Citi

Citi Rewards (Bonus Points + Gift Card Offer)

Purchase Rate

Purchase Rate

21.49%

p.a

Balance Transfer Rate

Balance Transfer Rate

0%

p.a for 15 months then 22.24%

Annual Fee

Annual Fee

$49

for 12 months then $149

Max Free Days

Max Free Days

55

Late Payment Fee

$30

Purchase Rate

Purchase Rate

21.49%

p.a

Balance Transfer Rate

Balance Transfer Rate

0%

p.a for 15 months then 22.24%

Annual Fee

Annual Fee

$49

for 12 months then $149

Max Free Days

Max Free Days

55

Late Payment Fee

$30

Pros and Cons

Pros and Cons

  • Rewards Available through Citi Rewards Program
  • Bonus 90,000 points subject to eligibility conditions
  • Reduced $49 annual fee in the first 12 months and $149 p.a thereafter.
  • Free international travel insurance
  • Purchase protection insurance
  • Price guarantee
  • Extended warranty
  • Concierge
  • Special events
  • Partner discounts
  • Higher than average ongoing purchase rate
  • Higher than average ongoing annual fee
  • Does not offer free supplementary cards

Features and Fees

Citi Features and Fees

Details

Card Level

Platinum

Card Type

Visa

Interest Free Days

Interest Free Days

55

Minimum monthly repayment

2% or $30

Minimum credit limit

$6k

Maximum credit limit

$100k

Free supplementary cards

Number free supplementary

0

Instant Approval

Fees

Annual Fee

Annual Fee

$49

for 12 months then $149

Annual Fee Spend Waiver

Supplementary card annual fee

$90

Late Payment Fee

$30

Over limit fee

Duplicate statement fee

$0

Electronic Wallet Service

Important Rates

Rates

Purchase Rate

Purchase Rate

21.49%

p.a

Cash advance rate

22.24%

Cash advance fee

3.5% or $3.5

Balance Transfer

Balance Transfer Rate

Balance Transfer Rate

0%

p.a for 15 months then 22.24%

Transfer Limit

80%

of the approved credit limit

Balance Transfer Fee

1%

Overseas spending

Foreign Exchange Fee

3.4% on Visa

Overseas charges

Overseas charges

$5

Estimated ATM Cost

$15.2

for AU $300 withdrawal

Rewards

Program name

Citi Rewards Program

Rewards Available

Gift Card, Cash Back

Eligibility

Minimum age

18

Minimum income

$35k

Eligibility conditions

Residency

Earn Rates

RateCard TypeEarnsCondition
1 point for $1 spentVisauncappedeligible international transactions
1 point for $1 spentVisaUp to $10k monthlyeligible domestic transactions

Perks

  • FREE INTERNATIONAL TRAVEL INSURANCE Available when you use your Card to pay for return international travel
  • PURCHASE PROTECTION INSURANCE Covers up to $10,000 per item and $200,000 per year
  • PRICE GUARANTEE If you purchase personal goods in Australia and then find the same product advertised later at a cheaper price within 60 days of purchase, from a store within 25km of the store where the item was purchased, you can claim back the difference if it is less than $500.
  • EXTENDED WARRANTY
  • CONCIERGE
  • SPECIAL EVENTS Each event will be subject to separate terms and conditions
  • PARTNER DISCOUNTS
Specials
  • Bonus PointsGift Cards Receive 90,000 Citi reward Points and a $100 Coles eGift Card when you spend $3,000 in your first 90 days from approval. 0% p.a. on balance transfers for 15 months (reverts to cash advance rate of 22.24%) $49 annual fee p.a. in the first year, $149 in subsequent years. Offer ends 29th July, 2021.

Other Restrictions

Late Payment Fee of $30 each time we do not receive the Minimum Payment Due and any Overdue Amount by the payment due date, debited to your Account after the payment due date. The Minimum Payment Due, any Overdue Amount, and payment due date are detailed on your statement of account.

