NAB acquires Citibank Australia

[oz_mark]

Without replacement?

The linked diners card will close. The actual card it is linked to (Citi Premier) will stay open.

We want to let you know we will no longer offer the Linked Diners Club® Card from 16 October 2023, and as a result we will be closing your Linked Diners Club Card(s) on account ending in xx_x. From 16 October 2023 onwards, you and any Additional Cardholder(s) linked to your account will no longer be able to spend and earn Points on your Linked Diners Club Card. Please note, any transactions and Points earned on your Linked Diners Club Card prior to this date will continue to be transferred to your account as per the Linked Diners Club Card Terms and Conditions and Linked Diners Club Card Extra Terms. There will be no change to your existing Citi Premier Card and you can continue to use your Citi Premier Card as per normal.​

​

 

[Chicken]

Received the email today and based on my reading, I can’t see the ubank option being in play. The language is quite specific on a “NAB branded account” and “NAB debit card”.

Yes, I was just making the point that NAB already has existing product which is basically a carbon copy of Citi Plus, so there is no need to anger Citi customers by making changes to Citi Plus. They can of course run this product as NAB. Sorry for being not 100% accurate.

 

[SYD]

Yes, I was just making the point that NAB already has existing product which is basically a carbon copy of Citi Plus, so there is no need to anger Citi customers by making changes to Citi Plus. They can of course run this product as NAB. Sorry for being not 100% accurate.

Yes, I understood what you were saying but appears that they’re not going down that path. If it’s just a regular NAB account, prepared to be disappointed - but I gather most peeps are assuming that anyway.

 

[theblank]

Until now so many people were whinging NAB hasnt been telling us whats going on.
Now they tell us whats going on and people are whinging that they dont trust what they are being told.

for the Citibank Plus, Its *just* a bank account. As best I can tell nobody uses Citi Plus as their daily banking, its just an extra thing for travelling. There is plenty of other alternatives.

 

[MELso]

Until now so many people were whinging NAB hasnt been telling us whats going on.
Now they tell us whats going on and people are whinging that they dont trust what they are being told.

for the Citibank Plus, Its *just* a bank account. As best I can tell nobody uses Citi Plus as their daily banking, its just an extra thing for travelling. There is plenty of other alternatives.

I do use Citibank Plus as my daily driver, but that's because I have several other products with them (FFFL Premier Card, Ready Credit and mortgage).

Following the RC into banking I don't really trust NAB or any of the other Big 4, so while they may promise that fees and charges will remain unchanged on the Plus account, who knows what we'll end up. They've already ditched the linked Diners Club on my Premier card despite their website stating "at this stage, there is no impact to your Citi branded credit card and you can continue to use your card as normal" - a very fine distinction to be sure given the Diners is not Citi-branded. So colour me somewhat sceptical for now.

(Mind you, some of it is me mourning the Citibank end of days - FFFL credit cards with decent earn rates, monthly $100 Quick Cash/Flexibill gift cards, PayAll, low rate ready credit balance transfers and personal loans, and mortgage rates that have been highly competitive mean that good times were had. But all good things must come to an end.)

 

[Chicken]

Following the RC into banking I don't really trust NAB or any of the other Big 4,

Sure, me too, which is why I don't use any of the big 4 for my main banking. I just churn and burn their credit cards.

However, NAB had sent out e-mail, highlighting that fees don't change. This is not something which they could cheat in 2 years time when you forget, this is something that is happening in a few weeks time. It's written black and white. They will also need to send us new terms and conditions.

So like what theblank said, it's written black and white, what else do you want?

So, why stress about it, why do anything, when you have not even seen the new T&C? You can always cancel if you don't like the T&C.

This is where I think some of the people in this thread are going down the path of extreme paranoia.

For what it is worth, now that they have told us on giving us new BSB account numbers, I will actually close one of my Citi Plus accounts, since I could keep using my Suncorp account which has no monthly fee no forex fee; but I will keep the other Citi plus, so I could transfer money from my main back into Citi Plus, then pay off my Citi credit card immediately when I blow my credit limit (you would not be able to pay off your Citi credit card immediately if you do not have a Citi Plus account).

 

[bussyboy]

Totally freaked out when I noticed a new "NAB CLASSIC BANKING" account in my NAB internet banking today... took 5-10 minutes before it clicked it was the Citi account.

 

[kpc]

Also wonder whether Citi will retain Diners (both the cards, and the network), or whether NAB will own that too. I recall NAB was one of the first (if not the first?) of the big banks to have a companion AMEX card back in the day - could mean some interesting things ahead for Diners (or maybe that's just wishful thinking ).

2 years later, NAB's true intention with Diners has been revealed....they are closing all personal Diners Club accounts in Australia on 31.1.2024. Well done ACCC!!

