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

[JohnGlav]

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)

Thank you for the kind and warm welcome. I must be very careful what I write here. There are buzzing hornets and wasps.
At the end of the day my big corporate experience tells me that NAB can bulldoze its way through if it chooses. Or it can do so more subtly and incrementally if it pleases.
I know what my advice would be if I was still a Corporate Counsel.

 

[kamchatsky]

All NAB has to do is to move all the Citi Free For Life card members to a no-frills no annual fee card (ie no point earn, no insurance, etc). All the ones who pay annual fee can keep their card with current benefits.

 

[FrequentFlyer85]

It might be more productive to look at the MyCard terms for the replacement products, rather than speculating

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[JohnGlav]

It might be more productive to look at the MyCard terms for the replacement products, rather than speculating

Useful Forms and Links - Citi Australia

Find a form or document for your Citi product.

www1.citibank.com.au

NAB has a track record.
They took over the Citibank Plus product.
They then took a certain approach with it.
Is there a zero percent chance that NAB will take that same certain approach with the Citibank “fee free for life” credit card?

NAB’s initial moves with MyCard already bear a striking resemblance to their approach with Citibank Plus.

If I’m wrong, I’m just the boy who cried wolf and no card holder is any worse off.
But if I’m correct then a pre-emptive warning shot has been fired across NAB’s bows and the hornets and the wasps can now report to their bee keeper masters that the planned path ahead could be a little rocky.

 

[JohnGlav]

NAB has a track record.
They took over the Citibank Plus product.
They then took a certain approach with it.
Is there a zero percent chance that NAB will take that same certain approach with the Citibank “fee free for life” credit card?

NAB’s initial moves with MyCard already bear a striking resemblance to their approach with Citibank Plus.

If I’m wrong, I’m just the boy who cried wolf and no card holder is any worse off.
But I’m correct then a pre-emptive warning shot has been fired across NAB’s bows and the hornets and the wasps can now report to their bee keeper masters that the planned path ahead could be a little rocky.

Make no mistake.
I’m well familiar with the approach taken in SOME of the bee keeper halls of power.

For example:

“General Manger/Financial Controller/CFO, reasons A, B, C and D make it difficult for us to get to objective Q. In doing so, we could expose the business to legal risk and reputational harm”.

“You’re not listening to me. I want objective Q implemented NOW!’.

 

[Wyler]

NAB’s initial moves with MyCard already bear a striking resemblance to their approach with Citibank Plus.

Yes. My guess is they will give us the equivalent MyCard but with no annual fee. Then wait until we use it, get used it, add direct debits etc... and then remove all the benefits and/or add an annual fee.

Basically what they did with Citi Plus. Thats what I would do if I was a scrupulous banker anyway.

 

[JohnGlav]

Make no mistake.
I’m well familiar with the approach taken in SOME of the bee keeper halls of power.

For example:

“General Manger/Financial Controller/CFO, reasons A, B, C and D make it difficult for us to get to objective Q. In doing so, we could expose the business to legal risk and reputational harm”.

“You’re not listening to me. I want objective Q implemented NOW!’.

Here we go!

https://www.cdn.citibank.com/v1/augcb/cbol/files/documents/2025/MYC18014_0925-MyCard-Credit-Card-TCs-Other-Important-Information.pdf

Was I cynical or correct with my speculation?

Paragraph 11 to the proposed Credit Card Terms and Conditions reads:
'We may change the terms and conditions applicable to your Account, including changing any condition, APR and fees and charges.'

On Page 4:
"We may change any of the terms and conditions that apply to your Account, including your Credit Limit, by reducing it, Annual Percentage Rates, fees and charges, the calculation of repayments and other Account features."

A unilateral and absolute discretion to the Bank to charge fees.
This looks a lot like their Citibank Plus playbook.
If there is significant cardholder outcry, expect them to try dividing and conquering cardholders by offering a fee waiver.
Which wavier of course is only going to be for a season.

 

[JohnGlav]

Yes. My guess is they will give us the equivalent MyCard but with no annual fee. Then wait until we use it, get used it, add direct debits etc... and then remove all the benefits and/or add an annual fee.

Basically what they did with Citi Plus. Thats what I would do if I was a scrupulous banker anyway.

"Then wait until we use it".

Exactly right.

The moment we use it, they have a legal argument that we have accepted the new MyCard terms and conditions.

I'm guessing they may even have slipped a 'deemed acceptance' of the terms and conditions sentence or paragraph somewhere in the document.

That's what I would do.

Make no mistake, this is the tail end of a carefully orchestrated campaign by NAB's bee keepers undertaken with the support of their corporate counsel and external lawyers of the highest calibre.

The pushback needs to begin now. Before the new MyCard is used.

 

[Brissy1]

Perhaps in time when NAB release more detail, a suitably qualified person here could draft a letter whereby one rejects NAB's new t&c and insist on maintaining previously promoted and stated conditions.

