Review: Citi ULTIMA Card

Here’s The MileLion’s review of the Citi ULTIMA Card, which safe to say, you probably won’t be seeing at a friendly roadshow near you anytime soon.

This is Citi’s most elite card, available only to the upper crust of society, the types of people who sport double-barrelled surnames and fly their kids in Business Class just to keep them grounded. Membership is as tightly guarded as the pearly gates, and no, I don’t think you should delay your application until SingSaver offers a sign-up gift.

No prizes for guessing that such exclusivity doesn’t come cheap, and the cost of entry is a hair-raising S$4,237.92. But if that annual fee doesn’t deter you, what lies in store?

Citi ULTIMA Card
🦁 MileLion Verdict*
If you live the kind of lifestyle that the Citi ULTIMA Card implicitly assumes, then its main drawbacks probably won’t even cross your mind.
👍 The Good	👎 The Bad
1-for-1 hotel nights Up to three unlimited-visit Priority Pass cards Companion airfare programme Non-expiring points, free conversions and 11 transfer partners Mastercard World Legend privileges	No guest privileges for lounge membership Stingy ABTC reimbursement policy Airport limo benefit only available with First/Business Class ticket purchase Points don’t pool
*I won’t be assigning my usual Take It/Take It or Leave It/Leave It ratings to cards in the S$500K segment, because the service experience, which is a huge factor in a segment like this, is unknown to me as a non-cardholder
💳 Full List of Credit Card Reviews

Overview: Citi ULTIMA Card

Apply
Income Req.	S$500,000 p.a.	Points Validity	No Expiry
Annual Fee	S$4,237.92	Min. Transfer	25,000 TY Points (10,000 miles)
Miles with Annual Fee	150,000	Transfer Partners	11
FCY Fee	3.25%	Transfer Fee	Free
Local Earn	1.6 mpd	Points Pool?	No
FCY Earn	2 mpd	Lounge Access?	Yes
Special Earn	N/A	Airport Limo?	Yes
Cardholder Terms and Conditions

The Citi ULTIMA Card was originally issued on the Visa network as a Visa Infinite. However, as part of Citi’s 2015 agreement to migrate all its non-cobrand cards to the Mastercard network, the ULTIMA was relaunched in August 2023 as a World Elite Mastercard.

Existing Citi ULTIMA Visa Cards have since been discontinued.

How much must I earn to qualify for a Citi ULTIMA Card?

The Citi ULTIMA Card is by invitation only, with no published qualification criteria.

That said, we do know that applicants tend to:

• Earn annual incomes of at least S$500,000
• Be Citigold Private Client (min AUM: S$1.5M) or Citi Private Banking (min AUM: US$10M) customers
• Spend at least S$20,000 per month on their cards

These are just general guidelines, and I imagine there’s flexibility to consider other high-profile individuals, like captains of industry, celebrities, and Instagram influencers with 41,400 followers (that, I suppose, entitles them, in their estimation, to be a celebrity).

This puts it in direct competition with other elite credit cards such as the AMEX Centurion, DBS Insignia, HSBC Prive and UOB Reserve, commonly referred to as the “S$500K segment”.

The label is a bit of a misnomer, given that a S$500,000 income alone might not be sufficient for membership (particularly in the case of the AMEX Centurion Card). That said, it’s a useful shorthand for the kind of rarefied air we’re dealing with. Cardholders in this segment can expect invitations to Illuminati-esque events and “who do you want killed” concierge services, along with eye-popping annual fees.

How much is the Citi ULTIMA Card’s annual fee?

It should come as no surprise that the Citi ULTIMA Card won’t be cheap. It’s a card targeting individuals with a minimum AUM of S$1.5 million, after all. What were you expecting, a first-year fee waiver?

Principal cardholders have an annual fee of S$4,237.92. Two supplementary cards are free for life; the third onwards will cost S$1,090.

And before you ask, no. It doesn’t matter if you cured cancer. It doesn’t matter if your pronouns are “his” and “majesty”. It doesn’t matter if you were the head of a major insurance company and now spend your time on Facebook commenting on pretty girls. There is no annual fee waiver, period.

Cardholders receive 375,000 ThankYou points (150,000 miles) each year the annual fee is paid, which works out to a cost of 2.83 cents per mile. Of course, that working assumes you place no value on the rest of the card’s benefits, which are rather substantial.

In terms of annual fees, the ULTIMA is the third most expensive card in the S$500K segment.

💳 S$500K Cards Annual Fee (Sorted by Most to Least Expensive)
Cards	Annual Fee	Supp. Cards	Miles for Annual Fee
AMEX Centurion Card	S$7,630*	2x free^	None
HSBC Prive Card	S$5,327.92	All free	180,000 (first year only)
Citi ULTIMA Card	S$4,237.92	2x free	150,000
UOB Reserve Card	S$3,924	2x free	100,000
DBS Insignia Card	S$3,270	4x free	100,000
*Additional S$8,560 initiation fee applies in the first year ^In addition to the two supplementary Centurion cards, a further two supplementary Platinum Charge cards are free

How many miles do I earn?

SGD/FCY Spend

The Citi ULTIMA Card earns:

• 4 ThankYou points per S$1 spent in SGD (1.6 mpd)
• 5 ThankYou points for every S$1 spent in FCY (2 mpd)

These rates put it ahead of the AMEX Centurion (which never competed on earn rates anyway) and on par with the DBS Insignia, but behind the HSBC Prive and UOB Reserve. Yes, the Reserve’s S$5 rounding blocks are more punitive, but my assumption is that the average transaction size placed on these cards rather negates the effects of rounding!

💳 Earn Rates for S$500K Cards (Sorted by Sum of Local and FCY Earn Rates)
Cards	Local Spend	FCY Spend
HSBC Prive Card	1.92 mpd	2.4 mpd
UOB Reserve Card	1.6 mpd	2.4 mpd
Citi ULTIMA Card	1.6 mpd	2 mpd
DBS Insignia Card	1.6 mpd	2 mpd
AMEX Centurion Card	0.78 mpd	0.78 mpd

Interestingly, the Citi ULTIMA does not have a relationship bonus like the Citi Prestige, where cardmembers earn bonus miles based on their tenure and Citigold status.

What is the FCY transaction fee?

All FCY transactions are subject to a 3.25% fee, which is on par with the rest of the market.

With a 2 mpd earn rate and a 3.25% FCY fee, using your Citi ULTIMA Card overseas represents buying miles at 1.57 cents.

Alternatively, you could pair this card with Amaze, though remember: Amaze converts all transactions into SGD, so you’ll only earn miles at the local rate of 1.6 mpd.

That said, it still offers a lower cost per mile. Given Amaze’s implicit FCY fee of 2%, the cost per mile is 1.23 cents. 

A debit card backed by an ULTIMA. If there’s a bigger flex out there, I don’t know what it is!

Transaction date or posting date?

The Citi ULTIMA Card tracks spending based on the posting date, not transaction date.

If you’re accumulating spend towards the golfing or ABTC benefit, be careful about making transactions towards the end of the qualifying period — anything that posts beyond the deadline will not be included, even if the transaction was made during the qualifying period.

Transaction date vs posting date: Which cards use what?

When are ThankYou points credited? 

ThankYou points are credited when your transaction posts, which generally takes 1-3 working days.

How are ThankYou points calculated?

Here’s how you can work out the ThankYou points earned on your Citi ULTIMA Card.

This means the minimum spend required to earn miles is S$1. 

Because of this rounding policy, the Citi ULTIMA Card can actually out-earn its DBS Insignia and UOB Reserve peers, despite all three cards ostensibly having the same headline earn rate. Consider the following:

	Citi ULTIMA 1.6 mpd	UOB Reserve 1.6 mpd
S$5	8 miles 1.6 mpd	8 miles 1.6 mpd
S$9.99	14.4 miles ✅1.44 mpd	8 miles 0.8 mpd
S$15	24 miles 1.6 mpd	24 miles 1.6 mpd
S$19.99	30.4 miles ✅1.52 mpd	24 miles 1.2 mpd
S$25	40 miles 1.6 mpd	40 miles 1.6 mpd
S$29.99	46.4 miles ✅1.55 mpd	40 miles 1.33 mpd
S$35	56 miles 1.6 mpd	56 miles 1.6 mpd
S$39.99	62.4 miles ✅1.56 mpd	56 miles 1.4 mpd

Then again, the impact of rounding becomes less significant as the transaction size increases, and if you’re charging a four-digit expense to your card, then I don’t think points rounding should even factor into your decision!

