Citibank upgrading fee free Gold to fee free Platinum

[SIA1A]

Ta....but a few questions if I may:

1/ USD...so do you have to be a US resident to get one?

I am an Australian Citizen living in Aust.

2/ If it is a USD card, I assume that if most of my transactions are in $Aust as I mainly spend in Australia that I will have to pay currency conversion fees.

If so, would the cost of these not outweigh the extra earn?

HSBC operates multicurrency accounts in Australia and in many overseas countries. You can open one locally subject to the usual 100-point check.

I can't comment about your personal spending profile but if you often travel overseas, a USD credit card results in lower overall currency conversion costs than an AUD card. (The Australian credit card issuers typically convert twice when you are overseas: Local currency => USD => AUD. That approximates to a 1% + 1% = 2% impost that you don't really see on the bill - it is explained to customers as a 'wholesale rate' or similar. Then they add their 1% or 2% service fee on top of that!)

If you rarely leave the country, you won't have much need to access Kris Flyer Miles and I suspect that converting AUD to USD in order to pay your card expenditure will offset the extra Miles earning rate, possibly negating the benefit.

I personally find Kris Flyer Miles the BEST way to benefit from rewards spending. SQ charges less, in terms of Miles, for Business Class reservations than does QF and allocates more seats to the program (ie it's easier to fly Biz on SQ using miles than it is on QF).

Melbourne to Singapore (one way) in Biz on SQ costs 38,250 Kris Flyer Miles. The airfare is usually around $2500 or more, so each Mile delivers over 6.5 cents of benefit. That's a very good Mile/Benefit ratio compared with other methods for spending Miles and especially attractive when HSBC has such a good points for Miles conversion rate.

 

[Zippy7]

I'm still waiting for an upgrade...
But no new chip card either!
Still with my (free) old ugly mugshot card at the moment.

 

[gregff]

I'm still waiting for an upgrade...
But no new chip card either!
Still with my (free) old ugly mugshot card at the moment.

I am in the same situation. I wonder if they are doing the photo cards last?
With the chips there seems not much room for the photos.

 

[hedge]

HSBC operates multicurrency accounts in Australia and in many overseas countries. You can open one locally subject to the usual 100-point check.

I can't comment about your personal spending profile but if you often travel overseas, a USD credit card results in lower overall currency conversion costs than an AUD card. (The Australian credit card issuers typically convert twice when you are overseas: Local currency => USD => AUD. That approximates to a 1% + 1% = 2% impost that you don't really see on the bill - it is explained to customers as a 'wholesale rate' or similar. Then they add their 1% or 2% service fee on top of that!)

If you rarely leave the country, you won't have much need to access Kris Flyer Miles and I suspect that converting AUD to USD in order to pay your card expenditure will offset the extra Miles earning rate, possibly negating the benefit.

I personally find Kris Flyer Miles the BEST way to benefit from rewards spending. SQ charges less, in terms of Miles, for Business Class reservations than does QF and allocates more seats to the program (ie it's easier to fly Biz on SQ using miles than it is on QF).

Melbourne to Singapore (one way) in Biz on SQ costs 38,250 Kris Flyer Miles. The airfare is usually around $2500 or more, so each Mile delivers over 6.5 cents of benefit. That's a very good Mile/Benefit ratio compared with other methods for spending Miles and especially attractive when HSBC has such a good points for Miles conversion rate.

Thanks, the card looks great. But....as a young person it's going to be hard to structure my family's finances to even make me eligible. But then again it would be quite nice to accrue enough points to fly to SIN on J every 6 months.

Eligibility Criteria

• A minimum value of $500,000 in loans (facility limit) included in our HSBC Premier Service; or
• A minimum value of $200,000 in savings and investments; or
• A combination of loans and savings and investments products included in our HSBC Premier totalling a minimum of $500,000 with HSBC Bank Australia Limited or through HSBC's Financial Planning service; and
• You must have and maintain an HSBC Premier Cash Management Account during the term of your HSBC Premier Agreement.

 

[SIA1A]

Thanks, the card looks great. But....as a young person it's going to be hard to structure my family's finances to even make me eligible. But then again it would be quite nice to accrue enough points to fly to SIN on J every 6 months.

