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Citibank Signature Card No Annual Fee for Life

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Citibank Signature Card No Annual Fee for Life
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bryflies on 17/07/2014 - 14:08 citibank.com.au (14175 clicks)
Last edited 01/09/2014 - 16:50 by 3 other users

This deal is back i noticed. I signed up to it last time. No sign up points/short term incentives but i recommend it as a long term card option on the following basis (the below is for the signature card):

  • No annual fee for life
  • reward points (1.5 citibank points per dollar spent, effective conversion rate of $1 spent equal to 1 velocity or singapore airlines point)
  • priority pass membership (with 2 free visits a year)
  • free bottle of wine at selected restaurants (restaurants can be found using the citibank app)
  • travel insurance and price protection insurance
  • up to 55 interest free days

Application criteria may be assessed on income, I had a friend who applied for the signature but only received the platinum (which is not quite as good).

Hopefully of interest to someone.

Financial Credit Card

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Citibank Australia
Citibank Australia

closed Comments

  • chill on 17/07/2014 - 14:16
    +26

    The deal never ended
    https://www.ozbargain.com.au/node/123330

    • macrocephalic on 17/07/2014 - 14:19
      +6

      Although it's still a great deal. I recommend it to people all the time.

      • vid_ghost on 17/07/2014 - 14:27

        if you earn $75k a year the Signature Card is an awesome QFF card at ($45 a year for the QFF program).. The Platinum Card is nothing special with its Citibank rewards unless you need insurance

        • MelbBargainChaser77 on 17/07/2014 - 14:43
          -8

          I dont think its that awesome, reason being they only give 1:1 on QF points, the 2 entires into lounges is useless to most that would have this card they'd have status with airlines anyways.

        • montorola on 17/07/2014 - 15:06
          +5

          @Gavman:

          Last I checked, for every dollar you spend with the Signature, you get 1.5points.

          Now, 1.5points is equal to 1 Velocity point.

          So in short, $1 spend = 1.5 citibank points = 1 velocity point

        • Gavman on 17/07/2014 - 15:10

          fair enough

        • dexx on 17/07/2014 - 15:34
          -1

          21% interest. OUCH!

        • rickb on 17/07/2014 - 16:11
          +23

          Pay your statement in full by the due date and there's no OUCH.

        • Jackson on 17/07/2014 - 18:52

          Doesn't sound better than what I have from NAB, which costs me nothing and gives 2 QFFP with the Amex and 1 with the Mastercard

        • IVI on 17/07/2014 - 18:56

          So, how many interest-free days are theys guys offering, here?

        • tm001 on 17/07/2014 - 21:42
          +10

          If you even think of paying any interest then this card is definitely not for you.
          Actually I would strongly recommend (for your own sake) NOT to get any credit card.

        • danyool on 18/07/2014 - 00:09
          +1

          @tm001: Still a valid question - there are some cards with a lousy 35 days, and some with up 60 days intererst free - so a bit of a difference to keep your money in savings before having to pay it (and not paying interest)

        • SrMoure on 18/07/2014 - 12:08

          @Jackson:

          It's a VISA….that's better.

        • sidesh0w on 19/07/2014 - 01:28

          @IVI:
          as nearly always, up-to-55.

      • abh_gup on 18/07/2014 - 09:00
        +1

        LIVING ON PERSONAL CREDIT OR NON DEDUCTIBLE DEBT IS SELDOM A GOOD FINANCIAL DECISION!

  • schwinn on 17/07/2014 - 14:20
    +1

    FWIW existing cardholders can also apply.
    I applied for the gold back in 2007 (the first free for life deal, also on ozbargain). Was upgraded to platinum automatically over the years, but never to signature.
    Took this opportunity to apply for the Signature and was approved. Also worth noting that your rewards points will NOT share the same bucket as other cards; I have 2 buckets of reward points, one for the plat and one for the sig.

    Beware of the 'cheque to self' though - I was offered 80% of my limit immediately, but this is a huge trap for those who pay cards up immediately (don't let balances generate interest).

    • unco on 17/07/2014 - 14:28

      I signed up for the platinum card last time and thinking of trying this to go up to the signature card.
      I hope they don't end up sending me another platinum card..