Pros and Cons

  • Rewards Available through Citi Rewards Program
  • Bonus 90,000 points subject to eligibility conditions
  • Reduced $49 annual fee in the first 12 months and $149 p.a thereafter.
  • Free international travel insurance
  • Purchase protection insurance
  • Price guarantee
  • Extended warranty
  • Concierge
  • Special events
  • Partner discounts
  • Higher than average ongoing purchase rate
  • Higher than average ongoing annual fee
  • Does not offer free supplementary cards

Citi Features and Fees

Details

Card Level

Platinum

Card Type

Visa

Interest Free Days

Interest Free Days

55

Minimum monthly repayment

2% or $30

Minimum credit limit

$6k

Maximum credit limit

$100k

Free supplementary cards

Number free supplementary

0

Instant Approval

Fees

Annual Fee

Annual Fee

$49

for 12 months then $149

Annual Fee Spend Waiver

Supplementary card annual fee

$90

Late Payment Fee

$30

Over limit fee

Duplicate statement fee

$0

Electronic Wallet Service

Important Rates

Rates

Purchase Rate

Purchase Rate

21.49%

p.a

Cash advance rate

22.24%

Cash advance fee

3.5% or $3.5

Balance Transfer

Balance Transfer Rate

Balance Transfer Rate

0%

p.a for 15 months then 22.24%

Transfer Limit

80%

of the approved credit limit

Balance Transfer Fee

1%

Overseas spending

Foreign Exchange Fee

3.4% on Visa

Overseas charges

Overseas charges

$5

Estimated ATM Cost

$15.2

for AU $300 withdrawal

Rewards

Program name

Citi Rewards Program

Rewards Available

Gift Card, Cash Back

Eligibility

Minimum age

18

Minimum income

$35k

Eligibility conditions

Residency

Earn Rates

RateCard TypeEarnsCondition
1 point for $1 spentVisauncappedeligible international transactions
1 point for $1 spentVisaUp to $10k monthlyeligible domestic transactions

Perks

  • FREE INTERNATIONAL TRAVEL INSURANCE Available when you use your Card to pay for return international travel
  • PURCHASE PROTECTION INSURANCE Covers up to $10,000 per item and $200,000 per year
  • PRICE GUARANTEE If you purchase personal goods in Australia and then find the same product advertised later at a cheaper price within 60 days of purchase, from a store within 25km of the store where the item was purchased, you can claim back the difference if it is less than $500.
  • EXTENDED WARRANTY
  • CONCIERGE
  • SPECIAL EVENTS Each event will be subject to separate terms and conditions
  • PARTNER DISCOUNTS
Specials
  • Bonus PointsGift Cards Receive 90,000 Citi reward Points and a $100 Coles eGift Card when you spend $3,000 in your first 90 days from approval. 0% p.a. on balance transfers for 15 months (reverts to cash advance rate of 22.24%) $49 annual fee p.a. in the first year, $149 in subsequent years. Offer ends 29th July, 2021.

Other Restrictions

Late Payment Fee of $30 each time we do not receive the Minimum Payment Due and any Overdue Amount by the payment due date, debited to your Account after the payment due date. The Minimum Payment Due, any Overdue Amount, and payment due date are detailed on your statement of account.

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FAQs

What type of complimentary travel insurance is available with Citibank credit cards?

The Citi Prestige, Premier, Rewards, Emirates Citi World MasterCard, and Gold cards provide complimentary travel insurance to customers. These Citibank credit card insurance benefits are managed and issued by Allianz Global Assistance (AGA).

Depending on the type of card, the Citibank credit card insurance coverage may include:

  • Foreign travel insurance
  • A comprehensive insurance policy for foreign travel for up to six months
  • Transit accident insurance
  • Accidental injury or demise while travelling on aeroplanes, buses, trains, or ferries in foreign locations
  • Interstate flight inconvenience insurance
  • Cover for unexpected cancellations, damaged or lost baggage, flight delays, or rental vehicle excess expenses for up to 14 days while travelling within Australia.

