Review of Australia's first Visa Signature Credit Card - the Citi Select credit card
The Visa Signature program is launching its first card in the form of the Citi Select Credit Card. This card lives up to the title select on several levels. The rewards offered by this card are select in that they have the ability to be tailored to individual cardholder desires. it is also select in the sheer volume of points that cardholders are able to earn, at a rate of two points for each dollar spent you can build up a nice stockpile of points to use with the Citi Rewards partners. But, points are not the only select benefit of owning this particular credit card, delve a little deeper and you will find a world of benefits that gives you more then you ever expected from a credit card.
You may also be interested in the Citibank Rewards Credit Card – Signature Card which offers a host of signatures benefits with a lower annual fee.
Citi Select Credit Card
- Finances. Most people do not think of their credit card when they think of big financial investments, but the Citi Select Credit Card changes that thinking. Owners of this card will have access to Citigold financial advisers who can assist them with big investments. In addition, cardholders get preferred rates on Citi mortgages and term deposits.
- Lifestyle. If you enjoy the finer things in life having the best and most luxurious experiences is surely important to you. Cit meets this need through the Visa Signature Bespoke Event Program. It opens the door to customised experiences and the best seats in the house at a vast array of events.
- Luxury Travel. Owners of this card undoubtedly like to travel. Part of meeting this need comes in the redemption of points within the Citi Rewards program. Cardholders can choose to use their points with any of the prestigious Citi Partners that include airlines, hotels, and other travel rewards. Or, for those customers loyal to Qantas, is an option to join the Citi Qantas Rewards program. This allows you to have all of your points directly deposited to your Qantas Frequent Flyer account. In addition to earn loads of points you will also be able to relax in luxury while you travel with access to over 600 VIP airport lounges no matter which airline you are travelling on or which class ticket you have purchased.
To apply for the Citi Select Credit Card you must be an Australian resident over the age of 18 with a good credit file. The minimum income requirement is $120,000 per annum and comes with a $700 annual fee. These are big numbers because this card is intended for big spenders. For those who want luxury that is customised to their taste it is well worth the cost.Back to top
|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.
|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.
|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.
|Annual Fee||$700 p.a.|
|Late Payment Fee||$10|
|Over Limit Fee||$0|
|Cash Advance Fee||3.5% of transaction amount or $3.50|
|Overseas Cash Advance Fee||$5|
|Overseas ATM Balance check||$0|
|Overseas ATM Withdrawal 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.
|3.3% of transaction value|
|Gambling Transactions Allowed||No|
|Additional Cardholder Fee||$0 p.a.|
|Number of Additional Cardholders||4|
|Internet Banking Transfers||Yes|
- Travel benefits such as Citi Rewards point redemption for multiple airlines.
- Complimentary interstate and international travel insurances.
- This card has a minimum income requirement $120,000. This is high and the applicants they ar trying to attract is reflected in the high annual fee of $700 p.a. too.
- An outstanding amount that has been brought over to this card using a balance transfer and not paid off will be charged at the cash advance rate of interest.
- The 20.74% p.a. interest rate of purchases and the 21.24% p.a. cash advance rate of interest are quite high.
|Rewards Program||Citibank Rewards Program|
|Bonus Points on Sign-up||60,000|
|Rewards Points per $ (VISA/MC)||2|
|Rewards Points per $ (AMEX)||0|
|Rewards Points per $ (VISA/MC) Cap||Uncapped|
|Rewards Points per $ (AMEX) Cap||N/A|