      So there's no way of transferring your points earned on your platinum card over to your signature card at all?

      • snvl on 17/07/2014 - 15:12
        +3

        They moved my points from platinum to signature, no issues.

    • KH41 on 17/07/2014 - 14:29

      I also started on the gold back when this deal first launched, currently on platinum also.

      Have you tried to call them to see if they would upgrade you to signature?

      • schwinn on 17/07/2014 - 14:32

        I asked them for an upgrade before, but was declined.

        Definitely no way of transferring over. I have almost 250K points to cash out, will just gift card it.

        • unco on 17/07/2014 - 14:35

          That's odd of them to decline you for an upgrade but approve a whole new card on top of the one you already have with them.

          I guess I'll make an application instead of asking too then, thanks!

        • edgar28 on 17/07/2014 - 15:05

          try asking again, my points were transferred across.

        • simulacrum on 17/07/2014 - 15:13

          I asked them for an upgrade last year and mentioned this deal and they approved me.

    • Evil-Elmo on 17/07/2014 - 14:56

      I was in a similar boat but was able to get them to upgrade my plat card so kept all my reward points together.

      • schwinn on 17/07/2014 - 16:08

        Damn. I will ask them again right now, about moving my points

        • schwinn on 17/07/2014 - 17:22
          +3

          Just called up, told them 3 of my (ozbargain) friends successfully got their points moved across, and they did it for me!

    • lancedefrance on 17/07/2014 - 15:03
      +3

      Can you please clarify what you mean by this?

      Beware of the 'cheque to self' though - I was offered 80% of my limit immediately, but this is a huge trap >for those who pay cards up immediately (don't let balances generate interest).

      I dont understand this comment but sound like its an important point you are making.

      • schwinn on 17/07/2014 - 15:45
        +5

        When you get fully approved etc, they give you an option to send a 'cheque to self' for up to 80% of the credit limit, on a 1.9% interest rate.

        For Example, on a credit limit of 20K, they can write me a cheque of 16K, to do whatever I want with. This will be similar to a 'balance' transfer, however as with most cases, any payments towards the card go towards paying up this cheque first, and then only any new balances you have incurred.

        As a real world example, with that 20K limit, I have 16K in the cheque, and spend 100 on the card. If I pay my CC bill with 200, this will cause:
        - 16K cheque debt to be reduced by $200 to 15800, which will generate interest at 1.9%
        - $100 non cheque debt, to be charged interest at 21% (!!!)

        The only way to prevent that non-cheque amount from generating interest, is to immediately pay up the cheque. The only way to get away with this, I suspect, is to take that cheque to self, and not use the card at all. Even then, there are small administrative actions to do, like pay the minimum payment each month. I also haven't confirmed yet, if the interest generated from the cheque debt, will be compounded at 1.9% or 21%.

        • dazweeja on 17/07/2014 - 16:30
          +4

          Sounds like it's great if you want a low interest loan at 1.9%. Just get another credit card to actually use for purchases…

        • lancedefrance on 17/07/2014 - 16:34

          Thanks for the clarification, this makes sense now.

        • schwinn on 17/07/2014 - 17:15

          @dazweeja: That's true - But I'm not sure about the interest generated from the cheque debt, will that be compounded at 1.9% or 21%?

          edit: I just spoke to Citibank, asked about interest. Basically I didn't know because I've not paid/generated it before, but the formula of minimum payments is 1% of the balance + any interest generated by the balance. So, each month you will be paying the interest off, on top of 1% of your cheque, so interest does not have a chance to compound itself.

        • Maxxjet on 17/07/2014 - 20:24
          +3

          not sure if this assertion is most up to date, http://www.bankingreforms.gov.au/content/Content.aspx?doc=fu…
          Any CC approved after 1 July 2012, payment will first go to the most expensive portion of your debt - in your example, the $200 will be directed to the $100 card debt first, reduce it to 0, and then to the $16K cheque , reduce it to $15.9K.

        • G5 on 17/07/2014 - 21:12

          This is slightly incorrect - the $16k cheque debt is a 0% balance transfer (for 6 months). It doesn't generate interest at 1.9%, that's just the minimum repayment amount. The interested generated is zero.

