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Earn 70,000 bonus points on signup, repay your debt with 0% p.a. on balance transfers for 6 months and enjoy a variety of platinum perks.
Citi Prestige Card is an ultra-premium card which provides cardholders with a key to unlock a luxurious lifestyle. The benefits are wide ranging, including travel, dining, entertainment and other options. The reward program earns 2 points for eligible domestic spend and 5 points for eligible international spend per $1 spent, uncapped. It has comprehensive insurance cover including international travel insurance, transit accident insurance, guaranteed pricing scheme, extended warranty insurance and more.
This card comes with a $700 annual fee and a minimum income requirement of $150,000 p.a. Cardholders will also get 70,000 bonus points when they make their first spend if the card is used before 30 June 2017.
Important changes (June 2017)
Please note that there are changes to the Citi Prestige Card’s earn rate and other Rewards Program Terms and Conditions effective 15 June 2017. See Citi’s website for more information.
| Product Name | Citi Prestige Card |
|---|---|
| Rewards Program | Citi Rewards Program |
| Balance transfer rate (p.a.) | 0% p.a. for 6 months |
| Balance Transfer Revert Rate The interest rate after the balance transfer ends. | Cash Advance Rate (21.74% p.a.) |
| Balance Transfer Limit | 80% of available credit limit |
| Purchase rate (p.a.) | 20.99% p.a. |
| Offer end date | 30 June 2017 |
| Annual fee | $700 p.a. |
| Interest Free Period The interest-free period on purchases is the period or number of days you do not have to pay interest on your card purchases. You will be charged interest either from the day you make a purchase or from the statement date, unless you pay the closing balance in full by the due date (or within the interest-free period) on your statement. | 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 on application. This is the maximum credit limit for this card which must be applied for or offered to you after you are approved and have already opened the account. | $100,000 |
| Minimum Monthly Repayment | 2% or $30 whichever is greater |
| Minimum Income | $150,000 |
| Card Type | Visa |
| 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 |
| Complimentary Travel Insurance | Yes |
| Available To Temporary Residents | No |
| Joint Application | No |
| Minimum Income | $150,000 |
|---|---|
| Minimum Age | 18 years of age |
| Available to Temporary Residents | No |
| Credit Rating Requirement Credit rating requirement is provided only as a guide. Understanding your credit file helps you make more informed decisions in regards to your finances. Learn more about what this means here. | Good |
| 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 on application. This is the maximum credit limit for this card which must be applied for or offered to you after you are approved and have already opened the account. | $100,000 |
| Annual Fee | $700 p.a. |
|---|---|
| Minimum Repayment | 2% or $30 whichever is greater |
| Late Payment Fee | $10 |
| Over Limit Fee | $0 |
| Cash Advance Fee | 3.5% of transaction amount or $3.50 |
| Overseas Cash Advance Fee | $5 |
| 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 |
| Gambling Transactions Allowed | No |
| Additional Cardholder Fee | $0 p.a. |
| Number of Additional Cardholders | 4 |
| BPAY | Yes |
| Direct Debit | Yes |
| Australia Post | Yes |
| Phone Banking | Yes |
| Internet Banking Transfers | Yes |
| In Branch | Yes |
Pros
- Receive 70,000 bonus points when you first spend on your card within the first three months of card approval. Offer ends on 30 June 2017.
- Enjoy 0% p.a. balance transfer rate for the first 6 months (reverts to the cash advance rate thereafter).
- Earn rewards points per $1 spent on eligible purchases with the Citi Rewards Program.
- Cardholders get access to over 800 domestic and international airport lounges worldwide.
Cons
- You have to pay an additional $49 to earn Qantas Frequent Flyer points.
- 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 Program | Citi Rewards Program |
|---|---|
| Bonus Points on Sign-up | 70,000 |
| Rewards Points per $ (VISA/MC) | 2 |
| Rewards Points per $ (VISA/MC) Cap | Uncapped |
| Rewards Points per $ (AMEX) Cap | N/A |
| Points Expiry | Never |
Citi Prestige Card review
This card provides competitive benefits in the category of ultra-premium credit cards. The reward programs provide an earning rate of up to 5 points for every $1 spent on eligible domestic spend. The travel options include multiple airline partners, Qantas Frequent Flyer points, Flight upgrades, complimentary VIP lounge passes and more. Customers looking to upgrade from a premium card will find this card’s benefit and features very refreshing. The complimentary insurance package is also comprehensive and provides important cover for travel and shopping options.
