Review: Citi ULTIMA credit card

The Citi ULTIMA is part of the “elite four” segment in Singapore, a group of ultra-premium, invite-only credit cards. Membership usually requires an annual income of at least S$500K, extremely high levels of spending, four-digit annual fees, and initiation rites that would put the Illuminati to shame.

Suffice to say, you won’t see these offered at a roadshow near you anytime soon.

I last reviewed the Citi ULTIMA in 2018, and figured it was time for an updated look at the benefits of this card. Has the value proposition changed, and is it worth the hefty price of admission?

How do you qualify for a Citi ULTIMA?

The Citi ULTIMA’s website proudly proclaims it to be a “Club of One”, an exclusive offering only for the creamy-de-lah-creamy of society.

In more concrete terms, qualification requires you to:

1. Earn a minimum annual income of S$500,000 or
2. Have a minimum of S$2M AUM with Citibank and spend at least S$20,000 a month for the past 3 months on any credit card

These are just general guidelines, and I imagine there’s flexibility to consider other high-profile individuals, like captains of industry, politicians, or that guy who survived a day-trip to Yishun…

Citi ULTIMA Basics

Assuming you can get a foot in the door, you’ll pay a non-waivable annual fee of S$4,160 for the privilege of holding a Citi ULTIMA. As per the cardmember’s agreement, supplementary cards are free of charge. It’s not specified exactly how many, but based on what I hear you’ll get at least two.

ULTIMA cardholders receive 375,000 ThankYou points (150,000 miles) for paying the annual fee each year. This makes the Citi ULTIMA’s miles:annual fee ratio the most favorable among the S$500K segment.

The ULTIMA earns 1.6/2.0 mpd on local/overseas spend. The local earn rate is the highest in the market, but the overseas earn rate lags behind many other cards. You could do better with the OCBC 90N (2.1 mpd), OCBC VOYAGE (2.3 mpd), UOB PRVI Miles/Reserve (2.4 mpd) and the BOC Elite Miles (3.0 mpd), for example.

Points earned on the Citi ULTIMA card do not expire, and all conversion fees are waived. Citibank has the widest variety of transfer partners in Singapore, and Citi ThankYou points can be transferred to 11 different frequent flyer programs and 1 hotel partner at a 5:2 ratio.

	Transfer Ratio (Points: Miles)
	5:2
	5:2
	5:2
	5:2
	5:2
	5:2
	5:2
	5:2
	5:2
	5:2
	5:2
	5:2

The wide variety of transfer partners allows you to access great sweet spots, like Turkish Airlines to Europe, British Airways short-haul awards, and Etihad Guest’s harem of partner airlines.

However, do remember that Citibank does not pool points, so you’ll still need to pay separate transfer fees if you own any other Citi credit cards.

Buy miles at 1.25 cents each

Citi ULTIMA cardholders can buy miles at just 1.25 cents each when they use Citi PayAll, thanks to the 2% admin fee and a 1.6 mpd earn rate.

As far as buying miles goes, this is one of the cheapest rates you can find in Singapore. The catch is that you need to have a bona fide payment to make- this isn’t like the UOB Reserve’s “no questions asked” facility, which admittedly costs significantly more at 1.9 cents per mile.

As of today, you can pay rent, education expenses, taxes, condo management fees and electricity bills via Citi PayAll. Unfortunately, insurance payments are currently not available.

Three Unlimited Priority Pass cards

Principal ULTIMA and the first two supplementary cardholders each receive an unlimited-visit Priority Pass. However, this does not cover guests, who will be charged at the usual US$32 rate.

As an interesting counterpoint, the Citi Prestige only grants the principal cardholder an unlimited visit Priority Pass, but it comes with an additional guest free of charge. This means there’s more flexibility with the Citi Prestige as your traveling partner can change each time, and you’ll still be able to guest him/her in. With the Citi ULTIMA, the only way to bring a “guest” is to give that guest a supplementary card- feasible for a spouse, not so much for a colleague.

That said, the Citi ULTIMA is well ahead of the UOB Reserve and DBS Insignia, which only offer lounge access to the principal cardholder.

Complimentary airport limo transfers and fast track

ULTIMA cardholders who purchase a Business or First Class ticket using their card will be entitled to a complimentary one-way airport limo transfer, and fast track immigration services where available.

This benefit can be used on either the outbound or return leg, with no cap on the maximum usage. However, the benefit only applies when you travel on a full-service carrier; budget carriers are ineligible.

You also won’t be eligible for this benefit when you redeem a First or Business Class ticket with your miles, even if you pay for the taxes and surcharges with your ULTIMA card.

It surprises me that the airport limo benefits offered on these supposedly elite cards are substantially weaker than what you’d find on cheaper ones. The OCBC VOYAGE (S$120K income req.), for example, offers up to 24 complimentary airport transfers per year, each with a minimum spend of S$3,000 per month. Similarly, the UOB PRVI Miles (S$30K income req.) gives you two free rides with a minimum of S$1,000 overseas spend in a quarter.

So it seems awfully restrictive that Citi ULTIMA cardholders must buy a First or Business Class ticket to enjoy a free airport limo transfer. At least the UOB Reserve allows cardmembers to redeem a ride with at least S$2,000 spent on hotels or airlines in any cabin (although to be fair that’s capped at a measly four times per year). The DBS Insignia does not offer any airport limo benefit that I’m aware of, but if you get the card by virtue of being an Treasures Private Client then you enjoy unlimited airport transfers anyway.

Book one hotel night, get one night free

Citi ULTIMA cardholders will receive one free night with a minimum of two nights booked at hotels participating in the Visa Infinite Luxury Hotel Collection.

