Last edit by: garykung
CitiGold is Citi's premium banking relationship. To remain a Citigold client, maintain a minimum combined average monthly balance of $200,000 in eligible linked deposit, retirement and investment accounts. There is no monthly service fee for accounts in The Citigold Account Package.
Be aware that Citi Wealth Management will not allow any trading of non traditional stocks and ETFs. No leveraged ETFs, no inverse ETFs. Its brokerage service is similar to Chase YouInvest. It is just basic investment service.
1. Click HERE to read a separate thread discussing expiration of ThankYou Points when closing a Citigold account.
2. Citi has introduced Citi Priority with a minimum combined balance of $50K as of November 6, 2016. Those who were no longer qualified under the new Citigold requirement has been downgraded to Citi Priority. Discussion HERE.
Be aware that Citi Wealth Management will not allow any trading of non traditional stocks and ETFs. No leveraged ETFs, no inverse ETFs. Its brokerage service is similar to Chase YouInvest. It is just basic investment service.
1. Click HERE to read a separate thread discussing expiration of ThankYou Points when closing a Citigold account.
2. Citi has introduced Citi Priority with a minimum combined balance of $50K as of November 6, 2016. Those who were no longer qualified under the new Citigold requirement has been downgraded to Citi Priority. Discussion HERE.
Benefits of a Citigold account? [consolidated]
#736
FlyerTalk Evangelist
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Location: ZOA, SFO, HKG
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Citigold is now $200K in minimum. Otherwise, you will be downgraded to Citi Priority.
Citi never has any sort of "special" for Citigold.
Instead, in the inception of Citi Prestige, Citigold clients were offered AF incentive.
Instead, in the inception of Citi Prestige, Citigold clients were offered AF incentive.
#738
Join Date: Jul 2010
Location: PHL
Programs: Hyatt Globalist, Hilton Diamond, AA Gold, FB Gold, ITA Volare Executive
Posts: 3,293
Same. And since the account -- first Citigold then downgraded to Basic -- is a joint account, the first year adjustment and the second year at $350 applied to both my Prestige and my wife's Prestige.
#739
Join Date: Apr 2017
Programs: Chase, Amex, Citi, basically all of them
Posts: 72
I am Citi Private Client due to my profession and at least in the old days (circa 2008-2010), you used to be able to get the AA Mastercard without the $95 annual fee. They have since removed that benefit.
#740
Join Date: May 2008
Posts: 143
I have a question I think some people here can address well. Why do people opt for accounts like the Citigold?
Clearly, there has to be some compelling benefit. Is it the waived ATM fees at international locations? I can't seem to find what else is of significant interest. Even this, I doubt anyone is withdrawing often enough to justify hundreds of dollars in lost opportunity cost - you could for example open a 1% interest bearing account earning much more in absolute dollars elsewhere. A $100 AF reduction in the Prestige or some such, hardly makes a dent compared to interest. I am sure there are other things I am not accounting for properly - and would appreciate a brief education.
I am not trying to promote or ding one bank vs another, but consider as another example BofA. With the kind of balance needed for a Citigold account, you would qualify for preferred platinum honors, and while I care little for that, and there is no interest worth speaking of, there is the possibility of putting a Merrill Edge account to good use. Granted, that platform is not great, but 0 commissions? Last year, I paid a couple of thousand dollars in trading commissions to Fidelity! Easily beats any other account benefits I know of. Citi doesn't even seem to have a mainstream discount brokerage. Is it perhaps that people in a Citigold account are interested mainly in wealth management products, and very much prefer Citi?
I am far from being a possible client for any wealth management service, but am really curious to get to the bottom of this question. Your answers are appreciated.
Clearly, there has to be some compelling benefit. Is it the waived ATM fees at international locations? I can't seem to find what else is of significant interest. Even this, I doubt anyone is withdrawing often enough to justify hundreds of dollars in lost opportunity cost - you could for example open a 1% interest bearing account earning much more in absolute dollars elsewhere. A $100 AF reduction in the Prestige or some such, hardly makes a dent compared to interest. I am sure there are other things I am not accounting for properly - and would appreciate a brief education.
