InfoChoice Review of Citibank Australia (Citi)

*Disclaimer: Citi credit card product names have changed effective 20 Jan 2020 as following: Citi Clear Platinum is now Citi Clear; Citi Rewards Platinum is now Citi Rewards; Citi Signature is now referred to as Citi Premier; Citi Signature Qantas now known as Citi Premier Qantas.

Update 12 March 2020: Citibank growing in Australia

Citibank reported an increase in deposits held, up 5.7% from $1.013 billion to $1.071 billion during 2019.

“In 2019, Citi delivered our most profitable year since 2006,” said Michael L. Corbat, Citi Australia’s Chief Executive Officer.

“We have grown loans and deposits for 16 consecutive quarters.”

Citibank support for bushfire victims and people in financial hardship

Citibank Australia is currently reaching out to customers who are “experiencing financial hardship on any of your accounts because of the fires or have received an overdue communication and require assistance.”

Citibank says customers can access financial hardship support by calling 1800 722 879. Customers can variations of the levels and frequency of repayments if they qualify for financial hardship assistance, says Citibank.

How to qualify and apply for Citibank Australia financial hardship assistance:

Citibank says customers experiencing medical conditions, a reduction in income, unemployment/redundancy, divorce/separation, a property settlement, incarceration, natural disaster or unexpected expenses may qualify for financial hardship assistance.

Citibank will ask you for detailed information about your current financial situation.

Citibank provide a form for providing this information here: Personal Financial Summary form

You upload it Citibank Australia here or email it to [email protected] in a pdf or image format.

You can also call Citibank Australia’s Debt Management Solutions team on 1800 722 879 for help completing the Personal Financial Summary (PFS) form.

Citi changes credit card names

On the 20 Jan 2020, Citi Australia changed the names of the Citi Clear Platinum credit card to Citi Clear;

Citi Rewards Platinum is now Citi Rewards;

Citi Signature is now referred to as Citi Premier;

Go direct to Citibank Australia interest rates and fees information at InfoChoice.

Citibank was the first foreign bank to be granted a license to operate in Australia in 1985. The decision to grant foreign banks licenses to operate in Australia had been a highly controversial move pushed by the Labor Treasurer Paul Keating.

In February 1985, the Hawke government adopted the Keating reform to open up the banking market and granted 16 licenses to foreign banks, including Citi, to enter Australia to compete with the big Aussie banks.

Citibank is headquartered in Sydney (Citi’s Sydney CBD offices pictured) with major offices in Melbourne, Perth (Perth CBD Citi Australia branch pictured below) and Brisbane.

Citi purchased Diners Club Australia in 1999 and recently, in October 2019, announced a partnership with PayPal to develop a PayPal credit card for Australia. Citi already works with Qantas and Coles to provide credit cards in Australia.

Andrew Baines, General Manager of PayPal Credit said Citi is a global leader in consumer credit.

“Citi shares our vision to make payments simple, safe and convenient,” said Andrew Baines.

“We are confident they are the right partner to help us deliver innovative consumer-facing credit products to the Australian market.”

Citi in Australia offers a full suite of retail banking products including home loans, personal loans, credit cards, at-call savings accounts, everyday transaction banking accounts, insurance and term deposits.

Is Citibank Australia a good bank?

Citi is one of the world’s big global banks and the world’s largest credit card provider with approximately 200 million customer accounts in 160 countries.

Citi is particularly popular in Australia with people who travel overseas or have business or financial dealings in other countries. Citi is best known for it’s full range of credit cards, from low rate to platinum level. Citi has been steadily expanding its branch network since 2011.

Citi says: “By combining local expertise with the strength of Citibank’s worldwide consumer banking network, we are able to offer some of the world’s leading range of financial services including deposit accounts, foreign currency deposits and investments as well as credit cards, mortgages, insurance and charge cards.”

You can see all of Citibank Australia’s loan, account and term deposit rates at InfoChoice.

Citibank home loan rates

Citibank’s lowest home loan rate is currently 2.89 per cent pa (comparison rate from 3.50 per cent pa) on all fixed rates from 1 to 5 years for owner occupiers.

Citibank has variable home loan rates starting from 3.19 per cent pa in December 2019 (comparison rate 3.57 per cent pa) for owner occupiers (P&I).

Compare Citi with other home loans at InfoChoice

Citibank personal loan rates

Citi’s Personal Loan Plus has a minimum comparison rate of 9.99 per cent pa and a maximum rate of 17.99 per cent pa over three to five years.

Compare Citibank Australia rates with other personal loans.

Citibank credit card rates

The Citi Clear Platinum Visa Credit Card charges zero per cent p.a. for 9 months on purchases and balance transfers with no balance transfer fee. This card reverts to a purchase interest rate of 14.99 per cent) with a $99 annual fee.

The Citi Rewards Signature Visa Credit Card is currently promoting 120,000 bonus rewards points when you spend $4,000 in the first 90 days. This card also has a 0% p.a. for 15 months balance transfer offer with a 1% BT fee.

Compare Citi cards with other credit cards.

Citibank savings rates

The Citi Online Saver has a current variable introductory interest rate of 2.30 per cent pa for the first four months. The base rate is 0.85 per cent pa after the first four months.

Citibank has 31-day Notice Term Deposit rates currently paying up to 1.41 per cent pa (for 90 days).

Citi specialises in term deposits for wholesale and large investors.

Compare Citi savings rates with other savings accounts and other term deposits in Australia.

The products compared in this article are chosen from a range of offers available to us and are not representative of all the products available in the market and influenced by a range of factors including interest rates, product costs and commercial and sponsorship arrangements

InfoChoice compares financial products from 145 banks, credit unions and other financial institutions in Australia. InfoChoice does not compare every product in the market. Some institutions may have a commercial partnership with InfoChoice. Rates are provided by partners and taken from financial institutions websites. We believe all information to be accurate on the date published. InfoChoice strives to update and keep information as accurate as possible.

The information contained on this web site is general in nature and does not take into account your personal situation. Do not interpret the listing order as an endorsement or recommendation from us.  You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser. If you or someone you know is in financial stress, contact the National Debt Helpline on 1800 007 007.

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