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Our verdict

Offers 80,000 bonus Velocity Points and complimentary insurance covers, with a $199 annual fee.

The Citi Rewards Credit Card gives you a flexible rewards program and a one-off boost to your Velocity Frequent Flyer points balance. To give you an idea of the value of the bonus Velocity Points offer, it would be enough to redeem $400 worth of Coles Supermarkets digital gift cards (78,424 points for four $100 gift cards) or a return business class flight from Brisbane to Perth (from 71,000 points plus taxes, fees and carrier charges).

Other perks include a concierge service and complimentary purchase and travel insurance options. It also earns 1 Citi Rewards Point per $1 on eligible purchases, which you can redeem for rewards including gift cards, credit to your account or point transfers to frequent flyer programs including Velocity and Singapore Airlines KrisFlyer. But if your focus is on earning Velocity Points per $1 spent, keep in mind that the transfer rate may not be as competitive as getting a card that directly earns points.

Pros

80,000 bonus Velocity Points
1 Citi Rewards Point per $1 spent
0% p.a. on balance transfers for 6 months, with no BT fee

Cons

Relatively high 21.49% p.a. interest rate for purchases
3.4% foreign transaction fee
$90 additional cardholder fee

The Citi Rewards Credit Card earns 1 Citi Rewards Point per $1 on eligible spending, which you can transfer to Velocity Frequent Flyer points or redeem for gift cards and other rewards. It also offers 80,000 bonus Velocity Points when you apply and get approved, then spend $5,000 in the first 3 months from card approval. For those seeking a large credit limit, this card offers up to $100,000, subject to credit approval.

Details

Product details

Product Name	Citi Rewards Card - Velocity Points Offer
Balance transfer rate p.a.	0% for 6 months, then 22.24%
Balance transfer limit	80% of available limit
Purchase rate p.a.	21.49%
Interest-free period	Up to 55 days on purchases
Cash advance rate p.a.	22.24%
Min credit limit	$2,000
Max credit limit	$100,000
Card type	Mastercard

Eligibility

Available to temporary residents	No
Minimum income	$35,000
Joint application	No

Rewards

Rewards program	Velocity Frequent Flyer
Bonus points	80,000
Rewards points per $ spent	1
Rewards points cap	10,000

Fees

Annual fee	$199
Minimum monthly repayment	2% of the closing balance or $30, whichever is greater
Late payment fee	$30
Foreign currency conversion fee	3.4%
Cash advance fee	3.5% or $3.50, whichever is greater
Overseas cash advance fee	$5
Additional cardholder fee	$90
Number of additional cardholders	4

On 1 June 2022, Citi's consumer banking business was acquired by NAB. Citi credit cards are still available for application and will have the Citi brand. However, the contract for these cards is now with NAB.

How to apply

You can apply for this credit card offer in around 10 minutes and receive a response instantly. Before you apply, make sure you've met the eligibility requirements and have the necessary documents and details on hand.

Eligibility criteria

Residency. You must be an Australian resident.
Credit history. You must have a good credit score to apply for this card. If you're not sure what's on your credit history, you can check it and get your credit score for free through Finder.

Eligible balance transfer debt. You can transfer balances from credit cards, store cards and personal loans not issued under the Citi brand, from a minimum of $500 up to 80% of your credit limit.
Age. You must be at least 18 years old to apply.

Required documents

Personal details. This includes your full name, date of birth, marital status and number of dependents, residential address, email address and contact number. You'll also need to provide a valid form of ID, such as your driver's licence or passport.
Employment details. Provide details of your work history, including your current job, salary and your employer's contact details. You may also need to provide details about previous jobs, as well as recent payslips or Tax Assessment Notices to help verify your income.
Financial details. Include information about any income from other sources, such as superannuation, investments or shares, as well as savings accounts. You'll also need to provide details of any existing debts and loans such as mortgages, plus regular expenses such as rent, groceries and household bills.
Balance transfer details. If you're planning to transfer a balance, you need to provide the total amount of debt you want to transfer, as well as details of the card or personal loan accounts you want to transfer a balance from.

Card benefits

80,000 bonus Velocity Points. Apply for the Citi Rewards card and spend $5,000 on eligible purchases in the first 3 months from card approval and you'll earn 80,000 bonus Velocity Points. Within 8 weeks of meeting the spend requirement, Citi will contact you by email and ask for your Velocity membership number. The Velocity Points will then be credited to your Velocity account within 10 weeks from when Citi receives your Velocity membership number. Note that you need to provide your Velocity Frequent Flyer number to earn any bonus Velocity Points, and must provide it within 14 weeks of Citi requesting it.
Balance transfer offer. This card offers 0% p.a. interest on balance transfers for the first 6 months with no balance transfer fee when you apply and get approved for this card. At the end of the introductory period, any unpaid balance will be charged at the variable cash advance rate, currently 22.24% p.a. And purchases will not be eligible for interest-free days while you have a balance transfer.

