Citi Rewards Platinum Card Balance Transfer Offer

My rate: 
17%
 
My annual fee: 
$90
 
Transfer: 
$5,000
 
From: 
All banks
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card features
balance transfer
purchase rate
annual fee
your savings
Citi Rewards Platinum Card Balance Transfer Offer
APPLY BY 30 sep 17
0% p.a. for 24 months on balance transfers.
One-off 1.5% balance transfer fee applies.
Reduced annual fee of $49 p.a. in the first year ($149 p.a. thereafter).
Add to comparison
24 months
0% p.a.
then 21.74%
with a 1.5% fee
20.99% p.a.
ongoing
$49
1st year
then $149

Pros & cons

What's good?

What's not so good?

Longest zero balance transfer offer on this comparison site. Get 0% p.a. on balance transfers for 24 months which could help you get on top of things. A one-off 1.5% balance transfer fee applies.
Reduced annual fee of $49 p.a. in the first year ($149 p.a. thereafter).
Earn 1 pt per $1 spent on eligible Domestic Spend in Australia, up to $10,000 per statement period.
Earn 1 pt per $1 spent on eligible International Spend overseas (uncapped).
Good points earning rate for a non-Amex card.
Complimentary International Travel Insurance, Purchase Cover Insurance and more.
Enjoy a free bottle of award winning wine every time you dine at hundreds of participating restaurants with the Citibank Dining Program.
The 24 months balance transfer period is a long time to get it paid down to zero but any balance left unpaid will be charged interest at the 21.74% p.a. cash advance rate.
The $149 p.a. annual fee from the second year onwards is a considerable amount.
Points are capped at 10,000 per statement period for the card’s Citi Rewards Program.
No sign up bonus points.

Review

Our review of the Citi Rewards Platinum Card Balance Transfer Offer

Citibank has created a unique combination of rewards plus one of the longest available zero-interest balance transfers, with the Citi Rewards Platinum Card Balance Transfer Offer. When the transferred balance has been cleared you can take advantage of a reasonable points earning rate in the Citibank Rewards program, a suite of complimentary insurance policies and a heap of other platinum card benefits.

Two years to sort out your finances, almost pain-free

This has to be a godsend for anyone who needs time to put their financial affairs back on track. Transfer your balance from an existing card where you are struggling with repayments, or even consolidate your debts from several cards. It could mean a new start, provided you make a realistic plan that will see the balance cleared in 24 months.

There is a little pain to be endured at the outset, in the form of a 1.5% balance transfer fee, and the 21.74% p.a. revert rate promises more discomfort at the end if you don’t clear the balance in full in the time allowed.

A further drawback is the fact that having an unpaid balance transfer means that you forfeit the normal 'Up to 55 days on purchases’ interest-free period on purchases. Any purchases would attract the ongoing 20.99% p.a. purchase rate from the transaction date until they are repaid, so you are unlikely to accumulate reward points or qualify for free insurance while you have an unpaid balance.

How much can you save?

The amount of money you can save by opting for a long-term balance transfer like this one depends largely on whether you are paying interest on an overdue balance with your current card, and the interest rate being applied. Alternatively, you may have a large balance (as a result of a recent major purchase) which is not overdue, but which can be turned to your advantage if you can postpone repayment without incurring costs.

Here are three possible scenarios:

1. You have an overdue balance of $5,000 on a credit card where the interest rate is 20% p.a. Over a period of 24 months, allowing for the 1.5% upfront fee, you would save $1,842.
2. You have a $5,000 overdue balance on a current low-interest card at, say, 12% p.a. In this case you would still save $994.
3. You can afford to repay your balance of $5,000 right now, but by transferring it to your new Citi Rewards Platinum Card you could leave the $5,000 in a 4% p.a. mortgage offset account for 24 months, and save $415 in mortgage interest costs.

Earn Citibank Rewards at a reasonable rate

Considering that this is a Visa card rather than an AmEx card, the earning rate of 1 point per dollar spent, while not overly generous, is fairly typical.
There is a points cap on purchases made in Australia, but at 10,000 per statement period it’s quite high and will only trouble big spenders who would probably find either the Citi Signature or the Citi Prestige card more suitable for their needs. International purchases (both online and in person) are not subject to a cap. So you can earn up to 10,000 points each month on domestic purchases, and unlimited points on overseas purchases.

Redeeming Citibank Rewards

Most people like to get something for nothing, and with Citibank Rewards you can get free merchandise, retail and entertainment gift cards, travel and accommodation, and even a cash credit to your card account, just for putting your everyday spending through your credit card. Here are a few examples of the ways in which you can exchange your points:

  • Buy merchandise in the Citi Rewards online catalogue. For example, a Bissell Powerforce vacuum cleaner or a Brother Compact laser printer
  • Swap points for a gift card – retail, car hire, hotel accommodation, movies and more – available in various denominations from $20 to $500.
  • Get a credit to your card account statement by effectively converting points to cash.
  • Convert your points to frequent flyer points with a choice of three airlines: Emirates, Singapore Airlines and Virgin Australia. Virgin and Singapore points cost 2.5 Citi Rewards points each, while an Emirates Skywards Mile costs 3.0 Citi points.
  • Book flights, cruises, hotel accommodation, car hire, or any other travel needs.

