Citi switches to Mastercard but the perks are still the same
Visa out, Mastercard in for Citi debit card customers.
Citi will swap its current Visa debit cards with MasterCard debit cards, beginning March next year, but most account features will remain unchanged.
In a memo to customers Citi said its Visa debit card clients would be issued Mastercard-branded replacements upon card expiry from March 2017.
Some minor changes have been flagged. For example, card numbers and expiry dates will change.
Citi customers with direct debits linked to their Visa card numbers will need to amend these once their new Mastercard arrives. Any direct debits linked to account numbers will not be affected.
When customers receive their new Mastercard debit cards, they'll be required to select a new ATM PIN.
There will be no changes to international transaction fees or free Citi-branded ATM withdrawals overseas, aside from the fact Mastercard exchange rates will apply, rather than Visa.
Between now and card expiry Citi customers can continue to use their current debit card as usual.
Citi has assembled a selection of frequently asked questions related to the debit card changes.
Finding the right card to use overseas can reduce international transaction fees and ATM charges.
Put more money in your pocket by comparing leading rates, fees and charges, bonus interest and savings incentives using finder.com.au's helpful and insightful banking comparison guide.
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Hello,
Do you offer a no annual fee mastercard. If so are there any provisos. Thanks
Hi Madonna,
Thanks for reaching out.
Do you mean debit card or credit card with no annual fee?
Regardless, here is our list of our Mastercard credit cards. You can sort our comparison table to find the card with no annual fee.
In case you were referring to debit cards, you may check our list of debit cards in Australia with no account fees.
Once you have chosen a particular card, you may then click on the “Go to site” button and you will be redirected to the bank’s website where you can proceed with your application or get in touch with their representatives for further assistance.
Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. You can also contact the provider if you have specific questions.
Cheers,
Joanne
This article does not seem to be correct. CitiBank conditions state:
“International Transaction Fee 2.50% charged for all overseas ATM and electronic point-of-sale transactions made in a foreign currency using your Citi
Visa Debit / Citi Debit Card. For Citi Visa Debit transactions, this amount includes a 1% service and assessment fee payable by Citibank to Visa. This fee will be charged as a percentage of your withdrawal amount.”
Hello Charles,
Thank you for the inquiry. :)
Is this the statement you’re referring to?
“There will be no changes to international transaction fees or free Citibank-branded ATM withdrawals overseas, aside from the fact MasterCard exchange rates will apply, rather than Visa.”
If it is, this means that as long as the you use Citibank-branded ATM if you withdraw overseas, the same international transaction fees applies, which is 2.50% on the AUD dollar conversion of any transaction made in foreign currency. This amount includes a service and assessment fee payable by Citibank to Visa/MasterCard.
Hope this clarifies.
Cheers,
Jonathan