Citi Prestige Card Review – Rates and Details

Information verified correct on September 30th, 2016
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Earn 70,000 bonus points on signup, repay your debt with 0% p.a. on balance transfers for 6 months and enjoy a variety of platinum perks.

Citi Prestige Card is an ultra-premium card which provides cardholders with a key to unlock a luxurious lifestyle. The benefits are wide ranging, including travel, dining, entertainment and other options. The reward program earns 2 points for domestic purchase and 5 points for international purchases per $1 spent. It has comprehensive insurance cover including international travel insurance, transit accident insurance, guaranteed pricing scheme, extended warranty insurance and more.

This card comes with an annual fee tag of $700. It has a minimum income requirement of $150,000. Cardholders will also get 70,000 bonus points on this card if the card is used before 30 April 2017.

Product NameCiti Prestige Card
Rewards ProgramCitibank 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.)
Purchase rate (p.a.)20.99% p.a.
Offer end date30 April 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 Income$150,000
Card TypeVisa
Late Payment Fee$10
Complimentary Travel InsuranceYes
Complimentary Travel Insurance Cover6 months
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.
Late Payment Fee$10
Over Limit Fee$40
Cash Advance Fee3.5% of the transaction amount
Overseas Cash Advance Fee$5
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

  • Earn rewards points per $1 spent with the Citibank Rewards Program.
  • Earn Qantas Frequent Flyer points per $1 spent if you opt into the program for $49 p.a.
  • Priority Pass. Cardholders get access to 700 domestic and international airport lounges worldwide

Cons

  • You have to pay an additional $49 p.a. to earn Qantas Frequent Flyer points
Rewards ProgramCitibank Rewards Program
Bonus Points on Sign-up70,000
Rewards Points per $ (VISA/MC)2
Rewards Points per $ (AMEX) CapN/A
Points ExpiryNever

Citi Prestige Card review

This card provides competitive benefits in the category of ultra-premium credit cards. The reward programs provide an earning rate of up to 5 points for every $1 spent which should allow quick accumulation of points. The travel options include multiple airline partners, Qantas Frequent Flyer points, Flight upgrades, complimentary VIP lounge passes and more. Customers looking to upgrade from a premium card will find this card’s benefit and features very refreshing. The complimentary insurance package is also comprehensive and provides important cover for travel and shopping options.

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

  • Exclusive benefits. The exclusive benefits of a premium card give it an advantage over its peers. Citi Prestige Card has some inviting benefits like golf benefits, shopping benefits, membership privileges at Shangri-La and Hilton hotel, Visa Front Line Access and more. Some of them provide personal assistance for shopping while others provide VIP access to offers and promotions.
  • Reward program. This is a very sought after benefit from premium cards. Citi Prestige Card has a high earn rate of up to 5 points for international purchases and 2 points for domestic purchases for every $1 spent. International purchases can include online shopping also.
  • Balance transfer. Customers can bring their balance from other cards and take benefit of a low interest rate. This card offers 0% p.a. interest rate for 6 months on balance transfer.
  • Qantas Frequent Flyer points. Every dollar spent on the card can be used to earn Qantas Frequent Flyer point which is automatically transferred to Qantas Frequent Flyer account. An additional fee of $49 p.a. is charged for this benefit.
  • Priority Pass. Cardholders get access to 700 domestic and international airport lounges worldwide. They can bring 1 guest per visit with them who will be charged extra subject to the terms and conditions of the air lounge.
  • Eligible for Samsung Pay. You can now easily make contactless payments using your qualifying Samsung device if you sign it in to Samsung Pay. Learn more here.
  • Complimentary stay. Cardholders get one complimentary night stay per year at of the premium partner hotels.
  • Bonus points. Cardholders will get 70,000 bonus points when their card is approved and they make their first purchase from the card. This offer ends on 30 April 2017.

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. Cardholders can bring their balance from other cards to Citi Prestige Card. Receive a 0% p.a. balance transfer rate for 6 months.
  • 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 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

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

I am self-employed IT professional with some experience in start-ups. My annual income level fluctuates, however I can provide requisite documents showing good assets. Can I get approved for this card?

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.

I currently have Qantas Frequent Flyer membership which has a majority of my points. I would like to continue adding points to this membership. Do I need to pay any extra amount for this?

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.

Which airline memberships are available through this card?

Airlines partners and their reward programs are:

  • Velocity Frequent Flyer, Convert 1.5 Citibank point to 1 Velocity point
  • Singapore Airlines KrisFlyer program, Convert 1.5 Citibank point to 1 KrisFlyer mile
  • AsiaMiles, Convert 2 citibank reward points to 1 Asia mile
  • Emirates Skywards Miles, Convert 2.5 Citibank reward point to 1 Skywards Mile
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Credit Cards Comparison

Rates last updated September 30th, 2016
Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
Enjoy a 0% p.a. balance transfer offer for 18 months and also earn 2 bonus Velocity Points in the first 3 months on everyday spend.
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Enjoy a low and consistent interest rate on purchases and cash advances, combined with no annual fee.
11.99% p.a. $0 p.a. Go to site More info
St.George Vertigo Visa
Introductory offer of 0% p.a. for 18 months on balance transfers and 1% p.a. for 12 months on purchases, plus a low annual fee.
1% p.a. for 12 months (reverts to 13.24% p.a.) 0% p.a. for 18 months $55 p.a. Go to site More info
HSBC Platinum Credit Card
Receive a full annual fee refund and save $149 if you meet the $6,000 spend requirement. Enjoy a balance transfer offer and platinum card benefits such as complimentary insurances and concierge services.
19.99% p.a. 0% p.a. for 15 months $149 p.a. Go to site More info

* The credit card offers compared on this page are chosen from a range of credit cards CreditCardFinder.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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