I still consistently use the citibank no annual fees ever rewards credit card that i got almost 10 years ago. Is this the end of the road for my beloved rewards credit card? :(
https://www.afr.com/street-talk/citi-finalises-retreat-from-…
https://amp.theaustralian.com.au/business/dataroom/citi-to-e…
And local banks.
Bugger, what's the exit timeline? (can't read the links because paywalled on my phone.)
Not sure but i think its their entire asian retail division:
https://www.bloomberg.com/news/articles/2021-02-19/citi-is-s…
wow, no more free lounge passes and bottles of wine (never actaully got one) from the rewards card :(
Hasnt been confirmed yet. Fingers crossed the new owners will maintain the current T&Cs.
Fat chance.
LOL this shake up is to get rid of all the ozbargain free loaders
@huu: How come? Its quid pro quo.
90% of my cc spend is using this card and they get commission from it.
Plus with more ppl joined in back then thanks to OzB I reckon it's a fair deal.
@burningrage: I just got it for free lounge visits, was a great deal, never been another deal like it ever since.
Their credit card was the best. I really wonder what would happen to our most popular Fee Free for Life Citi Signature.
HSBC might come to rescue? No Big 4 please.
What? HSBC is also struggling globally, they just withdrew from the US market.
HSBC has roots in Asian Market.
As the new CEO of Citibank said, it's focusing on select market and they just expanded their building in Singapore. They are maintaining their presence in UAE too. Clearly there are far more wealth in that market compared to AUS. But I think HSBC still has better brand recognition amongst Asian customers, where the money is.
It's a bit like my local IGA. After changing owners 2x under the IGA brand, the moment they sold it to the third owner and rebranded it as KFL Supermarket, suddenly my local supermarket boomed.
I prithee HSBC will take over Citibank's loans and accounts while Credit Cards should go to Diners Club.
According to IBISWorld, Citibank's credit card has about 17% market share, the fifth largest just outside big 4. That's a remarkable success. If Diners can grab em, then we can expect to see better deals just like AMEX with Chemist Warehouse, JB, etc.
Diners Club is franchised around the world. Citibank holds the franchise in Australia.
I hope we don't lose the Free4Lyfe Signature Card.
Thats the constant card I use when there are no other CC deals in play.
Same here.
Only reason why I kept my Citibank bank account open was for the Night Noodle Markets benefit where you can book a table and have food brought to you instead of lining up for ages. Guess that's no longer happening!
yeah mate, join the line like the rest of us peasants
their banking citi plus acct stays right ?
Dont know. Everything is up in the air at this point.
All gone except investment banking.
And even that seems to only be for "high net worth individuals".
I received a letter they will discontinue the Virgin-branded Savers Account.
Accounts to be closed by 1 June 2021.
Possibly that could happen to the other Citi bank accounts as well.
How long ago did you receive this letter?
Yesterday
That’s not much notice!
This would explain all the deals on the credit cards. Pumping the business up for sale.
The question is - do potential buyers keep the brand and the features or do the absorb into their own product?
so what happens to my account ? I have the one where you hold different currencies… forget the name…
It's really hard to find replacement for this.
The Citibank Global Account allows fee free ATM withdrawal in Australia from big 4 ATMs and fee free ATM withdrawal in the world from certain ATMs (eg: 7-11 in Japan for example). Has a reasonable conversion rate. Instant transfer into the foreign currency account for instant availability.
The credit card gives you 2 Priority Pass access every year plus points up to 2 per $1 (Diners Companion) plus credit card insurances. All this for no charge for legacy customers.
The closest thing I can think of is HSBC Global Currency Account which does what Citibank Global Account do, and its Platinum Credit Card which does cost $129 but refundable if you spend $6,000 annually and that comes with 2 priority pass and still earning points albeit at measly 1 per $1 and points capped. And you get access to retail banking and its HSBC Premier.
The fun will soon be truly over. I hope they are dragging this sale for years.