To be eligible for the complimentary Citi credit card insurance, you must book tickets using your card or through the Citi Travel Program.

What's the best credit card for rewards?

There is no one-size-fits-all best rewards credit card. It's best you research what type of rewards program you'd like, as well as the fees, interest rate and conditions associated with those types of cards before making a choice. 

Rewards credit cards can also come with high annual fees that may end up nullifying the rewards, so think how often you use the card to decide whether the benefits outweigh the extra cost for you. A card with a lower annual fee might require a lot of spending to get any useful rewards, while another card with a higher annual fee might need fewer purchases to get a reward. 

What is a balance transfer credit card?

A balance transfer credit card lets you transfer your debt balance from one credit card to another. A balance transfer credit card generally has a 0 per cent interest rate for a set period of time. When you roll your debt balance over to a new credit card, you’ll be able to take advantage of the interest-free period to pay your credit card debt off faster without accruing additional interest charges. If your application is approved, the provider will pay out your old credit card and transfer your debt balance over to the new card. 

How do you apply for a credit card?

You can apply for a credit card online, over the phone or in person at the bank. Once you’ve compared the current credit card offers, the application process is quick and easy. Before you get your application started, you’ll need to gather your personal information like proof of ID, payslips and bank statements, proof of employment and details of your income, assets and liabilities. To be eligible for a credit card, you’ll need to be an Australian citizen over 18 and earn a minimum of $15,000 each year. Once you’ve applied for a credit card, you should get a response fairly instantly. If your credit card application has been approved, you should receive a welcome pack with your new credit card within 10-15 days.

Should I get a credit card?

Once you've compared credit card interest rates and deals and found the right card for you, the actual process of getting a credit card is quite straightforward. You can apply for a credit card online, over the phone or in person at a bank branch. 

What should I do if my ANZ credit card has expired?

Your ANZ credit card is considered expired only after the last day of the month and year marked on your card. For instance, if your card’s expiry date reads 03/22, it is valid until 31 March 2022 and expires on 1 April 2022. Typically, you should have received a new credit card by that date, and you won’t have to request a new card. 

Once you get the new card, you should remember to switch any automatic payments you have - such as a utility or mobile phone bill - from your expired credit card to your new credit card. Equally, if you are using CardPay Direct to repay your ANZ credit card debt, you may need to update the credit card account details for that service as well. 

In case the new card doesn’t arrive by the expiry date of your current credit card, you can call ANZ on 13 22 73 to find out the reason and if you need to request an expedited card. Please note that if you were planning to close your credit card account or request a credit card upgrade, you may need to call ANZ at least before the 25th of the month your current credit card expires in, as that’s when they may send you the new credit card.

What to consider before transferring money from your credit card to your bank account in Citibank?

You can transfer money from a Citibank credit card to a bank account depending on the available limit of each. The process is known as a cash advance transaction, and Citibank should allow you to transfer some portion of the total credit limit.

Transferring funds from a credit card to a bank account is likely to attract additional charges, so please consider the following potential costs:

  • A cash advance fee, which is a per cent of the total transfer amount
  • A 2 per cent transaction fee when you transfer money from a Citibank credit card to a bank account
  • Cash advance interest rate applicable on the transfer amount without any interest-free period.

To learn more about such transfers, you can contact the bank via the online service desk, email, or by calling 13 CITI (13 24 84).

Can I transfer money from my American Express credit card to my bank account?

If you’re an American Express credit card customer, you may not be able to transfer money from your credit card to your bank account. However, you may be eligible for cash advances, which involves withdrawing money through an ATM. 

To qualify for a cash advance, you’ll likely have to enrol for American Express Membership Rewards. Consider checking your online credit card account to see if you can withdraw a cash advance and, if so, the fees and charges you’ll incur for this transaction. 

