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Features of Citi Priority Account announced [USA]

Features of Citi Priority Account announced [USA]

Old Aug 1, 2016, 3:31 pm
  #1  
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Features of Citi Priority Account announced [USA]

City Priority benefits are in.

They begin on Nov 7 and if you maintain $50k the $30 monthly fee is waived.

1- This level still offers no Citibank fees on ATM withdrawals worldwide. But no reimbursement of other banks ATM fees - we are required to maintain $200k for that (CitiGold).
2- Also priority level gives no foreign exchange fees for purchases with the Citibank Debit Card.
3- They claim we still earn the highest level of Thank You points possible.

Those were the only benefits I cared about in addition to my long grandfathered fee waived Citi AA card which I'm sure I'll lose should this downgrade. Can't see the point of keeping $200k on balance with Citi just to keep that card and get reimbursements of ATM fees. Especially when Charles Schwab reimburses with no min money on deposit required. So looks like I'll be cancelling the AA Citi card whenever the next annual fee hits.

As far as I'm concerned not the worst downgrade.
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Old Aug 1, 2016, 3:49 pm
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Originally Posted by TravelinSperry
City Priority benefits are in.
Source?

Last edited by mia; Aug 2, 2016 at 11:08 am Reason: Post split after exporting Citi Priority discussion to this thread.
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Old Aug 1, 2016, 4:27 pm
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Originally Posted by garykung

Source?
I received a letter in the mail today with a brochure explaining all the benefits
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Old Aug 1, 2016, 4:29 pm
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Originally Posted by TravelinSperry
I received a letter in the mail today with a brochure explaining all the benefits
Good for you as nothing has been showing up yet for you.

How much downgrade we are talking about with Citi Priority vs. Citigold?
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Old Aug 1, 2016, 7:30 pm
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Yeah I heard the letter was circulating. Haven't received my copy yet but I saw the website they dedicate. For the most part, it doesn't seem that bad. I saw Citi Priority still brings the Annual Fee down on the Prestige and will earn same thank you points and waive annual fee on brokerage account. I think I can deal with them since I'm probably going to feel lazy moving accounts although I know there are other options (i.e Schwab)

Originally Posted by TravelinSperry
City Priority benefits are in.

They begin on Nov 7 and if you maintain $50k the $30 monthly fee is waived.

1- This level still offers no Citibank fees on ATM withdrawals worldwide. But no reimbursement of other banks ATM fees - we are required to maintain $200k for that (CitiGold).
2- Also priority level gives no foreign exchange fees for purchases with the Citibank Debit Card.
3- They claim we still earn the highest level of Thank You points possible.

Those were the only benefits I cared about in addition to my long grandfathered fee waived Citi AA card which I'm sure I'll lose should this downgrade. Can't see the point of keeping $200k on balance with Citi just to keep that card and get reimbursements of ATM fees. Especially when Charles Schwab reimburses with no min money on deposit required. So looks like I'll be cancelling the AA Citi card whenever the next annual fee hits.

As far as I'm concerned not the worst downgrade.
FYI, from what I hear the details of the $50-199,999 Citigold to Citi Priority information is located here ... Citi.com/citipriority ... They have a nice FAQ which answers most of the pertinent questions.

Last edited by mia; Aug 2, 2016 at 8:33 am Reason: Combine consecutive replies and make link clickable.
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Old Aug 1, 2016, 9:12 pm
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Originally Posted by Fujitsujeff
FYI, from what I hear the details of the $50-199,999 Citigold to Citi Priority information is located here ... Citi.com/citipriority ... They have a nice FAQ which answers most of the pertinent questions.
Yup, that mirrors the benefits shown on the brochure I received although interestingly no mention of waived brokerage fee in the brochure.

I wonder - does anyone know brokerage trading costs and fees for CitiGold? Or CitiPriority?
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Old Aug 2, 2016, 2:06 am
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Originally Posted by Fujitsujeff
FYI, from what I hear the details of the $50-199,999 Citigold to Citi Priority information is located here ... Citi.com/citipriority ... They have a nice FAQ which answers most of the pertinent questions.
Thanks for sharing. In short - no major downgrade...so far.

But given what Citi has done so far...I am not inclined to trust how long can those benefits stay.

Originally Posted by TravelinSperry
Yup, that mirrors the benefits shown on the brochure I received although interestingly no mention of waived brokerage fee in the brochure.

I wonder - does anyone know brokerage trading costs and fees for CitiGold? Or CitiPriority?
Citi does not waive brokerage fee, even for Citigold. Not sure if it is the case for Citigold PC as well.

The commission is way too expensive - $80 per transaction regardless agent-assisted or online IIRC.

Citi's investment service is provided by CPWM.
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Old Aug 2, 2016, 10:55 am
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So I got my points and I'm looking to either cancel or downgrade my CitiGold to a normal checking account. Is the only way to avoid fee on this new Priority $50k in the account?
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Old Aug 2, 2016, 11:21 am
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Originally Posted by garykung
Citi does not waive brokerage fee, even for Citigold. Not sure if it is the case for Citigold PC as well.

