Citi Personal Loan Plus=Velocity.

[woodyren]

I just noticed this on Finder. Looks like an easy way to collect 150K Velocity points. Well as easy as it is dealing with Citi for most things anyway.

Ozbargain has posts stating that it isn't targeted. I have applied for the minimum $5000 but currently hold 3 Citi branded or serviced credit cards so I may be unsuccessful.

Citi Personal Loan Plus - Velocity offer

Citi Personal Loan Plus can provide the funds you need to improve your home, go on holiday or deal with unexpected expenses. Find out more about our competitive personal loan rates and apply online.

www1.citibank.com.au

 

[Pele]

Woodyren,

Let us know how you go. I was browsing the velocity website this morning and that offer also piqued my interest. Didnt seem to have have any minimum loan amount to get the full 150k points. I too have a couple of Citi credit cards so not sure if that is a good or a bad thing. A $5k loan held for three months then paid back in full early for just the $199 set up fee and some interest looks like a winner.

 

[woodyren]

Ozbargain posts are reporting mixed approval results for those with Citi cards. Typical of Citi where not much makes sense. I have applied but no approval as yet.

 

[N0mad]

i think the success depends on whether you have recently closed any citi cards from what i took from it.

I closed a Suncorp card recently but still have a citi card opened, will give it a go after i close my current NAB card. I still have the Citi card, still using it and have not transferred any reward points out so hopefully don't get rejected due to the Suncorp card.

 

[Happy Dude]

There's some interesting timing and hoops for this:

When approved, you must activate your account. Citi will then ask for your Velocity number within 90 days of that date. The points will be available within 90 days of you providing it.

So up to six months (minimum is $5k over 5yrs so $104/month) plus the $199 set up fee. Of course it could be fewer months. Not a great deal at around (best case?) $500 but not terrible either. Could do better to go for credit cards.

 

[woodyren]

Your calculations are lacking the understanding that you can repay most of the $5000 straight away. There are no penalties for doing so. So you will pay the establishment fee plus a dollar or so a month interest of the $200 or so you leave on you loan. It should take around 5 months to get the points and then close off the loan. $210 for 150K points.

Anyway sadly but as expected due to me currently holding 3 Citi branded or serviced credit cards I have been knocked back on my application.

Good luck everyone else. This is a great deal.

 

[blacksultan]

Can you get the full 150 k points for a $5 k loan ?

 

[woodyren]

yes

 

[NoName]

This does sound interesting. Following peoples experiences closely here and will probably apply closer to the end date.

 

[Happy Dude]

Your calculations are lacking the understanding that you can repay most of the $5000 straight away. There are no penalties for doing so. So you will pay the establishment fee plus a dollar or so a month interest of the $200 or so you leave on you loan. It should take around 5 months to get the points and then close off the loan. $210 for 150K points.

Anyway sadly but as expected due to me currently holding 3 Citi branded or serviced credit cards I have been knocked back on my application.

Good luck everyone else. This is a great deal.

Ah. Terrific tactics. I thought it was a fixed plan thing.

I hold a Citi and a Virgin CC, plus two others, so I may be in a leakier boat than you. Seems odd they deny credit when they bombard with a zillion credit products,

 

[Mr H]

I applied for this on Saturday and today (Wednesday) I have been told I was approved. I need to expect a welcome pack by email over the next two days with instructions for how to draw down the funds. It is not clear whether I need to draw all of the funds or whether this is a "line of credit" facility like Waaalletwizard!

I currently have two credit cards (ANZ Rewards and Virgin Money) and have held most credit cards including Citi within the past 12 months.

 

[woodyren]

Knocked back as expected. Having a Citi, Virgin Money and Qantas money card all open at present as well as 3 other credit cards may well have killed this offer for me.

 

[Nycks]

Can someone please explain the following: "Fly Melbourne to London return on an Economy Class Reward Seat on Singapore Airlines from 150,000 Points, plus $390.85 in taxes, fees and carrier charges*"

Does it mean we need to book first a return trip with those specific seats (Are they like Premium Economy seats?) and pay the full price or does it mean the 150K points plus $390.85 in taxes are used to cover the full price?

 

[Mr H]

Can someone please explain the following: "Fly Melbourne to London return on an Economy Class Reward Seat on Singapore Airlines from 150,000 Points, plus $390.85 in taxes, fees and carrier charges*"

Does it mean we need to book first a return trip with those specific seats (Are they like Premium Economy seats?) and pay the full price or does it mean the 150K points plus $390.85 in taxes are used to cover the full price?

It means that if you want one economy return ticket to London, you will pay 150,000 points and $390.85 in cash money. Many of us think that redeeming for economy flights is usually not the best use of the points.

 

[Pele]

Applied last night. Approved this morning. Will be doing the same as Woodyren said in post #6.

 

[Splines]

Knocked back for this one, suspect its related to having too many of the products over the last 12M and 3 open credit cards

 

[Jousams]

applied Sunday, approved today (monday).

Has anyone who jumped on earlier received the request from Citi for their Velocity Number? I'm wondering if they will push out the timeframes as much as they can or whether it was just to give them some flex and they actually process the points well before they have to.

 

[Mr H]

applied Sunday, approved today (monday).

Has anyone who jumped on earlier received the request from Citi for their Velocity Number? I'm wondering if they will push out the timeframes as much as they can or whether it was just to give them some flex and they actually process the points well before they have to.

I was approved on 27 July. My card arrived a week later and I activated it immediately. Two days later (Friday last week), the $5000 appeared in my bank account. I can't see any record on the Citi app of this transaction or how to make an early repayment - I will call them to find out how to do this. I have not been asked for my Velocity number yet.

 

[NoName]

Has anyone who’s signed up to this made the early repayment yet? How much did you leave owing? Want to make sure this is all good prior to applying.

 

[Mr H]

Has anyone who’s signed up to this made the early repayment yet? How much did you leave owing? Want to make sure this is all good prior to applying.

I have repaid $4700. I presume this means I owe $495 but I can't find any reference to the set up fee - presumably hidden in the repayments. I have not yet been contacted to give my Velocity number.