Citibank Rewards Credit Card – Platinum Card
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Review: Citibank Rewards Credit Card Platinum Card
Cars, houses and Italian suits can come and go from style, but something which never loses its prestige is the platinum credit card. No matter where you go in the world, if you present a platinum credit card when it comes time to pay you will feel gazes turn, eyebrows rise and catch wondering stares as people around you try and work out who you are to have achieved this important status.
Of course the platinum credit card hasn’t achieved this level of reverence for nothing as platinum card holders enjoy exclusive benefits, special service and uncompromising rewards, and Citibank are one credit card provider who know how to do the platinum card well, and have recently made it even better.
Features of the New Citibank Rewards Credit Card Platinum Card
| Product Name | Citibank Rewards Credit Card – Platinum Card | |
|---|---|---|
| Balance Transfer Rate | 1.5% p.a. for 15 months | |
| Interest Rate on Purchases | 20.99% p.a. | |
| Offer end date | 20 November 2013 | |
| Annual Fee | $199 p.a. | |
| Interest Free Period | up to 55 days | |
| Interest Rate on Cash Advances | 21.74% p.a. | |
| Minimum 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.
|
$6,000 | |
| Max Credit Limit | $100,000 | |
| Minimum Monthly Repayment | 2% | |
| Credit Card Type | Visa | |
| Late Payment Fee | $10 | |
| Complimentary Travel Insurance | Yes | |
| Available to Temporary Residents | No | |
| Joint Application | No |
From 1 September all current Citibank Platinum card holders will enjoy the benefits of the new Platinum card, without having to do a thing. You and your additional card holders will receive your new platinum cards in the mail when your card next expires, but you will enjoy all of the new benefits right away.
Other benefits and features of the new Platinum card from Citibank include:
- Earn 1.25 reward points for every $1 spent in Australia.
- Earn 3 rewards points for every $1 spent internationally, including purchases you make online with overseas retailers.
- Earn rewards points year after year as your points never expire as long as your account is open.
- Be rewarded with a free bottle of wine when you dine at participating restaurants through the Citibank Dining Program.
- Earn 1.25 points for every $1 you spend at restaurants participating in the Citibank Dining Program.
- Be charged just 20.99% p.a. on your purchases.
- Be charged 21.74% p.a. on your cash advances.
- Have 55 days to repay your purchases without attracting any interest.
- Add another card holder to help you build your points balance for just $90.
- Receive purchase cover insurance free to protect your purchases from damage, theft or loss for up to three months.
- Enjoy an extended warranty of up to 12 months on purchases made using your Platinum credit card.
- Receive free travel insurance and free transit accident insurance when you purchase your travel tickets on your Platinum card, and be protected in case of medical expenses, trip cancellations, personal liability and lost or damaged persona items.
- Feel secure knowing Citibank is monitoring your transactions when you are overseas using Fraudshield which you can activate by contacting your provider before you travel.
- Receive a replacement card in an emergency within 24 hours within Australia and within 48 hours if you are overseas.
Platinum Rewards
If you are using a rewards credit card you want to make sure you will be able to redeem your points for valuable items in a reasonable amount of time to really feel rewarded. Rewards credit cards have developed a bad reputation in recent years for encouraging people to spend in order to be eligible for rewards. However, with the new Citibank Platinum credit card you have an extended 55 day interest free period to pay off your purchases, and you can earn bonus points at partnered businesses and when you spend internationally, so you will be able to redeem your points for a reward of your dreams before you know it.
Read the Citibank Rewards Credit Card - Platinum Card terms and conditions.
| Minimum Income | $35,000 | |
|---|---|---|
| Minimum Age | 18 years of age | |
| Available to Temporary Residents | No | |
| Credit Rating Requirement | 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. | $6,000 | |
| Max Credit Limit | $100,000 |
| Annual Fee | $199 p.a. | |
|---|---|---|
| Minimum Repayment | 2% | |
| Late Payment Fee | $10 | |
| Over Limit Fee | $40 | |
| Overseas Emergency Replacement | $0 | |
| Overseas ATM Balance check | $0 | |
| Overseas ATM Withdrawal | $5 | |
| Gambling Transactions Allowed | No | |
| Additional Cardholder Fee | $90 | |
| Number of Additional Cardholders | 4 |
Pros
- This card has a balance transfer rate of just 1.5% p.a. for 15 months. This is one of the market leading rates and balance transfer periods.
- This card comes with a personal budgeting tool that allows you to keep track of purchases and plan your spending.
