Guys this is the response I got from Citibank:
Thank you for your email.
To be eligible for the 60,000 bonus Citibank Reward points, the Citibank
Platinum cardholder must activate the card and make the first retail
purchase (excluding cash advances, balance transfers and other special
promotions).
For your reference, Citibank Platinum cardholders may enroll with the
Citi Qantas Rewards Program. This will enable cardholders to
automatically transfer their Rewards points to their Qantas Frequent
Flyer (QFF) account on the next day of your statement cycle date.
Please note that the above promotion is equivalent to six one-way
flights based on a restricted economy domestic fare from Sydney to the
Gold Coast redeemable on-line as at 07 February 2011. Flight values
include all taxes and charges and baggage fees. Flight values are
subject to change without notice based on travel and booking periods,
routing, availability and carrier.
For further details on this offer, you may contact our New Business
Department on 1300 130 865 from 8:00am-8:00pm (Sydney time), Monday to
Friday and 8:30am-5:30pm on Saturday and Sunday.
If there’s anything else we can do to assist you, please let us know and
we’ll be happy to help.
Thank you for using the Citibank Australia Website.