You'll qualify sooner than you imagine!

 

[willyroo]

Mine x2 - automatic "upgrade" from Gold - arrived last week

 

[spa]

Hi All,

Just got confirmation the platinum upgrade for no fee for life gold card holders will remain no fee for life with platinum benefits (although the higher points cap was not specifically mentioned).

The email did mention all the platinum benefits as per the citibank website will apply.


I have retained a copy of the email for future reference.

I emailed them last week about this too, but never received an email back
Two weeks left to decide whether we want to upgrade

 

[edman]

I emailed them last week about this too, but never received an email back
Two weeks left to decide whether we want to upgrade

Got my response today, took 10 days, so you should have plenty of time before you need to make your decision

 

[Jacques Vert]

Accepted the platinum offer a couple of weeks ago and cancelled my Earth + gold card.

Today I received an offer for an Amex Gold fee free (presumably for life) but I have to pay to join the awards program. I don't think I'll take it up.

I am waiting to see if Earth make me a special offer to rejoin. As well as the Amex offer, I tried to cancel an HSBC low rate card last year (because I just had too many and wanted to cut back on fees). HSBC asked if I would keep the card if they waived the fee? "Why not" said I!

Seems that the best way to get a decent deal is to keep cancelling cards!

 

[zhihua76]

you guys are so lucky to get this offer, I have not got mine yet even I spent more than 30k per year.

I thought the offer is finishing soon so I just called the citibank and was told I am not eligible to this offer. Maybe I am not a good customer.
But the girl said she will put a note to review my account. Who knows if she is going to do that

Is there any way I can get this offer anybody knows? Thanks a lot!

 

[hedge]

you guys are so lucky to get this offer, I have not got mine yet even I spent more than 30k per year.

I thought the offer is finishing soon so I just called the citibank and was told I am not eligible to this offer. Maybe I am not a good customer.
But the girl said she will put a note to review my account. Who knows if she is going to do that

Is there any way I can get this offer anybody knows? Thanks a lot!

Yeh neither did I and i've put through nearly 20k in 5 months. I rang up and the CSR said the promo is still going and that she didnt know whether id be upgraded or not.

Maybe ring them and threaten to cancel?

 

[lovetravellingoz]

HSBC operates multicurrency accounts in Australia and in many overseas countries. You can open one locally subject to the usual 100-point check.

I can't comment about your personal spending profile but if you often travel overseas, a USD credit card results in lower overall currency conversion costs than an AUD card. (The Australian credit card issuers typically convert twice when you are overseas: Local currency => USD => AUD. That approximates to a 1% + 1% = 2% impost that you don't really see on the bill - it is explained to customers as a 'wholesale rate' or similar. Then they add their 1% or 2% service fee on top of that!)

If you rarely leave the country, you won't have much need to access Kris Flyer Miles and I suspect that converting AUD to USD in order to pay your card expenditure will offset the extra Miles earning rate, possibly negating the benefit.

I personally find Kris Flyer Miles the BEST way to benefit from rewards spending. SQ charges less, in terms of Miles, for Business Class reservations than does QF and allocates more seats to the program (ie it's easier to fly Biz on SQ using miles than it is on QF).

.

I like Krisflyer too and have recetly decided to use it as much as possible for my long-haul award redemptions.

Hence my desire to have CC that can transfer points to KF.

So yes I will leave Australia using KF...but most of my CC spend will be in Australia.

So given the currency fees the better earn rate would be offset by the currency fees.

 

[BiziBB]

I'm leaning toward non-QF miles on my Citi Gold->Plat card, too.

If there is a channel to request additional *A miles transfer options, beyond SQ, please le me know. SQ can be good when it wants to be good but I've had bad experiences and would love alternatives.

 

[DeKa]

I too received the upgrade to Platinum offer. I wrote back to Citibank, declining the offer, and enclosing the Platinum card. I saw it as others have suggested as their way of getting me off a "fee free for life" card. I don't need an increased credit limit, and I'm happy with a gold card.

I received the oddest letter back from Citibank Customer Advocacy Centre, which was appallingly written, which took my letter as a complaint! I wrote back and said it was not a complaint, and I was merely declining their offer. I've never heard back.

