Citi Prestige Card

My monthly spend: 
$5,000
 
Offer
Card features
Rewards program
Earn rate
Sign up bonus
Points earned
Citi Prestige Card
Apply by 31 jan 18
Receive 150,000 bonus reward Points when you spend $3,000 on your card within 90 days of card approval.
3 pts per $1 spent on selected purchases.
One of the most prestigious credit cards for high income earners.
Add to comparison
Citi Rewards
Citi Qantas Rewards or Citi Rewards
-
150,000
points
after spend criteria

Pros & cons

What's good?

What's not so good?

Receive 150,000 bonus reward Points when you spend $3,000 on your card within 90 days of card approval.
3 pts per $1 spent on all eligible International Spend.
3 pts per $1 spent for selected domestic purchases made and booked directly from a range of major: restaurants, restaurant chains, hotel chains and airlines (flights only).
2 pts per $1 spent for selected domestic purchases made at major petrol outlets, major supermarkets and national retailers.
1 pt per $1 spent everywhere else on domestic Eligible Transactions.
Transfer your Citi Rewards points to airline and hotel partners including Asia Miles™, Virgin Australia Velocity, Singapore Airlines KrisFlyer and Emirates Skywards.
1 complimentary night per year at any one of 80 premium hotels. Or, any time you stay 3 nights at any one of a range of over 900 hotels, you can take advantage of a fourth night at no extra cost.
Complimentary Priority Pass™ grants you and a guest unlimited access to over 700 airport lounges. (Conditions Apply)*
Complimentary green fees for Citi Prestige Visa main cardholders at 20 participating golf clubs across Asia Pacific. 3 complimentary green fees in any golf clubs for Citi Prestige Visa main cardholders each calendar year. (Conditions Apply)
A range of travel insurances and purchase insurances.
Free wine every time you dine with the Citi Dining Program.
The high interest rate of 20.74% p.a.
The $700 p.a. annual fee is as high as you would expect for card like this.

Please note that within Australia, Priority Pass is currently available at Cairns, Darwin and Brisbane International Airports and Sydney Kingsford Smith. For the full list of up to date airport lounges and Priority Pass™ Conditions of Use Please refer to www.prioritypass.com

Our review

Our review of the Citi Prestige CardReviewed by Yvonne Taylor

There are all sorts of prestige cards, each with its own special livery – black or platinum – trying to convince you that you’ve found the perfect card to complement and enhance a high-status lifestyle. And then there’s the Citi Prestige Card. It doesn’t need to proclaim its reputation from the rooftops, simply because it truly is the ultimate prestige card, overflowing with benefits that will reward elevated but well-considered spending.

Generous Citi Rewards earning Rate

You’ll earn Citi Rewards points on every dollar spent on eligible purchases (basically everything except cash advances and cash equivalents such as balance transfers and foreign currency purchases, and also excluding any government-related purchases – ATO payments and local government rates, for example).

Depending on where you do your spending, you’ll earn points at varying rates, and the scales are tipped in favour of regular travellers and restaurant diners, although basic family budget items are also well rewarded. These are the details:

3 Points per $1 spent on international purchase (including online purchases)
3 Points per $1 spent at major restaurants, hotel chains and airlines (flights only)
2 Points per $1 spent at major petrol outlets, supermarkets and national retailers
1 Point per $1 spent everywhere else

These earning rates are already very high, but you can earn an extra three points per dollar just by shopping at Citi Bonus Partners, including Wilson Parking, Europcar, and an extremely long list of Australian hotels.

Substantial first purchase bonus points

Make any purchase with the card within 90 days of your account approval, and you’ll receive a mammoth 150,000 points credited to your account. This is one of the most generous first purchase offers around, and there are many options when it comes to spending the points.

The bonus points offer is not available to current Citibank cardholders.

Redeeming Citi Rewards points for frequent flyer points

You can also get heaps of value from this card by transferring your Citi Rewards bonus points, or ongoing earned points, to one of Citibank’s airline partners: Virgin Australia, Singapore Airlines or Emirates.

Other ways to redeem Citi Rewards points

There are plenty of other ways to redeem Citi Rewards points that don’t involve frequent flyer programs. You can, for example:

  • Book travel through the Citibank Travel Program, pay with your Citi Prestige Card, and redeem points to get a cashback on your card account.
  • Choose a retail gift card to spend at a major Australian retailer.
  • Swap points for movie vouchers to use at national cinema chains
  • Redeem points for a range of merchandise you would expect to find in a department store, such as a coffee machine or an iPhone.

Complimentary insurance policies

It should come as no surprise that every one of the usual credit card insurance policies accompanies this card, free of charge of course. All you need to do to activate a policy is to use your card to pay your travel fares or buy the product against which you subsequently need to make a claim. Here’s the extensive cover you will automatically receive:

  • International travel insurance. A multi-trip and extended trip policy covering the cardholder and their immediate family for medical expenses, trip cancellation, loss or damage to personal items, rental vehicle insurance excess and more.
  • Interstate flight inconvenience cover. Insurance against flight delays, cancellations, baggage delays, personal item damage, rental vehicle excess.
  • Transit accident insurance. Cash compensation if you or your family are critically injured while travelling on a plane, train, bus or ferry.
  • Purchase cover insurance. Provides for repair or replacement of any items lost, stolen or damaged, anywhere in the world, within 90 days of purchase.
  • Extended warranty insurance. Doubles the Australian manufacturer’s warranty, up to a maximum of 12 extra months.
  • Guaranteed pricing scheme. Receive a refund of the price difference when you purchase in-store an item which later goes on sale in a store not more than 25 km from the original purchase location. Minimum claim $75, maximum claim $500.