 

[FrequentFlyer85]

Paragraph 11 to the proposed Credit Card Terms and Conditions reads:
'We may change the terms and conditions applicable to your Account, including changing any condition, APR and fees and charges.'

On Page 4:
"We may change any of the terms and conditions that apply to your Account, including your Credit Limit, by reducing it, Annual Percentage Rates, fees and charges, the calculation of repayments and other Account features."

But you're trying to make it sound like they're slipping this in as part of the migration. That clause hasn't changed from what's in the current Citibank terms?

https://www.citibank.com.au/global_docs/pdf/MCG15638_1118.pdf

Clause 11: "We may change the terms and conditions applicableto your account, including changing any condition, the APR and fees and charges."

Page 4: "We may change any of the terms and conditions thatapply to your Account, including your Credit Limitby reducing it, Annual Percentage Rates, fees andcharges, the calculation of repayments and otherAccount features."

The fact that they've left that clause unchanged in the new terms doesn't support your speculation, nor does it undermine It. It is completely expected.

 

[JohnGlav]

But you're trying to make it sound like they're slipping this in as part of the migration. That clause hasn't changed from what's in the current Citibank terms?

https://www.citibank.com.au/global_docs/pdf/MCG15638_1118.pdf

Clause 11: "We may change the terms and conditions applicableto your account, including changing any condition, the APR and fees and charges."

Page 4: "We may change any of the terms and conditions thatapply to your Account, including your Credit Limitby reducing it, Annual Percentage Rates, fees andcharges, the calculation of repayments and otherAccount features."

The fact that they've left that clause unchanged in the new terms doesn't support your speculation, nor does it undermine It. It is completely expected.

Thank you for your helpful observations (no sarcasm is intended).
Let's think a little deeper.
When was the Citibank document which you kindly provided dated? 1 June 2025.
Who controlled Citibank Australia on 1 June 2025 and facilitated the issue of that document? NAB.
What did the Citibank document look like just before NAB took over control? Hopefully someone here at AFF can provide?
Is it likely that NAB thought up of the MyCard branding, terms and conditions etc. for the first time between 1 June 2025 and late September 2025? Probably not.
Why would NAB create a separate MyCard product for ex-Citibank credit cards rather than roll the ex-Citibank credit cards into its NAB branded credit cards stable?
The MyCard product is almost like an SPV isn't it?
Or the credit card analogue of a 'burner phone'?
Big corporates use SPVs for 'special purposes' as the name suggests.
But why is a SPV necessary here?
Given the experience with Citibank Plus, should we expect NAB to pare back the 'benefits' associated with the ex-Citibank credit cards?
How does one kill a frog by boiling it in water? By turning up the heat gradually so the frog does not notice until it is too late.
When is it too late?
Wyler wrote:
"Then wait until we use it".
Wyler is exactly right.
'Fee free for life' is associated with a Citibank credit card.
Migrating Citibank free free for life cardholders to MyCard destroys that nexus forever.
The moment the former Citibank fee free for life cardholders activate or use their shiny new MyCards, they are bound by and are deemed to have accepted the MyCard terms and conditions.
Will NAB impose annual fees on the former Citibank fee free for life cardholders immediately after they are migrated over to MyCard? Probably not given their track record with Citibank Plus.
Why not immediately? That would alarm the frog in the water wouldn't it?
When then? Give it a few years. By then the former Citibank fee free for life cardholders are absolutely bound by the MyCard terms and conditions. Also, there is a contractual doctrine of 'part performance' that can also come to NAB's aid.
Deeming provisions? They are commonly found in solicitors' costs agreements. Read them carefully.
Oh the games they play.
I used to play them too for a big ASX listed corporate.
But now I provide free legal opinions on the internet.
Dear NAB and NAB operatives, we see your playbook.

 

[JohnGlav]

From a Citibank fee free for life credit card holder:

'I have the old paperwork on the fee free for life. It just says Annual Fee: $0 while you hold a Citibank Rewards Credit Card - Signature.'

Also, why does NAB continue to advertise Citibank branded credit cards on the Citibank Australia website with the impending MyCard introduction?

Credit Cards - Apply for a Credit Card online | Citi Australia

Apply online for the best credit cards from Citi Australia. Choose from balance transfer, rewards, low-interest rate & no-annual-fee credit cards.

www1.citibank.com.au

Moving (some?) existing Citi Premier card accounts to MyCard while at the same time soliciting new applications for new Citi Premier card accounts?

A business model of great coordination and efficiency?

Left hand and right hand moving in perfect harmony?

It is becoming even clearer why MyCard is a thing.

 

[RB]

If I remember correctly, many years ago on this forum someone posted a copy of the original T & C's of the Citi Card in case disputes arose- not sure the post has survived time

 

[oz_mark]

Moving (some?) existing Citi Premier card accounts to MyCard while at the same time soliciting new applications for new Citi Premier card accounts?

It will be all Citi accounts. The agreement to use Citi's name and systems expires at the end of the year.

NAB have built a whole new system for unsecured loan products. My guess is the NAB products will be moved across to the new system in due course.