I'd be interested to hear from others who declined the offer.

 

[Jacques Vert]

you guys are so lucky to get this offer, I have not got mine yet even I spent more than 30k per year.

Mrs JV ALWAYS pays the balance before the due date so that we don't get stung for interest!

Perhaps this is the criteria they are using?

 

[beardoc]

Still no platinum upgrade for me. I'm getting used to the idea that they won't be upgrading me - despite around 20K/year spent on the card and no missed payments.

 

[spa]

Still no platinum upgrade for me. I'm getting used to the idea that they won't be upgrading me - despite around 20K/year spent on the card and no missed payments.

yeah, i received it, and have received an email from citibank telling me the fee structure remains the same as well. but probably won't bother upgrading, mostly because i'm more worried about some of the comments earlier in the thread to do with rba proposing dismantling the visa honour all cards policy... don't want to end up being rejected by mechants in the future and having to downgrade my card

 

[Nutcase]

I would reconsider declining the offer of a free platinum card. As we all know, the interchange on a platinum card is higher than gold or classic and therefore more profitable for the card issuer (citibank) hence the offers to upgrade. If you are paying your bill in total each month, not paying an annual fee or any penalty fees, then the only revenue stream left for citibank is interchange on the transactions that you are doing. How long do you think that they will let you get away with this?

It is highly unlikely that merchants will descriminate based on card type - By way of example, Overseas cards and Business cards have even higher interchange. Can you imagine a merchant declining an overseas or Business card. Business Suicide!

As some of you have experienced, if you don't revolve a balance, Citibank can reduce your interest free days from 55 to 45. Beyond this, if you don't play ball (IE pay fees) then I cant see that they would want to keep you as a customer. If I was in charge of the portfolio (and I have been for another organisation), I would be either looking to migrate you to Platinum or Business card, or getting rid of you completely.

So I would reconsider the offer and perhaps accept it. If the landscape changes for any reason, you could downgrade or move to another supplier.

 

[ellein]

This is what i received from Citibank

Please be advised that the you will not be charged any extra fees on
this Platinum upgrade offer, and you will remain on the annual fee
structure that you currently are on - whatever it currently is for you.

It was worded so different from you. And it doesnt sound they are giving me fee free for life. Correct me if i am wrong.

Hi All,

Just got confirmation the platinum upgrade for no fee for life gold card holders will remain no fee for life with platinum benefits (although the higher points cap was not specifically mentioned).

The email did mention all the platinum benefits as per the citibank website will apply.

Body of message below:

Thank you for your email.
For general information, you will not be charged any extra fees when accepting the Platinum upgrade offer. The annual fee structure on your current credit card will be applied to the Platinum card. Therefore, the Platinum card will have no annual fee for life for as long as the account is open.

Further to your enquiry, we advise that the Platinum card has the same features and benefits of a Gold card, except of the following:
- Platinum card offers exclusive benefits with a free personalised Rewards Programme
- 24-hour Concierge Service not available on Gold card
- complimentary Transit Accident Insurance available on Platinum card only.

More information is available online. From the Citibank Australia homepage, please select 'Citibank Platinum' from the 'Look for a Product' drop down box.

A copy of the Terms and Conditions is also available from our website.
From the Citibank Australia homepage, please select 'Useful Forms & Links' from the 'Jump to Services & Offers' drop down box, and then click on 'Credit Cards > Protect your card'.

For further enquiries, you can call us on 13 24 84. Our CitiPhone Banking Team is available 24 hours, seven days a week.

We apologise for the delayed response. We are currently responding to a high volume of queries through email. A return to normal service level is expected shortly.

If there's anything else we can do to assist you, please let us know.
We'll be happy to help.

Thank you for using the Citibank Australia Website.

Yours sincerely,
Citibank Online Customer Service Centre
Citibank Pty Limited ABN 88 004 325 080 AFSL No. 238098 citibank.com.au

I have retained a copy of the email for future reference.

 

[Nutcase]

I think that you are reading too much into this. The email clearly states that you will be on the same fee structure. If that is nill - then your platinum will be nil.

How could this be any clearer?