          Edit: I think I misunderstood you - you're talking about the interest generated on the balance transfer component when you use the card. In which case, why would this be any different for a cheque to self vs. for a regular balance transfer?

        • schwinn on 17/07/2014 - 22:08

          @G5: When signing up, I was offered a 0% balance transfer, which I did not use. After successful receipt of the card, the call centre offered me over the phone, a 12 (or 15?) month cheque to self at 1.9% interest. It's different to the 0% balance transfer

        • G5 on 17/07/2014 - 22:23

          @schwinn: Ahh I see, that explains it.

        • SrMoure on 18/07/2014 - 12:11

          @dazweeja:

          I could invest in ubank @4.6% and it would be an investment loan !!

  • amanvell on 17/07/2014 - 14:20
    +1

    FYI getting an additionally card holder is a long process. The form they send out to verify ID at Australia Post is missing the final step of returned a scan/image of the form to Citi, and then you will probably have to contact them to find out wtf is going on as the form seems to sit around in neverland until someone forwards it to the verification team.

    • gimme on 17/07/2014 - 14:58
      +2

      Yes and No. Ignore the AusPost stuff and email the ID info directly to them instead while you're on the phone with CS. Quickest way to do it.

    • edgar28 on 17/07/2014 - 15:06

      mine was 1 week

    • aaronaldo on 17/07/2014 - 15:40
      +4

      I applied for additional card holder online after getting my card. Just clicked through a few pages and got it. I don't even recall having to send any scan/image at all for the additional holder.

      • scud70 on 17/07/2014 - 17:00

        the additional card holder, you don't have to pay an annual fee for them do you?

        • rickb on 17/07/2014 - 17:10

          No

  • bryflies on 17/07/2014 - 14:20
    +1

    I actually signed up for it in the November deal that you have linked to, didn't realise it was continually extended. Agree with macrocephalic's comment, could not recommend it highly enough.

  • imket on 17/07/2014 - 14:21
    +1

    i'm too poor to make it for signature =(

    is there any catch at all? (ie any sort of fee for using or not using etc)

    • schwinn on 17/07/2014 - 14:26
      +1

      no catch whatsoever. Only impact to you is to your credit limit for future loans/borrowings.

      • imket on 17/07/2014 - 14:29

        but if i pay my bills all the time/put money into the account before i spend it, i'll be fine right?

        sorry cc noob, just grad and wanting a cc.

        • schwinn on 17/07/2014 - 14:31
          +1

          Don't put your money in before your spend it, just put the total balance in, when the bill is due.

        • imket on 17/07/2014 - 14:33

          @schwinn: is that just so i dont lose the opportunity cost of interest or is there a reason not to put money in before spending.

        • schwinn on 17/07/2014 - 14:36
          +2

          You get up to 50 days interest free with the card (this is the case for most/all credit cards). This period is from the time you use your card to pay, to the due date of payment on your monthly statement.

          I fully pay the CC balance of every statement, on the due date. No interest charged. I have set up a direct debit for the full amount so I don't forget to pay (I have forgotten in the past).

          If you DO miss a payment/not pay in full, interest will be calculated from the date of purchase!

        • chillemi on 17/07/2014 - 15:22
          +4

          @imket: Money on a credit card above the credit limit isn't protected in the event of theft or misuse.

        • plentifoo on 17/07/2014 - 15:50

          maybe not the card for you. as a grad, you should probably look at cards with more daily expenditure benefits or just stick with a visa/master debit with discounts on certain paywave purchases + atm withdrawal rebate options, i.e. the ING Direct Orange.

          That or just apply for an AMEX platinum edge, 3 points per dollar at woolies/coles, free domestic return flight every year and lotsa credit rebates on big retailers, e.g. DJ, Myers, JB Hifi, Masters, etc. For $99, still the best CC I got to date.

          This card seems to cater for people who travel heaps, lounges and FF points, don't see how you can reap its benefits.

        • minty on 17/07/2014 - 16:22

          Not sure if applies to Citibank, but for Westpac, if your CC limit is $5000, if you deposit $500 into when your balance is full so $5,500. The surplus that gets spent first DOES NOT earn you reward points.

