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Citibank Finance - 2.9% Fixed for 2 Years (+ Other Similar Offers) - Existing Signature Customers

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Citibank Finance - 2.9% Fixed for 2 Years (+ Other Similar Offers) - Existing Signature Customers
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Tafe on 06/06/2015 - 11:47 citibank.com.au (1367 clicks)
Last edited 06/06/2015 - 18:39 by 1 other user

From time to time Citibank have some of the cheapest finance going around for example, the popular deal: Citibank Personal Loan - 2.9% fixed for 2 years and $129 Set-up Fee.

If you've had your Citibank Signature Card for 9 months (which most of you should have by now), you become eligible to get 2.9% on 80% of your credit limit provided to you by cheque. (Maybe for Citibank Platinum also, and earlier than 9 months but this the only information I was given from a Citibank agent. If anyone has details available on thier account let me know and I will update). Not only do you get the low 2.9% rate, but you don't pay the usual $129/$99 Ready Credit admin/setup fees.

Log into your Citibank online account and select "offers" and you should find the option to get a cheque sent to you.

From Citibank:

If you have no balance to transfer, you can still enjoy this low rate of 2.9% p.a. for 24 months. Just tell us how much you need and we can send you a cheque for that amount^. You can use this cash for any purpose that suits you, it's that simple.

Your total balance transfers may not exceed 80% of your credit limit. At the end of balance transfer period, the interest rate on any outstanding balance will revert to the prevailing Annual Percentage Rate for cash advances (for Credit Cards) or the prevailing standard Annual Percentage Rate (for Lending accounts). Except for credit card contracts formed after 30 June 2012, transferred
balances are repaid before cash advances and purchases.^A Cheque to Self will be treated as a balance transfer on your account.

Some suggested uses might include a cheap "margin loan" or put the balance into your offset account. Or put it towards a sports car. Up to you but do your own research and be careful about exceeding the offer term of 2 years as you'll get stung.

Love, Tafe

Mod: As most existing customers have received this or at least a similar offer, deal is okay to stay as it appeals to a large enough quantity of members; also note this offer must be obtained from within your account, you are not specifically emailed an offer unlike previous offers. Please also note this deal is for the existing SIGNATURE credit card customers and is not related to the previous unpublished (moved to forums) targeted 3-5% cash back deal for Citibank bank accounts.

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closed Comments

  • abc on 06/06/2015 - 11:52
    +6

    I have 0% for 12 months.

    • Tafe on 06/06/2015 - 12:05

      Nice - on Citibank Signature?

      • CyberMurning on 06/06/2015 - 15:12
        +1

        Yes me too, signature

      • jaybmate on 06/06/2015 - 22:33

        I have it on Citi Platinum

        • smoke87 on 08/06/2015 - 09:20

          Yep platinum here too $18,800 @ 0% for 18 months.

      • DealzEddy123 on 09/06/2015 - 13:30
        +1

        0%, 18 months, Signature

        • smoke87 on 01/07/2015 - 12:17

          All you need to do is pay an earlier loan off early and ask to close the account then they scramble to keep you with this offer.

        • DealzEddy123 on 01/07/2015 - 13:27

          @smoke87: yeh that's what I did.

          but they won't always do that. just when it's in their interest

        • smoke87 on 01/07/2015 - 22:04

          @edwinlin88: I still can't believe they loan at 0% when they know I'm going to repay it early again!

        • DealzEddy123 on 02/07/2015 - 08:47

          @smoke87: they hoping I (profanity) up for one month!

          if I forget to repay it early for one or two months, they make the money back pretty much!

          especially on an amount over 20k!

        • smoke87 on 02/07/2015 - 11:09

          @edwinlin88:

          mate ask them to setup direct debit I got an email yesterday advising this is how available

        • DealzEddy123 on 02/07/2015 - 11:19

          oh yeh! they can direct debit straight from my mortgage account. THANKS LAD

  • ezza on 06/06/2015 - 12:14

    I have this when I click on Offers > Best offer:

    Take advantage of our Balance Transfer (BT) offer of 0 % p.a. for 3 months -
    Whether you need cash to consolidate your debt, or for a holiday, home improvement, new car, or for your everyday spending, this is a great opportunity to access funds at a very competitive, low rate.

