Rewards (Balance Transfer Offer)

Balance Transfer

0% p.a. for 30 months on balance transfers (1.5% BT fee applies, reverts to cash advance rate of 22.24%)

RateCity Says: Earn extensive rewards while keeping costs down, thanks to a waived annual fee for the first year. Card also can be used for balance transfers, and comes with a long balance transfer term.

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Purchase Rate

Purchase Rate

21.49%

Balance Transfer Rate

Balance Transfer Rate

0%

for 30 months then 22.24%

Annual Fee

Annual Fee

$0

for 12 months then $199

Max Free Days

Max Free Days

55

Late Payment Fee

$30

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Purchase Rate

Purchase Rate

21.49%

Balance Transfer Rate

Balance Transfer Rate

0%

for 30 months then 22.24%

Annual Fee

Annual Fee

$0

for 12 months then $199

Max Free Days

Max Free Days

55

Late Payment Fee

$30

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Pros and Cons

Pros and Cons

  • Rewards Available through Citi Rewards Program
  • Reduced annual fee of 0 p.a. in the 12 year (199 p.a. thereafter).
  • Free international travel insurance
  • Purchase protection insurance
  • Price guarantee
  • Extended warranty
  • Concierge
  • Special events
  • Partner discounts
  • No balance transfer
  • Late payment fee

Citi Features and Fees

Citi Features and Fees

Details

Card Level
Platinum
Card Type

MasterCard

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

$0

for 12 months then $199

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%

Cash advance rate
22.24%
Cash advance fee
3.5% or $3.5

Balance Transfer

Balance Transfer Rate

Balance Transfer Rate

0%

for 30 months then 22.24%

Transfer Limit

80%

Please note, no interest free days apply to retail purchases while you have a balance transfer

Balance Transfer Fee
1.5%

Overseas spending

Foreign Exchange Fee
3.4% on Mastercard
Overseas charges

Overseas charges

$5

Estimated ATM Cost

-

Rewards

Program name
Citi Rewards Program
Rewards Available

Gift Card, Cash Back

Eligibility

Minimum age
18
Minimum income
$35k
Eligibility conditions
Residency
Australia Citizen, Permanent Resident

Earn Rates

RateCard TypeEarnsCondition
1 point for $1 spentMastercarduncappedeligible international transactions
1 point for $1 spentMastercardUp 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
  • Balance Transfer 0% p.a. for 30 months on balance transfers (1.5% BT fee applies, reverts to cash advance rate of 22.24%)
    Offer valid till 30 November 2020. $0 annual fee for first year ($199 thereafter). Please note, no interest free days apply to retail purchases while you have a balance transfer.

Other Benefits

Receive a complimentary bottle of wine every time you dine at a partner restaurant and pay with your Citi card.

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. Please note, no interest free days apply to retail purchases while you have a balance transfer.

Pros and Cons

  • Rewards Available through Citi Rewards Program
  • Reduced annual fee of 0 p.a. in the 12 year (199 p.a. thereafter).
  • Free international travel insurance
  • Purchase protection insurance
  • Price guarantee
  • Extended warranty
  • Concierge
  • Special events
  • Partner discounts
  • No balance transfer
  • Late payment fee

Citi Features and Fees

Details

Card Level
Platinum
Card Type

MasterCard

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

$0

for 12 months then $199

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%

Cash advance rate
22.24%
Cash advance fee
3.5% or $3.5

Balance Transfer

Balance Transfer Rate

Balance Transfer Rate

0%

for 30 months then 22.24%

Transfer Limit

80%

Please note, no interest free days apply to retail purchases while you have a balance transfer

Balance Transfer Fee
1.5%

Overseas spending

Foreign Exchange Fee
3.4% on Mastercard
Overseas charges

Overseas charges

$5

Estimated ATM Cost

-

Rewards

Program name
Citi Rewards Program
Rewards Available

Gift Card, Cash Back

Eligibility

Minimum age
18
Minimum income
$35k
Eligibility conditions
Residency
Australia Citizen, Permanent Resident

Earn Rates

RateCard TypeEarnsCondition
1 point for $1 spentMastercarduncappedeligible international transactions
1 point for $1 spentMastercardUp 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
  • Balance Transfer 0% p.a. for 30 months on balance transfers (1.5% BT fee applies, reverts to cash advance rate of 22.24%)
    Offer valid till 30 November 2020. $0 annual fee for first year ($199 thereafter). Please note, no interest free days apply to retail purchases while you have a balance transfer.

Other Benefits

Receive a complimentary bottle of wine every time you dine at a partner restaurant and pay with your Citi card.

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. Please note, no interest free days apply to retail purchases while you have a balance transfer.

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FAQs

How do credit cards work?

Think of credit cards as a short-term loan where you use the bank’s money to buy something up front and then pay for it later. Unlike a debit card which uses your own money to pay, a credit card essentially borrows the bank’s money to fund the purchase. When you apply for a credit card, the bank assesses your income and assigns you a credit limit based on what you can afford to pay back. At the end of each billing cycle, which is usually monthly, the bank will send you a statement showing the minimum amount you have to pay back, including any interest payable on the balance.