Bummer — had the Signature/Premier card for years. Wise to cash out the reward points now?
Not yet I think. Their website has just been updated to say everything is normal for now.
This may take some time.
Is losing the points a possibility?!
I would have thought they would be sending out deals encouraging the transfer of points to reduce their liability on paper?
I was thinking the same thing, I have about $1400 worth saved up, this is probably the prod I need to actually cash some out as vouchers.
Im going to cash it all out this weekend just in case something happens next month.
Yeah I am definitely cashing mine out before the new buyer takes over.
Really hope the card continues but the constant calls (recieved one just now) for their 'turn your credit card debt into a personal loan' stop soon.
You can ask them not to contact you with offers. It actually works. I haven't heard anything from them since doing so several years ago, but may have missed out on some potentially useful offers.
RIP… Free for life platinum rewards card :(
Sad day. Citi's loose T&C's for promotions will be sorely missed.
Coles, Kogan CC are under Citibank.
Sad days if that’s the end of the free for life Signature card. Lots of people on OzB hold this card, we all got it from fantastic deals many years back. Of course a true c/c pro will always use a burner card, but the Citi Signature has always been the go to for day to day spend. Will be like losing a favourite pet….
https://www.abc.net.au/news/2021-04-16/banking-citigroup-con…
Yikes….even ACCC is becoming involved now.
This now adds to post Covid international travel. Apart from higher travel costs, infection risks, we will have to pay higher costs for using cash in the other countries. Citibank Platinum Plus was so convenient. Only ever you withdraw how much you need for next few days. No need to look for money exchange or the risk of carrying larger amounts of cash. Worked great in all Asian countries where cash is still king.
I moved from 28 degrees to Citibank because of their cash withdrawal fees even on positive balances. Now I guess we will need to find another similar product. How about orange everyday?
Up bank don't charge fees on cash withdrawals from international ATMs.
ING even reimburses the ATM fees.
It was becoming much less useful in Singapore, from a couple of years ago you pretty much had to find an actual citibank ATM to avoid charges on the withdrawals. Not sure if the same has happened in other countries.
No fees when using the card in Japan at a 7-Eleven ATM.
Looks like NAB is on the front seat. ING has withdrawn from the bid and Macquarie is increasingly unlikely to take over.
Wtf is HSBC doing?
Agree that HSBC would be the logical fit for the business. Wonder if NAB would stifle Citi’s innovative products however they also acquired 86400 and own UBank so I think it’s unlikely we will see a material change in operations at least in the short term.
Let's hope so or otherwise bye bye to
1. Free international ATM withdrawal (eg: Japan - 7/11 ATMs)
2. Free global transfer to another Citibank accounts overseas
3. Diners Club 2 points for $1 companion card
4. Loose T&C allowing profit making (there is one today at Ozb offering evoucher $100 for $2,500 cash transfer at 1.9% fee)
5. Relatively good exchange rate compared to big 4.
6. Fee-free for life Credit Card with points earning.
7. Priority Pass.
Truly, nothing beats Citibank Signature credit card.
Also no one else has a “cheque to self” feature for balance transfers basically allowing you cash out your credit limit with unsecured debt at promo rates such as 0%.
Aaaaaaanddddd… snapped by NAB.
Announced today.
Short term nothing will change of course.
Anything can happen long term. You would have to go through their acquisitions history to have a guess what could happen down the track.
The Citi brand (and products) may well be kept as it would cost a mountain of $$$ to absorb them into any NAB brand. Wouldn't be worth it.
The only risk here I see is the Signature FFFL card. Citi previously nixed the generous benefits on the Prestige card. Let's hope the Signature FFFL gets untouched. https://www.australianfrequentflyer.com.au/community/threads…
Still has to pass ACCC. Expected settlement March 2022. So looks like MoU only so far.
Just got email that the deal will be completed in June This year. Any news on the citiplus account free oversea atm / currency conversion and the free signature card?
Good news for AMEX I guess.
Wonder who will buy their retail banking operations.