This was posted 9 years 6 months 12 days ago, and might be an out-dated deal.

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Flexible Personal Loans at 4.9% p.a. for 3 Years @ Citibank

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Flexible Personal Loans at 4.9% p.a. for 3 Years @ Citibank
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drdarsh on 24/10/2014 - 13:52 citibank.com.au (497 clicks)
Last edited 24/10/2014 - 14:23 by 2 other users

Since Qashqai is in market now with appealing features, was tossing up on Remserv vs private car finance and came across this deal

Only fees I can see is establishment fee of $129

Important Information

Fees and charges apply. Terms and conditions apply and are available upon request. Credit criteria apply.

  1. You can borrow funds at the 4.9% p.a. rate by a BPAY balance transfer, or by a cheque. This cheque will appear as a balance transfer (BT) on your statement. Your total balance transfers with this offer may not exceed 80% of your credit limit. The 4.9% p.a. interest rate applies to balances transferred with this offer at point of application and cheques-to-self with this offer within 90 days of account opening. Payments are applied to BT amounts before cash advances and retail purchases, and if your account has more than one BT, the BT at the lowest interest rate will be repaid first. At the end of the balance transfer period, the interest rate on any outstanding transferred balance will revert to the Citibank Ready Credit standard Annual Percentage Rate, currently 19.49% p.a. Interest rates are variable and subject to change. This information is current as at 25 August 2014. This offer ends 31 October 2014. Offer may be extended. Existing Ready Credit and Personal Credit customers are not eligible to apply for this introductory offer.

  2. A credit line of between $5,000 and $60,000 will be assigned based on our credit criteria and your credit rating. You can borrow up to 80% of your credit limit. Minimum income required is $35,000 a year.

  3. Minimum repayments apply. Excludes annual fees and other charges. Does not take into account other purchases and cash advances subject to interest at the standard interest rate. This is an example only. Your personal circumstances may differ.

  4. Currency conversion fee applies to transactions made in a foreign currency. Other service fees and charges including late payment fee and dishonour fee may apply. An Establishment Fee of $129 will be debited to your Account on the date we issue you a statement of Account for the Statement Period in which you first use or activate your Account.

  5. At the end of the balance transfer period, the interest rate on any outstanding balance will revert to the Citibank Ready Credit standard Annual Percentage Rate, currently 19.49% p.a. Interest rates are variable and subject to change.

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closed Comments

  • jdr on 24/10/2014 - 13:54
    -6

    Say bye bye, this spam post won't last long.

    • drdarsh on 24/10/2014 - 13:56
      +2

      I am not related to citibank dear. Happy for moderators to move to forum

      • jdr on 24/10/2014 - 14:01
        +2

        I just revoked my neg, I think I didn't read thoroughly enough. The headline had me thinking that it was a car financier. Sorry about that. The mods can decide as usual.

        • drdarsh on 24/10/2014 - 14:05

          Cheers

  • bxpressiv on 24/10/2014 - 13:58
    +2

    It is a different deal to this which was posted previously:
    https://www.ozbargain.com.au/node/160326

    Saving me $100 a month in interest thanks to someone posting it here.

  • salem on 24/10/2014 - 14:03

    Affiliate link. Should that be mentioned?

  • bym on 24/10/2014 - 14:09

    I currently have mortgage with offset account at over 5%. Am purchasing a car this week and was going to use the cash in offset but now considering going with this. Reckon that would be the way to go?

    • betheball on 24/10/2014 - 17:43

      I recon you should get a better deal on your home loan to start with ;)

  • spackbace on 24/10/2014 - 14:11

    Bear in mind this acts like a virtual credit card… ie not like a loan where it's paid off after 3yrs, it will keep going and wont be paid off unless you set the payments at the right amount

    Ie their minimum monthly payment will be like a credit card minimum, but not like a loan payment, and just paying minimum payments will not pay it off over 3yrs.

    • UFO on 24/10/2014 - 14:56
      +1

      Not exactly true mate. This IS a loan. It's just set up differently in the application process of it (because its using a credit limit already preset).

      I have this exact facility, and whilst the Ready Credit facility is a revolving line of credit, this 'loan' that comes out of your preapproved limit is a fixed term fixed payment loan, working exactly as you would expect.

      I decided to use my existing Ready Credit account for the purpose of a car loan recently. FAR cheaper than anything other lenders can offer. Only way I could find to get a cheaper car loan was to actually "buy it" with a new car purchase… which I didnt want to do.

