Citibank to End Australian Retail Operations

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...

Citibank Announcement

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Comments

  • Good news for AMEX I guess.

    Wonder who will buy their retail banking operations.

  • Bugger, what's the exit timeline? (can't read the links because paywalled on my phone.)

  • wow, no more free lounge passes and bottles of wine (never actaully got one) from the rewards card :(

  • 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.

  • 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!

  • their banking citi plus acct stays right ?

  • 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.

  • 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….

  • 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.

    • 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.