Useful complementary insurance policies

The many travel options available are a great way to use frequent flyer points, and they are enhanced by two insurance policies – international travel and transit accident – included with the card. All cardholders – primary and supplementary – are covered, together with their families.

Shoppers are not forgotten. They can take advantage of extended warranty and loss, theft and damage cover on their purchases. And if an item turns up at a significantly lower price up to three weeks after the day they bought it, they can obtain a refund of the price difference through the guaranteed pricing scheme.

Wine and dine – the wine’s on Citibank

Use your Citibank card to pay for your meal at one of hundreds of partner restaurants in the Citibank Dining Program, and claim your free bottle of wine to accompany your meal. There’s a limit of one bottle of wine per visit, but no limit to the number of times you can take advantage of this great offer.

Visa Platinum benefits

Once approved for this card you can enjoy a host of platinum privileges, from a personal concierge – for assistance and information anywhere in the world that you happen to be – to reserved tickets for the hottest events. If you’re travelling overseas, you can access special offers and discounts through Citi World Privileges. The Citi Rewards Platinum Card lets you stand out from the crowd.

Convenient and versatile

You expect worldwide customer service 24/7 with your card, and Citibank promise that you’ll get it, as well as emergency card replacement if your card is lost, stolen or hacked.

The card comes equipped with Visa payWave, for fast contactless purchases under $100.

You can set up Citi alerts to tell you when you’re spending has reached a certain level, or when a payment is due, and payments can be automated to avoid the risk of paying interest if you miss the due date.

Download the Samsung Pay or Citi Pay app, to turn your smatphone into a mobile digital wallet.

Take advantage of the online budgeting tool to see where your money went, and plan your future spending.

It all comes at a cost, but it’s not unreasonable

For a card which has this many bells and whistles, the $149 p.a. annual fee is pretty much around the expected level. But there is a 'welcome aboard’ special waiting for you. In the first year, the annual fee is significantly discounted to $49 p.a.

Unfortunately, you will have to pay $90 p.a. per year for any supplementary card on the account. Some cards have no extra charge for additional cards, but this isn’t one of them.

Long zero-interest balance transfer for points collectors

If you believe that you deserve rewards points for your credit card spending, you might want to lock in this card so that you can look forward to collecting points once the balance transfer is cleared. You’ll need to plan to pay for your purchases in cash or with another card for a couple of years, temporarily foregoing the points and other benefits, because you’ll forfeit the interest-free days on purchases as a result of the unpaid balance transfer. After that, use your Citi card for both your everyday purchases and your travel needs, and watch the rewards and benefits roll in.

Basic details

About this card

Card setup
Single
Card tier
Platinum
Card type
Visa
Card use
Personal
Credit rating
Good
Gambling transactions allowed
No
Joint application
No
Minimum age
18 years old
Minimum income
$35,000
Minimum income for pensioners
Same as standard
Pensioners
Rewards program
Citi Rewards
Temporary residents
Yes

Cardholders

Additional cardholders
4
Additional card fee
$90 p.a.

Credit limits

Minimum credit limit
$6,000
Maximum credit limit
$100,000

Repayments

Interest charged from
Purchase date
Interest free period
Up to 55 days on purchases
Minimum repayment
2%

Balance transfers

The offer

Interest ratePeriodFeeLimitRevert rate
Balance transfers0% p.a.24 months1.5%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
Yes
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 Rewards Platinum Card Balance Transfer Offer at the promotional balance transfer rate from:

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

Rates & fees

Promotional interest rates

Interest ratePeriodFeeLimitRevert rate
Balance transfers0% p.a.24 months1.5%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 1.75% 20.99% p.a.

Fees

Annual fee
$49 p.a.
Annual fee 2nd year
$149 p.a.
Cash advance fee
3.5%
Dishonour fee
$15
Duplicate statement fee
$7
Foreign exchange fee
3.3%
Late payment fee
$10
Over limit fee
$40
Overseas ATM balance fee
$0
Overseas ATM withdrawal fee
$5
Overseas emergency card replacement fee
$0
Transaction verification fee
$7

Rewards

Rewards program basics

First purchase bonus
N/A
Reward points expiry
Never as long as you keep your account active
Rewards program
Citi Rewards
Sign up bonus
N/A
Spend required for bonus points
N/A

Earning points with this card

ATO payment earns rewards
N/A
Frequent flyer points
N/A
Overseas earn rate
1 pt per $1 spent
Points cap per month
10,000
Points cap per year
120,000
Reward points
1 pt per $1 spent

Additional benefits

Airport lounge access
No
Complimentary flight voucher
No
Concierge service
Yes

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 $35,000 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.

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