Citi Rewards Classic Credit Card

My monthly spend: 
$5,000
 
offer
card features
rewards program
earn rate
sign up bonus
your earnings
Citi Rewards Classic Credit Card
APPLY BY 31 mar 18
6 reviews
0% p.a. for 15 months on balance transfers (1.5% BT fee applies).
Enjoy up to $50 cash back, 5% cash back on all retail purchases (up to $1,000 spend) in the first 90 days from account approval.
Low annual fee of $49 p.a. in the first year ($99 p.a. thereafter).
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Citi Rewards
Citi Rewards
1 pt
per $1 spent capped
-

Pros & cons

What's good?

What's not so good?

0% p.a. for 15 months on balance transfers (1.5% BT fee applies).
Enjoy up to $50 cash back, 5% cash back on all retail purchases (up to $1,000 spend) in the first 90 days from account approval.
Low annual fee of $49 p.a. in the first year ($99 p.a. thereafter).
An earning rate of 1 pt per $1 spent on all eligible Domestic Spend, up to $5,000 per statement period.
Earn 1 pt per $1 spent on eligible International Spend overseas (uncapped).
Up to 55 days on purchases.
A free bottle of award winning wine every time you dine.
Complimentary Purchase Cover Insurance and Guaranteed Pricing.
Interest rates on purchases and cash advances are quite high.

Review

Our review of the Citi Rewards Classic Credit Card

If you don’t have a use for frequent flyer points but still want to be rewarded for your credit card spending, what you need is a classic rewards credit card. In fact, the Citi Rewards Classic Credit Card may be just what you are looking for. As well as giving you rewards points redeemable for gift cards, merchandise and travel it also comes with a few useful complimentary extras and—possibly a big selling point for some prospective cardholders—a useful zero interest balance transfer offer.

Zero interest on balance transfers for 15 months

15 months at 0% p.a. is not the most competitive balance transfer offer currently available (some non-rewards cards offer 20-24 months), but it’s still well worth having.

There are two ways to look at zero interest balance transfers, depending on your current financial situation:

You have credit card debt you can’t repay right now

If you’re in this situation, a zero interest balance transfer offer like this is going to save you big time. If you have a total of $5,000 owing on your current cards, where you are perhaps paying an interest rate of around 20% p.a. and making 2.5% minimum monthly repayments, the interest amounts debited to your card will hurt your hip pocket and prolong the debt. Over a period of 12 months you would be charged $953 in interest and still owe $4,539 at the end of that time.

Transfer that $5,000 to this Citi card instead, and your minimum monthly repayments really make headway because there are no interest charges. You save $953 in interest and reduce your debt to $3,690 after 15 months.

You have credit card debt you can afford to repay immediately

This is the perfect position to be in, if you want to make a profit out of a balance transfer. Taking the $5,000 debt as an example once again, transfer it to this Citi card and instead invest the money you would have used to repay it. You can put that $5,000 in a savings account or term deposit, or simply let it sit in your 5% mortgage offset account, where it will earn its keep by reducing your mortgage interest bill by around $256 over 15 months.

Beware the revert rate

As is the case with most (but not all) credit card balance transfer offers, the revert rate is the cash advance interest rate, which in this case is a typically high 21.74% p.a. This means that, if you can’t repay the remainder of your transferred balance in full at the end of 15 months, you’ll immediately start paying daily interest at this punishing rate. Avoid it if at all possible, perhaps by refinancing your debt after 15 months with a personal loan from your bank.

Earning Citi Rewards

The Citi Rewards program is uncomplicated and easy to use. For every dollar, you spend on eligible purchases using this Citi card you will earn one point in the Citi Rewards program. So you can earn up to 10,000 points each month on eligible Domestic Spend, and unlimited points on eligible International Spend.

Free wine when you dine

Many people appreciate a glass of good wine with their restaurant meal, and it will taste even better if it’s absolutely free. Choose an eatery from Citi extensive list of partner restaurants, mention your intention to pay with your Citi card when you arrive, order at least one main course per person, and you will be able to select a free bottle of wine worth around $35 to enjoy with your meal.

Citi World Privileges

Although this program gets an honourable mention amongst the information supplied with all Citi cards, in Australia it seems to be confined to the free wine when dining plus some very limited accommodation discounts. Nevertheless, for the international traveller there are said to be “26,000 merchants around the world”.

... and some extra security

This Citi card is protected by Fraudshield monitoring for suspicious transactions on your account. Citi will notify you if they detect anything dubious, even when you are travelling overseas (provided you give them up-to-date contact details). In fact, it’s always a good idea to advise your credit card provider of your intention to travel overseas (unless it’s a regular occurrence), since the sudden appearance of international transactions may trigger an unnecessary reaction from the fraud detection squad.

