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.
Under normal circumstances, when you transfer a balance to a new credit card, you won’t want to use the new card for purchases because you’ll forfeit your interest-free days for as long as you have an unpaid balance. That’s a perfectly sensible strategy unless your new card is the Citi Rewards Credit Card. It’s a card with parallel introductory 0% interest offer on both balance transfers and purchases, allowing you to make interest-free purchases even when you have an uncleared balance transfer. And if that’s not enough, there’s also a rewards program, free wine and complimentary insurance.
Zero-interest balance transfer for 13 months
You can transfer your unpaid balance from your existing bank or store credit card (or cards), and pay no interest on the amount outstanding for a long 13 months. The amount you can transfer is capped at 80% of your approved credit limit on your new card, but this is unlikely to be restrictive for most people.
Unfortunately, there is a 1% balance transfer fee to pay upfront, but that won’t make too big a dent in the amount you’ll save
Avoid paying interest and reduce the balance faster . . .
Suppose you had a balance of $8,000 on your existing cards, where you were paying 20% p.a. in interest. If you stuck with your current cards and made minimum 2% monthly repayments you would end up paying $1,695 in interest over 13 months, and at the end of that time you would still owe $7,626. Transfer to the Citi card instead and those 2% repayments become more effective because they aren’t headbutting against accrued interest: your balance would have reduced to $6,152 by the time the zero interest offer expired, and you wouldn’t have parted with a cent in interest.
. . . or bank the cash and actually earn interest
However, the ideal way to benefit from this balance transfer offer is to be already in a position to repay the balance you are transferring to your new Citi card. But instead of repaying it immediately, put the cash you would have used for repayments into a savings account, term deposit or mortgage offset account (preferably the latter, for maximum benefit). At the end of 13 months you’ll not only be able to repay the balance, you’ll have made a tidy profit as well.
Beware the revert rates
But avoid being lulled into a false sense of security by the zero-interest period on balance transfers. As soon as it expires, interest will become payable at the revert rates, which in this case is the cash advance rate of 22.24%. Diarise the expiry date so that you don’t accidentally forget it, and do everything possible to have enough cash on hand to clear the balance before it starts attracting interest.
Continue to use your card for purchases
You won’t need to avoid using your new card for purchases, because you’ll also benefit from the introductory offer of 13 months at 0% on purchases, conveniently pitched at the same length as the balance transfer offer, so you won’t have to diarise two different expiry dates.
Instead of paying off your total purchases each month for the first 13 months, simply make the 2% minimum repayments and once again squirrel away your full repayment amounts in your mortgage offset account. At the end of 13 months, transfer from your mortgage offset account to your credit card an amount that will cover your full remaining purchases balance. Don’t miss the date though, because the revert rate is the ongoing purchases interest rate of 21.49% p.a.
Ongoing purchases interest rate of 21.49% p.a., up to 55 days interest-free
There’s nothing special about the ongoing 21.49% p.a. interest rate applied to purchases from the 14th month onwards, so don’t choose this card if you don’t intend to clear your purchases balance every month from this point on. Fortunately, you will still benefit from up to 55 days each month completely free of any interest on purchases.
Pay less interest with a Citi instalment plan
There is a way to reduce the 21.4% p.a. interest rate on purchases not paid for at the end of the month. For your major purchases you will have the option of committing to fixed monthly repayments at a lower interest rate.
Citi Rewards, uncapped for foreign currency transactions
Every dollar you spend on eligible purchases will earn you 1.0 points in the Citi Rewards program. Rewards on spending in Australia are capped at $10,000 per month (i.e. any spending above $10,000 won’t earn rewards) but there’s no rewards cap on overseas purchases (including online shopping). The value of overseas expenditure is somewhat impaired by the rather high 3.4% foreign transaction fee.
Earn Citi points at twice the rate with a linked Diners Club card
This card also gives you the option of earning Citi Rewards points at 2.0 points per dollar, uncapped, for eligible purchases made with a linked Diners Club card. Request a linked Diners Club card when you apply for your Citi card – there is no additional annual fee payable, and you can use your Diners Club card for overseas transactions and avoid the foreign transaction fee.
However, note that the 13 months interest free on purchases offer does not extend to the Diners Club card, and if you chose to make a balance transfer to your new Citi card you will have no monthly interest-free days on purchases made with the Diners Club card until the balance is fully repaid.
Redeeming Citi Rewards
One of the most popular ways to spend Citi Rewards points is to exchange them for gift cards. Vouchers for just about every major Australian retailer are available, as well as cards for movies, dining, hotel chains and entertainment experiences. Redemptions start with $20 cards, which require 4,500 points.
And it doesn’t stop at gift cards. You can redeem points for more or less the same range of merchandise you would expect to find in a department store.
Opt instead for a cashback on your credit card account by converting points to cash.
You can also convert your Citi Rewards points into Velocity Frequent Flyer Points (at a ratio of 2.5 Citi points = 1 Velocity point), or Singapore Airlines KrisFlyer Miles and Emirates Skywards Miles (3:1), or flybuys points (1.33:1).
And for even more options, you can pay with your Citi Rewards points to buy Apple products or when shopping online at kogan.com, or ‘Pay with Points’ for any purchases already made on your card.
