Citibank quick cash with $100 gift card

[Duffa]

Has anyone taken up the offer of $100 gift card by converting $2,500 of credit to ready cash for a 0.9% establishment fee and zero interest? My reckoning is $22.50 fee for $100 card. Have I missed something?

 

[lakeman]

A hit to your credit rating ?

 

[jakeseven7]

I’ve been hit with this multiple times and the effort just isn’t worth the time (for me). But let us know how you go!

 

[Duffa]

I’ve been hit with this multiple times and the effort just isn’t worth the time (for me). But let us know how you go!

I get the offer every 2-3 weeks and it won't go away. I've tried to stop promo emails and just get essentials but everyone knows what Citi back-office is like!! Thought if I took the offer, the emails might stop but I'm scared of the small print and ending up paying hundreds back on interest. As my (late) father always warned;"you get nothing for nothing".......

 

[awesomedude]

Got a bunch of offers earlier in the year and took up all of them after carefully reading through the T&C's. Didn't encounter any issues and have paid all off.
All up had 6 offers each offering $100 GC. In total paid $106.58 in interest/fee so came out $493.42 ahead.

This is linked to exiting credit card which I have via fee free for life so no credit hit.

I have the same offer and will be taking it up.

 

[Infrequent traveller]

Got a bunch of offers earlier in the year and took up all of them after carefully reading through the T&C's. Didn't encounter any issues and have paid all off.
All up had 6 offers each offering $100 GC. In total paid $106.58 in interest/fee so came out $493.42 ahead.

This is linked to exiting credit card which I have via fee free for life so no credit hit.

I have the same offer and will be taking it up.

Probably a noob question - what does it mean by loss of the credit free period? Does it mean interest calculated from time of transaction (hopefully not?!) or time of statement. What steps need to be taken to avoid unnecessary interest/charges other than not using the card for new purchases at all? Thanks

 

[awesomedude]

Discussion here for this offer: Bonus $100 eGift Card with Citi Quick Cash $2500 or More (0.90% Fee - 6 Months / 1.9% Fee - 12 Months)
Discussion of previous offer: Citi Quick Cash: 12-Month Interest Free (Bonus $100 Gift Card with $1000+ Cash Advance), 1.90% Setup Fee @ Citi

 

[awesomedude]

Probably a noob question - what does it mean by loss of the credit free period? Does it mean interest calculated from time of transaction (hopefully not?!) or time of statement. What steps need to be taken to avoid unnecessary interest/charges other than not using the card for new purchases at all? Thanks

Don't need to worry about any of that here as this is a Fixed Payment Offer so what happens is that Citibank treats the $2500 or the amount you withdraw separately and this doesn't impact your spending.
So for instance if you have $15k limit and withdraw 2.5k, you now have 12.5k for normal purchases. the 2.5k is divided into 12 instalments and each instalment is added to your monthly statement.
As the fee is charged upfront, you can pay it off anytime without any additional fees. The only thing to keep in mind is that you shouldn't pay it off before you get the GC as that would invalidate the offer.

 

[theblank]

Has anyone taken up the offer of $100 gift card by converting $2,500 of credit to ready cash for a 0.9% establishment fee and zero interest? My reckoning is $22.50 fee for $100 card.

i have taken up this offer twice in the last 2 months. so net result is $155 of free money for about 2 mins work on the computer, with nothing to lose. add that to the $400-500 of other offers over the last year or so, thats a significant addition to the cunning kick.

Have I missed something?

If you dont take it up, you miss the $77.50

 

[Infrequent traveller]

Thanks @theblank. Just set up the "fixed payment option" offer for a $2500 drawdown. Purely for the purpose of getting the gift card as the cost of fund (0.9% set up fee) is approx 3.6% interest pa, which is higher than what I get on the offset account

 

[kamchatsky]

I have the same offer. For me though I have been churning PayAll for Citibank points all the way to end of October. So I decided to skip this offer,

 

[PLANT]

I took the offer up in August and way over $2.5k and no gift card yet

 

[kyle]

I took the offer up in August and way over $2.5k and no gift card yet

I went in twice previously and it did take the stated 12 weeks.

 

[Happy Dude]

More recently, my offers come with a 4.99% fee making it pointless.

 

[theblank]

I have done 6 of these in 6 months now, for 6 x $100 gift cards. I have no idea why they keep giving it to me
The only downside is I keep getting text messages I have used 95% of my credit limit!

 

[PLANT]

Theblank.... what time period did you get the $100 card?
Seems your within 12weeks?

 

[aleaf]

I see in the fine print that it's only eligible once in the offer period but sounds like some people have done this several times. Did you have to space them out?

 

[Happy Dude]

I see in the fine print that it's only eligible once in the offer period but sounds like some people have done this several times. Did you have to space them out?

When these were introduced, there were no restrictions and it was ozbargained in no time with reports of people setting up dozens of them at the minimum amount. Since then they've introduced once per offer and a minimum of $2500. I think @theblank is referring to getting regular/consecutive and separate offers.

I'm only getting offers now for 'accessing quick cash'. There's no fee, a minimum of $2500 to get the eGC, and annual interest of 9.99%. Given the time it takes to get the eGC, its a firm "no thanks" from me.

 

[theblank]

Theblank.... what time period did you get the $100 card?
Seems your within 12weeks?

yeah, or earlier. i started a list so i could check that I will get them all, and it seems that way.

 

[PLANT]

Still not received mine over 12 weeks now

Edit:
Called Citi and they say should have received. Investigating and call back within 24hrs why not received.

Edit: They claim they attempted to send and bounced back, yet I have received every other email. They then told me a link on a very bad line and I had to choose MYER, JBHIFI OR COLES .... which I did not want to do right now.
Selected Coles and told will arrive in next 24 hours.... Not sure best option as have AMEX/ANZ that thinking of JBHIFI vouchers from those.