Citi Rewards. This card earns 1 Citi Rewards Point per $1 on eligible domestic and international spending. There is a domestic spend cap of $10,000 per statement period, but no cap for eligible international spend. The Citi Rewards Program offers a wide range of ways to use your points, including point transfers to Velocity Frequent Flyer, Emirates Skywards, Singapore Airlines KrisFlyer and flybuys), as well as travel, gift cards and cashback available through the Citi Rewards store.
Transfer personal loan debt. Citi is one of the few providers that allow you to transfer the balance of a personal loan to a credit card. Line of credit accounts can also be included in a balance transfer to the Citi Rewards card.
Complimentary travel insurance. Purchase your overseas travel tickets with this card and you and your family can be covered for medical expenses, trip cancellation due to unexpected circumstances, loss or theft of personal items and more.
Other complimentary insurances. This card also gives you access to extended warranty cover for eligible items and purchase protection insurance that protects you against loss, theft or damage to a covered item purchased with the card.
Luxury Escapes discount. Until 1 March 2025, you can get 10% off (up to $250) on Limited Time LUX Exclusive hotel offers when you pay with your Citi card through the Luxury Escapes website or app and use the promo code CITI10.
Complimentary Wrapd VIP membership. Receive a one-year complimentary VIP membership and get access to exclusive discounts, cashback deals and more from Wrapd. This is redeemable until 30 September 2024.
Mobile payment compatibility. Make payments by tapping your eligible smart device at a contactless terminal when you add this card to the Apple Pay, Google Pay or Samsung Pay wallets.
Complimentary mobile phone insurance. Use the Citi Rewards Card to pay your monthly mobile plan and you'll get cover for accidental damage that affects the way your smartphone is supposed to work. You also get cover for theft when it's unavoidable. This complimentary insurance is underwritten by AIG Insurance and, as with any policy, it's a good idea to check the policy document for full details of what's covered and how to make a claim.

Rates & fees

Annual fee. This card charges a standard annual fee of $199.
Purchase interest rate. The variable interest rate for purchases is 21.49% p.a.

Interest-free days. If you pay your balance in full by the due date on each statement, you can get up to 55 days interest-free on purchases. You will not be eligible for interest-free days while you carry debt from a balance transfer.
Cash advances. This card charges a variable cash advance rate of 22.24% p.a. You will also be charged a one-time fee of 3.5% of the transaction amount or $3.50 (whichever is greater) on domestic transactions, and $5 on overseas cash advances.
Foreign transaction fees. If you use your Citi Rewards Card for transactions in a foreign currency, the standard 3.4% fee will apply.
Additional cardholders. You can add up to 4 additional cardholders to the account for a $90 annual fee per additional card.

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Amy Finder

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nick

October 06, 2023

Hi, I previously had the 70,000 Velocity bonus points over 2 years ago when I closed my account. would I still get them again if I opened another credit card account today?

This is what is on their web page.

Customers who have previously received or are entitled to receive the 70,000 Velocity Points will not be eligible to receive another 70,000 Velocity Points. To be eligible to receive 70,000 Velocity Points, you must apply for the Citi Rewards Card by 31 October 2023, then spend a minimum of $5,000 on eligible purchases using your new card within 90 days from approval. Eligible purchases exclude Cash Advances, Balance Transfers, Special Promotions, interest, fees, refunds,

kind regards Nick.

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Amy Bradney-George Finder

October 08, 2023

Hi Nick,

You will need to contact Citi directly for this enquiry. Finder is a review site and we’re not directly affiliated with the bank. The general enquiries contact number for Citi is 13 24 84. I hope this helps.

Ritika

February 20, 2023

Can I pay my rent using this credit card ? I pay my rent using bPay as of now.

Amy Bradney-George Finder

March 03, 2023

Hi Ritika,

If you have bank transfer details for your rental property, you could use Citi PayAll. It’s a feature similar to a bank transfer, so you do need the Australian bank account details (rather than BPAY). Otherwise, Finder’s guide on options for paying rent with a credit card may help. Just keep in mind that paying rent with a credit card usually attracts a payment fee or surcharge. There is also a risk of interest charges that could lead to serious debt.

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Citi Rewards Card – Velocity Points Offer

Pros

Cons

How to apply

Eligibility criteria

Required documents

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