Despite being being acquired by NAB in 2022, and most products transitioning to NAB branding by early 2024, NAB continues to offer white-labelled Citi-branded credit cards in Australia. Credit is issued by NAB, and Citi branding is used by the major bank on licence from the global Citigroup company.

In NAB’s 2023 calendar year results presentation, it essentially admitted that it was behind schedule on fully-integrating Citi products into its own. The transition of unsecured lending - credit cards, personal loans, was meant to be done by the end of 2024. However, NAB extended that another 12 months, citing complexity, and necessity to upgrade systems and technology.

NAB also said it needs more time to integrate Citi products to mitigate risk, citing its subsidiary ubank as a good case study. The total Citi onboarding process is expected to cost NAB $350 million.

The payments platform is still through Citi. There could be utility in this - FiServ currently provides payments management technology to Citi credit cards, through its VisionPlus platform, and NAB will move its own-branded credit card products to this technology later.

That’s all techno-guff that likely doesn’t matter to the everyday consumer. Nonetheless, this means Citi-branded credit cards are available for now - and there’s a lot of them, skewed to the premium end of the market.

Citi Credit Cards 101

At the time of writing there were no less than 15 individual products on offer, with varying conditional bonuses, and five overarching product lines - Simplicity, Clear, Rewards, Premier, and Prestige.

Credit cards

Available via Citi?

Rewards credit card

✅

Low interest credit card

✅

Low fee credit card

✅

No interest credit card

❌

Balance transfer

✅

Complimentary international travel insurance

✅ Some cards

No foreign transaction fees

✅ Some cards

Citi Credit Cards in Australia

Below is an overview of Citi’s five credit card product lines, with information correct at the time of writing, listed generally in order from lowest to highest number of features, and ostensibly cost.

Points - either Citi, Velocity, or Qantas points - are accruable on many cards. Bonus flybuys, and other rewards points may also be offered from time to time. Check Citi’s website for the cards' PDS, TMD, individual fee schedules, and limited-time offers.

Citi Simplicity Card

  • Annual Fee: $0

  • Credit Limit: $2,000 to $100,000

Features: The Citi Simplicity Card is designed for simplicity and savings, featuring no annual fee and no late fees. It offers a low introductory interest rate on purchases and balance transfers, making it more suited to those who want a low-frills card to have in their wallet.

Citi Clear Card

  • Annual Fee: $99 (with first-year fee waiver for new customers)

  • Credit Limit: $2,000 to $100,000

Features: The Citi Clear Platinum Card offers low interest rates and balance transfer options. It includes complimentary insurance benefits such as extended warranty and purchase protection, as well as access to the Citi World Privileges program for exclusive offers and discounts. It also has a lower interest rate, which may be suitable for those who might expect to carry a balance from time to time.

Citi Rewards Card

  • Annual Fee: $199 ($99 for the first year for new customers)

  • Credit Limit: $2,000 to $100,000

The Citi Rewards Card is designed for those who love earning rewards on their everyday spending. Cardholders earn Citi reward points on every purchase, which can be redeemed for flights, merchandise, gift cards, and more.

The card also offers complimentary international travel insurance (up to three months, or 14 days for domestic travel) and purchase protection insurance.

Citi Premier Card

  • Annual Fee: $300 in first year ($150 thereafter if minimum spend is met, otherwise $300)

  • Credit Limit: $10,000 to $100,000

The Citi Premier Card provides generous rewards and travel benefits, including complimentary travel insurance and exclusive dining offers, as well as extra perks like mobile phone theft/accident coverage. Cardholders earn Citi reward points on everyday purchases, with additional points for international spending and on selected categories.

Citi Prestige Card

  • Annual Fee: $700

  • Credit Limit: $20,000 to $100,000.

Features: The Citi Prestige Card is aimed at big dogs, frequent travelers and those seeking premium benefits. It offers unlimited airport lounge access, complimentary hotel stays, and a personal concierge service. Cardholders earn higher points per dollar spent on eligible purchases, with exclusive travel and lifestyle rewards. Unlike other cards, the Prestige product also has 44 days' interest-free, instead of the usual 55 days.

Features of Citi Credit Cards

  • Reward Programs: Many Citi credit cards come with robust rewards programs, allowing cardholders to earn points on their spending. These points can be redeemed for travel, merchandise, gift cards, and more. Reward programs include Citi, Qantas, Velocity, and Luxury Escapes.

  • Travel Benefits: Some cards offer complimentary travel insurance, airport lounge access, and travel-related discounts and perks, making them ideal for frequent travelers.

  • Insurance Coverage: Citi credit cards often include various insurance benefits such as purchase protection, extended warranty, phone insurance, and international travel insurance.

  • Introductory Offers: Citi frequently offers promotional rates on balance transfers and purchases for new cardholders, providing an opportunity to save on interest and manage debt more effectively. Points bonus offers are also common.

  • Exclusive Access and Discounts: Cardholders can enjoy access to exclusive events, dining offers, and entertainment experiences through the Citi World Privileges program.

Eligibility Criteria for Citi Credit Cards

To apply for a Citi credit card in Australia, applicants must meet certain eligibility criteria, which may vary slightly depending on the specific card:

Age and Residency

Applicants must be at least 18 years old and be Australian citizens or permanent residents.

Income Requirements

Each credit card has a minimum income requirement that applicants must meet. For example, the Citi Rewards Card may require a minimum annual income of $35,000, while the Citi Prestige Card may have a higher requirement.

Credit History

Citi performs a credit check during the application process. A good credit history increases the likelihood of approval and may result in more favorable credit terms. Applicants with a history of defaults or bankruptcies may face challenges in securing a card.

Identification and Documentation

Applicants need to provide valid identification, such as a driver's license or passport, and proof of income, such as recent payslips or bank statements.

Existing Debts

Citi assesses an applicant’s existing financial commitments to ensure they can manage additional credit. This includes considering other credit card debts, loans, and ongoing financial obligations.