We’re used to airline and hotel elite status, but just about all of the major banks also have their own elite tiers of sorts, for those who maintain a minimum balance of assets with the bank. In this post, I’d like to talk briefly about Citi’s elite program of sorts, known as Citigold, especially in…
Continue reading: Citigold Credit Card Annual Fee & Subscription Rebates: Worth It?
Share your questions, experiences, and thoughts below.
i literally get that for free with my schwab checking account. ($0 investments with them)
Yeah, I also get that with Fidelity CMA checking, which is high interest checking -- highly recommend it if you allready have accounts with Fidelity, it was very convenient to move money there for the high yield and it had the single other attribute I'd want in a checking account (the ATM rebate thing).
"Note that the ATM fee refund also applies internationally - very valuable."
Completely agree. SoFi used to offer this on all SoFi checking accounts, but has since withdrawn this benefit.
Note also that some financial institutions have global relationships that can help with fees. For example I have my primary account at one of the US military credit unions, which has a large global footprint (mainly to help enlisted military members). So it's easy for me to find ATMs that don't charge any fees in pretty much any country I visit. Just something to look for when one is choosing a financial institution.
Big fan of Schwab for the ATM reimbursements and zero fees/account minimums
And on the subject of banking, SoFi is offering 30k MR points via Rakuten for creating an account and making a $500+ direct deposit within 45 days
Pretty solid deal to get half/third of a credit card sign-up bonus for zero fee and no minimum spend requirement. Also doesn't cause a hard pull on your credit
@ Morley -- Because Citi's two premium credit cards that are open to new applicants and qualify for the $145 credit both offer Admirals Club access in some form as a perk. I had to include a picture of something, and I don't have a stack of $200,000 in bills, so this seemed like the next best option. 🙂
Citi would undoubtedly like more HNWI folks in its card ecosystem. The problem is they didn't announce or develop their own lounge network and have nothing to offer other than an Elite card that gets you 4 admirals club passes (and some portal points that anyone who actually wanted to book through a portal could already get through Rakuten). When you are offering a $145 credit to high end banking customers, it's very telling as to the weakness of your offering. And so Citi's HNWIs will take a quick look to see what all the fuss is about, see it's about 4 admirals club passes and some extra dining points, and continue along on their merry way as existing Amex Plat and CSR customers that grumble about their higher fees but enjoy the lounges and the aura (dare I say Prestige) around those cards. If anything, they'll take a quick look at C1 because... they have some fancy new lounges.
With or without the $145 credit can you earn a couple of bucks on the Elite card? Sure. But if you have Citigold level of investments your net worth rises and falls by thousands of dollars every day based on what happened in the market. $145 is not moving the needle. And they're literally giving it away to their Private clients.
the rebate is quite easy for Amazon Prime and Costco. Wish the strata elite is more competitive, which basically charges the same as CSR and Amex Plat, more than C1 VX, but without the lounges.
I agree - the $145 credit + $200 credit don't seem worth the effort to move a $200k+ retirement account to Citi.
@ LP -- I hear you, it's not a huge reward, but if there's no opportunity cost, the value can add up over years.
Hi Ben, something you did not mention is that Citigold Private Client clients can get a first-year waiver of the annual fee for the AA Executive card as well as the Strata elite card. They would then receive the $145 off the annual fee in subsequent years.
Is this in the Ts and Cs somewhere? I would be even more likely to do a one year Strata Elite if I could guarantee this.
The simple fact is, it’s better than almost any other bank does, even if it is nominal. It’s a rebate and a tax-free benefit. I do take advantage of their credit card rebate for the AA Exec card. And having “free” Prime and Costco membership is always a nice benefit as well.
Their investment trading platform really sucks, but if you’re doing things right, it’s not really that big of a problem. (“Always be buying”, to quote the Money Guys)
That makes sense, @Ben! I thought there was a promo for Citigold account holders about AA Admiral Clubs or something, and got excited for a sec 😀
Good to know! Is that for all ATMs, or just in their network? (Which network?)
Some marketing materials also mention a complimentary Citibike bikeshare membership in the New York area, which is an additional ~200$ credit a year. I am not sure if this benefit is still current however.
I don't know about Citi, but in Chase's similar program you can also get a discount on your mortgage rate by transferring in assets, including transferring an IRA (or rolling over a 401k to an IRA). But you have to do it at the time you're taking out the mortgage, so if that's on the horizon, it could be worth waiting for that to maximize the bonus. (I was able to stack the mortgage rate discount with a cash rebate promo for moving assets, as well.)
From the T&C on the Citi Homepage: "Banking Relationship First Year and Annual Credits for qualifying Citigold® Private Clients To qualify for the $595 First Year Banking Relationship and $145 Annual Credits, the primary cardmember must have an open and current Citi Strata Elite Card account with an assessed Annual Membership Fee of $595. Cardmembers paying an Annual Fee of $595 will earn a $595 statement credit in the first year of cardmembership and a $145 statement credit each year thereafter. "
Ben can you do similar posts for BOA, Charles Schwab and Chase? Or a comparison even?
I'm unhappy with my investment account so I'm looking to move to one with perks
I am also wondering this. Would it be possible to get $145 off the Strata Elite and AA Executive both? And to layer more on, if you and your spouse are both on the account, can you both get $145 off each card?