I am not trying to promote or ding one bank vs another, but consider as another example BofA. With the kind of balance needed for a Citigold account, you would qualify for preferred platinum honors, and while I care little for that, and there is no interest worth speaking of, there is the possibility of putting a Merrill Edge account to good use. Granted, that platform is not great, but 0 commissions? Last year, I paid a couple of thousand dollars in trading commissions to Fidelity! Easily beats any other account benefits I know of. Citi doesn't even seem to have a mainstream discount brokerage. Is it perhaps that people in a Citigold account are interested mainly in wealth management products, and very much prefer Citi?
I am far from being a possible client for any wealth management service, but am really curious to get to the bottom of this question. Your answers are appreciated.
#741
Join Date: Sep 2011
Location: SNA
Programs: AA EXP, Hilton Diamond, Hyatt Globalist, IHG Plat, Marriott Gold, National EE
Posts: 1,202
Some people are afraid to invest and they have to put their cash somewhere. They are probably losing money, but it is a common phenomenon. https://abnormalreturns.com/2013/02/04/cash-is-a-drug/
e: some other people might have so much saved/invested that 250k is a minority of their investments sitting in cash. I agree with your general premise, though, and have switched from Citigold to BofA. Chase is trying to win my business away from BofA but that is a subject for a different time.
e: some other people might have so much saved/invested that 250k is a minority of their investments sitting in cash. I agree with your general premise, though, and have switched from Citigold to BofA. Chase is trying to win my business away from BofA but that is a subject for a different time.
#742
FlyerTalk Evangelist
Join Date: Aug 2009
Location: ZOA, SFO, HKG
Programs: UA 1K 0.9MM, Marriott Gold, HHonors Gold, Hertz PC, SBux Gold, TSA Pre✓
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Obviously it is not about the benefit you have read, but the intangible benefit, i.e. Global assistance. For example:
1. As soon as you meet the minimum balance at your home country, you can have a Citigold account everywhere (subject to local law and regulations) without meeting balance requirement. This is an excellent benefit for any expats.
2. Citi can extend credit based on your home country's history and income. For example, if you are a Citigold client from the U.K., upon opening your host Citigold account in the U.S., you can request Citigold US to open a credit card for you even without SSN. You can even get a mortgage if needed.
3. Citi in the host country can act as Citi in the home country. For example, if you have a form that need to be sign at the branch in the home country, you can get that sign at Citi in the host country, if the form allows it.
Unlike CPC or BofA, Citigold (as well as HSBC Premier) is not your typical top-tiered account. What Citi is selling is a global solution, as well as its global network. There is nothing that Chase or BofA can compare with Citi on this.
1. As soon as you meet the minimum balance at your home country, you can have a Citigold account everywhere (subject to local law and regulations) without meeting balance requirement. This is an excellent benefit for any expats.
2. Citi can extend credit based on your home country's history and income. For example, if you are a Citigold client from the U.K., upon opening your host Citigold account in the U.S., you can request Citigold US to open a credit card for you even without SSN. You can even get a mortgage if needed.
3. Citi in the host country can act as Citi in the home country. For example, if you have a form that need to be sign at the branch in the home country, you can get that sign at Citi in the host country, if the form allows it.
Unlike CPC or BofA, Citigold (as well as HSBC Premier) is not your typical top-tiered account. What Citi is selling is a global solution, as well as its global network. There is nothing that Chase or BofA can compare with Citi on this.
#743
Join Date: Feb 2013
Location: Miami, FL
Programs: UA 1MM, AA Plat Pro, Marriott LT Titanium, Hyatt Glob, IHG ♢ Amb, Hilton ♢, Hertz Pres
Posts: 6,010
Obviously it is not about the benefit you have read, but the intangible benefit, i.e. Global assistance. For example:
1. As soon as you meet the minimum balance at your home country, you can have a Citigold account everywhere (subject to local law and regulations) without meeting balance requirement. This is an excellent benefit for any expats.
2. Citi can extend credit based on your home country's history and income. For example, if you are a Citigold client from the U.K., upon opening your host Citigold account in the U.S., you can request Citigold US to open a credit card for you even without SSN. You can even get a mortgage if needed.
3. Citi in the host country can act as Citi in the home country. For example, if you have a form that need to be sign at the branch in the home country, you can get that sign at Citi in the host country, if the form allows it.
Unlike CPC or BofA, Citigold (as well as HSBC Premier) is not your typical top-tiered account. What Citi is selling is a global solution, as well as its global network. There is nothing that Chase or BofA can compare with Citi on this.