        • imket on 17/07/2014 - 18:34
          +3

          Thanks a lot for all the advice! Ozbargain is so good for educational purposes, better than google because i get advice from the best of the best bargainers!

          @avexdevil: Na travel doesnt happen that much to me, twice a year maybe. the Amex card you mentioned says annual fee of 195, did you get it on promotion? Also is there a chance you can get the fee waived like others have mentioned with westpac for example.

        • plentifoo on 17/07/2014 - 19:08

          I got mine under CPA Australia 2 years ago, it was $99 then. I think it might have went up to $150 if rego'd under a professional body. Still, if you travel interstate every year, $150/$195 for a return flight on virgin economy is value for money (baggage and food included). Not to mention the ascent rewards program ain't too shabby and all the credit rebates on major Aussie retailers.

    • minty on 17/07/2014 - 14:28

      Apply for signature. I don't make the mark but got approved within a day. I assume they do credit checks on you so if you're good with repayments/haven't got 10 C/Cs it shouldn't be a problem.

      Most places lets you know if inactivity will trigger a cancellation and you just need to (should that day come) tell them you wish to keep the card.

      FYI. I've used it once or twice since signup a few months ago as the website is shit and customer service is rubbish. Still using Westpac Black and getting fees waived year by year, it's miles ahead.

      • turk182 on 17/07/2014 - 14:37
        +2

        how you getting the black fee's waived ?

        • minty on 17/07/2014 - 16:09
          +5

          Spend money, and always pay back in full every month. I've been with Westpac for C/C for almost 10 years. I ring them at end of the year and say the fee $150 (down from $250) is not worth it as I get about that from my points so it's pointless and want to cancel the card.

          They tell me no don't go we love you please stay and we'll waive this year but can't promise the same for next year. I tell them thank you and rinse and repeat.

          I wouldn't ever pay the annual fee but the guys at Westpac are absolutely ace, I've only good things to say about them throughout the years.

          P.s. Lowest spending for a year is $10,000ish IIRC, and that got waived fine. Not sure what's the bottom line.

  • geremyfarr on 17/07/2014 - 14:34

    Looks good, whats the interest free period? 60 days?

    • tonester on 18/07/2014 - 02:27

      up to 55 - deal updated :)

  • MelbBargainChaser77 on 17/07/2014 - 14:41
    +17

    OP I would like to thank you for this post, it just scored me a $299 refund.

    Back in April Citi were offering the Signature rewards card with 80000 Bonus Qantas points for a "reduced" annual fee of $299. I applied for it got my 80k points and paid what I thought was a reasonable fee for them. So I just called Citi and had a sook that my "friend" applied for the same card today and it was fee free, and I thought that was unfair. The helpful young lady with no questions asked reversed the fee straight back onto my card. SCORE! Thats almost 3 months of my health insurance paid for! Thank you

    • f4te on 17/07/2014 - 15:10
      +1

      Make sure it's refunded annually or if they've just done that for this year's fee.

      • MelbBargainChaser77 on 17/07/2014 - 15:54
        +2

        It was just for this years fee. But ill be sure to call them the month before my year is up- if they dont waive it again, I couldnt care less if I close it down!! I got my 80k points already!

        • montorola on 17/07/2014 - 16:07
          +15

          Haha you got a better deal than most of us here!

          I think I'm going to call up and have a sook now that my friend got 80000 points when he signed up and I didn't. Lol I doubt they'd give it

          Only one way to find out…

        • MelbBargainChaser77 on 17/07/2014 - 16:12

          TRY IT!!!!!

        • abc on 17/07/2014 - 16:28

          @montorola:

          Let us know the result :D

        • zeezaw on 17/07/2014 - 19:22
          +1

          ill be sure to call them the month before my year is up

          A safer bet would be to apply for a second card under the Friends & Family offer, then cancel the existing card that has a fee.

        • zeezaw on 17/07/2014 - 19:26

          @montorola:

          Definitely worth a try. I have seen reports of people having gotten the points this way but it depends on how switched on the call centre operator is.

          It didn't work for me. :(

        • AnDyStYLe on 17/07/2014 - 23:18

          @montorola: If you go to their site now, they are offering 60k points, but with a $299 annual fee.

          https://www.citibank.com.au/aus/credit_cards/cards_signature…

          The Signature card.

