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100,000 Spend $8,000 in the first 90 days
Citi Premier Card – Velocity Offer
Citi Premier Card – Velocity Offer

Citi Credit Cards

Citi Premier Card – Velocity Offer

Updated 19 January 2024

The new Citi Premier Card is a Velocity points extravaganza, awarding a huge 100,000 points when you apply by 30 April 2024 and spend $8,000 on eligible purchases within 90 days of approval. After the first 12 months, earn 50% off the annual fee when you spend $48,000 on your card each year, otherwise $300 p.a.

Be rewarded with 2 Citi points per $1 spent online or overseas, or 1 point per $1 elsewhere. Includes Citi Rewards perks, complimentary insurances, Priority Pass lounge membership, and 4 free additional cardholders. T&Cs apply.

Points Earn Rate (per $1 spent)

2 points

Citi

Rewards Program

Citi Rewards Program

Bonus Points

100,000 pts

Spend $8,000 in the first 90 days

Pros and cons

  • Earn 100,000 Velocity points when you spend $8,000 on eligible transactions within 90 days of approval. Offer ends 30 April 2024.
  • Earn 2 Points per $1 spent on eligible transactions made overseas and/or online; 1 Point for all other eligible domestic purchases
  • Earn uncap points through Citi PayAll transactions
  • Discounted annual fee on subsequent years of $150 if you spend $48,000 on eligible purchases or cash advances in the previous year
  • Enjoy 10% off or up to $250 Limited Time Lux Exclusive hotel offers. Offer available until 1 March 2024
  • Up to 55 days interest-free on purchases if you pay off the balance in full by the due date
  • Up to four (4) additional cardholders at no extra cost
  • Two (2) Priority Pass complimentary lounge passes each year
  • Enjoy monthly cashback offers from your favourite stores with My Cashback
  • Complimentary Mobile Phone Insurance, International Travel Insurance, Purchase Cover, and Extended Warranty Insurance. T&Cs apply.
  • Compatible with Apple Pay, Google Pay and Samsung Pay

  • You’ll pay the full $300 annual fee the first year before the 50% discount applies
  • Reward Points are capped at 200,000 in a 12-month period
  • High cash advance and purchase rates, currently 22.24% p.a. and 21.49%, respectively
  • If you switch from Citi Rewards to Citi Qantas, the annual fee is charged at $350
  • Citi Rewards points are capped at 200,000 per year

Creditcard.com.au review

Editor Review

Citi Premier Card – Velocity Offer

Pauline Hatch
Pauline is a personal finance expert at CreditCard.com.au, with 8 years in money, budgeting and property reporting under her belt. about this card.

Citi Premier Card - Velocity Points Offer Review

Citi’s Premier Velocity credit card hits the bulls-eye if you’re keen to build up your frequent flyer points. You can earn 100,000 Velocity points when you sign up and spend $8,000 on eligible purchases within 90 days of approval.

❗ We've gotten a lot of questions about the points with this card! The bonus offer is paid in Velocity points, but the points you earn on your spending every day are Citi reward points. You can transfer Citi points to Velocity points manually or set up an 'autosweep' feature to do it automatically. 2 Citi reward Points = 1 Velocity Point for Citi Premier cards.

Let’s look at what else the Citi Premier - Velocity card has so you can see if it’s what you’re looking for.

What we love...

I admit it, I’m often impressed by Citi and its offerings. I think the sign-up offers (which often include chunky rewards points or cashback) are some of the best around, and it has the framework in place for a good customer experience with plenty of ways to save money, budget and earn rewards.

The Citi Premier Card - Velocity Points Offer makes you look twice; it comes with excellent benefits, rewards, perks, discounts, free insurances and services, and extra features like Citi instalment plans where you can pay off your balance in a ‘Buy now pay later’ fashion.

An ongoing perk of Citi’s Premier card with the Velocity offer is the discounted annual fee. A 50% discount applies if you spend at least $48,000 on eligible purchases during the year before, bringing the annual fee down to $150. That’s a reasonable annual fee for a premium card.

Let’s look at the rewards.

Citi has its own program earning Citi rewards Points that you can redeem at its online store (a 2,000 point minimum spend applies). You can also convert Citi points to Velocity points, either manually or with the Autosweep function that converts your Rewards Balance on the same date each month.

Earning Citi rewards Points. You’ll earn 1 Citi rewards Point for every dollar you spend on eligible transactions online or overseas, and 1 point per dollar on any other eligible domestic purchase. Non-eligible transactions include cash advances, special promotions, fees, refunds, and balance transfers.

Complimentary insurances. The Citi Premier Card - Velocity Offer comes with complimentary international travel insurance, overseas transit accident insurance, mobile phone insurance, purchase cover insurance, extended warranty insurance and complimentary guaranteed pricing.

Citi Rewards perks. On top of earning points, Citi also offers exclusive deals with partnering businesses.

Priority Pass. You’ll get Priority Pass Standard Membership, which allows the primary cardholder free access to two airport lounges per year.

Other bonuses:

  • Sync your card with Apple Pay and access your account via the Citi Mobile App
  • 24/7 customer service
  • Personal concierge services for round-the-clock help with bookings and travel
Bonuses on bills and rent

Citi PayAll is another feature unique to Citi that allows you to earn points on payments that most rewards programs won’t. You can set up automatic payments through the Citi Mobile App and earn points on rent, taxes, education fees, property management fees, childcare, bills and more. Effective 1 November 2023, the Citi PayAll fee changed to 0.95% of the amount being paid.

This card also comes with 55 days interest-free on purchases.

* Note: as of 16 October 2023, the Linked Diners Club card is no longer available with Citi.

What’s not so great...

The 50% discount on the annual fee is an excellent bonus, but it only comes into play when you’ve spent at least $48,000 on your card in the previous 12 months. So, you’ll pay the full $300 for the first year.

You can earn a maximum of 200,000 Citi Reward points per 12 month period (the 100,000 Velocity points bonus doesn’t count toward the cap).

With 2 points earned per overseas purchase, Citi primarily rewards international spenders and travellers. You might want to check that the card is going to earn the best points for the way you shop.

Why should you choose this card?

The Citi Premier card - Velocity Offer packs a decent punch upfront with 100,000 Velocity points, and then very good ongoing points with Citi Rewards. Since you can spend the points as is or convert them into Velocity points, you can choose whether you want retail or travel perks.

If you like money hacks, you’ll probably be a fan of the Citi Mobile App and its bonus features including Citi PayAll and Citi Instalment Plan that let you pay smarter and earn rewards.

Here are the points earning rates:

  • Earn 2 Points per $1 on all eligible online transactions
  • Earn 2 Points per $1 on all eligible international transactions made overseas or online with a merchant that is based overseas
  • Earn 1 Points per $1 on all eligible domestic transactions
  • Earn 1 Citi rewards Point per $1 on all eligible transactions using Citi PayAll
How to redeem your points:

Citi reward Points can be redeemed for flights, hotels, shopping, dining, and car hire. You can use it to pay for almost anything like appliances, homewares, and other merchandise at partner stores. You also have an option to transfer your Citi reward Points to partner programs including Emirates Skywards, Singapore Airlines KrisFlyer, flybuys, and many more.

Overall Rating

The Citi Premier card - Velocity Offer will fill your rewards tank with 100,000 Velocity points when you sign up by 30 April 2024, and keep delivering with Citi reward Points you can redeem or convert to a variety of other programs.

It comes with a host of free travel bonuses, discounts with partner businesses, insurances including mobile phone coverage, and nifty ways to earn points on boring payments like bills and rent.

The premium annual fee can be discounted when you spend a certain amount each year, making this card and its features pretty attractive for the price.

User reviews

Citi Premier Card – Velocity Offer ( based on 1 Creditcard.com.au user review )

83% rating based on 1 review

Rates
Fees
Rewards
Customer Service
Value

Rates and fees

Interest rates



Purchase rate 21.49% p.a.

Cash advance rate 22.24% p.a.

Interest free period on purchases up to 55 days

Credit limits

Minimum credit limit $10,000

Maximum credit limit $100,000

Fees & repayments

Annual fee $300 p.a.

Additional cardholder fee Up to 4 - $0

Foreign transaction fee 3.4%

Minimum repayment 2% or $30 whichever is greater

Cash advance fee Domestic 3.5% or $3.50 (whichever is greater) ; International $5

Late payment fee $30

Rewards and points

Rewards program

Rewards Program Citi Rewards Program Citi Rewards Program

Bonus points 100,000 points

Annual points cap 200,000

Bonus points spend criteria Spend $8,000 in the first 90 days

Earning points with this card

Citi Rewards points 2 points per $1 spent

Points cap per month N/A

Overseas earn rate 2 points per $1 spent

Additional features

Complimentary insurance

International Travel Insurance Yes - up to 6 months

Flight Inconvenience Insurance Yes

Transit Accident Insurance No

Smartphone Screen Insurance No

Purchase Protection Insurance Yes

Extended Warranty Insurance Yes

Rental Vehicle Excess In Australia Insurance Yes

Extras

Guaranteed Pricing Scheme

Fraud protection

Overview

Citi Premier Card – Velocity Offer

Key features

  • 100,000 bonus Velocity points when you spend $8,000 in the first 90 days from approval. Offer ends 30 April 2024.
  • A reduced $150 annual fee in subsequent years if you spend at least $48,000 on eligible purchases or cash advances in the previous year, otherwise $300
  • Up to 4 additional cardholders, no fee
  • Complimentary International Travel Insurance, Transit Accident Insurance, Purchase Cover Insurance, Extended Warranty Insurance and Guaranteed Pricing Scheme
  • Enjoy monthly cashback offers from your favourite stores with My Cashback
  • 2 points per $1 spend on eligible international and online spend
  • 1 point per $1 spend on eligible domestic spend
  • Earn uncap points through Citi PayAll transactions

Minimum criteria to apply for this card

  • Be over 18 years old

  • Good Credit and have not applied for multiple credit cards recently

  • Australian resident

  • You have your personal details ready to complete the online application

Pauline

Pauline is a personal finance expert at CreditCard.com.au, with 8 years in money, budgeting and property reporting under her belt. Pauline is passionate about seeing Aussies win by making their money – and their credit cards – work smarter, harder and bigger

Recently Asked Questions

Something you need to know about this card? Ask our credit card expert a question.

21 questions (showing the latest 10 Q&As)

SHaron

SHaron

17 March 2024
The Citi Terms & Conditions sets out very clearly what is NOT eligible spending but no where does it explain what is eligible spending. Is it using your card at any retailer ie clothing retailers, food, household goods, department stores etc. Because they do not specify what eligible spending is my fear is that they could easily deem any of your spending not eligible because the T&C are very non specific and you end up not earning the points but you are locked in to paying them $300.
    Pauline - CreditCard.com.au

    Pauline

    20 March 2024
    Hi Sharon! You're on the right track for sure; eligible purchases are everyday spending on normal things like you've mentioned. Retail purchases where you're buying goods or services, in other words. It excludes things that aren't retail purchases, like fees or interest, and in Citi's case, government payments. That's standard PDS speak for most cards. I've been using rewards cards for 12 years and have never had an issue with not earning points, and I use it for everything! Hope that helps, Sharon.
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