Who else still holds the Citibank Free For Life Premier Card?

[AIRwin]

Interesting new offer:

View attachment 441799

It's a nett square proposition so the nicest thing I can say about it is that it makes a nice change from the devaluation emails of late.

Not sure if I've received the bonus points as they don't seem to be reflected in the earn activity

 

[MELso]

The bonus points just ‘appear’. They don’t show up in the list of earn activity so you have to keep an eye out.

FWIW, both lots of bonus points credited correctly for me.

 

[AIRwin]

My Cashback is a no hassle program making shopping with your Citi Mastercard credit card even better with personalised cashback offers
from some of your favourite brands.

To access the program, log into your Citi Mobile® App and click "Offers" button, then "My Cashback" and you will see your personalised offers.

Offers will be updated regularly. Please check your Citi Mobile® App under the Offers tab for your latest personalised offers.

Just came across this notice:

 

[planky]

I imagine others received the email today about a rebranding of the Citi Premier to 'MyCard'.

I can't see anything about the new card retaining the old fee free deal - does anyone have any more insight? I find this card a useful backup, and the Priority Pass is useful, but would probably plan to ditch it if an annual fee was reimposed.

 

[AIRwin]

I imagine others received the email today about a rebranding of the Citi Premier to 'MyCard'.

Others have posted from #337 onwards:

Post in thread 'NAB acquires Citibank Australia'

Wednesday at 3:34 PM

New credit card brand. Yuck.

Brown... double yuck.

MyCard

www.mycard.com.au

• dontwanttoregister

• 
• 

 

[oz_mark]

Best guess is that we need to wait for the 'Notice of Changes' later this month.
I suspect it will be grandfathered, but will have to wait and see.

 

[JohnGlav]

Getting in with am early pre-emptive salvo.
Who knows? Perhaps someone from NAB may read this - not a zero % probability.

My credentials - Practising lawyer for more than 30 years including 7 years (approx) within the Wesfarmers legal team.
First, we don't know if NAB is looking to abolish the privileges associated with the Citibank Premier Fee Free for Life Credit Card (as it is currently known).
However, there can be little doubt that the Citibank Premier Fee Free for Life Credit Card is a burden for NAB which drains away their resources.
Let's assume for the sake of debate that NAB is looking to abolish the privileges associated with the Citibank Premier Fee Free for Life Credit Card.
If that were the case, then those of us who close or cancel our accounts PLAY INTO NAB'S HANDS.
That is the exact response they want from us - which is to whittle down the number of people that still hold the card.
Better 'natural attrition' from this MyCard 'try on' than nothing at all.
Irrespective of what Citibank's or NAB's terms and conditions may, or may not, state, the Australian Consumer Law is a thing.
Citibank and NAB cannot contract out of the provisions of the Australian Consumer Law.
Citibank made a representation in trade and commerce that the applicable Citibank Credit Card was 'fee free for life'.
Citibank cannot now go back on that representation.
Neither can NAB.
If NAB was allowed to go back on Citibank's representation, there would be simple way to circumvent the provisions of the Australian Consumer Law and all Australian businesses would be on to it in a flash to the detriment of consumers like us.

 

[levelnine]

Citibank made a representation in trade and commerce that the applicable Citibank Credit Card was 'fee free for life'.

Issuers of products are allowed to cancel products and the benefits attached to those products. They do that all the time. There is no breach of Australian Consumer Law in doing so. There is also no breach of the ACL in offering customers an equivalent, but not identical, product in its stead.

'Fee free for life' means for the life of the product, not for your life.

 

[JohnGlav]

I disagree.

 

[JohnGlav]

I disagree.

Before a Court or a Tribunal, the construction (meaning) of the words "No Annual Fee for Life" is undertaken objectively.
Not subjectively.
This means the meaning won't necessarily be my opinion of the meaning, your opinion of the meaning, our opinion of the meaning or the Bank's opinion of the meaning.

In determining the meaning of the words "No Annual Fee for Life", the Court or Tribunal will also have regard to how the card has been administered in practice.
It is not a new product.
It has survived and has been around for more than 10 years.
Citibank has taken a particular approach to this product.
In 2014 it was known as the 'Citibank Signature Card'.

Citibank Signature Card No Annual Fee for Life

Deal: Citibank Signature Card No Annual Fee for Life , Store: Citibank Australia, Category: Financial

www.ozbargain.com.au

It is now known as the "Citibank Premier Card".
Yet Citibank has 'grandfathered' the "No Annual Fee for Life" aspect over to the "Citibank Premier Card".
Citibank's practice and approach to the card historically is evidence of what the words "No Annual Fee for Life" mean.

Further, should the bank contend that the words "No Annual Fee for Life" meant for the life of the product, and not for the cardholder's life, a further question arises.

There are probably a significant body of cardholders who believe that the words "No Annual Fee for Life" meant for the life of the cardholder. It follows that it is arguable that the words "No Annual Fee for Life" were "misleading and deceptive" if the Bank contends that the words meant for the life of the product, and not for the life of the cardholder.

Every other comparable banking product has benefits attached to it that can be cancelled at any time and which do not enure beyond the life of the product. There was no need for Citibank to use "dramatic" words like "No Annual Fee for Life" to emphasize this reality.

No, the "dramatic" words "No Annual Fee for Life" were used with a different meaning in mind in all probability.

I absolutely agree that "Issuers of products are allowed to cancel products and the benefits attached to those products". But NOT if the cancellation amounts to misleading and deceptive conduct or is otherwise in contravention of the Australian Consumer Law.

The Banks would not tell us about the views that I have expressed of course. It is not in their self interest to do so.

I used to advise Wesfarmers Group businesses on important commercial matters. Zero of those matters presented no risk to the business. There was always a degree of risk. And that risk had to be managed.