Seemingly endless list of travel and lifestyle benefits for the well-heeled

If you ever feel like indulging a whim, or pampering yourself and your loved ones with either true luxury for unforgettable experiences, the chances are that the people at Citibank have already thought of it and included it in the list of complimentary privileges built into the Citi Prestige Card. Yes, you will certainly save a lot of money, year after year, barely needing to lift a finger, but it’s more about being treated as an exceptional individual and getting involved in adventures and events that are just not available to the average person.

Here’s the list, many of them courtesy of the word 'Infinite’ on the bottom right of the card, making it a Visa Infinite card. It’s a long one, so get ready to scroll:

  • One complimentary night per year at any one of many premium hotels worldwide. The card’s web page links to a list currently containing more than 160 hotels: 51 in Australia, 4 in New Zealand, 56 in Asia, 24 in the US, 18 in Europe and 10 in the Middle East.
  • A fifth night at no extra cost, anytime you stay four consecutive nights at any one of 900 hotels around the world.
  • Unlimited access to Priority Pass airport lounges, for you and a guest. Yes, unlimited, not just annual membership and a meagre two passes per year. Priority Pass gives you access to over 1,000 lounges worldwide, including four in Australia, in Sydney, Brisbane, Darwin and Cairns.
  • 'Meet & Assist’ at Asia-Pacific airports, twice a year. This includes fast track immigration and VIP limousine service.
  • Luggage forward service. Door-to-door luggage collection and delivery service at selected Asia Pacific airports.
  • Free wine when you dine. Citibank Australia’s Dining Program lets you choose a free bottle of wine worth $35 when you decide to eat at one of its more than 300 partner establishments, and order at least one main course per person.
  • Fine dining privileges at some of the world’s top restaurants.
  • Citigold Banking, including 30,000 annual bonus points. Get access, with a minimum investment of $250,000, to Citibank finance and investment experts. Citigold Relationship cardholders get an annual 30,000 points bonus.
  • 24/7 worldwide personal concierge service. Citibank promises not just any old concierge service, but 'a proactive lifestyle management service’ that can book you into the world’s best restaurants, snare a ticket to a sold out event or surprise you with ideas for a more stimulating travel experience’.
  • Emergency cash. If your Citi Prestige Card is lost or stolen, Citi will arrange to have a new card delivered within two working days, and meanwhile will have emergency cash sent to your current location.
  • Golf benefits. Citibank will pay three green fees at select golf courses in golf courses in the Asia Pacific region, including Australia.
  • Hilton Hotels Gold membership. Complimentary Hilton HHonors Gold status after completing a four-night stay: free internet and room upgrade, complimentary breakfast and late checkout.
  • Starwood, Ritz-Carlton and Mandarin Oriental Hotels. Room upgrades, complimentary breakfast and in-room internet access, early check-in, late checkout.
  • Citibank World Privileges. Special offers and discounts at ’26,000 merchants around the world’ (but only a few in Australia, beyond Citibank Dining Program restaurants).
  • Visa Front Line Access. Best tickets to sought-after events in Australia.
  • Harrods Rewards Black Tier Card, including £100 discount on a single purchase over £500 at Harrods. You’ll get one year’s complimentary Black Tier membership, which usually requires £10,000 annual spending at Harrods. Benefits include rewards points, discount days and complimentary parking.
  • VIP card for discounts at Chic Outlet Shopping villages in major European cities.

Balance transfer offer – 0% p.a. for 6 months

With any other card, a balance transfer at 0% p.a. for 6 months might be a deal clincher, but with this card it pales into insignificance compared with the many other benefits and privileges. If you can afford, and be approved for, a card that’s close to the best of the best, you’re unlikely to need a balance transfer to rescue you from temporary financial difficulties. Nor will there be much appeal in making a small amount in interest income by deferring payments. However, if you could qualify for the maximum credit limit of $100,000, and had somehow amassed unpaid balances totalling $80,000 on other cards, you could bring that amount across and save a lazy $1,600 by putting your deferred payments in a 4% mortgage offset account for six months.

Transferring a smaller amount just wouldn’t be worthwhile. Carrying an unpaid balance transfer means that you can’t use your card as a purchase card, unless you want to pay a high rate of interest from the purchase date, because you forfeit your interest-free days. So you’d miss out on the 150,000 points and many of the other benefits associated with purchases.

Interest rates

The interest rates, too, are unlikely to affect your decision about this card, but for the record they are 20.99% p.a. on purchases and 21.74% p.a. on cash advances. Worth knowing, perhaps, in case you occasionally forget to clear your monthly balance on time, or find yourself needing a quick cash advance from an ATM.