If you’re an Excel geek, here are the formulas you need to calculate: 

For the full list of formulas that banks use to calculate credit card points, do refer to these articles:

• General Spending Cards
• Specialised Spending Cards

What transactions aren’t eligible for ThankYou points?

A full list of ineligible transactions to earn ThankYou points can be found in the Citibank T&Cs, at point 2. 

I’ve highlighted a few noteworthy categories below:

• Charitable donations (MCC 8398)
• Educational Institutions (MCC 8211-8299)
• Government services (MCC 9000-9999)
• Insurance (MCC 6300)
• Professional services and membership organisations (MCC 8651-8661)
• Quasi-cash transactions including top-ups to prepaid accounts like YouTrip and GrabPay (MCC 6529-6540)
• Real estate agents and managers (MCC 6513)
• Utility bills (MCC 4900)

While Citi cards exclude rewards for hospital transactions, the Citi ULTIMA Card is an exception to the general rule, making it one of the few remaining options for spending on this category.

What about CardUp?

Enjoy a 2.3% fee on your first payment of up to S$5,000 on a Visa card, with the promo code MILELION

The Citi ULTIMA Card will earn miles for CardUp transactions, at a rate of 1.6 mpd. However, CardUp had a significant fee increase in 2026, and what discounted fees remain are only for Visa cards. 

Fees for Mastercard are fixed at 2.59%, so with a 1.6 mpd earn rate, you’re buying miles at 1.58 cents each. Citi PayAll may be the better option, depending on what promotions are running.

What do I need to know about ThankYou points?

Expiry

ThankYou points earned on the Citi ULTIMA Card never expire, so long as your card remains active.

Pooling

ThankYou points do not pool across cards.

If you have 12,000 ThankYou points on the Citi ULTIMA Card and 30,000 ThankYou points on the Citi Rewards Mastercard, you cannot combine them in a single conversion.

Transfer Partners

Citi ThankYou points can be transferred to 11 airline and hotel programmes.

Frequent Flyer Programme	Conversion Ratio (ThankYou Points : Partner)
	25,000 : 10,000
	25,000 : 10,000
	25,000 : 10,000
	25,000 : 10,000
	25,000 : 10,000
	25,000 : 10,000
	25,000 : 10,000
	25,000 : 10,000
	25,000 : 10,000
	25,000 : 10,000
	25,000 : 10,000

Transfer fee

The usual S$27.25 admin fee for conversions is waived for Citi ULTIMA cardholders.

Transfer blocks

All transfers are in blocks of 10,000 miles.

Transfer times

Citibank tells customers that points transfers will take 14 business days, but in reality it’s usually:

• Instant for Asia Miles
• 24-48 hours for KrisFlyer
• 2-4 working days for other programmes

If you need your points credited instantly to KrisFlyer, you can move them via Kris+ at a rate of 10,000 ThankYou points = 3,400 KrisPay miles. KrisPay miles can then be instantly converted to KrisFlyer miles at a 1:1 ratio. 

S$5 for new Kris+ Users

Get S$5 when you sign up with code W644363 and make your first transaction

There are pros and cons to this:

Pros

• Minimum conversion block is reduced to 10,000 ThankYou points, versus 25,000 ThankYou points if converting via Citibank’s rewards portal
• Transfers from Citi to Kris+ and Kris+ to KrisFlyer are instant

Cons

• Those 10,000 ThankYou points would normally be worth 4,000 KrisFlyer miles, so a 15% haircut is incurred

If you choose to do so nonetheless, do remember that it’s a two-step process:

1. Transfer points to KrisPay miles
2. Transfer KrisPay miles to KrisFlyer miles

Do not forget the second step! If you wait more than 21 days, or spend any of the converted KrisPay miles via Kris+, the entire balance will be stuck in the Kris+ app. KrisPay miles expire after six months, and can only be spent at a relatively poor rate of 100 miles = S$1. 

Other card perks

Buy miles with Citi PayAll

Citi PayAll

Citi PayAll is a platform that allows Citi cardholders to pay various types of bills and earn rewards points, for a small fee. 

The following categories of payment are currently supported:

The Citi ULTIMA Card earns 1.6 mpd on all payments, with a service fee of 2.6%, which means that under regular circumstances, you would be paying 1.63 cents per mile.

However, that fee can be further reduced during ongoing promotions. At the time of writing, Citi PayAll is offering a 0.3% fee rebate for customers who pay at least S$6,000 worth of bills by 31 December 2026. This reduces the cost to 1.44 cents per mile.

I’ve written a comprehensive guide to Citi PayAll, so be sure to check out the article below. 

Citi PayAll Complete Guide: How to pay bills and earn miles

Citi PayAll transactions will count towards the minimum spend for welcome offers and other promotions, provided the service fee is paid.

Three unlimited Priority Pass memberships

The Citi ULTIMA Card offers an unlimited-visit Priority Pass to the principal and up to two supplementary cardholders. However, there is no guest allowance, and the standard US$35 guest fee applies.

Compared to other S$500K cards, the Citi ULTIMA outperforms only the DBS Insignia. The AMEX Centurion, HSBC Prive and UOB Reserve offer superior lounge access benefits.

💳 Lounge Access for S$500K Cards (Sorted From Best to Worst)
Card	Free Visits (Per Year)
	Principal	Supp.
AMEX Centurion Card	∞ + 1-2 guests	∞ + 1-2 guests 2x supp. cards
UOB Reserve Card	∞ + 1 guest	∞ 2x supp. cards
HSBC Prive Card	∞	∞  3x supp. cards
Citi ULTIMA Card	∞	∞ 2x supp. cards
DBS Insignia Card	∞	No access

Then again, if you’re regularly flying in First or Business Class (as ULTIMA believes its cardholders will be), then a lounge membership isn’t all that important. 

Complimentary airport limo transfers & fast-track immigration

Principal Citi ULTIMA cardholders who purchase a First or Business Class ticket with their card will enjoy a complimentary one-way airport limo transfer, and fast-track immigration services where available.

Fast-track services are available at about 30 participating airports across Asia Pacific, including Singapore, Sydney, Tokyo, Seoul, Hong Kong and Bangkok. This covers the principal cardholder only; extra travellers would be charged. 

This benefit only applies when you travel on a full-service carrier. Budget carriers — defined here — are ineligible. No mention is made of private jets!

A few points to note:

• The air ticket must originate from Singapore
• The air ticket can be either one-way or return
• The one-way limo transfer can either be used in Singapore or overseas
• No cap on the maximum usage
• No complimentary limo ride if you redeem a First or Business Class ticket with miles, even if you pay for the taxes and surcharges with your Citi ULTIMA Card
• Bookings must be made at least 72 hours prior
• Cancellations must be made at least 24 hours prior for limos, and 48 hours prior for fast-track

It may surprise you that the airport limo benefits offered on supposedly elite cards are substantially more restrictive (HSBC Prive aside) than what you’d find with S$120K cards. Forget a generic spending requirement; these cards want you to perform very specific actions to unlock those limo rides.

Card	Limo Benefit	Remarks
AMEX Centurion Card	Purchase First or Business Class ticket via Centurion Concierge	Round-trip transfer within Singapore, and on arrival at selected airports overseas
Citi ULTIMA Card	Purchase First or Business Class ticket with card	One-way transfer in Singapore or overseas
HSBC Prive Card	8x complimentary limo rides	Can be used in Singapore and on arrival at selected airports overseas
DBS Insignia Card	No limo benefit	Limo rides offered through DBS Private Access programme, tied to AUM
UOB Reserve Card	4-6x complimentary limo rides	Make dining, cruise, staycation or flight booking via UOB Travel Concierge

However, if you’re a Citigold Private Client, you will be entitled to complimentary airport limo transfers based on your AUM, which are on top of the rides offered by the Citi ULTIMA Card.

Complimentary hotel night programme

Principal Citi ULTIMA cardholders receive one free night when they book a minimum of two consecutive nights at more than 900 participating hotels outside of Singapore.