It follows that any decision by NAB to abolish the privileges associated with the Citibank Premier Fee Free for Life Credit Card (as it is currently known) comes with risk to them.

A higher risk if the cardholders push back instead of meekly closing their accounts (which would delight NAB). A far lower risk if cardholders swallow the narrative meekly and look to find reasons why the bank may have proper grounds for its approach.

 

[levelnine]

It follows that any decision by NAB to abolish the privileges associated with the Citibank Premier Fee Free for Life Credit Card (as it is currently known) comes with risk to them.

Putting to one side this very long post that shows you do not understand consumer protection law (eg "the Australian Consumer Law" does not apply to financial products), it misses the elephant in the room.

Even if NAB decide to honour the representation of 'No Annual Fee for Life', they are under no obligation to keep any of the benefits associated with the card.

They could simply remove every single benefit from the card.

If NAB wants to kill this card for consumers, the law is not going to stop them.

 

[Chicken]

Putting to one side this very long post that shows you do not understand consumer protection law (eg "the Australian Consumer Law" does not apply to financial products)

Just to fact check this:
"The Australian Securities and Investments Commission (ASIC) regulates financial services and products.
Consumer protections for financial products and services are covered under similar rules in the Australian Securities and Investments Commission Act 2001."

 

[JohnGlav]

Just to fact check this:
"The Australian Securities and Investments Commission (ASIC) regulates financial services and products.
Consumer protections for financial products and services are covered under similar rules in the Australian Securities and Investments Commission Act 2001."

Exactly.

My bad in regards to citing the Australian Consumer Law.

But we appear to arrive at the same outcome via the ASIC Act 2001?

I’ve drafted a longer reply but the following should suffice in the meantime.

Financial Institutions cannot engage in misleading or deceptive conduct.

Misleading and Deceptive Conduct in Financial Services – Lessons from ASIC v LGSS

Learn how the LGSS case underscores the risks of misleading ESG claims and the importance of clear, accurate disclaimers in financial services marketing.

cowellclarke.com.au

 

[levelnine]

Just to fact check this:
"The Australian Securities and Investments Commission (ASIC) regulates financial services and products.
Consumer protections for financial products and services are covered under similar rules in the Australian Securities and Investments Commission Act 2001."

Which is not the Australian Consumer Law. The Australian Consumer Law is sch 2 to the Competition and Consumer Act 2010.

Any consumer lawyer would know the rules are not the same. They have some similar protections, but the Australian Consumer Law contains far more detailed and precise protections for consumers.

 

[Chicken]

Which is not the Australian Consumer Law.

Exactly what that govt web site says, which you pointed out.

Lots of fake lawyers in this thread

Yep. Seems like people have a lot of emotional attachment to Citi

Although honestly, I currently have a NAB credit card on hand as part of the churn and burn exercise, and I thought Citi customer service was bad, but NAB is way worse.

 

[oz_mark]

I am taking a wait and see approach. I think they'll keep it an annual fee free card in one form or another....it may lose some features in the free version...

 

[MELso]

This isn’t an ACL issue, but there may well be a breach of section 12DB of the ASIC Act relating to false or misleading representations as to the price of a financial service (which mirrored the former Trade Practices Act provision relating to false or misleading representations). The representations made were ‘$0 annual fee for life’.

However, while claims about things being ‘for life’ have not been formally tested as best I can see, the ACCC did make Belkin back down on claims that a ‘lifetime warranty’ meant five years.

As @levelnine has noted though, there are no guarantees on the features/earn rate. Still, I’ll have a grizzle to AFCA and/or ASIC if NAB tries anything funny.

 

[MELso]

I am taking a wait and see approach. I think they'll keep it an annual fee free card in one form or another....it may lose some features in the free version...

Assuming there’s still a ‘Premier’ MyCard, my guess is that FFFL holders will get that.

Whether they sell MyCards or just use them to retain ex-Citi/Suncorp customers remains to be seen but if still sold, it should be a decent card (at least until the RBA does its next round of gutting interchange fees).

 

[JohnGlav]

Exactly what that govt web site says, which you pointed out.



Yep. Seems like people have a lot of emotional attachment to Citi

Although honestly, I currently have a NAB credit card on hand as part of the churn and burn exercise, and I thought Citi customer service was bad, but NAB is way worse.

We have, via a circuitous route, arrived at a simple position.

Discussing financial products and services online | ASIC

Fair, strong and efficient financial system for all Australians.

www.asic.gov.au

“Misleading or deceptive
The law: The law prohibits conduct that is misleading or deceptive, or likely to mislead or deceive, in relation to financial products or services. You don’t need to be licensed to breach the misleading or deceptive provisions.”

100% my bad in terms of citing the Australian Consumer Law initially.

But it is very clear that the NAB cannot purport to remove the “fee free for life” aspect to the Citibank Card with zero risk to themselves.

They can of course take away other benefits. Other benefits have nothing to do with “Fee free for life”.

Oh I am a practising lawyer of more than 30 years standing.

Please don’t use the words “fake lawyer” lightly when you haven’t undertaken any “fact checks”.

 

[MELso]

Oh I am a practising lawyer of more than 30 years standing.

Please don’t use the words “fake lawyer” lightly when you haven’t undertaken any “fact checks”.

Welcome to AFF! Legal policy peep in the consumer space here, so was pleased to get your take as it aligned with my view on the question of NAB handling FFFL cards.

(And the poster you’re responding to accused me of peddling conspiracy theories when I suggested that a previous expiry date for Citi offers was possibly going to mean the end of Citi cards and that it would be prudent to apply if interested. It didn’t come to pass but the point still stands. That sort of tone is unnecessary)