Cons
- Even for as platinum credit card, an annual fee of $199 is fairly high.
- Additional card holders come at a cost of $90 each.
- When the balance transfer period expires, the interest charged on any outstanding balance will be charged at the higher, cash advance rate of interest.
Read the Citibank Rewards Credit Card - Platinum Card terms and conditions.
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can i link direct debit accnts to this type of card ie,monthly car ins/pay bills online and still earn f/f points.
thanks
Hi Steve. The direct debit agreement form has been sent to your email. Thanks.
Are your Points aligned to Qantas ?
and when redeemed are they point for point
Hi David. Citibank do not offer the opportunity to redeem points for Qantas Frequent Flyer points. However, Citibank offer the flexibility of being able to transfer points to the Velocity, KrisFlyer and Asia Miles programs.
They transfer at the following rates:
Singapore Airlines KrisFlyer Miles. 1.5 rewards points will buy 1 KrisFlyer Mile. This has to be carried out in multiples of 15,000 points.
Cathay Pacific Asia Miles. 2 rewards points will convert into 1 Asia Mile and transfers must be made in multiples of 5,000 points.
Virgin Velocity Rewards Points. 1.5 Citibank rewards points buys 1 Velocity reward point, and transfers must be made in multiples of 15,000 points.
If you’re interested in Qantas frequent flyer credit cards, please consult our comparison table. Thanks and apologies for the delay.
I would like to know more about the travel insurance. We plan to go to New Zealand on the 14th on Nov.
Thank you
Hi Mark
Thanks for your comment
The Citibank Rewards Credit Card – Platinum Card comes with complimentary international travel insurance and transit accident insurance. Here is a full brochure on this for you: Citibank Complimentary Travel Insurance
We are interested in this card for our retail business Genco Style Mens and Ladies Fashion but directors Income is $33000 pa but we like card features and bonus 40,000 points. please advise.
Hi Jane. Thanks for your question – so sorry about not getting back to you sooner. Please check our business credit card comparison page for a list of credit cards that businesses can apply for. Jacob.
Can I transfer my Rewards Points to a frequent flyer program ?
Hi Henry. Sorry about the delay in getting back to you about this. Please check this page for information on Citibank airline partners and transfer rates. Jacob.
Hi
I would like to know a bit more about the rewards program.
What frequent flyer program is this card linked too.
Thanks :)
Hi Tanya,
Thanks for the question. The card can be linked to the Citibank Qantas Rewards and the Citibank Rewards program. The Qantas rewards program will cost you an extra $49 at the time of application while the Citibank Rewards program is an included benefit. The different rewards schemes earn points at different rates but you will earn 1:1 points to dollars until March 2012.
Cheers
Jeremy
Hi Jen
There are several options for points redemption including: cashback, outdoors and fitness, books and magazines, electronics and photography, homewares, gift cards and charity donations.
Cheers
Jeremy
If I spend $10,000 on the Citibank Platinum Visa on 1 April 2012 how many Qantas Frequent Flyer points will I earn?
Hi Gary,
Thanks for the question. Points are accrued at a different rate according to your what you buy and where you make your purchases.
Cheers,
Jeremy
Are these Qantas frequent flyer points that i can redeem for travel or is this a different rewards program?
Hi David. Thanks for your question. Citibank Rewards is not linked to the Qantas Frequent Flyer Program. You can transfer to the Singapore Airlines KrisFlyer Miles. 1.5 rewards points will buy 1 KrisFlyer Mile. This has to be carried out in multiples of 15,000 points. Cathay Pacific Asia Miles. 2 rewards points will convert into 1 Asia Mile and transfers must be made in multiples of 5,000 points & Virgin Velocity Rewards Points. 1.5 Citibank rewards points buys 1 Velocity reward point, and transfers must be made in multiples of 15,000 points. Please check the Qantas Frequent Flyer credit cards comparison table for further information.
Will I be able to convert the reward points to KrisFlyer mile points? What is the conversion rate?
Also, I am interested to do balance transfer. Can you please confirm if this is eligible for earning rewards?
Thank you.
Hi Cate. Thanks for your question. Apologies for the delay in getting back to you. Yes, you can transfer Citibank Rewards to KrisFlyer Miles – see this page for transfer rates.
You do not earn points of balance transfers and other cash related transactions like cash advances. Jacob.
hi there, my partner and i want to consolidate our credit cards so that we have only 1 card between us to pay off. he currently has a citibank ready credit. are we eligible for the balance transfers and can both mine and his be transferred to the same account if the application is successful?
Hi Beck. Please refer to our article on the topic. Cheers.
I applied for a CC 6 mths ago and as my tax was not finished and I just started a new business Citibank would not accept interim accounts. I now have done 2011 tax returns and can verify actual income to ATO. Can I reinstate that application for this card? What do I need to do?
Hi Darren. Very good question. You will have to contact Citibank with your application reference number to find out about this. In our experience, there have been instances where previous applications have been amended; however, in your case, at the time of application, you didn’t meet the eligibility criteria, so you may not be able to resolve this issue. Sorry for the time it’s taken to apply. Jacob.
Can I do balance transfer from another credit card from another bank?
Hi Peterson,
Thanks for the question. Provided that you meet the terms and conditions for performing a Citibank balance transfer (minimum and maximum amount) and are successful in your application for this card, there should be no issue in bringing the outstanding balance from a credit card from another bank. Cheers.
Jeremy
Can I transfer from personal loan?
I cannot decide between the citibank ready credit OR Platinum card. I would prefer the card hat gives me the maximum credit? can you find out which plan will give me the most beforehand then choose.
Hi,
Citibank do allow you to transfer from a personal loan. In terms of figuring out what the card with the highest credit limit is, it will be the Platinum; however, your credit limit is determined by an assessment of your financial assessment made at the time of application. Hope this helps.
Cheers
Jeremy
Sorry about the blank one Q!
Is there a balance transfer handling fee?
Hi,
Thanks for your question. A balance transfer fee of 2% of the total amount transfer applies. Cheers.
Jeremy
Is there a limit to the amount of my existing credit card balance I can transfer in applying for card
Hi Alan,
Thanks for the question. The maximum amount you can perform a balance transfer on Citibank is generally 80% of your agreed credit limit. The Citibank balance transfer page says the following: “We may limit Balance Transfers in your account to a proportion of your credit limit. The credit limit is subject to our credit criteria.” Cheers.
Jeremy
How does this credit care work
Hi,
Thanks for the question. For information on how platinum cards work please check our page here – http://www.creditcardfinder.com.au/platinum-credit-cards
Cheers
Jeremy
what do i have to do to apply for this credit card
Hi,
Please follow the link to be redirected to a secure application page. Thanks.
Cheers
Jeremy
I notice that you can transfer the reward points to Singapore Airlines Krisflyer program. What is the rate of conversion from the reward points to the Krisflyer program?
Hi Richard. Singapore Airlines KrisFlyer Miles. 1.5 rewards points will buy 1 KrisFlyer Mile. This has to be carried out in multiples of 15,000 points. Check this page for information about transfer rates. Sorry about the delayed response. Jacob.
Can the rewards program allow transfer to Star Alliance airlines, other than Singapore ?
Hi Terry. Thanks for your question and apologies for the delayed reply. Singapore Airlines are the only Star Alliance member airline that you can transfer points to. For more information about Citibank airline transfer partners, please check this page. Jacob.
What if I only want to do a balance transfer of AUD5000.00 from two different C.Cards and banks. Is this doable?
Kim
Hi Kim,
Thanks for the question. Please check our guide around this issue – http://www.creditcardfinder.com.au/can-you-transfer-multiple-credit-cards-with-a-balance-transfer.html – Hope this helps.
Cheers
Jeremy
Can’t find the 0.9% for 15 months in Citibank au website. The current offer is 1.9% can you please confirm?
Hi Jay. Sorry for the delay in this response. That is the current offer. Thanks for your question.
Hello Jay,
thanks for the question.
The current balance transfer offer is correct, and able to be seen on the Citibank website.
Cheers,
Marc.
where do ypu make repayments if you don’t like doing online repayments on your credit card we live in Maryborough qld and where is the nearest branch to here??
Ho Lorelei. Besides paying this card electronically, you can pay a Citibank credit card by cheque (mail to: Citibank Pty Ltd GPO Box 749F Melbourne VIC 8105) or at an Australia Post by cash or cheque. The closest branch is in Brisbane. Thanks.
Hi
Is it possible to transfer the balance of two cards to the citibank card.
Hi Jason, thanks for your question. It is possible to transfer the balance of multiple credit cards to the Citibank Ready Credit account provided the amount transferred in total is less than the approved credit limit. For further information on this topic, refer to our guide.
How do I pay off the 2 credit cards that I have using your card and access the 0% for 15 months?
