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

[MELso]

Is is just a normal Bank account transfer setup and it will count towards the Bonus?

Thanks for answering

Yes - it's basically a direct deposit of $5k into another account, then making a payment into the account of $1 (something I like to do to check the account number is correct) and $4,990 the next day (so the account remains in debit).

 

[nthd_nthd]

I did both, and was credited with both. I think they overlapped, too.

Hi @padders and @everyone

When you said overlapped, do you mean you have 2 applications within 1 month? I got knocked back by citi Velocity offer - again 3rd time trying to apply for this. Just wondering if I should try my luck again for Qantas before it's gone. and my family member got approved 8 July. Should they try to apply again on another product i.e. Qantas offer?

 

[MELso]

Hi @padders and @everyone

When you said overlapped, do you mean you have 2 applications within 1 month? I got knocked back by citi Velocity offer - again 3rd time trying to apply for this. Just wondering if I should try my luck again for Qantas before it's gone. and my family member got approved 8 July. Should they try to apply again on another product i.e. Qantas offer?

Only if you want to blow up your credit history with another rejection.

Best bet is to cool the jets for a few months (at least 4-5 months) to demonstrate you're not desperate for credit and then rejoin the credit card churning game. (I went through this rejection cycle at the end of last year and start of this year - Ready Credit was my first application for 5 months. I won't be making another application until December now - fingers crossed Citi's still operating and I can get a Clear card balance transfer.)

 

[nthd_nthd]

Only if you want to blow up your credit history with another rejection.

Best bet is to cool the jets for a few months (at least 4-5 months) to demonstrate you're not desperate for credit and then rejoin the credit card churning game. (I went through this rejection cycle at the end of last year and start of this year - Ready Credit was my first application for 5 months. I won't be making another application until December now - fingers crossed Citi's still operating and I can get a Clear card balance transfer.)

The reason is ready Credit is ending soon. But you are right, I should let it go.

 

[GDale]

The reason is ready Credit is ending soon. But you are right, I should let it go.

I got greedy and tried to applied for all three at the exact same time and it did not work - two were denied by the next morning but one did go through. The only issue is I now have no idea which offer was the one that went through!

 

[nthd_nthd]

I got greedy and tried to applied for all three at the exact same time and it did not work - two were denied by the next morning but one did go through. The only issue is I now have no idea which offer was the one that went through!

Can't you confirm before accept?

 

[GDale]

Can't you confirm before accept?

As in call to check? I can, but to be honest I'd be happy with any of them given the fact that there won't be further opportunities to apply for this product anyway - and I have taken the credit check hit already anyway.

 

[Hadun]

I got greedy and tried to applied for all three at the exact same time and it did not work - two were denied by the next morning but one did go through.

Did one less than you and got the same result. Q got approved while the V application finished on an instant rejection screen lol. Can imagine the Citi system must've thought we were taking the mickey. Though in all honesty I did have previous successes with getting approved after simultaneous applications for citi + virgin as well as citi + qantas in another instance.

 

[billmurray]

Is it true an email is sent only after you balance transfer asking for your FF number?

 

[MELso]

Is it true an email is sent only after you balance transfer asking for your FF number?

Yes (well, it was the case for me in 2022 when I did the Flybuys one).

Just activated my new Ready Credit account today (after applying on 3 July and being approved on 7 July), so let's see how long the process takes for the Qantas offer...

 

[k1s3k1]

Last time I received the email requesting my velocity number around 2 weeks after receiving first statement. so takes a while

 

[chickenscraper]

Applied for the Qantas and Velocity offers last Thursday, both were conditionally approved. On Friday only one was actually approved not sure which, other was denied. Then on Sunday a statement was issued for the open account for the 2 day period of Sat to Sunday which was a bit weird.

Hope it's the Q one that approved because I'm going to be a bit short of hitting Points Club Plus without it but eh the Virgin offer is more points so that's fine too.

Do you have to do the $5k out of the Citi account in one hit to qualify or can you split it?

 

[k1s3k1]

Applied for the Qantas and Velocity offers last Thursday, both were conditionally approved. On Friday only one was actually approved not sure which, other was denied. Then on Sunday a statement was issued for the open account for the 2 day period of Sat to Sunday which was a bit weird.

Hope it's the Q one that approved because I'm going to be a bit short of hitting Points Club Plus without it but eh the Virgin offer is more points so that's fine too.

Do you have to do the $5k out of the Citi account in one hit to qualify or can you split it?

I've always balance transfer $5k all at once, then immediately transfer back $4900, so only paying interest on $100 remaining.

 

[chickenscraper]

I've always balance transfer $5k all at once, then immediately transfer back $4900, so only paying interest on $100 remaining.

I did $1 out then $4999 then next day just wondering if i need to repay it in full and do it as a single $5k transaction.

 

[MELso]

I did $1 out then $4999 then next day just wondering if i need to repay it in full and do it as a single $5k transaction.

First, a balance transfer of $4999 is not sufficient. It must be $5000 or more.

Also, don't repay in full. You *must* have a debit balance to claim the points. Only repay the final few dollars once the points have lobbed in.

My $5000 transfer for my Qantas one went through on Saturday and processed this morning, I did a test payment of $1 to check the accounts linked correctly which was also processed this morning. I have transferred $4990 back this morning which should hit tomorrow.

This leaves me with a $9 balance which I'll maintain until the points land, then pay the remaining balance and close the account.

From the Qantas T&Cs: "To be eligible to receive 50,000 Qantas Points, you must: apply for this offer before it is withdrawn, request a balance transfer of $5,000 or more within 3 months of approval, and provide your Qantas Frequent Flyer membership number linked to an account in your name to NAB within 2 months of our request for it. Your account must be open, in good standing (for example, your account is not in default or suspended) and must maintain a debit balance until the Qantas Points are credited. If you do not provide your Qantas Frequent Flyer number within 2 months from when NAB first request it, the Qantas Points will be forfeited." EDIT AND "NAB will send you an email to the email address maintained on your Citi Ready Credit account requesting your Qantas Frequent Flyer membership number from you, within 2 months from the date your initial transfer of $5,000 or more was processed. NAB may also send you an SMS."

 

[NoName]

Can someone remind me, it’s as simple as activating the card and then in the Citi app transferring $5k to a bank account? Apologies, has been a while since I had this product/offer.

 

[MELso]

Can someone remind me, it’s as simple as activating the card and then in the Citi app transferring $5k to a bank account? Apologies, has been a while since I had this product/offer.

Yes - if you didn't nominate an account at the time of application.

 

[chickenscraper]

First, a balance transfer of $4999 is not sufficient. It must be $5000 or more.

ok, well i've already done a $1 transfer and a $4999 transfer. not sure how I can do a $5000 transfer with a $5000 limit without repaying it first?

 

[MELso]

ok, well i've already done a $1 transfer and a $4999 transfer. not sure how I can do a $5000 transfer with a $5000 limit without repaying it first?

You can but try repaying and hope they permit a second balance transfer...

 

[nthd_nthd]

I managed balance transfer 5K then waited a full day until it post into bank account and make repayment of 4.9K. That's since 11 July. How long do I wait until receiving the email for Velocity # please. any recent DP would be greatly appreciated.