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Citi Qantas Signature Credit Card

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Citi Qantas Signature Credit Card
APPLY BY 30 apr 17
Receive 50,000 points when you spend $2,000 in 90 days from card approval.
0% p.a. for 6 months on balance transfers.
An annual fee of $199 p.a.
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Qantas Frequent Flyer
Qantas Frequent Flyer
1 pt
per $1 spent capped
after spend criteria

Pros & cons

What's good?

What's not so good?

Receive a bonus of 50,000 points when you spend $2,000 in 90 days from card approval.
0% p.a. for 6 months on balance transfers.
Earn 1 Qantas Point per $1 spent on eligible Domestic Spend up to $3,000 per statement period, and then 0.5 Earn 1 Qantas Point per $1 spent on eligible International Spend (uncapped).
Points earning potential on eligible International Spend is uncapped.
1 x complimentary Priority Pass Membership and 2 x complimentary airport lounge visits per year.
Complimentary international travel insurances including Transit Accident Insurance and Interstate Flight Inconvenience Insurance.
Personal 24 Hour Concierge Services.
Points earning potential on eligible Domestic Spend is restricted by the 0.5 Qantas Points per $1 spent over $3,001 threshold and the max limit of $10,000 per statement period.
The annual fee first and second year is sizeable.
You’ll need to pay an extra $49 annual fee to opt into the Citi Qantas Rewards program.

'Important changes:’. Please note that there are changes to the 'Citi Qantas Signature Credit Card’ earn rate effective 15th June 2017. See Citi’s website for more information.


Our review of the Citi Qantas Signature Credit Card

A credit card should always earn its keep. And if you were to choose the Citi Qantas Signature Credit Card, with its steep annual fee, you’d want to be sure you were getting value for money. Fortunately it’s not too difficult to assign a dollar value to many of the card’s attractive benefits, and the good news is that you’ll come out ahead year after year.

Working out the dollar value

Bear with me here as we dig in.

1. The rewards program: possibly worth $630 per year

The rewards program delivers Qantas Frequent Flyer points in a rather complicated and restrictive tier arrangement. The basic earn rate is one point per dollar spent on eligible Domestic Spend, but it drops to 0.5 points per dollar after the first $3,000 of eligible purchases in any one month, and to zero points per dollar after a monthly cap of $10,000.

However, overseas expenditure earns an uncapped one QFF point per dollar, so it’s still worth taking the card on an overseas trip or using it for international purchases online. But if you expect to spend more than $3,000 per month on a regular basis, you may need to consider the Citi Prestige Card, with an annual fee of $700 p.a. but uncapped points.

QFF points offer probably the best rate of return, compared with other loyalty programs, if used wisely for longer flights or upgrades. Even a flight between Sydney and Melbourne (8,000 points) returns to the cardholder around 1.6 cents for every dollar spent on purchases.

If you spent $36,000 per year on domestic purchases and $4,000 either overseas or on international websites (a not unlikely scenario, given that the minimum income requirement is $75,000 per year) you’d earn 40,000 points, worth a total of about $630 for five Sydney-Melbourne economy flights (net of taxes).

2. 50,000 points

Citi’s first purchase bonus points offer is much more straight forward, and very generous. All you have to do is spend $2,000 in 90 days of holding the card, and 50,000 points will be credited to your frequent flyer account.

3. Free Priority Pass membership plus two lounge visits: possibly worth $200 per year

Priority Pass has lounges in airports all over the world, but sadly only two in Australia, in Brisbane and Cairns. (The previously available Melbourne lounge has closed.) Nevertheless, if you’re considering a frequent flyer points card you’re probably a regular international traveller who could make use of the many lounges overseas. Citi will pay for your basic Priority Pass membership (USD99) and two lounge visits (2 x USD27) each year. (The two lounge passes must be used in the year of issue, and can’t be rolled over into a later year.)

The USD/AUD exchange rate, at the time of writing, puts the value of this benefit at AUD200 per year.

4. Balance transfer option, 0% p.a. for 6 months: possibly worth $250 (first year only)

You can transfer a balance from your existing card to the Citi card and get 0% p.a. for 6 months. (The revert rate at the end of that time is the cash advance rate of 21.74% p.a., not the 20.99% p.a. purchase interest rate.) If you’ve recently made major purchases on another card—say $20,000 worth%mdash;you could transfer the balance to your Citi card (up to 80 of credit limit, so in this case you’d need a minimum $25,000 limit).

