Citi Prestige Card | Detailed Review, Comparison & Application

Citi Prestige Card

What do you want this card for?
Save money
Earn points
Offer
Card features
balance transfer
purchase
annual fee
Apply
Citi Prestige Card
Apply by 30 jun 20
Citi Prestige Card
Earn up to 100,000 bonus Points. (Conditions Apply)
One of the most prestigious credit cards for high-income earners.
As of 01 April 2020, Citi is now partnered with Mastercard.
Add to comparison
6 months
0% p.a.
then 22.24%
with a 0% fee
21.49% p.a.
ongoing
$700
ongoing

Pros & cons

What's good?

What's not so good?

Earn 100,000 bonus Points when you spend $7,500 within 60 days of card activation date.
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 reward Points to airline and hotel partners including Virgin Australia Velocity, Emirates Skywards, IHG Rewards Club and Singapore Airlines KrisFlyer.
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.
Complimentary Priority Pass™ grants you and a guest unlimited access to over 1,200 airport lounges. (Conditions Apply)*
Complimentary cover including International Travel Insurance, Purchase Cover Insurance and Extended Warranty
Free wine every time you dine with the Citi Dining Program.
4th night free when you book 4 consecutive nights at a huge range of hotels
With Priceless Cities, explore unforgettable experiences in more than 40 cities across the world. To learn more, visit priceless.com
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 available at Brisbane Domestic and International, Melbourne Domestic and International, Sydney Domestic and International, Gold Coast Domestic, Adelaide Domestic and Darwin International airports. For the full list of up to date airport lounges and Priority Pass™. Conditions of Use please refer to www.prioritypass.com
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.
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: supermarkets, petrol outlets 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 60 days of holding the card, you will be rewarded with 100,000 bonus Points if you spend at least $7,500 using the card within the first 60 days from card activation date.

Redeeming Citi reward Points for frequent flyer points

You can get heaps of value from this card by transferring your Citi reward Points to one of Citi’s airline partners: Virgin Australia, Singapore Airlines or Emirates. Current changes rates are 2.5 Citi reward Points for 1 Virgin Velocity point, or 3 Citi reward Points for 1 Singapore airlines or Skyward Miles points.

Other ways to redeem Citi reward Points

There are plenty of other ways to redeem Citi reward 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.
  • Redeem Points for a range of merchandise you would expect to find in a department store, such as a digital camera or smartphone.

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: Covers 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.
  • 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 Citi 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 an Infinite card:

  • A fourth night at no extra cost, anytime you stay four consecutive nights at any one of thousands of hotels around the world.
  • 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.
  • Free wine when you dine. The Citibank 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.
  • 24/7 worldwide personal concierge service. Citi 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’.
  • Citi World Privileges. Special offers and discounts at ’26,000 merchants around the world’ (but only a few in Australia, beyond Citibank Dining Program restaurants).
  • One Luxury Airport Transfer in selected cities in Australia up to $100.

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 Reward 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. 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
Mastercard
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
Citibank Rewards Program
Temporary residents
N/A

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
whichever is greater, $30 or 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:

  • Citi

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

Rewards program basics

Reward points expiry
Never as long as you keep your account active
Rewards program
Citibank Rewards Program
Sign up bonus
100,000 points
Spend required for bonus points
$7,500 within 60 days of card activation

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 Point 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
Age Pension is 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.

Protect your identity. Monitor your credit score for free.

Join more than 17,000 Australians and get your score today.
  1. Protect yourself from identity fraud
    Get alerted to large credit score drops.
  2. Know where you stand
    The banks know your score. Shouldn’t you too?
  3. Avoid a nasty surprise
    Before applying, check if your credit is good enough.
  4. Always with you
    Check online or download the app.
People are happy
Rated 4.8 out of 5 for customer satisfaction.
You may have seen us in
Compare these cards: