Citi Prestige offering 3.25% rebate on foreign currency spend


Targeted Citi Prestige Cardholders can register to receive a 3.25% cash rebate on all FCY spend from now till 30 June 2023.

Citibank has launched a new targeted offer for Citi Prestige Cardholders, who can now earn a 3.25% cash rebate on all foreign currency (FCY) spend till 30 June 2023. 

A minimum FCY spend of S$6,000 is required, and a spending cap of S$10,000 applies.

This rebate basically offsets Citi’s standard FCY transaction fee, and could be a lucrative promotion for those who can meet the minimum spend.

Earn a 3.25% rebate on Citi Prestige FCY spend

This offer is valid for Citi Prestige Cardholders who have received an invitation from Citi to participate. This can be in the form of an SMS or eDM; if you’ve received neither, try logging in to the Citi Mobile App and tapping the “Get More” section at the bottom of the screen to see if it appears. 

Targeted cardholders must register for this offer by sending the following SMS from the mobile number registered with Citi.

📱 SMS to 72484
PRSTSPEND<space>Last 4 digits of the eligible card number 
e.g. PRSTSPEND 1234

Citi claims that enrolment for this promotion is “limited”, but makes no mention of how many customers can register. I think it’s safe to assume that if you’re targeted and get a confirmation SMS, you should be fine. 

From 19 April to 30 June 2023, registered cardholders will receive a 3.25% cash rebate on all FCY spend, subject to a minimum FCY spend of S$6,000 and capped at S$10,000 throughout the entire promotion period. 

In other words, the maximum rebate that can be earned is S$325.

⚠️ 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 Prestige Card.

When will the cash rebate be credited?

Eligible cardholders who have fulfilled the qualifying criteria will receive their 3.25% cash rebate by 30 September 2023.

Do note that Citibank generally doesn’t have a good track record of keeping to its fulfilment timelines, so it’s possible you might wait longer than this. 

What spending does not qualify?

Qualifying spend for this promotion includes all FCY transactions (whether in-person or online), excluding Citi’s usual rewards exclusion categories such as:

  • Charitable donations
  • Education expenses
  • Financial institutions
  • Government transactions
  • Insurance premiums
  • Prepaid account top-ups

Do also note that Citi PayAll transactions where the customer is not charged the Citi PayAll service fee will not count towards qualifying spend, which is an (understandable) departure from Citi’s usual stance. Can you even make PayAll transactions in foreign currency?

A full list of excluded transactions can be found here. 

The qualifying spend will be determined by transaction date based on Singapore time (GMT+8), so be careful about spending on the last day of the offer!

Terms & Conditions

The T&Cs for the FCY spend promotion can be found here.

Is the offer worth it?

As a reminder, here’s how much it normally costs to use your Citi Prestige Card overseas, based on the regular FCY earn rate and fee.

 Earn RateFCY FeeCPM
Citi Prestige2.03.25%1.63

You normally earn 2 mpd on all FCY spend on the Citi Prestige Card with a 3.25% fee, so you’re paying ~1.63 cents per mile (ignoring the spread charged by Mastercard/Visa, which varies by currency but tends to be ~0.3%). 

With a 3.25% rebate, the miles essentially become free (again, ignoring the Mastercard/Visa spreads), provided you meet the S$6,000 minimum spend.

But what if your normal strategy is to pair the Citi Prestige Card with Amaze? The Citi Prestige Card will earn 1.3 mpd with Amaze (because the FCY amount will be converted into SGD), and you’ll pay an implicit FCY fee of ~1.5% due to the spread Amaze charges above Mastercard’s rates. 

So it boils down to: 

  • Use Citi Prestige Card: 2 mpd with 0% fee, min. spend S$6,000, cap of S$10,000
  • Use Amaze + Citi Prestige Card: 1.3 mpd with 1.5% fee

Assuming the minimum spend is not an issue, using the Citi Prestige Card directly would be better. If you find S$6,000 a bridge too far, however, then sticking to Amaze would make more sense (remember, you have until 30 June 2023 to clock the S$6,000 spend; it need not all be done in one month!).

But if your alternative is to use Amaze + Citi Rewards Card, then the equation is:

  • Use Citi Prestige Card: 2 mpd with 0% fee, min. spend S$6,000, cap of S$10,000
  • Use Amaze + Citi Rewards Card: 4 mpd with 1.5% fee (less InstaPoint rebates of up to 1%), cap of S$1,000 per statement month

You’ll need to decide whether an additional 2 mpd justifies paying a 1.5% fee (0.75 cents per mile), and keep in mind the Citi Reward’s S$1,000 monthly 4 mpd cap, plus the fact you won’t earn 4 mpd on airline, hotel and other travel-related transactions.


Citi Prestige Cardholders should check their inbox or Citi Mobile App to see if they’ve been targeted for a 3.25% cash rebate offer on foreign currency spend. 

If you’re able to meet the minimum spend, then this would be an excellent excuse to swipe your card on your overseas travels while still raking in the usual 2 mpd. There’s an overall cap of S$10,000, so don’t go too overboard! 

Aaron Wong
Aaron Wong
Aaron founded The Milelion to help people travel better for less and impress chiobu. He was 50% successful.

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There is another option not considered above. If you are spending in a foreign currency that is an Amaze wallet-currency, then your other option is to use the Amaze wallet. This option gives the best exchange rate of all. Plus a further 1% cash back via Insta points. If you do the maths, the cheapest miles are achieved in this order: Amaze with a 4pmd card (e.g. Citi Rewards) up to the limit allowed. If currency of spend is an Amaze wallet-currency, use the Amaze Wallet for all spend over the limit of #1. The citibank 3.25% rebate offer actually… Read more »


#dp For the past 2 weeks, I realised using Amaze is like ave 2% higher than mc rate in Turkey, not just 1.5%.

CS Tan

Does this have to be in-person foreign currency spend?


they have maxed out the enrolment already.


It seems this promo includes other CITI credit cards as well. I have the CITI Rewards card and received their email this afternoon. Min spend required is $3,000 (capped at $6,000) with same promo date range 19-Apr to 30-Jun. At 20-Apr 7pm, I have successfully enrolled.


Got offer for CRMC. 3k min spend, 6k max.

0.4mpd for 0% fee I guess that could work


enrollment might be maxed out by the time you write it lol


Guys, be careful when purchasing tax refund products oversea with Citibank, they charge a hidden heavy fee. I was supposed to get a tax refund of EUR434 but when converted to SGD only got back $578 (a lost of $70 to conversion and FCY fees, >10% charges)…



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