How to get money from a credit card

You can get money from a credit card, but generally it will cost you.

Withdrawing money from a credit card is called a cash advance, as it operates more as a loan than a simple cash withdrawal. Because it is a loan, you may be charged interest on your cash advance as soon as you make the withdrawal. Interest rates are also usually much higher for cash advances than standard credit card purchases.

In addition to the interest rate, you may also be charged a cash advance fee. This could be a flat rate, or a percentage of your total cash advance. If you are considering a cash advance, make sure to add up how much it will cost you before committing.

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.

How long does it take to get a credit card?

There are a few stages you need to go through to get a credit card; each one takes a different length of time.

Applying for the card online, over the phone or in person is the fastest step. This usually takes around 15 minutes, provided you have all of your documents handy.

After submitting your application, it usually takes between one to 10 business days for the lender to assess your eligibility. Some lenders offer instant approval, although you will need to send supporting documents before it is official.

Once your application has been approved, expect to wait between one to 14 days to receive your card in the mail. Keep in mind that delays can happen during busy periods, such as if the lender has launched a special deal.

How to make a credit card online

If you’re wondering about how to make a credit card online application, here are some steps to follow:

  • Test the market. Many credit card options are available online. Compare providers by fees, interest and perks to ensure you’re getting the best deal.
  • Complete the application. Once you’ve selected a card, head to the provider’s website and complete the online credit card application form. Forms vary by providers.
  • Provide details. Most cards require you to meet age, residency, income and credit status condition, and you need to provide details like a bank account statement to prove this.
  • Review details. Ensure the information you’ve entered is correct.

Current Interest Rate

This is the current interest rate on your existing credit card.

Where can I get a credit card?

Looking to get your first credit card? You might be confused as to exactly where to go to apply for one. Here’s where to go when you are ready to put in that application.

The bank: Your bank is a great place to start, provided that you have a good banking history. Since you already have a financial history, you have more chance of your application being approved.

Credit card provider: Another option is to apply for a credit card directly from the issuer, such as Visa, Mastercard or Amex. This will most likely be an online application, so do your research and apply for a suitable card for your circumstances.

Major retailers: Coles, Woolworths, Myer and David Jones all have credit cards available. But watch out for the interest rate and annual fees – these cards are designed to help you spend more in store.

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.

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. 

How to pay a credit card

There are a few ways to pay a credit card bill. These include:

  • BPAY - allows you to safely make credit card payments online.
  • Direct debits - set up an automatic payment from your bank account to pay your credit card bill each month. You can choose how much you want to pay of your credit card bill when you set up the auto payments.
  • In a branch.
  • Via your credit card provider's app.

What is CVV on a credit card?

CVV stands for ‘card verification value’, and is also sometimes referred to as a CVC or card verification code.

A CVV code is usually needed when the card is used online or over the phone as an anti-fraud measure. Without the cardholder being physically present to sign or verify the purchase, the CVV provides an extra layer of protection. 

If you’re using Mastercard or Visa, the CVV is the three digits located on the back of the card. If you’re using an American Express, the CVV is usually four digits and is on the front of the card.

Do you need a credit card to get a loan?

You do not need a credit card to get a loan, but you usually need to have a credit history. Without a credit history, a financial institution cannot assess your ‘credit worthiness’, or your capacity to pay off the loan.

If you don’t have a credit card, your credit history can reflect any record of paying off an asset. Without any credit credit history, you’re limited in the type of loans you can apply for. But you may be able to obtain a secured loan against an asset. For more information on improving your credit score, go here

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.

Monthly repayment

This is how much you can afford to pay on a monthly basis off your credit card. You can enter any amount you wish; but to make the balance transfer worthwhile the default is $200.

Are there credit cards for students?

Yes, there are credit cards available with students in mind. These can help young Australians to build their credit report and learn crucial life skills around budgeting and managing personal finances.

Can I get a credit card with bad credit?

Yes, some lenders will provide credit cards to Australians with bad credit scores. It depends on the provider's individual lending criteria and whether you’ve presented your personal finances to show you’re an ‘ideal’ applicant.

Is instant approval possible for credit cards?

Instant approval may be possible – but please note that the term may be misleading. “Instant” approval tends to mean that when you apply online the lender will let you know the likeliness of your eligibility for a credit card within 60 seconds of receiving your application.

What is the lowest monthly repayment on my credit card?

As a rule of thumb, this tends to be around 2-3 per cent of the outstanding balance. You can choose how much you want to repay each billing period as long as it is higher than this minimum required amount.

How to get a new credit card

To get a new credit card, generally you need to be at least 18 years old and have a good credit rating. You don’t need to be an Australian citizen. Usually you can apply online or in person at a branch of the card issuer. You’ll typically have to supply information like:

  • Your income and living costs (e.g. rent/mortgage, loan repayments, living expenses)
  • Your employer’s contact details
  • Details of your assets and any debts you are paying off

Current Annual Fees

These are the current annual fees on your existing credit card.