You should remember that cash advances are different from balance transfers, which were available with some American Express credit cards earlier. Balance transfers allow customers to consolidate debt from high-interest credit cards to a credit card offering a lower interest rate. If you only recently applied for an American Express credit card, balance transfers may not be available irrespective of the card you own. 

How do I apply for a BOQ credit card limit increase?

If you’re an existing BOQ customer, you can request a BOQ credit card limit increase over a phone call. However, you should remember that owning and using a credit card is a matter of financial responsibility, so it might be worth thinking this decision through. 

When requesting a credit card limit increase, you’ll need to be just as responsible in terms of how much you earn and can set aside to repay the outstanding card balance. A credit card company may approve a credit limit increase only if you can show that you have either the income or the disposable income, which is the amount you have left after all expenses have been paid out.

For this purpose, you may need to submit your latest income documents and bank statements for an increase. You may want to estimate how much you usually have left after deducting your expenses, and then use this amount to try and convince the credit card company. Also, you may prefer to pay off the card balance in full each month and thus avoid paying interest on the card, helping you back up any claims of financial responsibility, as well. 

Remember that you may not be able to apply for a credit card limit increase beyond any limitations on the type of card you own. For instance, if you own a card whose ceiling is $10,000, and your current limit is $5,000, you won't likely be able to apply for a $10,000 credit card limit increase.

How do you use credit cards?

A credit card can be an easy way to make purchases online, in person or over the phone. When used properly, a credit card can even help you manage your cash flow. But before applying for a credit card, it’s good to know how they work. A credit card is essentially a personal line of credit which lets you buy things and pay for them later. As a card holder, you’ll be given a credit limit and (potentially) charged interest on the money the bank lends you. At the end of each billing period, the bank will send you a statement which shows your outstanding balance and the minimum amount you need to pay back. If you don’t pay back the full balance amount, the bank will begin charging you interest.

How do you cancel a credit card?

It’s important to cancel your old cards to avoid any additional fees. Unless you’re doing a balance transfer, you’ll need to pay the outstanding balance before you cancel your credit card. If you’ve opted for a card with reward points, make sure you redeem or transfer the points before you close your account. To avoid any bounced payments and save yourself an admin headache, redirect all your direct debits to a new card or account. Once you’ve done all the preparation, call your bank or credit card provider to get the cancellation underway. Once you receive a confirmation letter, destroy your card and make sure the numbers aren’t legible.

How to increase a Citi credit card limit?

Before requesting an increase in the limit of your Citibank credit card, you’ll need to find out if you’re eligible for the increased limit. You can check your eligibility for a Citibank credit card limit increase by calling 13 24 84 or checking the “My Offers” section of your online Citibank account. If you are eligible and request a credit card limit increase, the company will review your income and expenses, including the repayments you make to clear other debts. Your request may be approved if Citibank can confirm that you can repay the full credit card balance, as stipulated by Australian laws, within three years.


To make sure that the company is reviewing your current earnings, you should update any income details by providing recent payslips or a tax assessment notice. In case you are still repaying other debts, consider consolidating or paying off some in full before applying for a credit limit increase. This will free up more disposable income, or earnings left over after deducting all necessary expenses, and possibly determine how much you can increase your credit card limit.

How is credit card interest charged?

Your credit card will be charged interest when you don’t pay off the balance on your credit card. Your card provider or bank charges you the individual interest rate that is associated with your card, which is usually between 10 and 20 per cent. 

The interest will be added onto your bill each month or billing period if you don’t pay off the balance, unless you are in an interest-free period.

You will be charged interest on anything that hasn’t been paid for inside the interest-free period. Usually you will receive a notice on your bill or statement saying you will be charged interest so you have some form of notice before you’re charged.

What should you do when you lose your credit card?

Losing your credit card is a serious situation, and could land you in financial trouble. Here is a simple guide detailing what to do when you lose your credit card.

