Citi Prestige Card | Detailed Review, Comparison & Application

Citi Prestige 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 Prestige Card
Apply by 31 jan 20
Citi Prestige Card
Earn up to 150,000 points points. (Conditions Apply)
One of the most prestigious credit cards for high-income earners.
3 pts per $1 spent on all eligible International Spend.
Add to comparison
Citi Rewards
Citi Rewards
1 pt
per $1 spent
150,000
points

Pros & cons

What's good?

What's not so good?

Earn up to 150,000 points points when you spend $5,000 within the first 90 days of the card from account approval date.
Get 10,000 bonus Points when you request a Linked Diners Club Card during the application process, and then make your first spend on the Linked Diners Club Card within the first 90 days from 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.
Transfer your Citi Rewards points to airline and hotel partners including Asia Miles™, Virgin Australia Velocity, Singapore Airlines KrisFlyer and Emirates Skywards.
Enjoy 0% p.a. for 6 months with 0% fee on balance transfers. Please note, no interest free days apply to retail purchases while you have a balance transfer.
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 1,200 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 21.49% p.a.
The $700 p.a. annual fee is as high as you would expect for a card like this.
Any unpaid balance from balance transfers will revert to cash advance rate.

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.
Separate Diners Club Terms and Conditions apply to a Linked Diners Club Card as it is a separate credit facility from Diners Club that is paid through your Citi Credit Card. Eligibility criteria apply including that you must be approved for an account that is eligible for a Linked Diners Club Card. Diners Club has appointed Citi to administer the Linked Diners Club Card. Any credit balance on the Linked Diners Club Card is not a deposit liability of Citi, or any other affiliate of Citi is not a protected account and is not guaranteed.
All rewards on your Linked Diners Club Card are subject to the Terms and Conditions of the Citibank Rewards Program and the Linked Diners Club Card Extra Terms Part 2. Eligible Transaction is defined in the Rewards Program Terms and Conditions and means any purchase excluding (but not limited to) cash advances, balance transfers, special promotions, BPAY payments, government related transactions and all other transactions set out within the definition. Points do not expire while the card remains open and in good standing.
No International Transaction Fee is only applicable for transactions made on your Linked Diners Club Card; including on the amounts transferred to your Citi Credit Card. If you make an international transaction using your Citi Credit Card, an International Transaction Fee will be charged (where applicable).
Please note, no interest free days apply to retail purchases while you have a balance transfer.

Disclaimer (2): Reviews rely upon third party information that may not be correct or may be changed without Credit Card Compare’s knowledge. You must carefully consider your own circumstances before making any commitments and confirm all offers and terms with credit card providers before accepting them. Please refer to our T&Cs for more.

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 purchases (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

Potential for massive bonus points

Citi have come up with a novel way to provide a mammoth points boost for consistent spenders, while setting the bar at a low level that applicants for a premium card like this will find not at all troublesome. During the first 90 days of holding the card, you will be rewarded with 150,000 points bonus points if you spend at least $5,000 using the card within the first 90 days from account approval date.

Top up with another 10,000 points, just for applying for a Linked Diners Club card

Why not add a Diners Club card to your premium card portfolio, since it comes free of charge and brings some extra benefits? Apply for the Diners Club card in conjunction with your Citi card application, and pocket another 10,000 points by making just a single purchase in the first 90 days using the Diners Club card.

You won’t pay a cent extra in annual fees, you can access both cards with the same PIN and login details, and pay both card balances with a single monthly payment.

The Diners Club card earns 2.0 points per $1 spent, uncapped, and since there’s no foreign transaction fee levied it will be an ideal alternative card for regular overseas travellers or online shoppers (avoiding the 3.4 percent Citi foreign transaction fee).

Redeeming Citi Rewards points for frequent flyer points

You can 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. Current exchange rates are 2.5 Citi Rewards points for 1.0 Virgin Velocity points, or 3.0 Citi Rewards points for 1.0 Singapore airlines or Emirates points.

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 or 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:

  • One complimentary night per year* at any one of thousands of premium hotels worldwide.
  • A fourth night at no extra cost, anytime you stay four consecutive nights at any one of thousands of hotels around the world.
  • Further hotel privileges which may include fast track to elite status at selected hotel groups, room upgrades, complimentary breakfast, early check-in and late checkout.
  • 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 1,200 lounges worldwide, including seven in Australia.
  • 'Meet & Assist’ at Asia-Pacific airports, twice a year. This includes fast track immigration and VIP limousine service.
  • 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.
  • 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.
  • 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.

Interest rates

The interest rates are unlikely to affect your decision about this card, but for the record they are 21.49 percent p.a. on purchases and 22.24 percent 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 (even excluding the value of any bonus points and ongoing rewards points) you should be able to extract from the card an estimated value of at least $3,000 annually.

Competing prestige cards

The Citi Prestige Card is not the only card aimed at high income earners. This a big decision, and before you make it you’ll want to take a look at the both the American Express Qantas Ultimate Credit Card and the American Express Platinum Card. Also check out the ANZ Frequent Flyer Black Credit Card and the Westpac Altitude Black Credit Card range.

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 speedy response. It’s one of the easiest decisions you’ll ever make.

Disclaimer: Reviews rely upon third party information that may not be correct or may be changed without Credit Card Compare’s knowledge. You must carefully consider your own circumstances before making any commitments and confirm all offers and terms with credit card providers before accepting them. Please refer to our T&Cs for more.

The basics

About this card

Card setup
Single
Card tier
Infinite
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 Rewards
Temporary residents
Yes

Cardholders

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

Credit limits

Minimum credit limit
$30,000
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 limit22.24% 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
  • Qantas Money
  • Suncorp

Rates & fees

Promotional interest rates

Interest ratePeriodFeeLimitRevert rate
Balance transfers0% p.a.6 months0%80% of credit limit 22.24% p.a.
PurchasesN/AN/AN/AN/A N/A

Ongoing interest rates

MonthlyAnnually
Cash advances 1.85% 22.24% p.a.
Purchases 1.79% 21.49% p.a.

Fees

Annual fee
$700 p.a.
Cash advance fee
3.5%
Dishonour fee
$15
Duplicate statement fee
$0
Foreign exchange fee
3.4%
Late payment fee
$30
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

Cool stuff you can get with your points

Disclaimer: Points required accurate as of the 31st March 2018.

Rewards program basics

Reward points expiry
Never as long as you keep your account active
Rewards program
Citi Rewards
Sign up bonus
150,000 points
Spend required for bonus points
$5,000 in the first 90 days from approval date

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
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 $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
Temporary residents are eligible
Age Pension, Disability Pension and Widower's Pension are acceptable.
Carer's Allowance and Child Support Payments are acceptable.
Joint applications are not allowed
Disclaimer: The minimum criteria 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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