This benefit cannot be utilised in Singapore, and bookings must be made between 72 hours and 6 months prior to your stay. The cost of the complimentary night will be computed as the average nightly rate for the entire stay, so if one night costs S$300 and the other S$500, you’ll get a S$400 rebate. You’ll still be responsible for taxes and surcharges on the “free” night.

Cardholders get a maximum of two complimentary nights per outward bound trip from Singapore. It’s unclear to me how they’re defining outward bound trip though, especially when they don’t have access to your flight itinerary.

Citi has slightly devalued this benefit since the last review I wrote. Before May 2019, cancellations or amendments could be made up to 72 hours before arrival. From May 2019, cancellations or amendments must be made at least 7 days before arrival.

That said, it’s still better than what the UOB Reserve offers. UOB Reserve cardholders get 2 free nights when they book 2 nights through the Inspired Lifestyles portal, but rates here are strictly non-changeable and non-refundable, and tend to be more expensive than competing OTAs.

Companion airfare program

Citi ULTIMA cardholders receive a complimentary companion ticket when they purchase a full fare First or Business Class ticket on the following eight carriers:

• American Airlines
• British Airways
• Delta
• Etihad Airways
• Japan Airlines
• Lufthansa
• Qantas
• Qatar Airways

On the surface, it sounds great: a 50% discount!

The problem is, your paid ticket is charged based on the highest fare class (whereas the free ticket is based on the lowest fare class), and you’re still on the hook for taxes and surcharges. Here’s an illustration of how the benefit works:

The fact that you can’t book discounted premium cabin fares means your actual savings will be more in the region of 20-30%. You’ll save less when you fly on airlines that build a larger amount of the total cost into fuel surcharges, or when you fly from airports with high taxes (eg London).

One stop-over is allowed in the itinerary, and all flights must start and end in Singapore. Travel dates must be between 72 hours to 6 months from booking.

In addition to the companion airfare discount, single travelers will get 10-15% off flights with the same eight carriers. Fortunately, this is based on the best available fare, so you may realise some better savings here.

Complimentary APEC Business Travel Card

The APEC Business Travel Card can be an absolute lifesaver when travelling, and if you’re eligible, you owe it to yourself to get one. Cardholders can use fast-track immigration queues in Australia, Brunei, Chile, China, Hong Kong, Indonesia, Japan, South Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, Philippines, Russia, Singapore, Taiwan, Thailand, Vietnam, USA, and Canada.

The card has an application fee of S$100, which Citi will refund…provided you spend at least S$200,000 on the ULTIMA in the 12 months prior.

Yes, that’s right. To get a S$100 statement credit, you need to spend S$200,000. Given that members are forking over S$4,160 for the annual fee, this seems needlessly stingy.

Dining benefits

The ULTIMA doesn’t come with any dining vouchers or memberships, but cardmembers can expect discounts or special privileges at the following restaurants:

• Esquina (8-course tasting menu at S$168++)
• Restaurant Jag (10% off + complimentary glass of champagne)
• Origin Grill and Bar (15-20% off)
• NAMI Restaurant & Bar (15-20% off)
• Shang Palace (15-20% off)
• Shophouse by Shangri-La (15-20% off)
• The Line (15-20% off)
• The Lobby Lounge (15-20% off)
• The Rose Veranda (15-20% off)
• Waterfall Ristorante Italiano (15-20% off)
• SKIRT (25% off + one bottle of wine per 4 guests)
• the kitchen table (25% off + one bottle of wine per 4 guests)
• WOOBAR (50% off on house pours)
• Chihuly Lounge & Colony at The Ritz-Carlton Millenia (15% off)
• Zafferano Italian Restaurant & Lounge (15% off)

It’s nowhere near as impressive as the Love Dining program that American Express cardholders can take advantage of, and it’s decidedly underwhelming for a card of this caliber.

Miscellaneous benefits

Citi ULTIMA cardholders enjoy complimentary green fees at 280 participating golf clubs worldwide. This is capped at a maximum of 3 times per year.

They’ll also receive a 1-year complimentary subscription to Robb Report, The Peak, ICON and Harper’s Bazaar.

How does the Citi ULTIMA compare to other S$500K cards?

The Citi ULTIMA is certainly a more compelling offering than the UOB Reserve. The UOB Reserve may be cheaper, but it also has 50,000 fewer miles, only one Priority Pass, charges for supplementary cards, and a much more restrictive complimentary hotel nights offer.

However, I’d think the DBS Insignia would give the ULTIMA a close fight. The Insignia is almost S$1,000 cheaper (albeit with 50,000 fewer miles), and comes with two free luxury hotel nights a year, private club access and a Club at the Hyatt membership. We’ll take a closer look at this when I update the Insignia’s review (the old one is from 2016!).

Needless to say, the AMEX Centurion’s benefits wipe the competition off the map- but it’s always difficult to bring this in as a comparison, given the much higher annual fee of S$7,490 (plus a first year initiation fee of a further S$7,490).

Conclusion

There could be people who derive a lot of value from the Citi ULTIMA, but it requires a very specific pattern of travel- specifically, that you regularly book revenue hotel rooms at luxury properties, and buy First/Business Class tickets. Needless to say, that goes against the travel hacking philosophy but then again, this card wasn’t created with that audience in mind.

I do feel that for the amount you’re paying, you’d be right to expect better limo, lounge and dining benefits. It feels like the AMEX Platinum Charge would be a much better deal in that respect, with the Love Dining program and unlimited lounge access for principal & supplementary cardholders.

So if I personally was somehow offered a Citi ULTIMA, I most probably wouldn’t take it up. It’s not a card that compliments the miles and points strategy very well, and the benefits don’t justify the cost in my opinion .