Up to 44 days interest free

This one is worth knowing about too, assuming that you may regularly run a high monthly purchase balance on your account. Don’t make the mistake of assuming that you have 55 interest-free days, and end up paying late and being hit with a huge amount of interest for two months.

High annual fee

The moment of reckoning has to come, with every credit card, the point at which you decide whether you can extract enough value from the card to justify the annual fee. With some cards, the decision is easy: the fee is low, because little is given beyond the keeping of an account and the extension of a month’s credit, largely funded by the merchants from whom the purchases were made.

The Citi Prestige Card presents an altogether tougher assessment. It offers so much – a fast-earning rewards program, bonus points, insurance, free wine and a cornucopia of upmarket privileges – that the annual fee cannot fail to be high. The price – $700 a year – is certainly enough to make those who hold lesser cards gasp in surprise. But they would be unable to take advantage of many of the benefits, unlike those for whom overseas travel is a regular occurrence, who frequent high-end hotels and shop at exclusive retail outlets. The Citi Prestige Card is for this latter group. It is their prize, and they can make it work for them.

If you were able to take advantage of all the ongoing benefits every year (excluding the value of any rewards points, including the bonus points in the first year) you should be able to extract from the card an estimated value of at least $3,000 annually.

If you can jump the income hurdle, it’s a clear-cut verdict

There’s no doubt that the hardest part about applying for this card is the $150,000 minimum income requirement. For anyone with this level of income and the associated lifestyle, the card hardly needs selling and its cost is readily justified. After that there’s just the online form – 15 minutes of your time – and the promise of a 60 second response. It’s one of the easiest decisions you’ll ever make.

The basics

About this card

Card setup
Single
Card tier
Black
Card type
Visa
Card use
Personal
Credit rating
Good
Gambling transactions allowed
No
Joint application
No
Minimum age
18 years old
Minimum income
$150,000
Minimum income for pensioners
$Same as standard
Pensioners
Rewards program
Citi Qantas Rewards or Citi Rewards
Temporary residents
Yes

Cardholders

Additional cardholders
4
Additional card fee
$0 p.a.

Credit limits

Minimum credit limit
$15,000
Maximum credit limit
$100,000

Repayments

Interest charged from
Purchase date
Interest free period
Up to 44 days on purchases
Minimum repayment
2%

Balance transfers

The offer

Interest ratePeriodFeeLimitRevert rate
Balance transfers0% p.a.6 months0%80% of credit limit21.74% p.a.

Balance transfers to this card

Balance transfer earns rewards
No
Balance transfer fee payment due
First statement
Balance transfer from personal loan
No
Balance transfer processing time
10 - 14 days
Interest free days with unpaid balance
0 days
Maximum balance transfer
80% of credit limit
Available to existing customers
No

Banks you can't balance transfer from

You can't balance transfer to the Citi Prestige Card at the promotional balance transfer rate from:

  • Bank of Queensland
  • Beyond Bank
  • Citi
  • Family First Credit Union
  • FCCS Credit Union
  • IMB
  • MyState Financial
  • Suncorp

Rates & fees

Promotional interest rates

Interest ratePeriodFeeLimitRevert rate
Balance transfers0% p.a.6 months0%80% of credit limit 21.74% p.a.
PurchasesN/AN/AN/AN/A N/A

Ongoing interest rates

MonthlyAnnually
Cash advances 1.81% 21.74% p.a.
Purchases 1.73% 20.74% p.a.

Fees

Annual fee
$700 p.a.
Cash advance fee
3.5%
Dishonour fee
$15
Duplicate statement fee
$7
Foreign exchange fee
3.4%
Late payment fee
$10
Over limit fee
N/A
Overseas ATM balance fee
$0
Overseas ATM withdrawal fee
$5
Overseas emergency card replacement fee
$0
Transaction verification fee
N/A

Rewards & points

Rewards program basics

First purchase bonus
150,000 points
Reward points expiry
Never as long as you keep your account active
Rewards program
Citi Qantas Rewards or Citi Rewards
Spend required for bonus points
$3,000 in 90 days

Earning points with this card

Frequent flyer points
N/A
Overseas earn rate
3 pts per $1 spent
Points cap per month
Unlimited
Points cap per year
Unlimited
Points earned on ATO payments
N/A
Reward points
1 pt per $1 spent

Additional benefits

Airport lounge access
Yes
Complimentary flight voucher
No
Concierge service
No

Minimum criteria for this card

What you need before applying

Be over 18 years old
You are a resident or citizen of Australia
Earn a regular income of more than $150,000 per year
Have a good credit history
You have your personal details ready to complete the online application
Have not applied for multiple credit cards recently
Joint applications are not allowed
Temporary residents are eligible
Age Pension, Disability Pension and Widower's Pension are acceptable.
Carer's Allowance and Child Support Payments are acceptable.
Disclaimer: The minimum criteria pointers are intended only to be a guide. Your application may still be rejected by the bank even if you can answer 'Yes' to all the minimum criteria. The final decision regarding your application is up to the bank.

Similar cards

More cards like this one

This card is listed in these comparisons

as seen in
Compare these cards: