Citi are offering up to 310,000 bonus Rewards points and reduced first-year annual fee of $195 for new cardholders of the Citi Rewards Signature credit card until 31 March, equivalent to 155,000 Velocity Points or 120,000 KrisFlyer miles if transferred out of Citi Rewards.
The bonus points are split into chunks of 15,000 points for every month you spend at least $1,000 on the Visa for the first 20 months from approval and an additional 10,000 bonus points is also available if you signup for the linked Diners Club Card. Note that applying for a linked Diner’s Club card will not create an additional credit enquiry.
The bonus is only available for new cardholders who sign up for the Citi Rewards-linked card, although cardholders could also choose to earn Qantas Points without this bonus.
New to this offer (and likely to be an ongoing benefit) is the ability to reduce the succeeding annual fee by 50% if you are able to spend at least $4,000 per month or $48,000 per year on the Visa card.
As mentioned, the bonus points can be transferred to Velocity points at a ratio of 1:0.5 or 155,000 Velocity Points and below are some examples of how you can use them.
How you could use the bonus points from this card
All redemption figures shown are examples only and exclude accompanying taxes and fees. Points redemption price data is provided by a third-party, so inaccuracies may be present. Please check with the airline directly for a complete and accurate total redemption cost.
Citi Rewards Signature credit card: the basics
When you sign up for the Citi Rewards Signature credit card, you’re going to receive the bonus in Citi Rewards points (but you could swap to Qantas Rewards later as a cardholder). We explain this a little later in the guide.
Using the card for overseas spend incurs a 3.4% fee, with earn rate similar to the highest bonus category at 1 Qantas point or 2 Citi Rewards points per $1 uncapped.
|Card||Citi Rewards Signature Credit Card|
|Loyalty program||Citi Rewards Program|
|Citi Rewards earn rate||2 Rewards Points per $1 for selected purchases made and booked directly from a range of major restaurants and restaurant chains, major hotel chains and flights directly booked with major airlines and international spend|
1.5 Rewards points per $1 for selected purchases made at major petrol outlets, major supermarkets and major national retailers
1 Reward Point per $1 spent everywhere else on Eligible Transactions
|Points cap||Citi Rewards points are uncapped|
|Minimum credit limit||$15,000|
|Earns points at ATO||No|
|Travel benefits||Priority Pass lounge access and two included lounge visits|
|First Year Annual Fee||$199|
|Regular Annual fee||$395 p.a.|
|Overseas transaction fee||3.40% of the converted amount|
|Minimum income requirement||$75,000 p.a.|
Effective Frequent Flyer Program Point Earn Rates
|Frequent Flyer Program||Major restaurants, |
hotels and major
|Major petrol stations, |
|All other eligible spend||International Spend|
|Qantas Points*||1 point / $||0.75 point / $||0.5 point / $||1 point / $|
|Velocity Points||1 point / $||0.75 point / $||0.5 point / $||1 point / $|
|Singapore Airlines KrisFlyer Miles||0.8 mile / $||0.6 point / $||0.4 point / $||0.8 point / $|
|Emirates Skyward||0.8 mile / $||0.6 point / $||0.4 point / $||0.8 point / $|
|* Qantas Points are only earned through the Citi Signature Qantas Visa card|
Digging into the benefits of the Citi Rewards Signature Credit Card
You’ll earn 2 Citi Rewards points per $1 on eligible spend at major restaurants, restaurant chains, hotel chains, flights directly booked with major airlines and international spend. 1.5 Citi Rewards points per $1 at major petrol outlets, supermarkets and national retailers and 1 point everywhere else uncapped.
There’s a minimum income requirement of $75,000.
The Citi Rewards Signature Credit Card can also be linked to Qantas Frequent Flyer, with points earned from spend earned into one program or the other. If you decide to use the card to earn Citi Rewards points, have a read of the full guide to the Citi Rewards program here.
Citi Rewards transfer partners for the Rewards Signature Credit Card are low in number but high in quality:
- Virgin Australia Velocity
- Singapore Airlines KrisFlyer
- Emirates Skywards
For Citi Signature cardholders, points transfer out to Virgin Australia‘s Velocity at 2 Citi Rewards point to 1 Velocity point and to Singapore Airlines’ KrisFlyer program at 2.5 Citi Rewards points to 1 KrisFlyer miles.
