Get 50,000 Avios when you join Citigold Wealth Management

In December we ran an article on Citibank’s attractive Avios offer for expats in the UK via the Citigold Expat scheme.

Citigold Wealth Management has a similar offer for UK residents, which seems to have survived Avios launching its high profile partnership with Barclays Premier.

As you will see, this is a niche offering and not something that you should rush into.  There is also a cash equivalent which some people may find more attractive.

That said, with interest rates at rock bottom, the Avios may offer a good return on your money.

What is the Citigold Avios offer?

The headline offer is 50,000 Avios for opening a wealth management account. 

Full details are on the Citigold Wealth Management website here.  Further details about the Avios offer only appear on the application page here.

How the Citi / Avios partnership works

The current iteration of the offer runs until 31st December 2022, although it has been rolled over for a number of years now.

To qualify, you need to open a Citigold relationship account with new money, ie not money transferred from another Citi account.  You will receive 50,000 Avios for funding the account with £150,000 or equivalents, via Citigold Wealth Management.

In the past there has been a second offer of 100,000 Avios for funding the account with £650,000 or equivalents, via Citigold Private Client. I can no longer find any sign of this offer and it may have been withdrawn.

You need to keep the account at that balance for at least two full calendar months, so if you open an account today it must remain funded at that level until the end of April.

But note the cash alternative ….

Citi is happy to offer you cash instead of Avios.

You can swap the 50,000 Avios for £500.

There is also an option to take a £500 Harrods gift card, but I am not considering that here.

The cash alternative makes the decision slightly trickier.  Whilst I tend to get well over 1p per Avios (I have historically got around 1.2p and that is based on very conservative valuations for what I would have paid in cash if I hadn’t use Avios) I am less keen, given my high Avios and American Express Membership Rewards balances, to pay 1p for them.

Avios are illiquid.  Avios can be devalued at any point by the Central Bank of IAG.  I am happy to speculatively pick them up for 0.75p but no more.  Of course, if you redeem more carefully than I do then your maths will be different – for example anyone who ONLY redeems Avios with a British Airways American Express 2-4-1 companion voucher will get better value.

Tax is another consideration.  The Avios gift will not attract any tax.  It is less clear if the £500 would be taxable – it depends if it is seen as a ‘rebate’ on investment fees.

I purposely haven’t gone into the full details of the Citi Wealth Management service.  If you are happy to move such sums of money then you will be the sort of person who does their own due diligence.

You can find out more about the Avios / Citi Wealth Management offer here.

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How to earn Avios from UK credit cards (September 2024)

As a reminder, there are various ways of earning Avios points from UK credit cards.  Many cards also have generous sign-up bonuses!

In February 2022, Barclaycard launched two exciting new Barclaycard Avios Mastercard cards with a bonus of up to 25,000 Avios. You can apply here.

SPECIAL OFFER: Until 26th September 2024, sign up for FREE Barclaycard Avios Mastercard and you will receive a sign-up bonus of 10,000 Avios. This is double the usual bonus! You only need to spend £1,000 within 90 days. Our full review is here. Click here to apply.

You qualify for the bonus on these cards even if you have a British Airways American Express card:

There are two official British Airways American Express cards with attractive sign-up bonuses:

You can also get generous sign-up bonuses by applying for American Express cards which earn Membership Rewards points. These points convert at 1:1 into Avios.

Run your own business?

We recommend Capital on Tap for limited companies. You earn 1 Avios per £1 which is impressive for a Visa card, along with a sign-up bonus worth 10,500 Avios.

There is also a British Airways American Express card for small businesses:

There are also generous bonuses on the two American Express Business cards, with the points converting at 1:1 into Avios. These cards are open to sole traders as well as limited companies.

SPECIAL OFFER: Until 22nd October 2024, the bonus on American Express Business Platinum is increased to up to 80,000 Membership Rewards points, worth 80,000 Avios. You will receive 8 points per £1 spent for the first three months, on up to £10,000 of spending. Click here to read our full card review. Click here to apply.

SPECIAL OFFER: Until 22nd October 2024, the bonus on American Express Business Gold is increased to up to 40,000 Membership Rewards points, worth 40,000 Avios. You will receive 4 points per £1 spent for the first three months, on up to £10,000 of spending. The card is FREE for your first year. Click here to read our full card review. Click here to apply.

Click here to read our detailed summary of all UK credit cards which earn Avios. This includes both personal and small business cards.