 

[Chicken]

2 years later, NAB's true intention with Diners has been revealed....they are closing all personal Diners Club accounts in Australia on 31.1.2024. Well done ACCC!!

I don't think ACCC cares about Diners. I deliberately put my Diners into my wallet back in Sep, went around Sydney with it during that month. Not one single place I went to took Diners. Not one single place. No bar, no pub, no music venue, no restaurant. (I exclude Colesworth because I get 4% off using gift cards, and I don't go to petrol stations because I do not have a car.)

 

[albyd]

My Diners MasterCard gets a good workout outside of Colesworth but know what you mean. It’s my non-Amex backup & now I’ll need to find a new non Amex card. Keen on hearing about any suggestions. HSBC Premier MC is currently front runner for my attention. Whilst it has an annual cap, that works for me effectively 80k SQ points. Not as good as my Amex but ok.

 

[Lynda2475]

Interesting some have received NAB details already, I've not received a letter nor email with NAB account yet (unless they stupidly sent to my home address instead of PO Box in which case it has been stolen).

I haven't had a NAB account since I last churned a visa card with then in 2021, assume the citi replacement will be new Customer number etc.

 

[SYD]

Totally freaked out when I noticed a new "NAB CLASSIC BANKING" account in my NAB internet banking today... took 5-10 minutes before it clicked it was the Citi account.

Did you contact NAB to link accounts or just happened?

 

[bussyboy]

Did you contact NAB to link accounts or just happened?

It was just there - looks like they identified my NAB profile and linked - I hope they don't get that wrong along the way! :|

 

[oz_mark]

Interesting some have received NAB details already, I've not received a letter nor email with NAB account yet (unless they stupidly sent to my home address instead of PO Box in which case it has been stolen).

I haven't had a NAB account since I last churned a visa card with then in 2021, assume the citi replacement will be new Customer number etc.

They started creating NAB accounts last month

The NAB Classic Banking account will be created on a day between 28 October 2023 and 17 December 2023 ("Account Creation Date"). The NAB Classic Banking account will be available from the Account Creation Date. Your account details will be sent to you by email (or by post if you haven't provided us with your email address). We will also provide you with important information including how to set up NAB Internet Banking and the NAB app.

You will have a NAB Classic Banking account alongside a Citibank Plus Transaction Account between the Account Creation Date and 23 February 2024. After 23 February 2024 you will only have a NAB Classic Banking account.

Your NAB Visa Debit card* will be issued and sent to you between 21 November 2023 and 27 January 2024 ("Debit Card Issue Date"). NAB Visa Debit cards* will not be sent during the holiday period between 15 December 2023 and 9 January 2024. We will also provide you with important information on how to activate your NAB Visa Debit card*.

You already have a Citi Debit Mastercard (to access the Citibank Plus Transaction Account) and you will receive a NAB Visa Debit card* (to access the NAB Classic Banking account). One NAB Visa Debit card cannot be linked to multiple NAB bank accounts and you will receive a separate NAB Visa Debit card* for each eligible NAB bank account.

You can add the NAB Visa Debit card* to a digital wallet to enable you to make purchases before your physical NAB Visa Debit card* arrives. Go to nab.com.au/digitalpayments for more information.

 

[Lynda2475]

If the citi brand is all but dead in Australia why do they still run adverts for Citibank Clear card in the wee hours of the morning on FTA digital channels?

 

[oz_mark]

If the citi brand is all but dead in Australia why do they still run adverts for Citibank Clear card in the wee hours of the morning on FTA digital channels?

It's still running pretty much as though it was Citi. They'll run them until the accounts have been migrated (to the new unsecured lending platform NAB are building).

 

[knagelli]

On a different note , will this takeover have any bearing on the Coles Mastercard provided by Citi ?

 

[Chicken]

If the citi brand is all but dead in Australia why do they still run adverts for Citibank Clear card in the wee hours of the morning on FTA digital channels?

Why not? They clearly still want new customers. Look at all the promotions they are running!

On a different note , will this takeover have any bearing on the Coles Mastercard provided by Citi ?

"Coles credit cards and personal loans are issued by National Australia Bank Limited"

 

[bussyboy]

It's still running pretty much as though it was Citi. They'll run them until the accounts have been migrated (to the new unsecured lending platform NAB are building).

So better off applying now through Citi?

 

[p--and--t]

This has stuffed up some of my trip planning in place for next year and increasing my costs.

Diners has been a wonderful friend for more than 35 years.

All the points I accumulated (unlike other cards, unlimited one for one earn). While not openly accepted as much as in the past, I still earn ‘000s points per month. I learnt the hack early on to link it through PayPal and use in a wide variety of settings.

Airline agnostic free lounges in hundreds of locations including obscure and out of the way places all over the world, an absolute blessing for Y or Y+ travellers.

Free travel insurance.

Will be sorely missed - not sure if there is a comparable product at such an inexpensive price.