You can redeem your Citi Rewards points for a ‘The Business’ seat on Virgin Australia
Citibank has recently amended the minimum number of Citi rewards points that can be transferred, and the change is a welcome one. Previously, the minimum number of points that could be transferred was 20,000, and points could only be transferred in blocks of 20,000 points thereafter.
The new requirements vary by frequent flyer program, and are as follows:
- Velocity Frequent Flyer – Minimum 2,000 points in 1 point increments
- Singapore KrisFlyer – Minimum 20,000 points in 1 point increments
- Emirates Skywards – Minimum 15,000 points in 1 point increments
Any balance less than the minimum is ineligible to be transferred to frequent flyer programs until the minimum threshold is reached.
You can swap the card between Citi Rewards points and Qantas Points earn once per year, so do this only when you need to.
Priority Pass benefit
The card also comes with Priority Pass lounge membership, valued at US$99 per year, and two included lounge visits valued at US$27 each.
The way this works in practice is that you’ll receive a promotional pack from Citi with a Priority Pass access code soon after receiving your card in the mail. The code then lets you sign up for the relevant membership from Priority Pass.
Citi Apple Pay & Samsung Pay support
Citi cards supports Apple Pay & Samsung Pay, meaning you can use this card on your smartphone for easier payments. Unfortunately, Google Pay is currently not supported.
Finally, you’ll also get a range of insurances, including extended warranty, purchase cover and international travel insurance. As per usual, you’ll need to read the PDS and assess if these insurances meet your individual needs and offer you substantial value.
This guide references some of the benefits of insurance policies provided with this card.
You should read the PDS and obtain independent professional advice before obtaining this product.
Summing up: the Citi Rewards Signature credit card
The Citi Rewards Signature credit card remains to be considered for high volumes of points earn outside of Qantas Frequent Flyer on a Visa or MasterCard, however, the annual fee is higher than many others on the market, so you’ll need to be using the card a lot to make the fee worthwhile.
The flexibility of points transfer to Velocity or KrisFlyer is really useful, as well as the possibility of swapping the card (infrequently) between Qantas or Citi Rewards points earn.
The bonus points categories plus the points earn on spend should be considered alongside the card’s benefits to ensure it is going to work well for you.
Terms & conditions
Citi would also like us to include the following:
To be eligible to receive up to 300,000 bonus Points you must apply for a Citi Rewards Signature Credit Card by 31 March 2019. You will receive 15,000 bonus Points when you spend a minimum of $1,000 during each monthly statement cycle. A maximum of 300,000 bonus Points can be earned over the first 20 monthly statement cycles. If you do not meet the minimum spend for one monthly statement cycle, you forfeit the bonus Points for that monthly statement cycle, however you are still eligible for subsequent months 15,000 bonus Points if you meet the minimum spend within each monthly statement cycle during the promotional period. Cash Advances, Balance Transfers, Refunds, Chargebacks and Special Promotions do not contribute to the spend threshold. The bonus Points will be credited within 6 – 8 weeks of meeting the spend criteria for any given month. All rewards are subject to the Terms and Conditions of the Citibank Rewards Program. Please note that if you have a balance transfer, you will be charged interest on any spend that you make. This offer is valid until 31 March 2019. Post this advertised date; Citi reserves the right to continue, withdraw or change the offer at any time without notice.
Separate Diners Club Terms and Conditions apply to a Linked Diners Club Card as it is a separate credit facility from Diners Club that is paid through your Citi Credit Card. Eligibility criteria apply including that you must be approved for an account that is eligible for a Linked Diners Club Card. Diners Club has appointed Citi to administer the Linked Diners Club Card. Any credit balance on the Linked Diners Club Card is not a deposit liability of Citi, or any other affiliate of Citi, is not a protected account and is not guaranteed.
All rewards on your Linked Diners Club Card are subject to the Terms and Conditions of the Citibank Rewards Program and the Linked Diners Club Card Extra Terms Part 2. Eligible Transaction is defined in the Rewards Program Terms and Conditions and means any purchase excluding (but not limited to) cash advances, balance transfers, special promotions, BPAY payments, government related transactions and all other transactions set out within the definition. Points do not expire while the card remains open and in good standing.
No International Transaction Fee is only applicable for transactions made on your Linked Diners Club Card; including on the amounts transferred to your Citi Credit Card. If you make an international transaction using your Citi Credit Card, an International Transaction Fee will be charged (where applicable).
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