If you’re a frequent traveller who often uses your Citibank PremierMiles Card overseas, it’s important to understand the foreign transaction fees that apply to your account. Citibank Singapore charges a foreign transaction fee of 3.25% on all overseas transactions made using your Citibank PremierMiles Card. This fee applies to all transactions made in foreign currency, including online transactions and purchases made during your travels.
While the foreign transaction fee can add up quickly, there are ways to maximise rewards on your overseas spend. The Citibank PremierMiles Card offers up to 10 miles for every dollar spent on selected online hotel bookings and up to 2 miles for every dollar spent on all foreign currency spend, including retail and online purchases. Additionally, you can earn 5,100 SmartPoints or $300 cash when you apply and meet the minimum spend within 30 days from card approval date.
Understanding foreign transaction fees and maximising rewards on your overseas spend can help you get the most out of your Citibank PremierMiles Card. In this article, we’ll provide an overview of the Citibank PremierMiles Card, explain how foreign transaction fees work, and offer tips on how to maximise rewards on your overseas spend. We’ll also cover additional benefits and services offered by Citibank and provide answers to frequently asked questions.
Key Takeaways
- Citibank Singapore charges a foreign transaction fee of 3.25% on all overseas transactions made using your Citibank PremierMiles Card.
- The Citibank PremierMiles Card offers up to 10 miles for every dollar spent on selected online hotel bookings and up to 2 miles for every dollar spent on all foreign currency spend, including retail and online purchases.
- Understanding foreign transaction fees and maximising rewards on your overseas spend can help you get the most out of your Citibank PremierMiles Card.
Citibank PremierMiles Card Overview
Are you a frequent traveller looking for a credit card that rewards you for your travels? Look no further than the Citibank PremierMiles Card. This credit card is designed with the traveller in mind, providing you with a range of features and benefits that make your travels more rewarding.
Key Features
The Citibank PremierMiles Card comes with a range of key features that make it a great choice for frequent travellers. Here are some of the key features of this credit card:
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Miles earning potential: With the Citibank PremierMiles Card, you can earn miles on all your spending, including overseas spending. You can earn up to 4 Citi Miles for every S$1 spent on overseas transactions, making it easy to accumulate miles quickly.
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Complimentary travel insurance: When you use your Citibank PremierMiles Card to purchase your travel tickets, you will receive complimentary travel insurance coverage of up to S$1 million. This coverage includes travel accident insurance, travel inconvenience insurance, and more.
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Bonus miles: When you sign up for the Citibank PremierMiles Card, you will receive bonus miles as a welcome gift. You can also earn bonus miles when you spend a certain amount on your card within a specified period.
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Never expire miles: The miles you earn with your Citibank PremierMiles Card never expire, so you can accumulate them over time and use them whenever you’re ready.
Miles Earning Potential
The Citibank PremierMiles Card is designed to reward you for your travels. With this credit card, you can earn miles on all your spending, including overseas spending. You can earn up to 4 Citi Miles for every S$1 spent on overseas transactions, making it easy to accumulate miles quickly.
In addition to earning miles on your spending, you can also earn bonus miles when you sign up for the Citibank PremierMiles Card and when you spend a certain amount on your card within a specified period. With these bonus miles, you can accumulate miles even faster and redeem them for travel rewards.
Overall, the Citibank PremierMiles Card is a great choice for frequent travellers who want to be rewarded for their travels. With its range of features and benefits, including complimentary travel insurance, bonus miles, and never-expire miles, this credit card is sure to make your travels more rewarding.
Understanding Foreign Transaction Fees
If you are planning to use your Citibank PremierMiles credit card for overseas spend, you must be aware of the foreign transaction fees that you will incur. Foreign transaction fees are charges levied by your credit card issuer for transactions made in a foreign currency.
Calculating Fees
Calculating foreign transaction fees can be a bit tricky, as it involves multiple factors such as the exchange rate, fees, and charges. The fees charged by Citibank Singapore for foreign transactions depend on the type of credit card you have. For instance, if you use a Citibank PremierMiles credit card, you will be charged a foreign transaction fee of 3.25% for transactions made in a foreign currency.
