The Big Review: Citi Rewards Platinum Credit Card
Offering 0% on purchases and balance transfers for 13 months, the Citi Rewards Platinum Credit Card is certainly a card worth exploring. As well as allowing cardholders to earn 1 Point per $1 spent, the card provides a number of enticing extras, including complimentary insurances, access to Citi World Privileges, Visa Front Line and the Citibank Dining Program, and the services of a personal concierge. Sign up today and you can also benefit from a reduced annual fee of only $49 for the first year.
- 0% p.a. on retail purchases for 13 months
- 0% p.a. on balance transfers for 13 months. Reverts to Cash Advance rate. No interest free days apply while you have a balance transfer
- Earn 1 Point per $1 on eligible spending
- Earn Points faster with a Linked Diners Club Card
- Flexible Citi Rewards program
- Reduced $49 annual fee in the first year
- Complimentary international travel insurance
- Personal concierge service available 24/7
- Access to exclusive travel offers through Citi World Privileges
- Access to exclusive entertainment offers through Visa Front Line
- Enjoy a free bottle of wine when dining at Citibank's dining partner restaurants. T&Cs apply.
- Up to 55 days interest free on purchases
- Annual fee: $49 for the first year. Reverts to a discounted annual fee of $149 in subsequent years.
- Up to four additional cardholders, each with an annual fee of $90 (no discount available for additional cardholders).
- Retail purchase rate: 20.99% p.a. (variable)
- Cash advance rate: 21.74% p.a. (variable)
- A 1% balance transfer fee will be applied. Your total balance transfers may not exceed 80% of your credit limit. Unpaid balance transfers revert to the card’s cash advance rate after 13 months.
This Card: The Lowdown
A worthy option for cardholders looking to earn rewards on the Citi Rewards program, the Citi Rewards Platinum Credit Card offers some appealing features, such as access to Citi’s World Privileges and Dining Program, a host of complimentary insurance covers and a personal concierge.
While the features offered may be pretty standard for platinum cards, what could set the Citi Rewards Platinum Credit Card apart for you may be its introductory offers. If you sign up today, you could be eligible for 0% p.a. on purchases for 13 months, 0% p.a. on balance transfers for 13 months, and a low $49 annual fee for the first year.
With the basics covered, it’s time to dig a little deeper into what’s on offer with the Citi Rewards Platinum Credit Card, so you can decide whether this card is right for you.
This Card: As a Rewards Card
With the word ‘Rewards’ in its name, you would certainly expect the Citi Rewards Platinum Credit Card to be rewarding. How rewarding is it? Let’s take a closer look.
As an everyday rewards card, the Citi Rewards Platinum Credit Card offers the following earn rate:
- 1 Point per $1 for eligible domestic spend (up to $10,000 per statement period)
- 1 Point per $1 for eligible international spend (uncapped)
- 2 Points per $1 on all eligible transactions on a Linked Diners Club Card
To determine whether a purchase falls under the category of ‘domestic’ or ‘international’, Citi uses the information provided by the merchant. So if the merchant tells Citi it is located in Australia, that purchase will fall under the ‘domestic’ category, and if the merchant says it is located outside Australia, the purchase will be labelled ‘international’.
How does this affect you as a cardholder? While all eligible spending on the Citi Rewards Platinum Credit Card accrues points at a rate of 1 Point per $1, Points on domestic spending are capped at $10,000 per statement period. Meanwhile, international spending may not be capped, but it does come with a fairly hefty 3.4% foreign currency conversion fee.
It’s nice to know that earned points do not expire, as long as the card remains open and in good standing. However, it’s worth noting that you will not earn points on government related transactions, which means no points for transactions at Australia Post, the ATO, council rates, motor registries, tolls, parking stations and meters, and fares on public transport.
Linked Diners Club Card
If you apply and are approved for a Linked Diners Club Card, you can enjoy the opportunity to earn points faster day-to-day. Boosting your spending power, using the card allows you to earn 2 Points per $1 spent on all eligible transactions, uncapped.
Charging no additional fees for the use of this card, your Linked Diners Club Card also offers no international transaction fees when spending overseas, with Points earned automatically added to your Citi Rewards balance. You will have one PIN for both the Visa and the Linked Diners Club Card, as well as one monthly payment, and the same online banking log-in details.
Linked Diners Club Cards are accepted at Coles, Woolworths, Bunnings and many more retailers at home and overseas.
Accruing Points on the Citi Rewards program, the Citi Rewards Platinum Credit Card – and its Linked Diners Club Card – offers a range of flexible redemption options. You may choose to redeem Points for merchandise, such as electronics, homewares, sporting goods and jewellery, or you could opt for gift cards from big names, including Myer, David Jones, JB Hi-Fi and Bunnings.
Pay with Points provides an alternative way to use your Points. With this option, you can choose to use your Points to cover selected purchases, no matter how big or small. Whether it’s a meal out with friends or that much-coveted pair of shoes, you can use your Points to pay for it, to then receive a statement credit. As a Platinum cardholder, 2,500 Points equals $10.
Points can also be redeemed on a range of travel options, covering flights, accommodation, car hire and more, simply by transferring your Points to airline miles at a participating partner. Currently, the card’s airline partners include Emirates Skywards, Singapore Airlines KrisFlyer and Virgin Australia Velocity.
