Consolidated thread for Priority/Privilege Banking

[wolverine23]

any current offers for Citigold, scb, uob privileged, etc.?

Which one has the best sign up offer?

 

[oceanicmanta]

Hi wolverine23, I'm a Citi staff, happy to share for Citigold. Interest rates are not fantastic at the moment because of low SIBOR and bad economic conditions, but I believe the bank is aware and therefore compensating in terms of cash rewards and/or air miles.

Currently the basic cash promotions are:

• Base reward of $600
• Additional reward of $300 for phone onboarding
• Additional reward of $200 for new/exisiting Citi credit cardholder
• Loyalty bonus of $130 per month till Dec 2020

These are just the basic rewards for minimum deposit and/or investment of S$250,000 for 3 months, not bad considering they are guaranteed and non-fluctuating (unlike interest rates). For higher tier rewards in case you choose to deposit / invest more, you can refer to the Citigold Promotions site for more info. I believe base reward goes up to $10,000 currently.

Let me know if you are interested to find out more, I can link you up for phone onboarding and get you some referral bonuses too. Cheers!

had a quick look at the TnC & have following questions :

1) the above is for NEW to bank customers only ?
2) to get the loyalty bonus, means having to hold 250k til end Dec 20 ?
3) for 250k, is the plan to split it into MaxiGain and Interest Plus to optimise interest during Maintenance Period ?

 

[TheOne]

Any great perks for joining any of the programs right now? I joined OCBC Premier about 5 months back but realised I haven't used any of their privileges (maybe due to Covid, haven't travelled or gone to a banking lounge yet). Currently mostly use HSBC Advance for 3.5% cashback, any cards tied to privileged banking offer more (perhaps in terms of miles)? Gonna refinance my home loan soon too so if any of them offer a few bips lower, I don't mind switching as well.

Almost all my assets are tied up in CDP (paid up shares and dividend warrior). Do HMU if you know any margin financing with the local banks that have attractive interest rates!

 

[natnaes]

Hey TheONe!

If you are looking at miles, I think joining Citigold can be quite lucrative for you. The minimum deposit of S$250k will immediately entitle you to 40,000 miles. In addition, you can also consider their Prestige card:

- 3.25 miles per $1 local spend
- 5 miles per $1 overseas spend
- Welcome gift of 25,000 miles

So simply depositing $250k will give you 65,000 miles without needing to spend or invest anything, quite simple.

As for home loan, because Citi rates are tied to SIBOR and SIBOR currently is tragically low, it's a good chance now if you wanna refinance over. I can hook you up with a mortgage specialist to give you more advice if you want.

Lastly, if you are considering joining Citigold and your assets are mainly in shares like you mentioned, you can actually transfer in your $250k AUM in investments rather than cash, or a combination of both too. The promotions will still be the same!

Hope these info above helps!

Desmond, I got excited at the miles earn rates you'd posted but there seems to have been a mistake. It should be 3.25 ThankYou Points and 5 ThankYou Points for local and overseas spend respectively, which translate to 1.3 miles and 2 miles after conversion.

 

[natnaes]

Oooh my bad, apologies as I'm still not too familiar with the credit card features over here. Thanks for pointing that out!

I'm using DBS Altitude at the moment which is 1.2 miles, so I guess the Citi one is still a slight improvement haha.

I suppose the ThankYou Points can also be redeemed for some other perks besides miles, like gift vouchers or discounts. Haven't tried them yet, if anyone has used the points before do share!

No worries! I thought you might be using citi cards since you work at citi!

Miles wise, OCBC Premier seems to have the most attractive offer at 1.6 voyage miles local, followed by UOB Reserve with 1.6 miles local. (Voyage miles are worth slightly more as they can redeem 1:1 KF miles, or be used to book any airline via Voyage concierge)

But the welcome offer for citigold is far more attractive, OCBC is only offering $400 for 200k whereas what you've mentioned is far more for 250k.

 

[Tiger9119]

Nahhh I don't like to hold too many credit cards cos I'm scared of losing track and forgetting about my bills haha. The late fees and interest charges are killer!