          Get to where you want to be sooner with the card that takes you places. Apply for the Citibank Rewards Credit Card - Signature before 31 July 2014 and receive 60,000 points on your first spend1 plus enjoy a $299 annual fee for life.

          You could then do what MelbBargainChaser77 did after getting the points. Although, it would appear that you won't get the annual fee free for life!

    • thejew on 17/07/2014 - 19:46

      Was this April 2014 ?

  • [Deactivated] on 17/07/2014 - 14:48

    Using BWA QFF Platinum for $9x annual fee ATM and thinking about churn into Citi Signature over time.

    The only visible difference is overseas purchase fee waiver and unsure it worth some $50-ish more annual fee.

  • brilliantthings on 17/07/2014 - 14:51
    +4

    Appalling customer service, but otherwise a great card.

  • rdaun on 17/07/2014 - 14:52
    +1

    "priority pass membership (with 2 free visits a year)"

    I cannot find this information on the offer link page - can anyone enlighten me?

    • gimme on 17/07/2014 - 14:56
      +1

      Yeah you'll get a PP code with your card which you can use to sign up on the PP website by linking to your Signature card. The code is generic in nature so as long as you have a Signature Card (including additional cardholders) you'll get the free membership.
      Note: Citi says it's only for primary cardholder BUT as above you can easily sign up.

    • MelbBargainChaser77 on 17/07/2014 - 14:59
      +1

      It comes with a priority pass membership, which basically gets u into the shitiest airport lounges, and you can enter them twice a year with no charge- normally this costs 27USD per visit.

      As i hold status with QF this wasnt a big selling point for me, I just wanted the 80k points, but for people from Melbourne, the only lounge it will allow you to use is the United lounge at Melbourne Airport, and its a dingy little hole! I Los Angeles the only available lounge was Air Canadas lounge from the terminal I was in. I did use them to see what they were like- No competition to Qantas lounges at all!!

      • Joey4 on 17/07/2014 - 15:10
        +2

        PP uses the KAL lounge at lax international terminal in LA and it was great. Well worth signing up for the card just for this lounge, can't vouch for the others. Melbourne is only open during united airlines flight departures.

        • MelbBargainChaser77 on 17/07/2014 - 15:54
          +1

          It depends which terminal your departing from. The terminal I was in was Air Canada Maple leaf lounge- and that was ordinary. If you want cheapish access to ordinaryish lounges, you can just sign up for a free priority pass, and pay USD27 to visit these lounges, without the whole process of applying for a citi signature rewards card.

        • NigelTufnel on 17/07/2014 - 15:58

          Hah, my card arrived 2 days after my wife departed and is going through LAX… Oh well :P

        • MelbBargainChaser77 on 17/07/2014 - 16:05
          +1

          get her to quote the card number at the lounge entry. I know the T&C's state must have card, but a sympathetic staffer will most likely let her in

        • Jinster on 19/08/2014 - 21:09

          My partner and I used a PP lounge in Cantong during our stop over. It was great too. Showers, recliners, food, etc.

  • huey on 17/07/2014 - 14:55
    +33

    They will need to change the product name from "signature" to "pin" in 2 weeks.

    • gimme on 17/07/2014 - 14:57
      +4

      They should change the name from 'Signature' to 'Any avg shmo with a part time job and an ozbargain account can get it' card.

      • rockman117 on 17/07/2014 - 16:52
        -1

        Wait are you serious? Because I'm an avg schmo with a part time job. They don't ask for payslips? 28 degrees did.

      • Mucchan on 17/07/2014 - 18:08

        Not true. I applied for the platinum card and got rejected.

  • zzyss on 17/07/2014 - 14:57
    +3

    "reward points (1.5 citibank points per dollar spent, can be converted 1 for 1 with velocity or singapore airline points)"

    Can anybody confirm this? I just logged on to Citibank rewards, where it says this:

    Velocity Frequent Flyer
    Citibank Rewards cardholders can manually transfer their points to Velocity, the frequent flyer program of Virgin Australia.

