Citi Rewards Credit Card – Velocity Points Offer

Pauline Hatch

Pauline is a personal finance expert at CreditCard.com.au, with 9 years in money, budgeting and property reporting under her belt. Ask Pauline a Question about this card.

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The Citi Rewards Credit Card Review - Velocity Points offer

Apply and get approved for the Citi Rewards Credit Card and you could take advantage of this awesome two-part introductory offer - receive 90,000 bonus Velocity Points plus a 0% p.a. on balance transfers for 6 months with no balance transfer fee. Ongoing, you will also earn rewards through the flexible Citi Rewards Program while accessing the card’s wide range of perks.

❗ 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. 2.5 Citi reward Points = 1 Velocity Point for Citi Rewards cards.

What we love...

Time to get into that offer.

As a new cardholder, you can get your hands on up to 90,000 bonus Velocity Points –60,000 when you spend $5,000 on eligible purchases within 90 days of card approval. Plus 30,000 bonus Velocity Points when you keep your card open for over 12 months.

As an example, you could fly Economy from Melbourne to Sydney for 15,200 points. 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 as of 6 November 2024 but may be subject to change without notice. All routes may have additional taxes and charges. Check the official Citi page for the updated calculations.

Citi Rewards Card also offers 0% p.a. on balance transfers for 6 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.

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

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 $5,000 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 for 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
• 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, Google Pay and Samsung Pay
• 24/7 support offering round-the-clock customer service and fraud protection
• Complimentary insurance covers including International Travel Insurance up to 6 months, Transit Accident Insurance, Purchase Cover Insurance, Extended Warranty Insurance and Guaranteed Pricing Scheme
• Personal concierge service available 24/7
• You can take advantage of the Citi PayAll feature which lets you schedule recurring payments for your rent, education fees, childcare, taxes, bills, and more. Effective 1 November 2023, the Citi PayAll fee changed to 0.95% of the amount being paid.

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, you can benefit up to 90,000 bonus Velocity Points if you meet the minimum spend within 3 months from card approval and when you keep your card open for over 12 months.