Put the $20,000 cash into a six month term deposit instead of paying off the balance straight away. If you shop around you will probably get 2.5% p.a. at the moment, earning you a pleasing $250 for 6 months on your $20,000. Save even more by putting it into your mortgage offset account for 6 months.

5. International travel insurance: possibly worth $800 per year

Pay your airfare, and that of your family members, using the card or QFF points, and you are all covered by a complimentary international travel insurance policy. It’s an annual, multi-trip policy, including such items as emergency medical expenses, loss or theft of your luggage, travel delay, and rental vehicle insurance excess.

This is not a basic single-trip policy, but a multi-trip policy where any trip can last as long as six months. It covers not only the primary cardholder and family, but also any supplementary cardholder and family, even if travelling without the primary cardholder. Comparable policies start at around $800.

6. Extended warranty insurance: possibly worth $100 per year

This policy doubles the manufacturer’s Australian warranty (up to a maximum of 12 extra months) on personal goods bought with the card.

In practice it would be difficult to buy a policy covering all such items purchased in a year, but if you wanted to buy extended warranty just for a new $1,500 TV, you would almost certainly pay $100 or more.

7. Transit accident insurance: possibly worth $100 per year

This complimentary policy will deliver a cash compensation for a range of specific injuries, or loss of life, sustained as a result of an accident while travelling on public transport (plane, bus, train, ferry, &c) where the fare was paid using the card.

You can obtain this type of general accident insurance (not restricted to public transport) for an individual, for around $200 per year. So cover on public transport only, but for a family, is probably worth at least $100 per year.

8. Interstate flight inconvenience insurance: worth about $110 per year

The card comes with cover for domestic air travel, with a complimentary policy for trips of up to 14 days duration (fares paid with the card), insuring you against the inconvenience of travel delays and cancellation, loss or theft of luggage, as well as rental vehicle insurance excess.

Multi-trip domestic policies are generally not available on the retail market, but even a single trip policy for a family of four for 14 days would cost at least $110.

9. Purchase cover: difficult to value

Personal items you buy with the card are covered against loss, theft or accidental damage for 90 days, with a claim limit of $200,000 per year. It’s useful cover to have, but it isn’t really possible to buy this kind of policy.

10. Guaranteed pricing: difficult to value

Citi will reimburse the price difference (minimum $75, maximum $500) if an item you bought with the card (in a physical store, not online) goes on sale later, at a lower price, in a local printed catalogue. You must make a claim within 60 days of your original purchase. Once again, useful, but impossible to put a price on it.

11. ‘Free wine every time you dine’: possibly worth $210 per year

Cardholders are admitted to the Citibank Dining Program, entitling them to a free bottle of wine at participating restaurants, provided they order a main course for each person dining with them and pay with their Citi card.

There are currently more than 300 restaurants in the program. They are mostly located in Sydney and Melbourne, but there are also a few in Brisbane and the Gold Coast, Adelaide, Perth, Hobart and Launceston, and a small number in regional New South Wales and Victoria. You’ll be able to choose from a limited range of wine with an average value of $35 a bottle.

If you were to visit a participating restaurant once in every two months, you would save around $210 per year.

12. Other benefits: not able to assign a price

As well as the more tangible benefits listed above, there are other advantages—ones that you may or may not be able to use—associated with holding a Citi card. These include:

  • 24/7 personal concierge service: restaurant, entertainment and travel recommendations and bookings
  • Citi World Privileges: discounts on hotels, restaurants, car rental and shopping, worldwide
  • Citi eshopex: free US delivery address to accumulate your online purchases before having them bulk shipped to Australia

Total possible value of benefits

A simple sum of all these benefits (only the ones where it’s possible to assign a value) brings up the staggering total of $3,500 in the first year, and $2,150 per year thereafter. Most cardholders will not be able to extract this amount of value every single year, but they should be able to come reasonably close to it by putting around $40,000 of their annual expenditure through the card.

