Citibank Gold Card

The special offer on the Citibank Gold credit card includes a 2.9% p.a. interest rate on balances transferred from other credit cards for a period of 18 months following the opening of the account. This term is rather longer than that generally allowed for a balance transfer offer, which makes it appropriate for larger balances that require a longer time for payment.

After the 18 month introductory period is past, the interest rate on any remaining unpaid transferred balance rises to 19.85% p.a., which is currently the variable rate charged for both purchases and cash advances. As Citibank practices payment allocation, applying all payments made to the transferred balance and its lower interest rate, leaving any purchases on the ledger to accrue interest at the higher rate, this otherwise good balance transfer card should not be used for day-to-day financial management nor rewards point chasing until that balance is entirely discharged.

The Citibank Gold card does offer up to 55 interest free days on retail purchases, however, not on cash advances nor the transferred balance, which transactions also do not earn reward points. The annual fee is $119, with a $30 charge for additional cards on the same account.

The Citibank reward program for this card is offered in conjunction with Qantas. Each dollar spent via the Citibank Gold card earns one reward point, which can be redeemed for one Qantas frequent flyer mile for those who are members of that programme (a joining fee does apply).

Another benefit of the Citibank Gold card is that, if tickets are purchased with this card, then one’s international travel insurance is free. The insurance includes the usual medical coverage, as well as unexpected travel expenses, trip cancellation, personal liability, and loss or damage to personal items. This coverage is underwritten by Zurich Australia Insurance.

Other reward programme offerings include the usual: electronic gadgetry; indoor and outdoor living goods ranging from barbecues to queen-size sheets; shopping vouchers and gift cards; and travel packages, as well as the Citibank Gold card annual fee and cashback credited to the account. However, for those seeking rewards with meaning, Citibank has also arranged for points to be redeemable for donations to charities including the Australian Kidney Foundation, Guide Dogs Australia, the Victor Chang Cardiac Research Institute, and the Starlight Children’s Foundation.

This card is also eligible for Citibank World Privileges, a discount program for travel, dining, shopping, and services designed for international travellers, with deals on every continent around the globe.

Reward points do not expire so long as the account remains open. There is no joining fee for the Citibank Gold reward programme, an additional excellent touch from one of the world’s major banks.

Article correct at its author date: February 2008. Copyright Virtual Office Space, Any unauthorised reproduction of this article will be prosecuted to the full extent of the law. Credit Cards Australia.

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