This is capped at two free nights per outbound trip from Singapore, regardless of how many cities you visit. Bookings must be made through the Citi ULTIMA concierge, and the stay completed within nine months of booking.

Citi’s T&Cs give it the right to clamp down on attempts to stretch this benefit — if you make consecutive or near-consecutive bookings, you’ll need to present flight itineraries in your own name showing that you returned to Singapore after the previous trip and departed again for the next one. Stays without a return to Singapore in between are deemed back-to-back, and ineligible.

Bookings are priced at the Best Available Rate, and cannot be combined with any other offers, packages, or a hotel’s own “stay X nights, get one free” promotions. The principal cardholder must be one of the staying guests, so you can’t make bookings on behalf of other people.

Also, rather than waiving the cost of a specific night, Citi takes the average nightly rate across the entire stay, and the complimentary night only covers the room rate, not taxes and surcharges.

These bookings are entitled to additional privileges, similar to those made through Virtuoso or other luxury travel advisors. Cardholders will enjoy daily breakfast for two guests, and a room upgrade, early check-in and late check-out, subject to availability. A US$100 hotel credit is also provided.

Companion airfare programme

Principal Citi ULTIMA cardholders receive a complimentary companion ticket when they purchase a First or Business Class ticket on the following eight carriers:

• American Airlines
• British Airways
• Delta
• Etihad Airways
• Japan Airlines
• Lufthansa
• Qantas
• Qatar Airways

Here’s the catch: you need to buy a full-fare ticket, and you’re still on the hook for taxes and surcharges.

Citi provides the following illustration:

Since you’re still paying the taxes, surcharges, and ticket issuance fee, your savings here are about 43%. But that savings figure is inflated, because it assumes you’d have paid full-fare prices in the first place. If you benchmark this against booking discounted premium cabin fares, your savings will probably be more in the region of 20-30%. 

Sadly, Singapore Airlines is excluded from this programme. That’s a shame, not just because it’s the most convenient option for a Singapore-based cardholder, but also because it’s one of the few airlines that folds fuel surcharges into the airfare, which would mean greater savings if it were bookable. 

A few points to note:

• Bookings must be for travel dates within nine months of booking date, and at least 72 hours before departure
• All travel must start and end in Singapore
• A maximum of one complimentary companion ticket is permitted per booking
• The cardholder must be one of the travellers
• The complimentary companion ticket is based on the lowest available fare booking class

In addition to the companion airfare discount, principal Citi ULTIMA cardholders also enjoy “up to 15%” savings on non-promotional First or Business Class airfares on the aforementioned eight carriers. Once again, the discount only applies to the airfare component, so you’ll still pay the full amount of taxes and surcharges.

This perk used to be a lot better in the days when booking discounted fare classes was allowed…

Complimentary APEC Business Travel Card

Principal Citi ULTIMA cardholders are eligible for reimbursement of the application costs for an APEC Business Travel Card (ABTC).

With an ABTC, cardholders can breeze past lengthy immigration queues at the airport, while avoiding annoying visa requirements or electronic travel authorisation (ETA) fees.

I’ve had an ABTC for over a decade now, and have lost track of how much time and money it’s saved me over the years. Even if you’re a regular First or Business Class traveller, some airports don’t have priority lines for premium cabin passengers. But they will have a separate ABTC lane, which can save you hours at less efficient airports.

Guide: Applying for an APEC Business Travel Card (ABTC) in Singapore

The ABTC has an application fee of S$100, which Citi will reimburse…provided you charge it to the ULTIMA, and spend at least S$200,000 in the 365-day period prior!

Yes, that’s right. To get a S$100 statement credit, you need to spend S$200,000. That just seems needlessly stingy.

Complimentary golf games

Principal Citi ULTIMA cardholders enjoy:

• Complimentary green fees and buggy at participating golf clubs for themselves and one guest
• Complimentary green fees up to three times per calendar year at participating golf clubs
• Two complimentary green fees per quarter at Sentosa Golf Club, Singapore with a minimum spend of S$25,000 per quarter

I don’t golf, so I can’t really speak to the value of this benefit. All I’ll say is that most golf benefits on elite cards require you to bring a paying guest, and I don’t see any such requirement here. 