      Dont be scared off by this folks, its a pretty straight forward process (once you have your line of credit "Ready Credit" account set up that is).

      I actually HATE Citibank as a lender (their online banking site is terrible and annoying to use). But this specific product (both the Ready Credit account and this tack on loan using a portion of your credit limit) is actually very competitive. None of big lenders will come close for an unsecured fixed loan. No way.

      • Smigit on 24/10/2014 - 15:55
        +1

        We took this out recently too since it was the best option we could find for a purchasing second hand car.

        One thing to keep in mind is the Balance Transfer is maxed at 80% of whatever credit limit you apply for. Make sure your credit limit is higher than the loan you are looking to go for.

        You will also be given a credit card to access the funds that aren't used for the balance transfer. Any repayments go towards the Balance Transfer first. As such you'd probably want to avoid using the credit card they give you since it's only the Balance Transfer that is sitting at 4.9% interest…anything else put on the card will incur interest at 19.49% and with money going towards the loan first, it might take some time to pay off whatever is being charged at the higher interest rate. I imagine many people are taking this out with the intention of paying something off over three years, so if you need a credit card get and use one with a different account or bank so that you have the flexibility of choosing when that card will be paid off.

        Something else to consider is from start to finish it took me about three or four weeks to get the funds. That may be slightly longer than normal, but even best case they had quoted me two weeks. It wasn't a huge issue for me, but it was a far longer period than my previous dealings using a car dealers provider for a loan. That said, the low interest rate was worth it.

  • bym on 24/10/2014 - 14:13

    Yep I understand that I've got more than enough in offset at the moment to pay it off but I'm just thinking that since this rate beats my mortgage (which I need to renegotiate I know) I should go with that.

  • jaybmate on 24/10/2014 - 14:21
    +1

    What festival?

    • Pollywaffle on 24/10/2014 - 14:25
      +1

      Maybe they meant Festivus and it was a typo.

      FESTIVUS FOR THE REST OF US!

    • drdarsh on 24/10/2014 - 14:33

      Well Diwali now and upcoming Christmas!!!

  • freo on 24/10/2014 - 14:56
    +1

    I've had one of these accounts for about 10 years and treat it like a regular credit card account.
    When Low interest offers come up, I grab some cash and then pay it back.

    This is the longest "low interest" deal I've ever seen them do. For some people with a mortgage or credit card debt paying over 5% interest, it may even be worth getting one, transferring it to the account for 3 years and then paying it straight back at the end…

    For me, sadly, "Existing Ready Credit and Personal Credit customers are not eligible to apply for this introductory offer."

    • UFO on 24/10/2014 - 15:03

      Existing customers had this deal offered to them during September mate, you didnt get it in mail?

      When I got it I thought it was junk and almost threw it away :).

  • strikerzebra on 24/10/2014 - 14:56

    This could be handy for investments as long as you pay it off within 3 years.

  • Berek on 24/10/2014 - 15:02

    EXISTING customers with a Redicredit loan are NOT eligible for this offer.

  • dreamzz on 24/10/2014 - 15:32

    Qashqai sucks in fuel like every other nissan, so the savings you would be paying for the extra fuel:)

  • sc00bie on 24/10/2014 - 15:51

    I'm not sure how to best use this offer, can this be used as a ready line of credit up to an amount negotiated eg $30K? for a car say

    • bxpressiv on 24/10/2014 - 18:16

      Check the T&Cs, you can get a cheque maderout to your name up to 80% of balance within 90 days. The promotional rate isn't open ended so to speak. You can get the cash and have it sitting in a savings account though while you decide on a car.

  • All Blacks NZ on 24/10/2014 - 18:24

    Applied with Citibank last time they offered something like this. They only approved me for $15k or something even though I applied for higher limit. I wouldn't bother unless you are looking for a small loan.

  • cchid72 on 27/10/2014 - 11:57

    I just applied for one as I am in the market for a New Motorcycle. The timing of this is perfect as I was looking for a 3 year option, and this is cheaper than my current mortgage interest rate of 4.93% variable and 4.99% fixed for 5 years. Fingers crossed waiting for approval. This is almost a fixed for 3 years @ 4.9% unsecured.

    • cchid72 on 29/10/2014 - 12:16

      They approved my loan, but gave me a half the amount of what I had requested. In terms of an unsecured loan at this interest rate it is not at all a bad deal.

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