The commission is way too expensive - $80 per transaction regardless agent-assisted or online IIRC.

Citi's investment service is provided by CPWM.
Citi does waive the annual fee on Citi Personal Wealth Management investment accounts for CitiPriority. Does anyone know what this fee is? Although if they are charging an insane $80 per trade?!!? I don't know that I really care. Who the heck would pay that?

Originally Posted by phant0m
So I got my points and I'm looking to either cancel or downgrade my CitiGold to a normal checking account. Is the only way to avoid fee on this new Priority $50k in the account?
$50k in cash or investments required to waive the $30 monthly fee.
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Old Aug 2, 2016, 1:37 pm
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Originally Posted by TravelinSperry
Citi does waive the annual fee on Citi Personal Wealth Management investment accounts for CitiPriority. Does anyone know what this fee is? Although if they are charging an insane $80 per trade?!!? I don't know that I really care. Who the heck would pay that?



$50k in cash or investments required to waive the $30 monthly fee.
BoA Preferred Rewards seems to offer more at 50k min cash/investments
(30-100 free ETF/equity trades a month, 50-75% credit card bonus, refund of atm fees domestically only-not internationally, so you'll still want schwab)

any particular reason for going Citi Priority?
the Citi Prestige AF reducer might seem tempting, is it $200 off ($450->$250)?

Last edited by paperwastage; Aug 2, 2016 at 1:48 pm
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Old Aug 2, 2016, 2:06 pm
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Originally Posted by paperwastage
BoA Preferred Rewards seems to offer more at 50k min cash/investments
(30-100 free ETF/equity trades a month, 50-75% credit card bonus, refund of atm fees domestically only-not internationally, so you'll still want schwab)

any particular reason for going Citi Priority?
the Citi Prestige AF reducer might seem tempting, is it $200 off ($450->$250)?
Only momentum - I've already got a Citi account (which will be downgraded from Gold to Priority in Nov). If I were opening an account today I'd likely just stay with Schwab or check out BofA as you suggest.

EDIT: I just checked out BofA at $50k. Only reimburses 12 ATM withdrawals domestically, annually (less than CitiPriority which has no domestic cap). $0 equity trades on 30 transactions (MUCH better than CitiPriority). 50% bonus on their cc rewards (not bad but I have no BofA cc's nor do I want any) and a 10% money market bump (which is meaningless at the current rates).

So really - only worthwhile to switch if you intend to keep investments as your $50k (rather than cash) and want to trade with no cost. That doesn't describe me. Not worth the switch imo (pain to swap as I've got Citi as my bill payer, ACH for taxes, etc.)

Last edited by TravelinSperry; Aug 2, 2016 at 2:15 pm Reason: to check out BofA
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Old Aug 2, 2016, 2:38 pm
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Originally Posted by phant0m
Is the only way to avoid fee on this new Priority $50k in the account?
Yes. Combined balance.

Originally Posted by paperwastage
BoA Preferred Rewards seems to offer more at 50k min cash/investments
(30-100 free ETF/equity trades a month, 50-75% credit card bonus, refund of atm fees domestically only-not internationally, so you'll still want schwab)
You can't really compare Citi with BofA.

At the minimum, Citi's network worldwide is better than BofA. So it is definitely a plus for expat.

Originally Posted by paperwastage
any particular reason for going Citi Priority?
Not really.

Originally Posted by paperwastage
the Citi Prestige AF reducer might seem tempting, is it $200 off ($450->$250)?
You wish.

It is $100. The $250 is the airfare credit.
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Old Aug 2, 2016, 2:50 pm
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Originally Posted by garykung
At the minimum, Citi's network worldwide is better than BofA. So it is definitely a plus for expat.
yeah, but i would still go for schwab (for ATM), and one of these premium offerings (and it looks like BoA would offer more when paired with schwab), unless you need actual int'l service that citi offers

It is $100. The $250 is the airfare credit.
$450 - $250 - $100 = $100...

not bad, but with the devaluation, eh

Last edited by paperwastage; Aug 2, 2016 at 6:44 pm
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Old Aug 6, 2016, 11:29 pm
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Originally Posted by garykung
Thanks for sharing. In short - no major downgrade...so far.

But given what Citi has done so far...I am not inclined to trust how long can those benefits stay.



Citi does not waive brokerage fee, even for Citigold. Not sure if it is the case for Citigold PC as well.

The commission is way too expensive - $80 per transaction regardless agent-assisted or online IIRC.

Citi's investment service is provided by CPWM.
You mention commissions of $80 - but according to this online trades are $20. http://www.citi.com/domain/CPWMFeesNICClients.pdf
Still high but 25% of what you said. Is this incorrect?
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Old Aug 8, 2016, 5:43 am
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Originally Posted by TravelinSperry
You mention commissions of $80 - but according to this online trades are $20. http://www.citi.com/domain/CPWMFeesNICClients.pdf
Still high but 25% of what you said. Is this incorrect?
I am not sure. The information I got was from a CPWM rep assigned to the account.

But I conceded the information I got was prior to the date of this notice.
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