you use your Linked Diners Club Card to make a transaction in an overseas currency, the foreign transaction fee will be waived. If you use your Citi Prestige card to make a foreign transaction, the standard 3.4% fee will apply.
  • Earn rates. The Citi Prestige earns 3 Points per $1 spent for all eligible international spend, 3 Points per $1 spent for selected domestic purchases made and booked directly from a range of major restaurants, hotel chains and airlines (flights only), 2 Points per $1 spent for selected domestic purchases made at major petrol outlets, supermarkets and national retailers and 1 Point per $1 spent everywhere else on domestic eligible transactions.
  • Rewards and frequent flyer options. You can transfer your points to a range of frequent flyer program partners, including Virgin Australia Velocity Frequent Flyer, Singapore Airlines KrisFlyer and Asia Miles. You can also redeem points for travel, gift cards, cashback or merchandise through the Citi Rewards program.
  • Airport transfer service. Receive a complimentary, one-way airport transfer to or from select airports in the Asia Pacific twice per year.
  • Complimentary hotel stay. Cardholders get one complimentary night stay per year at of the premium partner hotels.
  • Exclusive benefits. This Visa Infinite card gives you access to a range of exclusive benefits, such as a fourth night free hotel booking offer, room upgrades and other Visa hotel perks, as well as three complimentary green fees at participating golf clubs each year. You will also enjoy exclusive access to events in Australia before they’re released to the general public with Visa Front Line Access.
  • Priority Pass airport lounge access. Enjoy unlimited airport lounge access for you and a guest with a complimentary Priority Pass. In Australia, you can get Priority Pass lounge access at Adelaide, Brisbane, Cairns, Coolangatta, Darwin, Melbourne and Sydney airports. Find out more about the terms and conditions.

Citi Prestige Card features

  • Annual fee. The $700 annual fee makes it important to think about which benefits you'll use to offset it. For example, unlimited lounge access through Priority Pass typically costs US$399 per year, while the complimentary night at a hotel is likely to give you upwards of $200 in value. So (depending on the US exchange rate), these two benefits alone would probably offset the annual fee.
  • Additional card. You can add up to 4 supplementary cards without any extra fees.
  • High credit limit. This card offers a high credit limit of up to $100,000, subject to approval. While the credit limit you get could be lower than this, it's likely you'll have enough to pay for your everyday spending and more. Just make sure you keep track of the balance and plan your repayments to avoid overspending.
  • Mobile payment technology. You can make contactless payments using your qualifying device once you enable Samsung Pay or Apple Pay.

How to apply for the Citi Prestige Card

If you meet the eligibility requirements and have all your documents and details ready, you can apply for the Citi Prestige online in around 15 minutes.

Eligibility criteria

  • You must be at least 18 years of age.
  • You must have good credit rating.
  • You must be a permanent resident of Australia.
  • You must have a minimum income of $150,000 p.a.

Required documents

  • Details about your employment which includes employment status, primary occupation and employer’s contact details
  • If you're self-employed, you need to provide your accountant’s name, name of the accounting firm and contact phone number.
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2 Responses

  1. Default Gravatar
    LennySeptember 4, 2018

    Are you aware how the $150k income requirement is determined/assessed? If your household income meets that, would it be sufficient? Or does it need to be individually? If individually, if your recent fortnightly pay shows the correct amount say would that suffice?

    • finder Customer Care
      JhezelynSeptember 4, 2018Staff

      Hello Lenny,

      Thank you for your comment.

      Yes, Citi Prestige has set their income requirement to $150,000 p.a. Your income is an important eligibility requirement that the issuer will use to assess your ability to repay. You will have to provide information about your current income, spending habits and any existing debts to help the credit card issuer determine whether or not you can manage more credit.

      It is more likely to assess you individually, hence, better to lay all your possible income. You may want to check our article about income requirements to get more idea.

      Should you wish to have real-time answers to your questions, try our chat box on the lower right corner of our page.

      Regards,
      Jhezelyn

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Rates last updated November 17th, 2018
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