Citi Prestige Card Review – Rates and Details

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Earn 70,000 bonus reward Points on your first spend within 90 days from card approval and enjoy a variety of prestige perks.

The Citi Prestige Card is an ultra-premium card which providers cardholders luxurious lifestyle opportunities. With the Citi Rewards Program, you can redeem rewards Points for travel, gift cards, cashback, merchandise and more. You will receive a complimentary one-way flight to or from selected airports twice per year in the Asia Pacific. Plus enjoy unlimited airport lounge access for you and a guest with a complimentary Priority Pass.

The card comes with a $700 annual fee and a minimum income requirement of $150,000 p.a. New cardholders will receive 70,000 bonus reward Points on their first spend within 90 days from card approval.

Product NameCiti Prestige Card
Rewards ProgramCiti 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 Limit80% of available credit limit
Purchase rate (p.a.)20.99% p.a.
Offer end date31 August 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 Repayment2% or $30 whichever is greater
Minimum Income$150,000
Card TypeVisa
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 InsuranceYes
Available To Temporary ResidentsNo
Joint ApplicationNo
Minimum Income$150,000
Minimum Age18 years of age
Available to Temporary ResidentsNo
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 Repayment2% or $30 whichever is greater
Late Payment Fee$10
Over Limit Fee$0
Cash Advance Fee3.5% 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 AllowedNo
Additional Cardholder Fee$0 p.a.
Number of Additional Cardholders4
BPAYYes
Direct DebitYes
Australia PostYes
Phone BankingYes
Internet Banking TransfersYes
In BranchYes

Pros

  • Receive 70,000 bonus points when you first spend on your card within the first three months of card approval. Offer ends on 31 August 2017.
  • Enjoy 0% p.a. balance transfer rate for the first 6 months (reverts to the cash advance rate thereafter).
  • Earn up to 3 rewards Points per $1 spent on eligible purchases with the Citi Rewards Program (see full earn rates below).

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 ProgramCiti Rewards Program
Bonus Points on Sign-up70,000
Rewards Points per $ (VISA/MC)3
Rewards Points per $ (VISA/MC) CapUncapped
Points ExpiryNever

Citi Prestige Card review

The Citi Prestige Card is a premium card which provides cardholders with extra features to get more value when paying on plastic. The card also offers comprehensive insurance cover including international travel insurance, transit accident insurance, a guaranteed pricing scheme, extended warranty insurance and more.

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 receive 70,000 bonus rewards Points on first spend within 90 days from card approval. This offer ends 31 August 2017.
  • Balance transfer. Customers will receive 0% p.a. for 6 months on balance transfers (reverts to cash advance rate).
  • Reward program. You can earn 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.
  • Qantas Frequent Flyer points. This card can also be used to earn Qantas Points at a rate of: 1.5 points per $1 on eligible international spend and select domestic purchases, 1 point per $1 spent at select major supermarkets, petrol outlets and national retailers and 0.5 points per $1 on eligible domestic transactions elsewhere. An additional fee of $49 p.a. is charged for this benefit.
  • Free flights. Receive a complimentary one-way flight to or from select airports twice per year in the Asia Pacific.
  • Exclusive benefits. Tee off around the world with 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. Enjoy unlimited airport lounge access for you and a guest with a complimentary Priority Pass. Priority Pass is currently available at Cairns, Darwin and Brisbane International Airports and Sydney Kingsford Smith. Find out more about the terms and conditions
  • Eligible for Samsung Pay. You can make contactless payments using your qualifying Samsung device if you enable Samsung Pay.
  • 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. Customers will receive 0% p.a. for 6 months on balance transfers (reverts to cash advance rate).
  • 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

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.

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.
Yes, you can transfer your Citi points to the following frequent flyer programs:

  • Velocity Frequent Flyer.
  • Singapore Airlines KrisFlyer program.
  • Emirates Skywards Miles.
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Credit Cards Comparison

Rates last updated June 26th, 2017
Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee
Virgin Australia Velocity Flyer Card - Exclusive Offer
Earn 2 Velocity Points on top of the standard earn rate per $1 spent in the first 3 months, plus a $129 Virgin Australia Gift Voucher each year.
20.74% p.a. 0% p.a. for 18 months $64 p.a. annual fee for the first year ($129 p.a. thereafter) Go to site More info
HSBC Platinum Credit Card
Earn 1 Reward Point per $1 of eligible spend and receive complimentary travel and purchase protection insurances.
19.99% p.a. 0% p.a. for 22 months with 2% balance transfer fee $99 p.a. Go to site More info
ANZ Platinum Credit Card - Exclusive Offer
Receive a low introductory offer of 0% p.a. on purchases for 3 months and 0% p.a. on balance transfers for 12 months.
0% p.a. for 3 months (reverts to 19.74% p.a.) 0% p.a. for 12 months $0 p.a. annual fee for the first year ($87 p.a. thereafter) Go to site More info
NAB Premium Card
An introductory rate of 0% p.a. for 20 months on balance transfers combined with premium benefits such as travel insurance covers.
19.74% p.a. 0% p.a. for 20 months with 2% balance transfer fee $90 p.a. Go to site More info

* The credit card offers compared on this page are chosen from a range of credit cards finder.com.au has access to track details from and is not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms 'Best' and 'Top' are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your own personal financial circumstances when comparing cards.

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