Note that the ATM fee refund also applies internationally - very valuable.
i literally get that for free with my schwab checking account. ($0 investments with them)
Yeah, I also get that with Fidelity CMA checking, which is high interest checking -- highly recommend it if you allready have accounts with Fidelity, it was very convenient to move money there for the high yield and it had the single other attribute I'd want in a checking account (the ATM rebate thing).
"Note that the ATM fee refund also applies internationally - very valuable."
Completely agree. SoFi used to offer this on all SoFi checking accounts, but has since withdrawn this benefit.
Note also that some financial institutions have global relationships that can help with fees. For example I have my primary account at one of the US military credit unions, which has a large global footprint (mainly to help enlisted military members). So it's easy for me to find ATMs that don't charge any fees in pretty much any country I visit. Just something to look for when one is choosing a financial institution.
Big fan of Schwab for the ATM reimbursements and zero fees/account minimums
And on the subject of banking, SoFi is offering 30k MR points via Rakuten for creating an account and making a $500+ direct deposit within 45 days
Pretty solid deal to get half/third of a credit card sign-up bonus for zero fee and no minimum spend requirement. Also doesn't cause a hard pull on your credit
Hi Ben - how does the cover picture of Admiral Club relate to Citigold?
@ Morley -- Because Citi's two premium credit cards that are open to new applicants and qualify for the $145 credit both offer Admirals Club access in some form as a perk. I had to include a picture of something, and I don't have a stack of $200,000 in bills, so this seemed like the next best option. 🙂
That makes sense, @Ben! I thought there was a promo for Citigold account holders about AA Admiral Clubs or something, and got excited for a sec 😀
Citi would undoubtedly like more HNWI folks in its card ecosystem. The problem is they didn't announce or develop their own lounge network and have nothing to offer other than an Elite card that gets you 4 admirals club passes (and some portal points that anyone who actually wanted to book through a portal could already get through Rakuten). When you are offering a $145 credit to high end banking customers, it's very telling as to the weakness of your offering. And so Citi's HNWIs will take a quick look to see what all the fuss is about, see it's about 4 admirals club passes and some extra dining points, and continue along on their merry way as existing Amex Plat and CSR customers that grumble about their higher fees but enjoy the lounges and the aura (dare I say Prestige) around those cards. If anything, they'll take a quick look at C1 because... they have some fancy new lounges.
With or without the $145 credit can you earn a couple of bucks on the Elite card? Sure. But if you have Citigold level of investments your net worth rises and falls by thousands of dollars every day based on what happened in the market. $145 is not moving the needle. And they're literally giving it away to their Private clients.
I agree - the $145 credit + $200 credit don't seem worth the effort to move a $200k+ retirement account to Citi.
@ LP -- I hear you, it's not a huge reward, but if there's no opportunity cost, the value can add up over years.
Some marketing materials also mention a complimentary Citibike bikeshare membership in the New York area, which is an additional ~200$ credit a year. I am not sure if this benefit is still current however.
the rebate is quite easy for Amazon Prime and Costco. Wish the strata elite is more competitive, which basically charges the same as CSR and Amex Plat, more than C1 VX, but without the lounges.
Hi Ben, something you did not mention is that Citigold Private Client clients can get a first-year waiver of the annual fee for the AA Executive card as well as the Strata elite card. They would then receive the $145 off the annual fee in subsequent years.
Is this in the Ts and Cs somewhere? I would be even more likely to do a one year Strata Elite if I could guarantee this.
From the T&C on the Citi Homepage: "Banking Relationship First Year and Annual Credits for qualifying Citigold® Private Clients To qualify for the $595 First Year Banking Relationship and $145 Annual Credits, the primary cardmember must have an open and current Citi Strata Elite Card account with an assessed Annual Membership Fee of $595. Cardmembers paying an Annual Fee of $595 will earn a $595 statement credit in the first year of cardmembership and a $145 statement credit each year thereafter. "
The simple fact is, it’s better than almost any other bank does, even if it is nominal. It’s a rebate and a tax-free benefit. I do take advantage of their credit card rebate for the AA Exec card. And having “free” Prime and Costco membership is always a nice benefit as well.
Their investment trading platform really sucks, but if you’re doing things right, it’s not really that big of a problem. (“Always be buying”, to quote the Money Guys)
I don't know about Citi, but in Chase's similar program you can also get a discount on your mortgage rate by transferring in assets, including transferring an IRA (or rolling over a 401k to an IRA). But you have to do it at the time you're taking out the mortgage, so if that's on the horizon, it could be worth waiting for that to maximize the bonus. (I was able to stack the mortgage rate discount with a cash rebate promo for moving assets, as well.)
Ben can you do similar posts for BOA, Charles Schwab and Chase? Or a comparison even?
I'm unhappy with my investment account so I'm looking to move to one with perks
CITI sucks!
Is the 145 per card or per person/account?
I am also wondering this. Would it be possible to get $145 off the Strata Elite and AA Executive both? And to layer more on, if you and your spouse are both on the account, can you both get $145 off each card?
Does Morgan Stanley have such tiers and benefits?