Wining and dining
The Citibank dining program delivers a free bottle of wine to your restaurant table, as long as you choose to dine at one of Citibank’s 400+ partner establishments. Mention when you arrive that you intend to pay with your Citibank card, order at least one main course per person (or spend $50 on food if you’re sharing pizza, tapas and the like) and then choose from a list of wines valued at around $35 per bottle.
There’s plenty of choice of Citi partner restaurants if you live in Sydney or Melbourne, but it becomes a little more restrictive in the other state capitals and regional areas.
Complimentary insurance cover
Interstate flight inconvenience is the only standard credit card insurance cover missing from the list of policies accompanying this card. To activate cover you will need to have used the card, or the Citi Travel Program or frequent flyer points converted from Citi Rewards points, to pay your full travel fare or full purchase price of the item against which you are making a claim. Here’s what’s included:
More platinum lifestyle benefits
Since this is a platinum card it also comes with the usual additional benefits for regular travellers, diners and entertainment seekers. If you can use them they do have some value, but it’s difficult to quantify. They include:
How much does all this cost?
There’s a first year annual fee discount, which means that you’ll be charged $49 for the primary card in the first year and $149 in subsequent years. Supplementary cards on the account cost $90 each p.a.
If you have a primary card and one supplementary card at an annual cost of $239 from the second year onwards, you would more than recover this outlay with the international travel insurance policy (worth about $750) alone. Or use your card for $44,500 of purchases, including a couple of meals at Citi partner restaurants, and get a $200 retail gift card and $70 worth of wine.
If the combined introductory offers on balance transfers and purchases are the main appeal of this card, take a look at cards with similar combined offers on our 0% Balance Transfers and 0% Purchases Credit Cards page.
For the complimentary benefits – rewards, insurance, platinum privileges – compare the HSBC Platinum Credit Card, or the NAB Rewards Platinum Card.
Why choose the Citi Rewards Credit Card?
What kind of lifestyle and spending pattern is a good fit for this card?
It will suit anyone who is not interested in committing to a single frequent flyer program, preferring the flexibility of rewards points that can be converted to a variety of frequent flyer points as well as a wide range of other redemption options. Frequent diners who enjoy wine with their meals will soon recoup the annual fee. Regular overseas travellers will appreciate uncapped points on overseas spending as well as saving money on travel insurance. And the dual introductory 0% interest rates will make the first year particularly rewarding.
It’s an affordable card with rewards — not outstanding, but pretty good. However, the extras on the card are useful, like complimentary travel insurance and extended warranty.
Because it’s a MasterCard, it’s accepted almost everywhere. However, the rewards “payback” is not as good as, say, any American Express. However, if you can get this card for a low or no yearly fee, it’s very much worth it.
We have had this card for many years on a lifetime zero fee. The service from the overseas call centre has been always helpful.
Citibank has great offers to assist with managing our finances. A fantastic feature is to automatically pay out the monthly balance on the due date.
Whenever I have contacted Citibank with a problem or other enquiries, the consultant has not been very helpful and has often gone off on a tangent and not addressed my enquiry. Sometimes I have felt very frustrated and have had to persevere through their talk before I have had my needs addressed.
I have had this card for many years and the reward program has been very profitable.
The most profitable use of points is to always cash points in for a store gift card, then go shopping for the best price.
I have zero fees and full privileges. WOW!
Takes a long time to get rewards up for anything useful and the interest is very high, especially after the rate cuts we have had. You get a catalogue every three months with things you can get with your rewards or you can supplement your rewards with cold hard cash to get them more quickly.
They are very helpful when you ring the concierge
Citibank has, over the years, provided above average customer service. The rewards are good and being a Visa card, I can use it at most places without getting charged. My only concern is that the rates are a little on the high side.
At one point I had a problem with the rewards terms and conditions and the customer service person that I dealt with went out of his way to provide me with a solution. I am not sure that the actual management were so keen to do this, but I think he tried really hard to help me and on the strength of that interaction, I kept the card.
I have had this card for a long time and it used to have benefits (like rewards) that others didn’t. It annoys me that there are very few ATMs that don’t charge you for using them and you get charged an enormous amount for making a payment one or two days late, even though it appears on the current bill.
Citibank’s rewards points system is difficult to understand. Recently payment terms were reduced to effectively less than 55 days. When you need to contact customer service, it usually takes forever just to get through, even though they are usually pretty good in answering any query. It is not as good as used to be.
This is an OK card. Rates are too high and rewards are limited, but it’s generally OK. It’s widely accepted and easy to use.
Fantastic card with excellent rewards. I got this card on a special deal with no annual fees, so I am never letting go of this wonderful deal.
Citi were able to chase up one failed internet purchase and have an excellent security response to fraudulent card use.
|Interest rate||Period||Fee||Limit||Revert rate|
|Balance transfers||0% p.a.||13 months||1%||80% of credit limit||22.24% p.a.|
You can't balance transfer to the Citi Rewards Credit Card at the promotional balance transfer rate from:
|Interest rate||Period||Fee||Limit||Revert rate|
|Balance transfers||0% p.a.||13 months||1%||80% of credit limit||22.24% p.a.|
|Purchases||0% p.a.||13 months||N/A||N/A||21.49% p.a.|
|Cash advances||1.85%||22.24% p.a.|