Citi Rewards Points offer a transfer rate of:
- With Velocity, 2.5 Citi Rewards Points = 1 Velocity Point
- With Emirates Skywards, 3 Citi Rewards Points = 1 frequent flyer mile
- With Singapore Airlines KrisFlyer, 3 Citi Rewards Points = 1 frequent flyer mile
- That means as a frequent flyer card, the Citi Rewards Platinum Credit Card has an earn rate equal to 0.4 Velocity points per $1 spent, or 0.33 frequent flyer miles per $1 for Skywards and KrisFlyer.
Bearing in mind the monthly cap on domestic spending, you could earn up to 4,000 Velocity Points or 3,333 Skywards and KrisFlyer miles per statement period. As for international spending, the 3.4% foreign currency conversion fee somewhat negates any Points earned.
This Card: Extras on Offer
If you’re looking for platinum extras, the Citi Rewards Platinum Credit Card has a tempting selection to choose from. While it may not offer of the high-end extras that many of the more expensive platinum cards feature, there are some appealing options on offer.
As a cardholder, you can enjoy a wide range of complimentary insurance covers for you and your family.
- With International Travel Insurance, you and your family may be covered for medical expenses, trip cancellation due to unexpected circumstances, loss or theft of personal items and more, as long as you purchase your overseas travel tickets with your card.
- With Transit Accident Insurance, you and your family may receive up to $500,000 should you sustain a fatal injury as a passenger while travelling as long as you purchase your overseas travel tickets with your card.
- With Purchase Cover Insurance, you can make a claim on items purchased on the card if they are lost, stolen or damaged anywhere in the world within 90 days of purchase.
- With Extended Warranty Insurance, you can benefit from an extended warranty on new purchases, up to an extra 12 months when you purchase items with card.
- With Guaranteed Pricing Scheme, you can receive a refund of the price difference when you purchase an item on your card in-store, and then see the same product advertised at a lower price within a 25km radius. This applies to bricks and mortar purchases only, where the price difference is greater than $75, up to $500.
Balance Transfer Offer
Allowing you to get on top of credit card debt while saving on interest, the Citi Rewards Platinum Credit Card offers 0% p.a. on balance transfers for 13 months.
Take note, with this offer, you can only transfer up to 80% of your approved credit limit, and any unpaid balance transfers revert to card’s cash advance rate at the end of the intro period. In addition, there is a 1% balance transfer fee to take into consideration.
Offering you the potential to save a significant amount in interest, this card is currently offering 0% p.a. on purchases for 13 months. This could give you the opportunity to use the card for a large purchase, such as a big ticket item for your home, or even a holiday. Alternatively, you could just use the card day-to-day to enjoy interest free shopping.
As long as you pay back the balance before the intro period ends, this is an awesome offer.
Annual Fee Offer
One of the great things about the Citi Rewards Platinum Credit Card is its reduced annual fee. If you apply, your annual fee will be just $49 for the first year. In subsequent years, you will pay a reduced annual fee of $149 (usually $249). You may also choose to add up to four additional cardholders to your account, each with an annual fee of $90.
Citibank Dining Program
As a cardholder, the Citibank Dining Program lets you enjoy a free bottle of wine every time you dine and use your card to pay at hundreds of partner restaurants across Australia. The program also offers access to exclusive benefits at some of the biggest foodie events of the year, including Good Food Month and Good Food & Wine Show. T&Cs apply.
Citi World Privileges
Providing you with an enticing selection of rewards, Citi World Privileges offers exclusive benefits to cardholders both at home and overseas. These range from upgraded hotel rooms and car rental options, to online shopping discounts and money off your restaurant bill, helping you experience more while spending less.
Visa Front Line
With the Citi Rewards Platinum Credit Card in your wallet, you will also have access to a variety of exclusive entertainment benefits through Visa Front Line. After registering, you can reserve and purchase tickets before anyone else, enjoying access to some of the hottest tickets in town before they’re released to the general public.
As you would expect from a platinum card, the Citi Rewards Platinum Credit Card offers cardholders the services of a personal concierge. Available 24/7, this service can act as your personal assistant, helping out with anything from travel reservations to restaurant recommendations.
This Card: The Essentials
As we’ve already discussed the annual fee, we’ll jump straight into the matter of interest. With the card’s 0% purchase offer, you can enjoy 13 long months paying no interest on your purchases. However, after that point, with a relatively high purchase rate and cash advance rate, the Citi Rewards Platinum Credit Card is not a card you want to having a rolling balance on.
As for the balance transfer offer, cardholders should note that 1% balance transfer fee. And with unpaid balances reverting to the cash advance rate, cardholders would want to pull out all the stops to pay off their balance transfer before the intro period ends. But, with that being said, 13 months is a nice long time to chip away at any balance.
With plenty to offer, the Citi Rewards Platinum Credit Card provides cardholders the opportunity to save big with 0% p.a. on both purchases and balance transfers for 13 months, and a reduced annual fee of $49 for the first year. A decent earner on the Citi Rewards program, the card also offers a nice selection of extras, perhaps working best for cardholders who are not overly focused on travel benefits.