Citi Ready Credit Offers

[Happy Dude]

Anyone get and/or go for a 100k flybuys points offer for minimum $500 balance transfer at 2.9% (for 3 years)?

These ready credit offers come thick and fast but always have a set up fee of $199. Not usually enticing as I have no need for a BT but this one suggests a profit of around $300, less some interest, is there.

 

[Pele]

I got the same offer. Like you said- they send through loads of offers but this one stands out. I currently have one other iron in the fire at the moment i need sorted first. Once that is done then i will probably give this one a go. Do a balance transfer of $500 pay the $199 fee, hook the 100k flybuys points and then pay the $500 back straight away. Like you i also have no need for a balance transfer.

 

[Cadyland]

I signed up for this offer. Activated my card last week and rang today to find out the process for getting the flybuys points and was told by citibank that they have no knowledge of this offer. I have lodged a formal complaint with citibank to try and get them to provide me with the points

 

[N860CR]

I signed up for this offer. Activated my card last week and rang today to find out the process for getting the flybuys points and was told by citibank that they have no knowledge of this offer. I have lodged a formal complaint with citibank to try and get them to provide me with the points

From previous experience, they’ll just give them to you. Raise with AFCA if they hesitate. They’ll do it at the first level.

 

[Happy Dude]

Upon looking into the details more closely (read: reading and understanding the offer), this isn't a good deal.

It's actually an application for a line of credit (credit card), and the bonus FB points are for a tacked on BT. There's a $199 establishment fee and the minimum credit is $5,000 which equates to monthly payments of around $146. The points won't come through for at least 9 weeks but maybe as many as 14. So costs comfortably exceed $500.

 

[SydneySwan]

Upon looking into the details more closely (read: reading and understanding the offer), this isn't a good deal.

It's actually an application for a line of credit (credit card), and the bonus FB points are for a tacked on BT. There's a $199 establishment fee and the minimum credit is $5,000 which equates to monthly payments of around $146. The points won't come through for at least 9 weeks but maybe as many as 14. So costs comfortably exceed $500.

It is a very poorly-worded offer giving the impression that you only have to do a BT of $500 to earn the FB points when in fact it is a loan with a minimum balance of 5k. Keep well clear.

 

[Pele]

Thanks for that info. Based on this feedback I will give it a miss.

I have taken solice from an email citibank sent me today saying my $100 voucher for Jb hifi/Myer/Woolworths was ready to be redeemed. I thought it was a scam so didn't click the link. I went back and checked my emails and sure enough in November Iast year I activated this offer.

I must cost these guys a fortune!

Pele.

 

[JohnK]

Upon looking into the details more closely (read: reading and understanding the offer), this isn't a good deal.

It's actually an application for a line of credit (credit card), and the bonus FB points are for a tacked on BT. There's a $199 establishment fee and the minimum credit is $5,000 which equates to monthly payments of around $146. The points won't come through for at least 9 weeks but maybe as many as 14. So costs comfortably exceed $500.

I know it's not a good deal if you're not looking for credit but if you're already paying >20% elsewhere (as most people do) then 2.9% for 3 years with 100,000 Flybuys points is a very good deal.

I have Readycredit already. All they offer are instalment plans or spend $600 in 2 months for $50 gift card.

 

[Happy Dude]

You'd be better off getting a credit card with a free BT and direct FF points if you need credit. If you use the credit amount to pay back the monthly instalments then the cost is limited to the upfront fee, which is worth it.

One could push one's luck and try to earn more than 2.9% on the credit funds too if one was so inclined. This approach may come back into fashion when mortgage interest rates increase.

 

[MELso]

Anyone get and/or go for a 100k flybuys points offer for minimum $500 balance transfer at 2.9% (for 3 years)?

These ready credit offers come thick and fast but always have a set up fee of $199. Not usually enticing as I have no need for a BT but this one suggests a profit of around $300, less some interest, is there.

They now offer 4.9% for 5 years with no Flybuys points, so not nearly as enticing...

Having said that, I applied on 30 August. Figured that the $59K they offered me for 3 years at 2.9% (below the $75K max sadly) can be dumped into my now 4%+ mortgage for the next few years before redrawing on said mortgage to repay the facility and close the account, while the Flybuys points will go a long way to an award seat on SQ through VA I have my eye on...

(In the process, have realised that Citi has, some time in the last few months, engaged in some rate creep so my mortgage rate is now 0.30% above the new customer rate of 4.24%, so am getting my broker to (hopefully) sort that out. Gotta watch these banks like hawks...)

 

[Spongbob]

You'd be better off getting a credit card with a free BT and direct FF points if you need credit. If you use the credit amount to pay back the monthly instalments then the cost is limited to the upfront fee, which is worth it.

One could push one's luck and try to earn more than 2.9% on the credit funds too if one was so inclined. This approach may come back into fashion when mortgage interest rates increase.

Some Term Deposits are currently higher than 2.9%.

 

[JohnK]

5% cash back (maximum $50) for spending $600+ on readycredit in October/November 2022.

Wouldn't hurt to pay a few bills on the card.