A minimum FCY spend of S$5,000 is required, and a spending cap of S$8,000 applies.
This basically offsets the standard FCY transaction fee, and could be lucrative promotion for those who can meet the minimum spend- even if you already have an Amaze.
Earn 3.25% rebate on FCY spend with Citi cards
From 23 November 2022 to 31 January 2023, targeted Citi cardholders who register for this offer will receive a 3.25% cash rebate when they spend at least S$5,000 in FCY during the promotion period.
The 3.25% cash rebate is capped at S$260, which means you’ll max it out with a total FCY spend of S$8,000.
This offer is valid for the following cards:
|⚠️ It won’t work for Amaze|
|Amaze converts all FCY transactions into SGD, so you will not earn the rebate on Amaze transactions charged to the Citi Rewards Card.|
For avoidance of doubt, the S$5,000 minimum spend can be combined across different cards. Citibank provides an illustration:
|💳 Illustration 1: Cap Triggered|
|Card||Qualifying Spend||3.25% rebate|
|Citi PremierMiles Card||S$1,000||S$32.50|
|Citi Rewards Card||S$2,600||S$84.50|
|Citi Cash Back+ Card||S$4,800||S$156|
|*The cap is triggered as qualifying spend exceeds S$8,000|
When will the cash rebate be credited?
Eligible cardholders who have fulfilled the qualifying criteria will receive their 3.25% cash rebate by 30 April 2023.
If you have spent across multiple cards, the entire cash rebate will be credited to the card with the highest FCY spend amount.
Do note that Citibank generally doesn’t have a good track record of keeping to its fulfilment timelines, so it’s possible you’ll be waiting longer than this.
Registering for this offer
This offer is targeted, and requires registration. To see if you’re eligible, login to the Citi Mobile App and tap on “Get More” at the bottom. Scroll down and you’ll see the following banner.
Tap on the banner and complete your registration. You’ll receive a push notification confirmation.
Terms & Conditions
The T&Cs for the FCY spend promotion can be found here.
Do note that the standard rewards exclusions are featured, so there’ll be no points awarded for transactions like education, government institutions, insurance, charitable donations and prepaid top-ups, regardless of what currency they’re charged in.
Is the offer worth it?
As a reminder, here’s how much it normally costs to use your Citi PremierMiles and Citi Rewards Card overseas, based on the regular FCY earn rate and fee.
|FCY Earn Rate||FCY Fee||CPM|
|*On online transactions (except travel) and offline shopping transactions only, otherwise 0.4 mpd|
For example, you earn 2 mpd on all FCY spend on the Citi PremierMiles Card with a 3.25% fee, so you’re basically paying 1.63 cents per mile (ignoring the spread charged by Mastercard/Visa, which tends to be ~0.3%).
The question the is whether you should continue using the Amaze with your Citi cards overseas, or just use the Citi card directly.
If you have a Citi PremierMiles Card, you’re choosing between:
- Use Amaze: 1.2 mpd with Amaze spreads, no min. spend or cap
- Use card direct: 2 mpd with a 3.25% rebate, min. spend S$5,000 and a cap of S$8,000
If I knew I could hit the minimum spend, I’d lean towards using the card directly in order to enjoy the higher earn rate. Remember, Amaze converts all transactions into SGD, so you only enjoy the local 1.2 mpd earn rate when you pair it with the Citi PremierMiles Card.
If you have a Citi Rewards Card, the situation is slightly more complicated. First, we need to remember that only certain transactions qualify for 4 mpd when using the card directly.
Second, the cash rebate promotion runs till 31 January 2023, which means you have at best three statement periods to hit S$5,000 spend. This implies a minimum spend of S$1,667 per period, which means at least S$667 of your spend will earn a measly 0.4 mpd (since 4 mpd is capped at S$1,000 per statement period).
Therefore, I’m inclined to stick to Amaze + Citi Rewards Card, which avoids the issue of the minimum spend and converts all offline transactions to online.
Citi PremierMiles and Citi Rewards Cardholders should check their Citi Mobile App and see if they’re targeted for this cash rebate offer. Earning a 3.25% rebate on all FCY spend is great, provided the S$5,000 minimum spend isn’t a barrier.
Take a moment to register now, just in case.