Citibank teams up with Virgin to shake up Big Four

[Slats7]

Citibank teams up with Virgin to shake up Big Four | The Australian

CITIBANK will breathe life into Richard Branson's Virgin Money group in Australia with a deal to create new credit cards, retail deposit accounts and mortgages, in a bid to break the market stranglehold of the Big Four.

The 10-year exclusive profit-sharing contract signed late last week will see Citibank, the retail arm of global investment bank Citi, provide funding, infrastructure and banking networks for the new joint venture.

 

[lovestotravel]

They mention they are going to have a DJ card like the QF cards.

I would say goodbye to the QF earning Citibank cards and then a poor DJ point transfer rate

:evil:

 

[Jeffrey O'Neill]

seems like they're not rushign into anything with mid next yr before anything happens.

will be interesting to see how this affects the NAB Velocity card. i've had 1 for 3-4 years now fee free - they just keep on giving me another year for free when i ring up to cancel.

 

[pauly7]

They mention they are going to have a DJ card like the QF cards.

I would say goodbye to the QF earning Citibank cards and then a poor DJ point transfer rate

:evil:

Why? When Westpac had Virgin they still had QFF.

 

[wxxnxs]

seems like they're not rushign into anything with mid next yr before anything happens.

will be interesting to see how this affects the NAB Velocity card. i've had 1 for 3-4 years now fee free - they just keep on giving me another year for free when i ring up to cancel.

Hello Jeffrey, I got similar situation as you, I rang up in March this year to cancel the card, but got another year annual fee waived:mrgreen:. I doubt this kinda of thing will be happening in next year whether or not. BTW, which type of velocity card do you have, standard or gold? It seems NAB never negotiate fee with gold velocity card even not includes in the home loan package. Is there any very good advantage to make that card so special?

 

[Diesellife]

It seems NAB never negotiate fee with gold velocity card even not includes in the home loan package. Is there any very good advantage to make that card so special?

Nab doesnt negotiate on the fee itself, you either get them for free or you pay for the annual fee.

In my case, all of my nab credit cards are fee free for life...Including my previous gold velocity and now the platinum.

 

[wxxnxs]

Nab doesnt negotiate on the fee itself, you either get them for free or you pay for the annual fee.

In my case, all of my nab credit cards are fee free for life...Including my previous gold velocity and now the platinum.

Fee free for life, how could you get that amazing deal, if you don't mind telling here. I remembered when I call them up, they just mentioned fee wiill be wavied for another year but never said gonna be fee free for life. so far I haven't hear anyone got fee wavied for velocity gold card, you are the first.

 

[Diesellife]

Fee free for life, how could you get that amazing deal, if you don't mind telling here. I remembered when I call them up, they just mentioned fee wiill be wavied for another year but never said gonna be fee free for life. so far I haven't hear anyone got fee wavied for velocity gold card, you are the first.

I was first given the NAB Ant Gold fee free for life. Then I transferred it to Velocity gold (Without annual fee unless they forgot to charge it), and now moved on to Qantas Plat... still no annual fee. Maybe perhaps I was offered fee free for life back then when I put a lot of transactions on the card?

 

[wxxnxs]

I was first given the NAB Ant Gold fee free for life. Then I transferred it to Velocity gold (Without annual fee unless they forgot to charge it), and now moved on to Qantas Plat... still no annual fee. Maybe perhaps I was offered fee free for life back then when I put a lot of transactions on the card?

Your case seems a good example that put a certain on credit card to let the bank realize what a loyalty which they can offer the fee free for life. I believe NAB has become the most generous bank in big four.

 

[coolsteps]

Your case seems a good example that put a certain on credit card to let the bank realize what a loyalty which they can offer the fee free for life. I believe NAB has become the most generous bank in big four.

i had gold velocity nab card when they first come out. I called up to try and get the annual fee waived and they said they couldnt since it was a $150 annual card with free travel insurance etc. they simply wouldn't budge even after speaking to the manager. however a year earlier they did agreed to waive my visa mini card for life but since i have noticed that the cash back rate has dropped to .5% and its only 25 day interest free on my account now i think. anyone else experienced the same thing happening on their nab visa mini?

 

[wxxnxs]

i had gold velocity nab card when they first come out. I called up to try and get the annual fee waived and they said they couldnt since it was a $150 annual card with free travel insurance etc. they simply wouldn't budge even after speaking to the manager. however a year earlier they did agreed to waive my visa mini card for life but since i have noticed that the cash back rate has dropped to .5% and its only 25 day interest free on my account now i think. anyone else experienced the same thing happening on their nab visa mini?

FYI-I believe NAB mini gets 55 days interest free, I don't know where 25 days comes from, plus this card has the lowest annual fee as well as you get cash back up to $120 per year, even if the annual fee can not get waived, it is still bargain. I think this card is the best in the market for those people don't want to spend a lot of annual fees on their credit cards

 

[Diesellife]

Your case seems a good example that put a certain on credit card to let the bank realize what a loyalty which they can offer the fee free for life. I believe NAB has become the most generous bank in big four.

If I have to rate the big four about their generosity.
It is NAB, Westpac, ANZ and CBA.

I've tried soooo many times with CBA and only get waived once for 2 years until 2010...The only reason they waived is because they made mistake on their end.

I believe the generosity comes from the market share, as NAB's consumer credit market share is the smallest in big four, no harm to offer more waiver to keep their share. On the other hand, CBA could careless about it, their market share is the biggest among the big four...

i had gold velocity nab card when they first come out. I called up to try and get the annual fee waived and they said they couldnt since it was a $150 annual card with free travel insurance etc.

The rules to success is to keep trying, don't give up... You may not get it the first time, but call them every three months or so to bug them. It helps. Call them and waste their time, have lengthy boring conversation. A staff that get paid $20 an hour, keep them for 7.5 hours on the phone(Multiple times), surely they would waive the fee, rather than diverse resources to talk cough on the phone...

 

[wxxnxs]

If I have to rate the big four about their generosity.
It is NAB, Westpac, ANZ and CBA.

Personally I don't like Westpac & ANZ at all, those two charge too much on their products especailly ANZ, for CBA I normally don't pay attention on it because rarely use it. But the good thing for CAB is they do offer credit card for student, 2008 is my final year in my uni and applied for CBA AWARDS card, they offer me free until plus a very generous limited:mrgreen:. Of course NAB is always my favoriate don't even mention they are the first to announce to abolish overdraw fees.

I've tried soooo many times with CBA and only get waived once for 2 years until 2010...The only reason they waived is because they made mistake on their end.

I haven't tried yet because it is still free at the moment but I will try early next year, it the fee can not be waived simply just cancel it.