  • No on 06/06/2015 - 12:46
    +1

    No offers for me, good deal anyway OP. I have been getting ignoring calls from the citibank spam centre maybe I should answer it next time.

    • No on 06/06/2015 - 14:07

      I have been getting ignoring

  • ACTGBilly on 06/06/2015 - 13:15

    Fellow ReadyCrediters, this does not apply to us.

  • akula on 06/06/2015 - 14:06

    I have 0% for 12 months…sweeet.

  • zerocritical on 06/06/2015 - 14:26
    +2

    I took 0% for one year a few months back without setup fee. The guy actually added a new credit card for this, so that I can keep using my existing signature card too.

  • raziel on 06/06/2015 - 16:34

    Hmm… I got screwed over on a similar one. I got it for 6 months at 0%. However, it changes the monthly payment dates from the usual 55 days to monthly or something, and for reasons I can't recall, they kept levying interest. I paid it back immediately and that was that.

    Then again, with interest fixed at 2.9%, it may work out well even with interest. Why do they do this though? Somehow, I have the feeling that the bank will eventually be up on the deal ;-) It is citibank after all ;-)

  • [Deactivated] on 06/06/2015 - 17:31
    +6

    It essentially means you can't use your card anymore though, as all payments go toward paying off the cheque first.

    • robhung on 06/06/2015 - 18:29

      Exactly what I thought of first as well.. which, for a Signature Rewards card - is pretty vital.

      • Tafe on 08/06/2015 - 14:51
        +1

        Are you guys 100% sure this is correct?

        For credit card Account holders whose loan contract commenced on or
        after 1 July 2012 we will allocate payments to the portion of the closing
        balance of your most recent statement of account which attracts the
        highest rate of interest first and then to the portion of the closing
        balance of your most recent statement of account which attracts the next
        highest interest rate and so on. If there is a zero closing balance on your
        most recent statement of account we will credit payments to balances
        that have not yet appeared on your statement of Account in a similar
        fashion.

        • [Deactivated] on 09/06/2015 - 19:16
          +2

          Wow nice work Tafe. This is a big improvement and will reduce bill shock for a lot of unsuspecting people.

          Having said that I assume you will need to pay your account manually to only cover the purchases balance: (a) automatic payment of the closing balance would pay everything rendering the exercise pointless and (b) automatic "balance due" would leave you paying high interest on purchases.

  • forumninja on 06/06/2015 - 18:59

    I got no offers. All I ever get is: Sorry, there is no available offers for you at this time. Please call Citiphone banking for more details.

    • Tafe on 06/06/2015 - 19:09

      Have you had the card for 9+ Months?

      • forumninja on 06/06/2015 - 19:14

        Yes, I got the card in February last year, and took advantage of the 6 months 0% offer then. Obviously they didn't get any money from me, maybe that's why they're not giving me that offer again.

        • Iwantthatbargain on 06/06/2015 - 20:16

          Obviously they didn't get any money from me, maybe that's why they're not giving me that offer again.

          Same here, I took advantage of 0% BT on two occasions..

  • JohnHowardsEyebrows on 06/06/2015 - 20:18
    +4

    This offer is meh. I called them asking to cancel, ostensibly because I was going to apply for a different card (with another bank) to avail of a 14 month balance transfer. Their retention team immediately offered me 18 months 0%. YMMV

    • smoke87 on 08/06/2015 - 09:23

      Same here! I had actually repaid my loan early and they scrambled to retain me! Fresh $18,800 @ 0% for 18 months. Wiped out my HECS, hello $1000/month pay rise. Will wipe this out quick too, probably do it again to get a house deposit topped up in 12 months.