Additionally, if you use your Citibank PremierMiles credit card to make a purchase in SGD that is processed outside of Singapore, you will be charged an additional fee of 1%. Furthermore, all card transactions in SGD processed outside Singapore through an overseas intermediary or with an overseas merchant will be subject to an administrative fee of up to 2.5% on the total amount of the transaction, which includes a 1% fee by Mastercard International.
Exchange Rate Impact
The exchange rate is another factor that affects foreign transaction fees. When you use your Citibank PremierMiles credit card to make a purchase in a foreign currency, the transaction amount is converted into SGD using the prevailing exchange rate. The exchange rate used by Citibank Singapore is determined by Mastercard or Visa, depending on the type of credit card you have.
It is important to note that the exchange rate used by your credit card issuer may not be the same as the rate used by merchants or banks. This can result in a difference between the amount you see on your credit card statement and the amount you expected to pay.
In conclusion, using your Citibank PremierMiles credit card for overseas spend can be convenient, but it is important to be aware of the foreign transaction fees that you will incur. By understanding how these fees are calculated and the impact of exchange rates, you can make informed decisions and avoid any surprises when you receive your credit card statement.
Maximising Rewards on Overseas Spend
When travelling abroad, it’s essential to have a credit card that offers great rewards on overseas spend. The Citibank PremierMiles Card is an excellent option for those looking to earn rewards while travelling.
Optimising Mile Earning
The Citibank PremierMiles Card offers an earn rate of 1.2 Citi Miles per $1 of local spend and 2 Citi Miles per $1 of foreign currency spend. Additionally, cardholders can earn an additional 2 Citi Miles per $1 of qualifying foreign currency spend while overseas between 1 November 2023 and 31 January 2024.
To maximise your rewards, consider using your Citibank PremierMiles Card for all your overseas spend. With a minimum spend and cap of $5,000 per month, you can earn up to 4 miles per dollar on in-person overseas spend from now till 31 Jan 2024.
Strategic Card Usage
When using your Citibank PremierMiles Card, it’s important to be strategic. For example, you should avoid using your card for cash advances or balance transfers, as these transactions typically do not earn rewards and may incur additional fees.
Additionally, keep an eye out for promotions and bonus miles offers. Citibank frequently offers promotions that allow cardholders to earn bonus miles for meeting certain spending requirements. For example, registered Citibank PremierMiles Cardholders can earn 4 miles per dollar on up to $5,000 of in-person overseas spend per month until 30 June 2023.
Finally, be aware of foreign transaction fees. While the Citibank PremierMiles Card offers great rewards on overseas spend, it does come with a foreign transaction fee of 3.3%. To avoid this fee, consider using a card that doesn’t charge foreign transaction fees for non-SGD transactions.
By following these tips and using your Citibank PremierMiles Card strategically, you can earn a significant amount of rewards on your overseas spend and make your travel even more rewarding.
Additional Benefits and Services
As a Citibank PremierMiles Cardholder, you can enjoy a range of exclusive benefits and services that are designed to make your travel experience more comfortable and convenient.
Travel Perks
One of the most significant benefits of the Citibank PremierMiles Card is the access to airport lounges. You can enjoy complimentary access to over 1,000 airport lounges worldwide through the Priority Pass membership that comes with the card. This is particularly useful when you have a long layover or need a quiet place to work or relax before your flight.
The card also provides travel insurance coverage of up to $1 million for you and your family members when you charge your travel expenses to the card. This coverage includes medical expenses, trip cancellation, and baggage loss or delay. It gives you peace of mind when travelling, knowing that you are protected against unforeseen circumstances.
Exclusive Partnerships
Citibank PremierMiles Card has partnered with a range of airlines and hotels to offer you exclusive rewards and benefits. You can earn miles faster by using the card to pay for your flights and hotel stays with their partners, such as KrisFlyer, Asia Miles, and Hilton Honors.
