Citi Ready Credit - 70k Velocity points with $500 balance transfer

[MELso]

Citi Ready Credit - Velocity offer

Citi Ready Credit is a line of credit that you can dip into whenever you need. Apply for Ready Credit and receive an introductory offer on the initial balance transferred.

www1.citibank.com.au

$500 balance transfer required; $199 establishment fee. 4.9% APR.

Presumably stacks with the personal loan offer as it's a different lending product.

(Alas, I'm not eligible as I fixed $60k at 2.9% using Ready Credit with 100K Flybuya points. Oh well...)

 

[blastoise]

Citi Ready Credit - Velocity offer

Citi Ready Credit is a line of credit that you can dip into whenever you need. Apply for Ready Credit and receive an introductory offer on the initial balance transferred.

www1.citibank.com.au

$500 balance transfer required; $199 establishment fee. 4.9% APR.

Presumably stacks with the personal loan offer as it's a different lending product.

(Alas, I'm not eligible as I fixed $60k at 2.9% using Ready Credit with 100K Flybuya points. Oh well...)

Wondered about this deal if it's good value or not as I'm only after the points.

So borrow 5k, pay most of it back, make the $500 balance transfer and pay the $199 establish fee.

Seems like fool proof way to get 70k points.

 

[Brissy1]

...the personal loan offer

Not aware of that offer, is there a thread about that?
I'll probably take up this offer as I've been (able to) use velocity points internationally (with UA) recently, unlike qff. Only Y but still saves heaps at today's prices.

 

[MELso]

Not aware of that offer, is there a thread about that?
I'll probably take up this offer as I've been (able to) use velocity points internationally (with UA) recently, unlike qff. Only Y but still saves heaps at today's prices.

Now expired sadly, but thread: Citi Personal Loan Plus=Velocity.

 

[MELso]

Wondered about this deal if it's good value or not as I'm only after the points.

So borrow 5k, pay most of it back, make the $500 balance transfer and pay the $199 establish fee.

Seems like fool proof way to get 70k points.

Don't think you need to borrow $5k - all you need to do is open an account, then do a balance transfer of at least $500 (which can be to yourself, I would note - I did a balance transfer to my mortgage via my Macquarie Bank account of the maximum I was approved for as the balance transfer rate of the promo I took up - 2.9% - was a lot less than my mortgage rate)...

So yes, the cost of 70k Velocity points could be as low as $199 plus about 4 months of interest on $1 at 4.9% p.a (a few cents, assuming you repay $499 of the $500 straight away noting you can't repay the whole balance until you've got the points), based on my experience in how long it took Citi to get me my Flybuys points...

 

[blastoise]

Don't think you need to borrow $5k - all you need to do is open an account, then do a balance transfer of at least $500 (which can be to yourself, I would note - I did a balance transfer to my mortgage via my Macquarie Bank account of the maximum I was approved for as the balance transfer rate of the promo I took up - 2.9% - was a lot less than my mortgage rate)...

So yes, the cost of 70k Velocity points could be as low as $199 plus about 4 months of interest on $1 at 4.9% p.a (a few cents, assuming you repay $499 of the $500 straight away noting you can't repay the whole balance until you've got the points), based on my experience in how long it took Citi to get me my Flybuys points...

I have a feeling you have to borrow 5k cos it is a line of credit? If you scroll down the page and input anything lower than 5k it tells you that you can't. Dunno but would have to check with Citibank on this to be sure..

Seems like decent value I guess

 

[MELso]

I have a feeling you have to borrow 5k cos it is a line of credit? If you scroll down the page and input anything lower than 5k it tells you that you can't. Dunno but would have to check with Citibank on this to be sure..

Seems like decent value I guess

When my account was originally set up, it started with a zero balance, reflecting that it's a line of credit, not a personal loan. Only after the balance transfer occurred did it have a balance.

 

[blastoise]

When my account was originally set up, it started with a zero balance, reflecting that it's a line of credit, not a personal loan. Only after the balance transfer occurred did it have a balance.

Thanks for the clarify, it's confusing as to why they have the 5000 borrowing slider thingy straight under it though!

So technically you could just balance transfer $500 off another credit card, and then leave it there til you get the points bonus paid out, then close the whole thing down, if I'm reading it correctly...

 

[MELso]

Thanks for the clarify, it's confusing as to why they have the 5000 borrowing slider thingy straight under it though!

So technically you could just balance transfer $500 off another credit card, and then leave it there til you get the points bonus paid out, then close the whole thing down, if I'm reading it correctly...

Yup... (And in fact you could pay back $499 of the $500 straight away...)

 

[blastoise]

Yup... (And in fact you could pay back $499 of the $500 straight away...)

Ok fantastic thank you

 

[papeto]

May want to try this one rather - 60, 000 velocity points and no fee in the first year - Citi Rewards Card - Velocity offer

 

[blastoise]

May want to try this one rather - 60, 000 velocity points and no fee in the first year - Citi Rewards Card - Velocity offer

Already have, waiting on the points to arrive cos I got the email to input my velocity number on 30 December ..

 

[blastoise]

I wonder if one can do a balance transfer from an existing Citibank credit card that has like at least $500 owing on it, or do they want another banks credit card,..

 

[Ozymandias]

There doesn’t appear to be a block on getting the points if you took advantage of the personal loan 150k point offer - am I reading that right?

 

[MELso]

They're different credit products so it shouldn't present a problem...

 

[Mr H]

There doesn’t appear to be a block on getting the points if you took advantage of the personal loan 150k point offer - am I reading that right?

I just got an immediate rejection for this but did get the 150k offer. No reason given.

 

[Deskorpio]

Hi, I am thinking of taking up this offer for the 70k Velocity points, but am so lost ...pls help
I hold Citi Prestige with 20k limit, pretty much maxed up every month due to CitiPayAll (just for the points) and daily transactions. I cleared the balance every month.
Say my current Citi Prestige balance is 10k. If i apply for $500 Ready Credit, repay $499 back straightaway and have to leave the $1 balance until the Velocity points are in, does it mean I can't clear my10k card balance and will be hit with interest for as long as my Ready Credit remain open??

 

[MELso]

They’re separate credit products.

 

[Deskorpio]

@MELso
So its like applying for a new card/loan all over again with separate limit etc? That made more sense now. Thanks

 

[MELso]

Yes, although it shouldn’t need a credit check as you already have an active Citi credit account.