Ooo 1.6 miles sounds quite good though. Do they have any expiry? From what I remember DBS and Citi miles both don't have expiry, maybe that's why they are lower on the conversion.

OCBC voyage miles don't expire unless you transfer to Krisflyer(3 years from transfer date). No transfer fee. Unlike some other cards, no need to transfer in block of 5000 or 10,000.

 

[natnaes]

Nahhh I don't like to hold too many credit cards cos I'm scared of losing track and forgetting about my bills haha. The late fees and interest charges are killer!

Ooo 1.6 miles sounds quite good though. Do they have any expiry? From what I remember DBS and Citi miles both don't have expiry, maybe that's why they are lower on the conversion.

Voyage miles do not expire and can be transferred in blocks of 1 mile. And when you use Voyage miles to redeem flights, they are still considered revenue flights, meaning that the redeemed flight accrues elite miles on your account.

 

[Tiger9119]

Voyage miles do not expire and can be transferred in blocks of 1 mile. And when you use Voyage miles to redeem flights, they are still considered revenue flights, meaning that the redeemed flight accrues elite miles on your account.

If redeem revenue tickets using VM, don't use VM for airport taxes/fuel surcharges as the value of VM will be around 0.5cts for the taxes/fuel surcharges. Opt to pay the taxes/fuel surcharges using credit card.

 

[natnaes]

If redeem revenue tickets using VM, don't use VM for airport taxes/fuel surcharges as the value of VM will be around 0.5cts for the taxes/fuel surcharges. Opt to pay the taxes/fuel surcharges using credit card.

Great tip! Thanks!

 

[m@maboi]

uob wealth 100k

Hi, may i check if they are just like citi priority? As in the below 250 or 350k bracket but above x amount bracket? The not here not there one?

 

[m@maboi]

Any one received EDM from citi stating you've been selected exclusively for their citigold private client? I don't have that much AUM (assuming is 1.5m qualifying criteria or any accounts with citi other than cards).

Did they select the wrong target market?

 

[natnaes]

Hi, may i check if they are just like citi priority? As in the below 250 or 350k bracket but above x amount bracket? The not here not there one?

Might be easier to narrow down to what you're looking for in a banking solution and check if wealth offers it. All features can be considered not here not there if they're not relevant to you.

 

[m@maboi]

True that.

Might be easier to narrow down to what you're looking for in a banking solution and check if wealth offers it. All features can be considered not here not there if they're not relevant to you.

 

[m@maboi]

Aiyah I've deleted that email because it looks like an email sent to the wrong receipent. If only I kept it then I will e-register and see what is on offer.

I've heard about that from our clients, I believe they are shortlisting clients for both Citigold and CPC (Citi Private Client).

Citigold: 250k AUM and above
CPC: 1.5mil AUM and above

Not sure about the shortlisting criteria but I think it might be based on your existing credit card spending habits as well as credit limits. Now there's the additional $200 for existing cardholders to join Citigold as well, so if you want I can refer you in!

 

[keemmeng]

Is it ok to sign an oral indemnity for UOB privilege banking? Any risks?

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[highsulphur]

Is it ok to sign an oral indemnity for UOB privilege banking? Any risks?

What kind of indemnity?

 

[keemmeng]

What kind of indemnity?

It's to authorise the bank to carry out transactions based on your instructions communicated over phone or email. I wonder if it's risky to do provide such an indemnity.

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[cscs3]

Aiyah I've deleted that email because it looks like an email sent to the wrong receipent. If only I kept it then I will e-register and see what is on offer.

Sometime this kind of email is sent without checking.

 

[m@maboi]

It's to authorise the bank to carry out transactions based on your instructions communicated over phone or email. I wonder if it's risky to do provide such an indemnity.

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i dont think the bank can execute payment instructions over phone, unless there is some way of verification such as phone recognition, OTP etc etc. even so, you must opt in to allow your voice to be recorded.

 

[m@maboi]

indeed, because I certainly don't fall under private client level.

Sometime this kind of email is sent without checking.