Other cards with a substantial fee but plenty of valuable benefits

You could perform this cost-benefit analysis for other cards which have a fee which is off-putting at first sight but which nevertheless deliver benefits with a value well beyond the annual cost. Take a look at the Westpac Altitude Black Credit Card (annual fee $395 p.a., the ANZ Frequent Flyer Black Credit Card ($0 p.a.) and the HSBC Platinum Qantas Credit Card ($199 p.a.).

Who will get the most from this card?

To extract maximum value from this card you need to be prepared use it to pay for a large percentage of your relatively big-spending lifestyle. You’re probably a regular domestic and international traveller (and shopper) who knows how to make the best use of award flights on Qantas and its partner airlines, and you appreciate a good wine to accompany your frequent dining experiences. But at the end of the day, you expect your money’s worth, if not more, for every dollar you spend.

Basic details

About this card

Card setup
Card tier
Card type
Card use
Credit rating
Gambling transactions allowed
Joint application
Minimum age
18 years old
Minimum income
Minimum income for pensioners
Same as standard
Rewards program
Qantas Frequent Flyer
Temporary residents


Additional cardholders
Additional card fee
$0 p.a.

Credit limits

Minimum credit limit
Maximum credit limit


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

Balance transfers

The offer

Interest ratePeriodFeeLimitRevert rate
Balance transfers0% p.a.6 monthsN/A80 of credit limit21.74% p.a.

Balance transfers to this card

Balance transfer earns rewards
Balance transfer fee payment due
First statement
Balance transfer from personal loan
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

Banks you can't balance transfer from

You can't balance transfer to the Citi Qantas Signature Credit Card at the promotional balance transfer rate from:

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

Rates & fees

Promotional interest rates

Interest ratePeriodFeeLimitRevert rate
Balance transfers0% p.a.6 monthsN/A80 of credit limit 21.74% p.a.
PurchasesN/AN/AN/AN/A N/A

Ongoing interest rates

Cash advances 1.81% 21.74% p.a.
Purchases 1.75% 20.99% p.a.


Annual fee
$199 p.a.
Annual fee 2nd year
$395 p.a.
Cash advance fee
Dishonour fee
Duplicate statement fee
Foreign exchange fee
Late payment fee
Over limit fee
Overseas ATM balance fee
Overseas ATM withdrawal fee
Overseas emergency card replacement fee
Transaction verification fee


Cool stuff you can get with your points

Disclaimer: Does not include taxes, fees, or charges. Accurate as of 25th January 2016.

Rewards program basics

First purchase bonus
50,000 points
Reward points expiry
Never as long as you keep your account active
Rewards program
Qantas Frequent Flyer
Spend required for bonus points
$2,000 in 90 days

Earning points with this card

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

Additional benefits

Airport lounge access
Complimentary flight voucher
Concierge service


This card comes with benefits worth an estimated $1,551

EntertainmentEstimated value
Free wine at restaurants or discounts at restaurants
Cardholders are enrolled into the Citibank Dining Program, which gives a bottle of wine worth $35 available at a list of partner restaurants when paying with your card. Assumes 6 redemptions a year.
Extended warranty
Valuation based on the assumption of making a $250 claim once every 5 years. There is no retail market for all-encompassing extended warranty insurance covering more than one item, so no premium saving.
Guaranteed pricing / price protection insurance
Valuation based on the assumption of making a $100 claim once every 10 years. Extensive conditions apply. There is no retail market for this type of insurance, so no premium saving.
Purchase protection
Valuation based on the assumption of making a $200 claim once every 5 years. There is no retail market for this type of insurance, so no premium saving.
Interstate flight inconvenience insurance
Valuation based on similar domestic travel insurance policies available online that include interstate flight inconvenience.
Overseas travel insurance
Valuation based on similar annual travel insurance policies available online for trips of up to 60 days.
Transit accident insurance
Valuation based on similar global transit accident insurance policies available online.
Total estimated value$1,551
Annual fee$199
Net customer value$1,352
Disclaimer: Details of who, what, and where coverage applies to, as well as its duration and any coverage limitations will be listed in the credit card insurance product disclosure statement (PDS) on the card issuer's website. The names/labels of complimentary insurance products may differ from one issuer to another. Terms and conditions apply. Always check the insurance PDS when considering a financial product. Accurate as of 31st October 2015.

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 $75,000 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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