Hi Fiona. You may want to consider a balance transfer. We had a chat to Julian Potter, head of cards at Citibank about balance transfers to Citibank cards, here’s what he had to say. Cheers.
Hi, how much is the foreign transaction fee on overseas purchases please? and also how many points would be required for a $100 gift voucher from say Myer? Thanks.
Hi Lynette. To earn approx. $100 worth of value in Citibank rewards points, cardholders must spend $13,760/. For a list of international foreign transaction fees, please visit or page on the topic. Thanks for the question.
We have a Platinum Citibank card and have been told we cannot have our rewards transferred to Qantas Frequent Flyer. As this was the main reason for using this card we are not impressed. Is there anything we can do?
Hi Margaret. That’s correct – you can transfer points to Singapore Airlines KrisFlyer Miles, Cathay Pacific Asia Miles and Virgin Velocity Rewards Points. Here is a guide on rewards points and transfer rates between airlines. If you’re unhappy with this, all you can do is close the account and open a credit card that lets you transfer to the Qantas Frequent Flyer (QFF) Program or open a Qantas direct earn credit card. Thanks for your question.
Hi Jeremy,
Why are current platinum citibank credit card holders being disadvantaged by only getting 1 Frequent Flyer Point for every $2 spent?
I see the new platinum reward visa gives you 1.25 for every $1 spend but existing platinum card holders are being disadvantaged.
I don’t think it is good enough that it is taking until September before you are willing to reward existing card holders with the same privileges.
time we started voting with our feet and changing banks.
Regards Paul…
Are the points earned automatically transferred to my Qantas frequent flyer membership number?
You earn 1.5points per $1 spent and is the full 1.5 points transferred to Qantas?
Hi Steven. Effective the 1st of April 2012, Citibank Platinum Rewards Cardholders are no longer able top opt into the Citibank Qantas Rewards Program. If you would like to earn Qantas Frequent Flyer points with your Citibank Credit Card, you must upgrade to the Signature or Select credit cards. Thanks for your question. If you have enrolled in the program prior to this date, you will continue to earn Qantas Frequent Flyer Points, only you will earn 1 Qantas Frequent Flyer point for every $2 spent. Thanks for your question.
Hello,
This card has no annual fee in the first year. When will the second year’s fee be charged: at the beginning or end of the second year?
Thank you.
Hi Courtney. Thanks for your question. The annual fee is charged on the anniversary statement of card activation. Cheers.
I have just closed a Citibank card and opened a new ready credit account with a limit of $5000.00. I took out a Personal loan earlier this year to finance some industrial kitchen appliances and there is $25,000 remaining. Is it worth me applying for the Platinum Card at the rated of 1.9% for 15 months and would I be eligible for that amount as a balance transfer to payoff the P/L as Citibank’s interest rates are much better than the rate that I am currently paying. Jane
Hi Jane. A balance transfer is a great option for consolidating debts that are being charged at different rates of interest, and there are some good offers on the market that can be viewed on our balance transfer comparison page. If you do apply for a Citibank Credit Card, your credit limit will be assigned on the financial details you provide during the application, as a general rule, you’re only allowed to transfer approx. 80% of your approved credit limit as a balance transfer. Thanks.
I have performed a 0% for 6 months balance transfer to the Platinum Rewards card a couple of months ago, and Citibank has advised that any payments I make will go towards paying off the 0% balance transfer first rather than any new purchases charged at the standard rate.
I just discovered this is not allowed anymore under new government rules – is Citibank exempt from the rule if the conditions are stated in the terms of the balance transfer, or does it get overruled by the government reform?
Hi Chris. Yes, the reform applies to all credit card contracts entered into after the 1st of July 2012. For more information, check our post on the topic. Thanks for your question.
What would the estimated monthly interest payments be on a $20,000 balance.
Is it 3.9% x 20,000 / 12 months. OR is it 3.9% per month. So 780 p/m? or 65 p/m?
Thanks
Hi Nat. Please take the total balance of your account and calculate 2.00% of that figure – this is your minimum monthly repayment. Cheers.
Hi Jeremy (or whoever is kind enough to help me):
1) Apart from the obvious, (low interest, different annual fee) what differences are there between the Citibank Clear Platinum card and the Citibank Platinum?
2) Why would one choose one over the other?
3 ) Also, when doing a comparison, the international transaction fee for the Clear card is the standard 3.3% (which would include online purchases in overseas currencies) yet the same field for the Platinum was blank. Does this mean that there are no foreign currency conversion fees for the Platinum card?
Thanks.