Lock you card – Contact your provider and inform them about your lost credit card. From here lock, block or cancel your card.

Keep track of transactions – Look out for unauthorised credit card transactions. Most banks protect against fraudulent transactions.

Address recurring charges – If your card is linked to recurring charges (gym membership, rent, utilities), contact those businesses.

Check credit rate – To ensure you’re not the victim of identity theft, check your credit rating a month or two after you lose your credit card.

Does ING increase credit card limits?

You may want to increase your credit card limit for many reasons, such as having access to more spending money. However, if you are using the Orange One credit card issued by ING, you may not be able to do so. 

ING customers can choose a credit limit of their preference when applying for the Orange One credit card. Depending on your financial situation, this limit can be anywhere between $1,000 and $30,000. If you qualify for a Rewards Platinum card, the minimum credit card limit will likely be $6,000. 

Ideally, you should set your credit card limit knowing how much you can afford to repay each month and keep your expenses lower than this level. With most credit cards, you should have the option of requesting a credit card limit increase at a later time, although you will need to qualify for any increase. With an ING credit card, limit increases are out of the question (at the time this was published), which means you may want to apply for a higher credit card limit from the beginning. Remember that you have the option of decreasing your ING credit card limit at a later time.

How to get a credit card for the first time

A credit card can be a useful financial tool, provided you understand the risks and can meet repayment obligations.

If you’re a credit card first-timer, review your options. Think about what kind of credit card would suit your lifestyle, and compare providers by fees, perks and repayments.

Once you’ve selected a card, it’s time to apply. Credit card applications can generally be completed in store, online or over the phone.

When you apply for a credit card for the first time, you must meet age, residency and income requirements. As proof, you must also provide documentation such as bank account statements.

Can a pensioner get a credit card?

It is possible to get a credit card as a pensioner. There are some factors to keep in mind, including:

  • Annual income. Look for credit cards with minimum annual income requirements you can meet. 
  • Annual fees. If high fees are a concern for you, opt for a card with a low or $0 annual fee. 
  • Interest rate. Make sure you won’t have any nasty surprises on your credit card bill. Compare cards with a low interest rates to minimise risk.

How to pay a credit card from another bank

Paying or transferring debt from one lender to the other is called a balance transfer. This involves transferring part or all of the debt from a credit card with one lender to a credit card with another. As part of the process, your new lender will pay out the old lender, so that you now owe the same amount of money but to a new institution.

Many credit card providers offer an interest-free period on balance transfers to help new applicants better handle their debt. During this period, cardholders are not required to pay interest on the debt they brought over from the other card. This can be a great opportunity for consumers to pay off credit card debt with no interest. There are often fees associated with balance transfers; normally, these are a percentage of the amount transferred.

So make sure you read the terms and conditions of the card before transferring any debt across.

How to calculate credit card interest

Credit card interest can quickly turn a manageable balance into unmovable debt. So being able to understand how interest rates translate into dollars is an important skill to acquire.

The common mistake people make is focusing on the credit card’s annual percentage rate (APR), which often sits between 15 and 20 per cent. While the APR does provide a rough idea of how much interest you’ll pay, it’s not entirely accurate.

This is because you actually accrue interest on your balance daily, not annually. So, you need to work out your daily periodic rate (DPR). To do this, divide your card’s APR by the number of days in a year (e.g. 16.9 per cent divided by 365, or 0.05 per cent). You can then apply this figure to the daily balance on your credit card.

What should you do if your credit card is compromised?

Credit card fraud is a serious problem. If your credit card is compromised and you’re wondering what to do, here are a few precautionary steps to take.

Contact you credit provider – Get in touch will your credit card provider. If you feel your card has been compromised, you should be able to lock or block it.

Monitor your accounts – Keep an eye on your credit card accounts. Any unauthorised transactions could be a sign your credit card has been compromised.

Check your credit rating – It’s also important to check your credit rating, to ensure you’re not a victim of identity theft or some other financial mischief.