Complimentary travel insurance

The Citi ULTIMA Card offers complimentary travel insurance, underwritten by AIG, for cardholders who purchase a round-trip airfare or pay for the taxes and surcharges on an award ticket with their card.

This includes up to US$500,000 of coverage for accidental death or total permanent disablement, US$500,000 for overseas medical expenses, as well as coverage for travel delays and the loss of personal baggage. Coverage is also provided for spouse, children and domestic helpers, with lower limits.

However, it’s worth noting that this is the same generic travel insurance coverage that is offered to all World Elite Mastercard customers. Citi used to have its own policy, underwritten by HL Assurance, which supplemented the Mastercard policy. This was removed in April 2026.

World Legend Mastercard benefits

The Citi ULTIMA Card will be upgraded to the World Legend tier on 17 November 2026, which allows cardholders to enjoy the following perks.

Airport fast-track access

Mastercard offers security fast-track lanes at selected airports worldwide, and World Legend cardholders receive complimentary access for themselves and up to three guests.

It’s a nice benefit, though the coverage at the moment is heavily weighted towards Europe and the Middle East.

Closer to home, the only Southeast Asian options are Phuket and Chiang Mai in Thailand, and Cam Ranh, Da Nang, Hanoi and Ho Chi Minh City in Vietnam. There’s nothing in Singapore, Japan, Korea, Hong Kong, Australia or North America.

Taste by Priceless Dining Club

Taste by Priceless is a dining club concept that Mastercard operates at selected international airports. There are currently two such clubs, in Sao Paulo Guarulhos and Hong Kong. A third club is planned for Mexico City, with the opening date yet to be confirmed. 

World Legend cardholders receive complimentary access for themselves and up to three guests. Remember, access is available to principal and supplementary cardholders, so a Citi ULTIMA cardholder travelling with their two supplementary cardholders could bring a party of up to 12 travellers. 

Do remember to bring your physical card for access, as digital cards are not accepted at the moment.

I’ve visited the Hong Kong location — on a media invite — and was blown away by the quality of the food and drinks.

This isn’t “good for airport” food, this is great food, period (only complaint: no champagne). Mastercard has clearly invested a lot of money in the experience, and it shows. 

Mastercard Dining Collection

Mastercard offers special dining privileges and priority reservations at restaurants across Singapore and selected Asia Pacific destinations.

World Legend cardholders enjoy up to US$200 off a minimum spend of US$500, or up to US$100 off a minimum spend of US$350, capped at once per quarter. 

The list of participating restaurants can be found here. Options in Singapore include JAAN, Willow, Lerouy 3.0, Esquina, Bottega di Carna and Hai Tien Lo.

World Elite benefits

World Legend cardholders also enjoy the following World Elite Mastercard perks.

Miscellaneous benefits

Some odds and ends to round up the Citi ULTIMA Card perks:

• Birthday treat at TWG Tea (whole cake, weekday dinner set for two, or tea gift set)
• Complimentary 3-month upgrade to MBS Sands Lifestyle Elite tier
• 50% off treatments of 90 minutes and more at Heavenly Spa by Westin, The Westin Singapore

There’s also the ULTIMA concierge, which I presume provides the sort of white glove service you’d expect at this level.

Terms & Conditions

• Citi ULTIMA Cardmember’s agreement

Conclusion

Citi ULTIMA Card

The Citi ULTIMA Card assumes a certain kind of lifestyle.

It assumes that flying in First or Business Class is a foregone conclusion. It assumes you don’t bat an eyelid about booking a suite at the Park Hyatt Tokyo for a week. It assumes that a meal out at Les Amis is otherwise known as “Tuesday”.

If that describes you, then none of the ULTIMA’s drawbacks will even cross your mind. No guest privileges for Priority Pass? Why would I even visit a contract lounge, when The Private Room awaits? S$200,000 spend for an ABTC reimbursement? Well, I’m buying a couple of Pateks next week anyway. Airport limo ride requires a paid First or Business Class ticket? Er, how else would I fly there?

On the other hand, if you’re the sort who worries about Saver space opening up, buys points to stay in the Maldives, and changes hotel every night just to enjoy multiple hotel credits, may I gently suggest that this card really wasn’t created for you.

So that’s my review of the Citi ULTIMA Card. What do you think?