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Benefits of a Citigold account? [consolidated]

Old Apr 14, 2016, 7:52 am
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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.
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Benefits of a Citigold account? [consolidated]

Old Mar 19, 2017, 4:00 am
  #736  
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Originally Posted by buhuffer
anyone knows why? thanks
Citigold is now $200K in minimum. Otherwise, you will be downgraded to Citi Priority.

Originally Posted by kesco
Hey all, anyone know if Citi is still offering 'special' credit card deals for Citigold folks? Like in-branch? If so which ones?
Citi never has any sort of "special" for Citigold.

Instead, in the inception of Citi Prestige, Citigold clients were offered AF incentive.
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Old Mar 25, 2017, 12:30 am
  #737  
 
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DP: Opened Citigold dec 2015 to get the typ bonus. Also had prestige change to $350 af. Downgraded to Citi basic acct last year as soon as TYP posted. Prestige just billed me $350 for year two
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Old Mar 25, 2017, 10:25 am
  #738  
 
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Originally Posted by slivrflyr
DP: Opened Citigold dec 2015 to get the typ bonus. Also had prestige change to $350 af. Downgraded to Citi basic acct last year as soon as TYP posted. Prestige just billed me $350 for year two
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.
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Old Apr 14, 2017, 9:24 am
  #739  
 
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Originally Posted by garykung
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.
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.
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Old Jul 10, 2017, 3:18 pm
  #740  
 
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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.
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Old Jul 10, 2017, 4:11 pm
  #741  
 
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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.
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Old Jul 11, 2017, 12:19 am
  #742  
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Originally Posted by AbyssalLoris
Why do people opt for accounts like the Citigold?
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.
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Old Jul 11, 2017, 9:57 am
  #743  
 
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Originally Posted by garykung
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.
This is why I use HSBC Premier. I used to be Citigold for similar reasons... but since Citi upped to $250k and HSBC Premier remains at $100k, it is quite easy to stay with HSBC rather than Citigold

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.
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Old Jul 12, 2017, 1:25 am
  #744  
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Originally Posted by TravelinSperry
This is why I use HSBC Premier. I used to be Citigold for similar reasons... but since Citi upped to $250k and HSBC Premier remains at $100k, it is quite easy to stay with HSBC rather than Citigold
FWIW:

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.

Originally Posted by TravelinSperry
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.
While HSBC and Citibank may be lenient on HSBC Premier and Citigold customers, proof of address is something that need to have. I guess this is the part which most U.S. customers do not get used to.
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Old Jul 12, 2017, 2:03 am
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Originally Posted by garykung
While HSBC and Citibank may be lenient on HSBC Premier and Citigold customers, proof of address is something that need to have. I guess this is the part which most U.S. customers do not get used to.
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
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Old Jul 22, 2017, 2:35 pm
  #746  
 
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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!
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Old Sep 15, 2017, 9:37 am
  #747  
 
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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.
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Old Sep 15, 2017, 2:46 pm
  #748  
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Originally Posted by DaveInLA
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.
Apparently, Citi's system is so broken that basically whenever you have ever become a Citigold/Citi Priority customer and have the $100 AF reduction applied to the Citi Prestige card, you will get the $100 off "permanently".
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Old Sep 17, 2017, 6:27 pm
  #749  
 
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Originally Posted by AbyssalLoris
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.
I know I'm late to this, but I'm a passive investor using etfs and mutual funds. I moved some cash to citi and invested in an etf, money I would have invested anyway at another brokerage firm. since brokerage balances are linked, it seemed like a no-brainer to avoid all atm fees and assigned a personal banker.
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Old Sep 17, 2017, 7:03 pm
  #750  
 
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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.
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