However, the card has a very high price tag of $700 which is not reduced in subsequent years. The minimum income requirement of $150,000 is also quite high. Customers would need to make adequate purchases to take full benefit of this card.
Benefits of the Citi Prestige Card
- Bonus points. Cardholders will get 70,000 bonus points when their card is approved and they make their first purchase from the card. This offer ends on 30 June 2017.
- Balance transfer. Customers can bring their balance from other cards and take benefit of a low interest rate. This card offers 0% p.a. interest rate for 6 months on balance transfer.
- Reward program. This is a very sought after benefit from premium cards. Citi Prestige Card has a high earn rate of up to 5 points for international spend and 2 points for eligible domestic spend for every $1 spent.
- Qantas Frequent Flyer points. Every dollar spent on the card can be used to earn Qantas Frequent Flyer point which is automatically transferred to Qantas Frequent Flyer account. An additional fee of $49 p.a. is charged for this benefit.
- Exclusive benefits. The exclusive benefits of a premium card give it an advantage over its peers. Citi Prestige Card has some inviting benefits like golf benefits, shopping benefits, membership privileges at Shangri-La and Hilton hotel, Visa Front Line Access and more. Some of them provide personal assistance for shopping while others provide VIP access to offers and promotions.
- Priority Pass. Cardholders get access to 700 domestic and international airport lounges worldwide. They can bring 1 guest per visit with them who will be charged extra subject to the terms and conditions of the air lounge.
- Eligible for Samsung Pay. You can now easily make contactless payments using your qualifying Samsung device if you sign it in to Samsung Pay. Learn more here.
- Complimentary stay. Cardholders get one complimentary night stay per year at of the premium partner hotels.
Citi Prestige Card features
- Annual fee. This card has an annual fee of $700.
- Reward points. Customers can earn unlimited points on their card. These points do not expire.
- Balance transfer. Cardholders can bring their balance from other cards to Citi Prestige Card. Receive a 0% p.a. balance transfer rate for 6 months.
- Additional card. 4 supplementary cards are available without any extra fees.
- High credit limit. This card has a very high credit limit of $100,000. This can cover almost any purchases which we make on a day-to-day basis.
How to apply for Citi Prestige Card
If you’re interested in applying for the Citi Prestige Card, just complete online application form. Customers who currently hold a Citi Select card will be reissued with a new Citi Prestige Card, so there is no need to apply. Before applying, make sure that you meet the following eligibility requirements
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 or a recent permanent Australian resident (within 12 months).
- You must have a minimum income of $150,000 p.a.
Required documents
- Contact details
- Details about your employment which includes employment status, primary occupation and employer’s contact details
- If the applicant is self-employed they need to provide accountant’s name, name of the accounting firm and contact phone number
- For balance transfers, further details about the current account are also needed
Frequently asked questions
I am self-employed IT professional with some experience in start-ups. My annual income level fluctuates, however I can provide requisite documents showing good assets. Can I get approved for this card?
Approval for a credit card will depend on multiple criteria. These include your past debt records, current debt levels, assets, expenses, income level and more. If you are meeting their minimum income level over the past couple of years, you should contact them and ask about your specific cases. Disapproval for an application can be for a number of reasons but it is always better to fulfil the minimum requirements mentioned by the firm before applying.
I currently have Qantas Frequent Flyer membership which has a majority of my points. I would like to continue adding points to this membership. Do I need to pay any extra amount for this?
You can add points to Qantas Frequent Flyer membership through Citi Prestige card. It will earn 1 point for every $1 spent. However it requires an additional annual charge of $49. The points you earn will be added to your current point tally.
Which airline memberships are available through this card?
Airlines partners and their reward programs are:
- Velocity Frequent Flyer, Convert 1.5 Citi point to 1 Velocity point
- Singapore Airlines KrisFlyer program, Convert 1.5 Citi point to 1 KrisFlyer mile
- AsiaMiles, Convert 2 Citi reward points to 1 Asia mile
- Emirates Skywards Miles, Convert 2.5 Citi reward point to 1 Skywards Mile