Reduced annual fee in the first year

With a few exceptions, rewards program credit cards always require the cardholder to contribute to the cost of the package in the form of an annual fee. Indeed, most non-rewards cards also have an annual cost. But yet another introductory offer lets you try this rewards card for a very low fee during the first 12 months. You’ll pay only $49 p.a. for the first year. (Remember the $50 cashback offer? Make that $0 for the first year.)

Even when the introductory offer expires and the full annual fee kicks in, the $99 p.a. charged for this card (plus $15 for each supplementary card) is moderate under the circumstances. It would be quickly recovered by using the balance transfer offer, or receiving three free bottles of wine, or making enough purchases to earn a $100 retail gift card.

Will the Citi Rewards Classic Credit Card suit your lifestyle?

The best way to choose the credit card most appropriate for you is to look at your expectations and spending habits. If you believe you should be rewarded for your loyal custom but don’t want the complications that come with frequent flyer points, this straightforward rewards program could be the one for you, with the free wine when dining as a bonus if you enjoy eating out regularly.

User reviews

2.7 out of 5.0 based on 6 reviews50% of reviewers would recommend this card.

Rates and fees
Rewards
Customer service
Convenience
Trust
Disclaimer: The opinions expressed about credit cards are the reviewer's alone, and do not reflect the views of Credit Card Compare or the credit card issuer. Reviews have not been approved or otherwise endorsed by Credit Card Compare.

Convenient, and great for travel

Reviewed and recommended by Monika on 22 Oct 2016

Honestly, I avoid using my credit card too often, but CitiBank is so convenient and they really have it all. Plus, when I travel I can use the card without worrying that I will rack up any unexpected, ridiculous fees, which is the main reason why I have this card. Check it out. There are no conversion fees or ATM fees (at least I haven’t been slugged with any).

Service centre very difficult to deal with

Reviewed and not recommended by Tracey on 21 Sep 2016

I inherited this card many years ago from an old store credit card that swapped to a Citibank card. The fees on this account just seem to go up and up.

This is the only card I have in my old married name from 30 years ago, and to change it over they require more paperwork than I had to produce to change my passport. It’s very hard to deal with the people there as well, as they are all foreign and hard to understand on the phone.

The rewards are minimal and the points for redemption on things seem to change quite often. If it was easy I would readily cancel this card, but as I live in a rural area it seems near impossible to do.

Harassment

Reviewed and not recommended by Priscilla Harris on 31 Aug 2015

I got my card when I was working for BP Ascot. I had just received my first bill and the same or next day I was contacted by a Citi consultant while I was at work who demanded to know when I was going to pay my bill. I was very upset about this and never expected to be treated like that. I would never recommend them to anyone and have kept quiet about this, but won’t any longer.

Saving money

Reviewed and recommended by Susana on 24 Jul 2015

This card has been a life saver. The special deal of no interest for the life of the card has been fantastic. This deal should be offered all the time or have it as a promotion or better yet offer it as a reward for loyal customers that are always pay on time.

Good service

Reviewed and recommended by Michael Steeth on 01 Apr 2014

I do find while the annual fee is expensive the overall service has been good and good rewards. The call centre has been good over any issues such as transactions that could be false. In addition they follow up on those issues and check transactions. I did find that the card can be used everywhere and merchants like this card. Very good service.

I regret getting this one

Reviewed and not recommended by Stace on 22 Aug 2013

Not happy with this bank and wish I had never got this card. I do not like the service I have received and nor do I like the interest rates. I would not recommend this credit card for anyone and once paid off I definitely will be cutting it up.

Basic details

About this card

Card setup
Single
Card tier
Standard
Card type
Visa
Card use
Personal
Credit rating
Good
Gambling transactions allowed
No
Joint application
No
Minimum age
18 years old
Minimum income
$25,000
Minimum income for pensioners
Same as standard
Pensioners
Rewards program
Citi Rewards
Temporary residents
Yes

Cardholders

Additional cardholders
4
Additional card fee
$15 p.a.

Credit limits

Minimum credit limit
$2,000
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.15 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 Classic Credit 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.15 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
$99 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
5,000
Points cap per year
60,000
Reward points
1 pt per $1 spent

Additional benefits

Airport lounge access
N/A
Complimentary flight voucher
No
Concierge service
No

Benefits

This card comes with benefits worth an estimated $260

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.
$210
Shopping
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.
$10
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.
$40
Total estimated value$260
Annual fee$49
Net customer value$211
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 $25,000 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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