Citi launches new bonus points offer on rewards credit cards
Credit card giant Citi has announced new bonus point offers on three of its rewards cards today, giving spenders the chance to bag up to 150,000 bonus points.
Aussies signing up for the Citi Rewards Platinum Card, Signature Card or Prestige Card will be able to cash in on the new offers. The cards also offer extra perks such as complimentary travel insurance, exclusive access to event tickets and a complimentary bottle of wine when you dine at partner restaurants.
Citi Head of Cards and Loans, Alan Machet said, “At Citi we know our cardholders appreciate the flexibility to use their rewards points any way they choose. Whether it’s a year-end holiday, a new iPad, or a gift voucher Citi rewards its cardholders with offers and benefits they want and value.”
| Card | Bonus points offer | Regular earn rate* | Annual fee |
|---|---|---|---|
| Citi Rewards Platinum Card | 100,000 bonus points (when you spend $3,000 in first 90 days) | - 1 point per $1 spent up to $10,000 per month (uncapped for international spends) | $49 for the first year, ($149 afterwards) |
| Citi Signature Card | 120,000 bonus points (when you spend $3,000 in first 90 days) | - 2 points per $1 on spends at a range of major restaurants, hotels and airlines or international spends - 1.5 points per $1 for spends at major petrol outlets, supermarkets and retailers - 1 point per $1 spent everywhere else | $197 for the first year, ($395 afterwards) |
| Citi Prestige Card | 150,000 bonus points (when you spend $3,000 in first 90 days) | - 3 points per $1 on spends at a range of major restaurants, hotels and airlines or international spends - 2 points per $1 for spends at major petrol outlets, supermarkets and retailers - 1 point per $1 spent everywhere else | $700 |
*Point earn rates apply to eligible spends only. T&Cs apply.
When Mozo crunched the numbers on the bonus points on offer, we found that the net value of the points ranged from just $18 when using the Citi Prestige and redeeming for gift cards, to $841 when spending on the Signature card and redeeming for flights.
Note: Net value based on value of rewards on offer, minus card annual fee. Calculated using annual fee in the first year.
Redeeming for flights was a better option for Citi cardholders looking to maximise points value, which isn’t surprising, given that domestic travel came out on top as the best value redemption option in Mozo’s recent Rewards Card Survey.
Nine out of the ten top credit cards in the survey came attached to an airline rewards program and research from Citi shows that airline points make up around 40% of all point redemptions.
Mozo’s survey also found that the average net value of rewards plastic has plummeted to just $27. In light of this declining value, Mozo Data Manager Peter Marshall cautioned spenders not to get swept up in the freebies on offer with rewards cards, and instead look at the ongoing value on offer.
“Bonus offers can certainly boost the value of your rewards card initially, but when you choose a rewards card, it’s important to weigh up the value of those points and the ongoing earn rate against the annual fee to be sure you’re not losing out in the long run,” he said.
“It’s possible to find good value in a rewards card - you just have to do your homework and choose the one that will work best for you.”
If you’re in the market for a new rewards card, make sure your first move is to take our rewards revealer tool for a spin to find the plastic that suits your spending style.