Citi Rewards Card – Velocity Points Offer

Offers up to 150,000 bonus Velocity Points, but you'll need to keep the card for at least a year to get them all.

When you apply for the Citi Rewards Card by 31 January 2022 and spend $3,000 in the first 90 days from card approval, you'll get 80,000 bonus Velocity Points. If you keep your account open for over 12 months, you'll also receive 70,000 bonus Velocity points on your account. Even though this offer gives you bonus Velocity Points, the Citi Rewards Card actually earns 1 Citi reward Point per $1 spent, which can be converted to Velocity Points at a rate of 2.5 to 1.

This offer also gives you a $99 annual fee in the first year, which then goes to $199 in future years.

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Amy Bradney-George

Last Updated Sep 2, 2021

150,000

Bonus points

21.49% p.a.

Purchase rate

Reward point

Per $ spent

$99 p.a.

Annual fee

for the first year ($199 p.a. thereafter)

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Details

Product Name	Citi Rewards Card - Velocity Points Offer
Rewards program	Citi Rewards Program
Balance transfer rate	0% p.a. for 15 months
Balance transfer revert rate	Cash Advance Rate (22.24% p.a.)
Balance transfer limit	80% of available limit
Purchase rate	21.49% p.a.
Annual fee	$99 annual fee for the first year ($199 p.a. thereafter)
Interest-free period	Up to 55 days on purchases
Cash advance rate	22.24% p.a.
Min credit limit	$6,000
Max credit limit	$100,000
Card type	Mastercard
Foreign currency conversion fee	3.4%

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

Pros

Up to 150,000 bonus Velocity Points
Reduced annual fee of $99 for the first year ($199 p.a. thereafter)
0% on balance transfers for 15 months

Cons

3.4% currency conversion fee applies to purchases in foreign currencies
$90 additional cardholder fee

Rewards program	Citi Rewards Program
Bonus points	150,000
Rewards points per $ spent	1
Rewards points cap	10,000

Annual fee	$99 annual fee for the first year ($199 p.a. thereafter)
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

Go to Citi's site More info

Review by

Amy Bradney-George

[email protected]

Amy Bradney-George has been writing about personal finance for more than 13 years – including over 600 articles as a senior writer for Finder. Her work has also appeared in publications including Money Magazine, The Sydney Morning Herald, Financy, ABC News Australia and Equity Magazine. Amy has a Bachelor of Arts in Journalism and Drama from Griffith University.

Expert review

The Citi Rewards Credit Card gives you a flexible rewards program and a one-off boost to your Velocity Frequent Flyer balance. To give you an idea of the value of the bonus Velocity Points, you could use them for two return business class flights from Brisbane to Perth (142,000 Velocity Points, plus fees and taxes). If you want to save up points for a future trip overseas, they’d also get you a return flight from Sydney to Los Angeles in premium economy (from 143,400 points).

This offer also saves you a little money with a reduced annual fee of $99 in the first year (then $199 p.a.), and a 0% p.a. balance transfer offer for 15 months with no balance transfer fee. But as you can’t get interest-free days for purchases when you have a balance transfer, the high 21.49% p.a. purchase rate would apply to any new spending. So you’d be better off choosing between the bonus points or the balance transfer part of this offer.

Beyond these introductory perks, the Citi Rewards Card earns 1 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. This card also has a concierge service, Citibank Dining Program and complimentary purchase and travel insurance options.

How to apply

You can apply for this credit card offer in around 15 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

Minimum income. You must earn at least $35,000 to apply for this card.
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 by Citi, 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.

Go to Citi's site More info

Card benefits

Up to 150,000 bonus Velocity Points. Apply for the Citi Rewards card by 31 January 2022 and spend $3,000 on eligible purchases in the first 90 days 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. If you keep the account open for over 12 months, the remaining 70,000 bonus Velocity Points, will be added to your account within 12 weeks of the anniversary of your account activation. 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.
Annual fee discount. Get a reduced $99 annual fee for the first year when you apply and get approved for this card by 31 January 2022. After the first year, the annual fee is $199.

Balance transfer offer. Pay 0% p.a. interest for the first 15 months on balance transfers, with no balance transfer fee when you apply and get approved for this card by 31 January 2022. At the end of the introductory period, any unpaid balance will be charged at the variable cash advance rate, currently 22.24% p.a. Please note that purchases will not be eligible for interest-free days while you have a balance transfer.
Citi Rewards. This card comes with a Citi Rewards membership and allows you to earn 1 point per $1 spent on eligible domestic and international spend. 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, merchandise and gift cards 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 purchase protection insurance that protects you against loss, theft or damage to a covered item purchased with the card. You'll also get an extended warranty cover for eligible items and a guaranteed pricing scheme that refunds the difference in price if you use the Citi Rewards credit card to purchase an eligible item and you see it on sale for less somewhere else.
Citibank Dining Program. You can enjoy a free bottle of wine at participating restaurants around Australia when you dine and pay with your Citi Rewards Card. Learn more about this program in the full guide.
Mobile payment compatibility. Make payments by tapping your eligible smart device at a contactless terminal when you add this card to the Apple Pay or Samsung Pay wallets.
Linked Diners Club Card. If you want to boost your rewards potential, you also have the option of applying for a Linked Diners Club Card (LDCC), which earns 2 points per dollar spent on eligible transactions, uncapped. Please note that separate Diners Club eligibility requirements and rewards terms and conditions apply to this card.
Complimentary mobile phone insurance. Use the Citi Rewards Card or linked Diners Club 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. Outside of any promotions, 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.

Go to Citi's site More info

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Citi Rewards Card – Velocity Points Offer