1. As soon as you meet the minimum balance at your home country, you can have a Citigold account everywhere (subject to local law and regulations) without meeting balance requirement. This is an excellent benefit for any expats.
2. Citi can extend credit based on your home country's history and income. For example, if you are a Citigold client from the U.K., upon opening your host Citigold account in the U.S., you can request Citigold US to open a credit card for you even without SSN. You can even get a mortgage if needed.
3. Citi in the host country can act as Citi in the home country. For example, if you have a form that need to be sign at the branch in the home country, you can get that sign at Citi in the host country, if the form allows it.
Unlike CPC or BofA, Citigold (as well as HSBC Premier) is not your typical top-tiered account. What Citi is selling is a global solution, as well as its global network. There is nothing that Chase or BofA can compare with Citi on this.
All this said, re #1 above, CitiGold didn't allow me to open global accounts. I tried and was denied due to lack of local home address in a variety of countries. Perhaps they changed this but I doubt it.
#744
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1. It is $200K for Citigold.
2. I have once sat with a Citibank banker when the Citigold announced the "enhancement". She told me that she was working on downgrading and closing Citigold accounts all day long since the news break.
All this said, re #1 above, CitiGold didn't allow me to open global accounts. I tried and was denied due to lack of local home address in a variety of countries. Perhaps they changed this but I doubt it.
#745
Join Date: Feb 2013
Location: Miami, FL
Programs: UA 1MM, AA Plat Pro, Marriott LT Titanium, Hyatt Glob, IHG ♢ Amb, Hilton ♢, Hertz Pres
Posts: 6,010
FWIW: A local address abroad is not required for HSBC Premier when opening global accounts. Citi did require it - although as you say they may be lenient so ymmv
#746
Join Date: Dec 2004
Location: Apex, NC
Programs: AA EXP, Delta DM, Bonvoy Titanium, Honors Diamond, Hertz Presidents Club, National Exec something!
Posts: 103
Did want to point out to all - as of last Friday, Citigold allows the Citi AA Exec card (with Admirals Club access) for a $350 AF. Applied/approved etc!
#747
Join Date: Sep 2012
Posts: 4,431
Those of you who only paid only $350 annual fee last year due .to temporarily being Citigold, how much was your AF this year? I applied for my card 12/2015 and was CG for maybe 5-6 months as part of a checking account promo. My renewal AF in early 2017 was $350 even though I had stopped being CG many months earlier.
#748
FlyerTalk Evangelist
Join Date: Aug 2009
Location: ZOA, SFO, HKG
Programs: UA 1K 0.9MM, Marriott Gold, HHonors Gold, Hertz PC, SBux Gold, TSA Pre✓
Posts: 13,811
Those of you who only paid only $350 annual fee last year due .to temporarily being Citigold, how much was your AF this year? I applied for my card 12/2015 and was CG for maybe 5-6 months as part of a checking account promo. My renewal AF in early 2017 was $350 even though I had stopped being CG many months earlier.
#749
Join Date: Feb 2013
Posts: 30
I have a question I think some people here can address well. Why do people opt for accounts like the Citigold?
Clearly, there has to be some compelling benefit. Is it the waived ATM fees at international locations? I can't seem to find what else is of significant interest. Even this, I doubt anyone is withdrawing often enough to justify hundreds of dollars in lost opportunity cost - you could for example open a 1% interest bearing account earning much more in absolute dollars elsewhere. Your answers are appreciated.
Clearly, there has to be some compelling benefit. Is it the waived ATM fees at international locations? I can't seem to find what else is of significant interest. Even this, I doubt anyone is withdrawing often enough to justify hundreds of dollars in lost opportunity cost - you could for example open a 1% interest bearing account earning much more in absolute dollars elsewhere. Your answers are appreciated.
#750
Join Date: Nov 2014
Location: USA
Posts: 1,084
Opened Schwab recently. I must say I am VERY impressed. They don’t have futures trading yet until October when OptionsXPress is integrated but for vanilla investing the platform is good. Charting isn’t nearly as good as TD Thinkorswim but for a bank-lite institution i like it a lot. Plus, waived forex fees on ATM withdrawals and worldwide ATM fee reimbursements. Downside is a hard pull on Equifax but then again most lenders I’ve dealt with use Experian.