Hi Billy. Thanks for your question. The main differences between these two cards are the balance transfer offer and interest free term on purchases. The Citibank Platinum Card has an extended balance transfer period, whereas the Clear Platinum card offers a six month period where no interest will be charged on purchases made with the card. The cards are similar in other regards, so it comes down to how you plan to use the card. Do you want to pay off an existing balance or do you want to save money on interest with an interest free promotion when you use your card to make a purchase. Both cards do have a foreign currency conversion fee of 3.3%. Hope this helps with your decision.
I was pre-approved to transfer $24000 to the 1.9% for 15 months platinum card. I had it pre-approved before I spent the money on my other card knowing that I could transfer the balance. When I call Citibank to make the transfer I am told that I can only transfer $16000. How can you explain this and what can I do? My net tax income is $100000 and I have about $60000 in savings and shares. What would the problem be here?
Hello Jason,
thanks for the question.
A balance transfer with Citibank will only allow up to a maximum of 80% of the credit limit applicants are approved for, so if the limit approved was lower than $24,000 this may account for this. Calling Citibank for further clarification or trying another credit provider to obtain a higher credit limit may be one way to be able to balance transfer a higher amount.
I hope this helps,
Marc.
I would like to know whether Points are awarded for balance transfers?
Thank you
Hi Corrie. Points are not earnt on balance transfers and other cash transactions. Thanks.
if I take out this card, can all points accrued be transferred to the qantas frequent flyer scheme?
Hello Nikki,
thanks for the question.
The Citibank Rewards Platinum Card allows cardholders to bring their points over to the SIngapore KrisFlyer, Cathay Pacific Asia Miles or Virgin Velocity loyalty program. Qantas Frequent Flyer points cannot be earned with this card, but can be accrued using the Citibank Signature or Select cards by opting into the Qantas Frequent Flyer program.
I hope this helps,
Marc.
are the altitude points capped
Hi Keith. You can’t earn Altitude points with this card. They are a feature of Westpac credit cards. From mid this year, Altitude points are capped at 300,000 per year. Thanks for the question.
Hi there – can I also transfer the balance of a personal loan to this card?
Hi Lisa. Yes you can do this. Thanks for your question.
Please tell me the fortnightly re-payment on a balance transfer for $10,000 1.5% over 15 month period
Hi Katie. Thanks for your question. The minimum repayment is $150 a fortnight or $300 a month. Jacob.
Do I have a minimum spend amount on this card? If so, how does it affect the balance transfer.
HI Katie. Thanks for your question. There is no obligation to spend on your card, you can spend as little as you want, or as much as your available credit limit allows. If you’re carrying a balance transfer balance and you spend on the card, be aware that there are no interest free days and when you pay back money onto the card, payments will be applied to cash advances first, purchases second and the balance transfer balance last. Jacob.
Interested in your Platinum card balanced transfer, but the problem is I am getting made redundant at the of the month.
My prospect of new employment is good but not yet secured, can I still apply?
HI David. Interesting question. You’re going to have to speak to a contact at a bank about getting access to credit at this stage of your employment cycle. It will help if you already have a long standing relationship with an existing lender. They are more likely to understand the wider picture. Jacob.
My wife and I have card balances that we would like to transfer. Do we need to do seperate card applications or can I transfer her balance onto one card under my application?
Hi Robin. Thanks for your question. You can do this with some providers; however, Citibank do not allow you to transfer the balance of a credit card balance of someone else’s name to a card in your own name. Please check this page for information on card providers that do let ou do this, this page also has information on providers that allow joint primary card holders. Hope this helps. Jacob.
could you please send me the details of the travel insurance that comes with this card? thanks
Hi Kay. I have sent the policy document to your email. Please let me know if there’s anything in particular you would like to know. Jacob.
If i already hold a platinum card can i still get the 1.5% balance transfer rate if i choose to transfer from another card?
HI Ewhen. Thanks for your question. If you’re an existing customer you will need to log on to Citibank online to request a balance transfer. They may be able to provide you with the promotional rate, but you’ll check with them. Jacob.
hi I have two credit cards with other banks, and wish to consolidate them with a balance transfer to a citibank card, is that possible,
Hi Alan. Thanks for your question. Citibank will allow you to consolidate the debt from multiple credit cards, store cards, charge cards, lines of credit or personal loans on to the one credit account. You can do this when you apply for the card. Simply elect that you want to carry out a balance transfer and enter the account numbers and amounts that you wish to transfer from. Jacob.