Citi Rewards Credit Card – Velocity Points 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. Ask Pauline a Question about this card.

The Citi Rewards Credit Card Review - Velocity Points offer

Apply for the Citi Rewards Credit Card before 29 June 2022, and you could take advantage of this awesome two-part introductory offer - receive 60,000 bonus Velocity Points plus, a $0 annual fee for the first year. Ongoing, you will also earn rewards through the flexible Citi Rewards Program while accessing the card’s wide range of perks.

What we love...

Time to get into that offer.

As a new cardholder, you can get your hands on 60,000 bonus Velocity Points – all you need to do is spend $3,000 on eligible purchases within 90 days of card approval.

As an example, for 54,600 points you could fly from Melbourne to Sydney in Economy times (7,800 points per flight). There are, of course, many other redemption options, with varying values on offer. It’s up to you to choose how to redeem your points in order to get the best value for you. Point calculations are accurate but may be subject to change without notice. All routes may have additional taxes and charges.

The annual fee offer. You will pay $0 annual fee for the first year, saving you $149. This can be a great find on a rewards card such as this, as it allows you to get more value from the rewards you earn in the first year, while also letting you ‘test drive’ the card’s features at a lower cost.

Citi Rewards Card also offers 0% p.a. on balance transfers for 15 months with no balance transfer fee. This allows you to transfer up to 80% of your approved credit limit, allowing you some breathing room when it comes to credit card spending and interest. Keep in mind that as with any balance transfer offer, there are no interest-free days on purchases until the balance transfer has been paid off.

What’s not so great...

Before you apply, think about what you will pay out on the card to take advantage of its offer – and its various features. Make sure you can afford to spend $3,000 on the card within the first three months, to then pay back your spending before it attracts interest. Also, think about whether the standard annual fee offers value on your spending ongoing.

If you tend to carry a balance, you may find this card – or really, any rewards card – isn’t for you. With its significant purchase rate and cash advance rate, carrying a balance on this card will mean you pay out more in interest, reducing the value of any rewards or features on offer.

Why should you choose this card?

If you’re looking for a rewards card that earns points on a flexible rewards program, the Citi Rewards Credit Card may just be for you.

• Earn 1 Citi rewards Point per $1 on all eligible transactions made overseas or online with a merchant that is based overseas
• Earn 1 Citi rewards Point per $1 on all eligible transactions in Australia (up to $10,000 per statement period)
• Earn 1 Citi rewards Point per $1 on all eligible transactions using Citi PayAll
• Earn 2 Citi rewards Points per $1 on all eligible transactions made using the Linked Diners Club Card
• Citi rewards Points can be transferred to Velocity at a rate of 2.5 points to 1 Velocity Point

And options to redeem the points you earn?

• Pay with Points: Use your points to cover eligible purchases. All you need to do is choose which purchases you want to cover with points, and you will receive a credit back.
• Shop with Points: You can use your points to pay when shopping at Kogan and Apple.
• Travel: Access the Citi Travel Portal to use your points to book flights, hotels, car hire, activities or even create your own itinerary.
• Transfer: Choose to transfer your Citi reward Points to partner programs, including Velocity Frequent Flyer, Emirates Skywards, Singapore Airlines KrisFlyer, Flybuys and more.

Let’s take a quick look at the various extras on offer.

• Compatibility with Apple Pay and Samsung Pay
• 24/7 support offering round-the-clock customer service and fraud protection
• Complimentary insurance covers including International Travel Insurance, Transit Accident Insurance, Purchase Cover Insurance, Extended Warranty Insurance and Guaranteed Pricing Scheme
• Personal concierge service available 24/7
• Access to Citi PayAll payments and Citi instalment plans

Overall Rating

The Citi Rewards Credit Card is a seriously rewarding rewards card, offering access not just to the Citi Rewards Program, but to a number of excellent extras, including overseas travel insurance. On top of all that, as a new cardholder, you can benefit from 60,000 bonus Velocity Points (minimum spend, T&Cs apply) and $0 annual fee in the first year.