      • JohnHowardsEyebrows on 08/06/2015 - 12:30

        Better to keep the money in a savings account until the 18 months is up. Free interest.

        • Tafe on 08/06/2015 - 14:50

          Given the current rates, I think the interest accrued on a savings account compared to the price indexation of the HECS debt would be negligible.

        • JohnHowardsEyebrows on 08/06/2015 - 16:27

          @Tafe: Correct, but the poster was implying he/she would pay the balance off before the term was up.

        • smoke87 on 09/06/2015 - 10:21

          @JohnHowardsEyebrows:

          the product requires a monthly repayment. Also, early repayment of HECS attracts a 5% bonus. That alone is a killer deal well over and above savings interest. Then there is the indexation.

        • JohnHowardsEyebrows on 09/06/2015 - 10:45

          @smoke87: Did you even read what I wrote?

        • smoke87 on 09/06/2015 - 12:22

          @JohnHowardsEyebrows:
          I take it you are referring to the $100/month figure. Yes it could earn interest, but probably less than 1.5% at my tax bracket. Wiping this out faster establishes that I have a repayment capability that outstrips their home loan calculator. Come time to apply I have the evidence to establish my repayment capability allowing me to borrow more. Its a fairly common. I place more value on that than the after tax interest.

        • JohnHowardsEyebrows on 09/06/2015 - 12:27

          @smoke87: Fair enough. :)

  • SuiCid3 on 06/06/2015 - 20:26
    +1

    0% here as well.
    Sweet! Thanks for the reminder to check :)

    Edit: This is on my original Platinum card though… not the newer Signature.

  • Joey4 on 06/06/2015 - 22:28
    -2

    I've only got 12.99% but can take the full credit amount over 3 years.

  • su27km on 06/06/2015 - 22:41

    good, let me check what i have :)

  • OzBestDeal on 07/06/2015 - 10:37

    I got 0% for 12 months too… Sweet..
    Do we get any points for taking the cheque for this offer?

    • SuiCid3 on 09/06/2015 - 11:27

      No points on BT, which a cheque is.

  • JT2 on 07/06/2015 - 17:38

    Can we use it for oversea?

  • Eeples on 07/06/2015 - 20:12

    Is it an actual paper cheque?

    Or, will the money just appear or can I opt somehow to get the money in my citibank plus account?

    Anyone know?

    Thanks.

    • JohnHowardsEyebrows on 07/06/2015 - 20:18

      It's a physical cheque. Haven't tried to get it credited to a bank account.

      • Eeples on 07/06/2015 - 20:42

        K thanks.

    • SuiCid3 on 09/06/2015 - 11:29

      Actual cheque.
      Made out in your name and can be deposited anywhere.
      You can't opt to have the money directly deposited anywhere.

  • ezza on 09/06/2015 - 12:40
    +1

    I called and I can't seem to get anything better than 0% for 3 months… which is quite crap.
    Maybe I should be asking to cancel my account and see if they change their tune

    • Tafe on 09/06/2015 - 12:57

      if you try it let us know how you go… I'll be up for doing the same

    • DealzEddy123 on 09/06/2015 - 13:41

      did you just ask for it? I was offered last year. they could have changed their offer

  • rezok on 10/06/2015 - 23:26
    +3

    Looked in my offers online and nothing. rang today and got an 18 month, 80% balance transfer / cash offer which in some ways is better…

    Suits my time line for repayment and at 0% interest rate.

    I'd say give them a call if you don't see the offer, their relationship and retention teams are keen to satisfy their clients, good luck!

    and thanks OP!

  • eriktufa on 20/06/2015 - 18:49

    Mmmm… tried calling, they couldn't do anything for me. 2.9% that's all, didn't even try to get it down to 0% for few months.

    • Tafe on 20/06/2015 - 23:25

      Yeah I tried to get better than 2.9 as well but no love…

      • JohnHowardsEyebrows on 22/06/2015 - 15:47
        +1

        That's because the normal team won't give it to you. The retentions team offer the good deals, and you won't get to them until you ask to cancel.

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