Citi Signature Qantas Credit Card

What do you want this card for?
Save money
Earn points
My monthly spend: 
$5,000
 
Offer
Card features
Rewards program
Earn rate
Sign up bonus
Points earned
Citi Signature Qantas Credit Card
Receive 50,000 bonus Qantas Points when you spend $2,000 within 90 days from card approval.
Redeem Points for Qantas Frequent Flyer travel, experiences and more.
0% p.a. for 6 months on balance transfers.
Add to comparison
Qantas Frequent Flyer
Qantas Frequent Flyer
0.5 pts
per $1 spent capped
50,000
points
after spend criteria

Pros & cons

What's good?

What's not so good?

Receive 50,000 bonus Qantas Points when you spend $2,000 within 90 days from card approval.
0% p.a. for 6 months on balance transfers.
1 Qantas Point per $1 spent on eligible International Spend.
1 Qantas Point per $1 for selected domestic purchases made and booked directly from a range of major: restaurants and restaurant chains, hotel chains and airlines (flights only).
0.75 Qantas Points per $1 for selected domestic purchases made at major petrol outlets, supermarkets and national retailers.
1 x complimentary Priority Pass Membership and 2 x complimentary airport lounge visits per year. (Conditions Apply)
Complimentary international travel insurances including Transit Accident Insurance and Interstate Flight Inconvenience Insurance.
Personal 24 Hour Concierge Services.
0.5 Qantas Points per $1 everywhere else on domestic Eligible Transactions up to $20,000 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.

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, please refer to www.prioritypass.com

Our review

Our review of the Citi Signature Qantas Credit CardReviewed by Yvonne Taylor

A credit card should always earn its keep. And if you were to choose the Citi Signature Qantas 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

1. The rewards program: possibly worth at least $350 per year.

The rewards program delivers Qantas Frequent Flyer points in a rather complicated tier arrangement. Here’s how it works:

  • 1 Qantas Point per $1 for all eligible international spending
  • 1 Qantas Point per $1 for domestic purchases at a range of restaurants, hotels and airlines (flights only)
  • 0.75 Qantas Points per $1 for domestic purchases made at major petrol outlets, supermarkets and national retailers
  • 0.5 Qantas Points per $1 spent everywhere else (but no points at all from spending with government bodies)

Points earned at the 0.5 points per dollar rate ('everywhere else’) are capped at $20,000 per month, a generous cap unlikely to really trouble anyone. Other points are uncapped.

QFF points offer probably the best rate of return, compared with other loyalty programs, if used wisely for longer flights or upgrades. Even a short flight between Sydney and Melbourne (8,000 points) returns to the cardholder around 1.1 cents for every dollar spent on purchases.

Here’s a possible scenario, given that the minimum income requirement is $75,000 per year: if you spent $15,000 per year on groceries and fuel (11,250 points), a further $5,000 at other national retailers (3,750 points), $10,000 on restaurant meals and hotel accommodation (10,000 points), and $7,000 either overseas or on international websites 7,000 points), for total card expenditure of $37,000 you’d earn 32,000 points, worth a total of about $350 for four Sydney-Melbourne economy flights (net of taxes).

Just be sure to have your Qantas Frequent Flyer number ready when you apply – you won’t be able to add this in later. Or if you’re not already a member, they’re offering complimentary membership, saving you $89.50 on the QFF join up fee.

2. 50,000 points first purchase bonus points: possibly worth $545 – first year only)

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

Using the same valuation method as before, 50,000 points points are worth 6.25 Sydney-Melbourne trips, or around $545.

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

Priority Pass has lounges in airports all over the world, including four in Australia, in Sydney, Brisbane, Darwin and Cairns. If you’re considering a frequent flyer points card you’re probably a regular international traveller who could make use of the more than 1,000 overseas lounges. 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 pay no interest for six 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 – you could transfer the balance to your Citi card (up to 80% of your approved 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 six months on your $20,000. Save even more by putting it into your mortgage offset account for six months.

5. International travel insurance: possibly worth $750 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 $750.

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: possibly worth about $160 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.

Annual multi-trip domestic policies with this level of cover are available on the retail market for about $160.

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 this Citi card. These include:

  • 24/7 personal concierge service: restaurant, entertainment and travel recommendations and bookings
  • Citibank World Privileges: discounts on hotels, restaurants, car rental and shopping, worldwide
  • 15% discount on Visa SpeedPass 'meet and assist’ service, to put you on the fast track through airport immigration

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 $2,665 in the first year, and $1,870 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 $37,000 of their annual expenditure through the card.

What you will actually pay

How much will you have to pay for this long list of worthwhile advantages? It’s not cheap, but it is value for money. The annual fee is $395, plus $49 per year for participating in the rewards program, a total of $444 (with no additional charge for supplementary cards).

But here’s some more good news: the annual fee is reduced to $248 ($199 + $49 for the rewards program) in the first year only. And there’s no reason to pay a cent in interest in any year, providing you pay off your purchase balance on time every month while making full use of up to 55 days interest free.

Net value to cardholders

So, in the first year you could enjoy $2,665 worth of benefits for a cost of $248.

In subsequent years you’ll pay a total of $444, but you could get back around $1,870 in value: still more than worthwhile.

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 airport lounges, quality hotels and 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.

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
$75,000
Minimum income for pensioners
Same as standard
Pensioners
Rewards program
Qantas Frequent Flyer
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 55 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
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 Signature Qantas 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.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 1.75% 20.99% p.a.

Fees

Annual fee
$199 p.a.
Annual fee 2nd year
$395 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
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 within 90 days

Earning points with this card

Frequent flyer points
0.5 pts per $1 spent
Overseas earn rate
1 pt per $1 spent
Points cap per month
20,000 (domestic)
Points cap per year
240,000 (domestic)
Points earned on ATO payments
N/A
Reward points
N/A

Additional benefits

Airport lounge access
Yes
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 $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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