    As of 1 September 2013, redemption of reward points on Velocity and KrisFlyer Frequent Flyer programs will only be available to cardholders who hold the following cards: Citibank Rewards Credit Card - Platinum or Signature or the Citibank Select Credit Card and who are enrolled in the Citibank Rewards Program.

    Citibank Rewards Credit Card - Select Signature and Citibusiness cardholders:
    1.5 Citibank reward points = 1 Velocity point, redemptions must be in multiples of 15,000 Citibank reward points

    Citibank Rewards Credit Card - Platinum Credit cardholders:
    2 Citibank reward points = 1 Velocity point, redemptions must be in multiples of 20,000 Citibank reward points

    -

    Singapore Airlines KrisFlyer program
    Citibank Rewards cardholders can manually transfer their points to Singapore Airlines KrisFlyer program.

    As of 1 September 2013, redemption of reward points on Velocity and KrisFlyer Frequent Flyer programs will only be available to cardholders who hold the following cards: Citibank Rewards Credit Card - Platinum or Signature or the Citibank Select Credit Card and who are enrolled in the Citibank Rewards Program.

    Citibank Rewards Credit Card - Select Signature and Citibusiness cardholders:
    1.5 Citibank reward points = 1 KrisFlyer mile, redemptions must be in multiples of 15,000 Citibank reward points

    Citibank Rewards Credit Card - Platinum Credit cardholders:
    2 Citibank reward points = 1 KrisFlyer mile, redemptions must be in multiples of 20,000 Citibank reward points

  • AnDyStYLe on 17/07/2014 - 14:57

    If you sign up to either cards, and select Citibank Qantas Rewards program, it indicates that you will cop an annual fee of $49. I'm assuming this doesn't fall into the $0 annual fee for life?

    • Repstar on 17/07/2014 - 15:05

      Correct.

    • unco on 17/07/2014 - 15:07

      I was clicking through the application process for the signature card and when it asked me to choose a rewards scheme, the drop down menu only had Citi Rewards.
      I can't find out how to select Qantas, can anyone help?

      • AnDyStYLe on 17/07/2014 - 15:10

        I haven't applied yet, I just saw it on the front page in the t&c's (important info). I don't think it's worth paying the $49!

        (3.) Citibank Rewards and Citibank Qantas Rewards are two separate programs. Unless you choose the Citibank Qantas Rewards program (for an annual fee of $49), you will be automatically be enrolled in the Citibank Rewards Program. Under the Citibank Rewards program you will earn 1.5 rewards points per dollar spent. Citibank Rewards Points are subject to the Citibank Reward Terms and Conditions. Under the Citibank Qantas Rewards Program you will earn one Qantas Frequent Flyer point per dollar of eligible spend. Once Qantas Frequent Flyer points have been transferred to your Qantas Frequent Flyer account, they cannot be reversed. Qantas Frequent Flyer points are earned in accordance with the Citibank Qantas Rewards Program Terms and Conditions and you must be a member of the Qantas Frequent Flyer program in order to earn or redeem Qantas Frequent Flyer points. A joining fee applies. Qantas Frequent Flyer points and membership are subject to the Qantas Frequent Flyer program Terms and Conditions. Full details are available at qantas.com/frequentflyer. Enrolment in the Citibank Qantas Rewards program can be requested on card activation or after approval of new card by contacting Citibank on 1800 818 008.

        • unco on 17/07/2014 - 15:13

          Found it, you have to sign up to Signature on Citi Rewards first and then call them.

          To opt in to Citibank Qantas Rewards:
          You must be a current Signature or Select cardholder
          Call CitiPhone to request to switch to the Citibank Qantas Rewards Program

      • lolmao on 17/07/2014 - 16:05

        if you want a visa/mastercard for qantas points 1:1 the woolworths qantas credit card might be better for the first year..
        https://www.woolworthsmoney.com.au/wowm/wps/wcm/connect/WowM…
        no $49 qantas fee.. annual fee of $89 but you get 16000 free points (cancels out annual fee)

  • Gavman on 17/07/2014 - 14:59
    +1

    Where does is say Citibank points = 1 for 1 velocity point? pretty sure its 1 for 1/2 a per what that guy put up above, this is false.. please change it!

    • bryflies on 17/07/2014 - 15:05

      Clarified.

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