Additionally, the card offers exclusive discounts and privileges with their partners. For example, you can enjoy up to 20% off on dining at selected restaurants in Singapore, or receive a complimentary bottle of wine when you dine at selected restaurants in Hong Kong.
In conclusion, the Citibank PremierMiles Card provides a wide range of benefits and services that cater to your travel needs. With access to airport lounges, travel insurance coverage, and exclusive partnerships, you can travel with confidence and ease.
Managing Your Citibank PremierMiles Account
As a Citibank PremierMiles cardholder, you have access to a range of features that can help you manage your account with ease. Here are some of the features that you can use:
App Features
The Citibank mobile app allows you to manage your account on-the-go. You can use the app to check your account balance, view your transaction history, and make payments. The app also allows you to set up alerts for when your payment is due or when a transaction is made on your account. Additionally, you can use the app to redeem your Citi Miles for flights, hotel stays, and other travel rewards.
Fee Structures and Avoidance
Citibank PremierMiles card comes with a range of fees and charges that you should be aware of. Here is an overview of some of the fees and charges that you may encounter:
| Fee/Charge | Amount |
|---|---|
| Annual Fee | $192.60 |
| Interest Rate | 26.9% p.a. |
| Late Payment Charge | $100 |
| Overlimit Fee | $40 |
| Cash Advance Fee | 6% of the amount withdrawn or $15 (whichever is higher) |
| Minimum Monthly Payment | 1% of the outstanding balance or $50 (whichever is higher) |
| Service Fee | $15 |
To avoid some of these fees, you should make sure to pay your bill on time and in full each month. You can also avoid the cash advance fee by avoiding cash withdrawals on your credit card. Additionally, you should try to stay within your credit limit to avoid the overlimit fee.
In conclusion, managing your Citibank PremierMiles account can be easy if you take advantage of the app features and are aware of the fees and charges associated with your card. By paying your bill on time and in full each month, you can avoid some of the fees and charges that come with the card.
Frequently Asked Questions
What perks come with the Citibank PremierMiles card when travelling abroad?
The Citibank PremierMiles card offers a range of benefits for cardholders travelling abroad. These include earning 2 Citi Miles for every S$1 spent in foreign currency, as well as an additional 2 Citi Miles per S$1 qualifying foreign currency spend while overseas between 1 November 2023 and 31 January 2024. Cardholders also receive a renewal bonus of 10,000 Citi Miles on their card anniversary.
How can one avoid the foreign transaction fees on the Citi PremierMiles card?
Citibank PremierMiles cardholders can avoid foreign transaction fees by making purchases in their local currency when travelling abroad. It is important to note that some merchants may offer to process transactions in your home currency, but this often comes with additional fees.
Are there any annual fee waivers available for Citibank PremierMiles cardholders?
Citibank PremierMiles cardholders may be eligible for annual fee waivers. These waivers are typically offered to customers who spend a certain amount on their card each year. It is important to check with Citibank for the latest information on annual fee waivers.
What travel insurance benefits are included with the Citibank PremierMiles card?
Citibank PremierMiles cardholders receive complimentary travel insurance when they charge their travel expenses to their card. This includes coverage for travel accidents, trip cancellations, and lost luggage. It is important to note that terms and conditions apply, so it is recommended that cardholders review their policy carefully.
How can I redeem my accumulated PremierMiles for international flights?
Citibank PremierMiles cardholders can redeem their accumulated miles for international flights through the Citibank PremierMiles website. The website provides a range of flight options and allows cardholders to book their flights directly using their miles.
Does the Citibank PremierMiles card offer complimentary lounge access at airports?
Yes, Citibank PremierMiles cardholders are eligible for complimentary lounge access at over 1,000 airports worldwide. This includes access to lounges operated by Priority Pass, Plaza Premium, and DragonPass. Cardholders can access lounges by presenting their Citibank PremierMiles card at the lounge reception desk.