• expired
  • targeted

Citi Quick Cash: 12-Month Interest Free (Bonus $100 Gift Card with $1000+ Cash Advance), 1.90% Setup Fee @ Citi


Got this in my email, possibly targeted but I already have used the Citi FPO (fixed payment option) plus gift card from the previous offer and have still got this offer.

Basically, if you have a Citi credit card, you can convert it into cash, up to 90% of your credit limit and pay it off in 12 equal monthly instalments at 0%. (One off FPO set up fee of 1.9%)

Plus if you get an FPO for over $1000 then you will automatically get a $100 Coles, Myer, Bunnings or Amazon gift card. So for a $1001 FPO it means $19 in fees plus $100 gift card plus you get to use the $1000 for free for a year with no interest.

$80 free money 😀 👍

Note: Please use caution while taking up any such offers as any missed payments may lead to hefty charges and negate the $80 benefit very quickly.

Hope this helps some of us

Enjoy !

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closed Comments

  • +1

    Yup got this one too. it's 4th citibank offer I took for the last a few months yet haven't got any GC tho. :/

    • +1

      It takes about 12 weeks to get the gift card or atleast that’s when I have been getting all mine 👍😀

    • Check your spam, I found mine in there.

  • hmm… the offer i got is 5.99%pa!

  • 4.99% for me

  • I think there should a law that BT interest rates have a comparison rate to include annual fees and BT fee.

    • +3

      The comparison rate for home loans makes zero sense atm and needs to be revised.

  • Got the offer as well and I have take it up about 6 months ago. Gift card took forever to come from last deal but was delivered eventually.

    • +1

      Does it get delivered automatically or do you need to do something, after previously meeting the requirements? I'm waiting for one for a cumulative spend at Coles that was done late last year and ended in January.

      • It has come automatically for me once I qualified and approximately 12 weeks after the offer period ended

  • Anyone have any idea what the difference between this and their Flexi Bill option is? I receievd similar offers for both products. They both seem to work the same way.

  • took up a quick cash offer few months back and it took a couple months for the GC to arrive. Got this 1.9% fee offer too with $100 GC. Am I still eligible for another GC (says one GC per account) with this offer? I'm assuming so. Doesn't make sense why they'd send me this offer too if I wasn't eligible for another GC for a different promotion.

    • Wondering the same. Took them up on last offer of 0%p.a. Would open another if eligible for another $100 gift card.

    • +1

      Hmm i took up the offer in Dec and then another one in Feb. Received GC for Dec but not yet for Feb
      - I remember for Feb the terms said 'one gc per account per offer period' but now this one sounds like 'one gc per account' which makes me a bit more sceptical…

      • that's so freaking dodgy. they should NOT offer this with the inclusion of gift card if a customer is not considered eligible for the gift card. but it's still uncertain.

        • +1

          Emailed customer service and there reply was "Please be advised that the Fixed Payment Option (FPO) offer is limited
          to one e-gift per account, per offer period"

          • @Wally23: ok so which means we should be eligible for this one also as it is another offer/promotion.

            • @itsmehuey: @itsmehuey that's how I read it.

              • @Wally23: awesome. might take up the offer. thanks for letting us know about your convo with customer service.

  • Shit does it have to be $1001 and not $1000?

    • Never mind. It doesn’t. “Convert $1000 or over…”

  • +1

    I got it from Coles credit card for the same offer.

  • is that mean, to withdraw $100 cash, i can get $100 card, and also $19 fee, = $81 profit?

    And i can also pay off anytime with no early payout charge?

    • All correct except you need to get $1000 cash. Yes, you can request for it to be transferred to any bank account. If you have a Citi account the transfer is claimed to be instantaneous, for other banks it may take upto 3 days.

      • i read it in another post, that if you have balance on your credit card, say you spend $500 in Jan, even you pay it off before due date in Feb, because you have this $1000 balance, the other balance ($500 spend) on your credit card may attract 19.99% interest?

        • I dont believe that’s right. Please see my comment here about how the repayments are applied to your account. If you have repaid the main cc balance in full, you shouldn’t be charged any cc fee. And this FPO balance is 0% anyways so you don’t need to pay this one for 12 months.
          But if in doubt, I will check with the bank and not risk based on any comments here.

    • Thats the way it reads to me, but it says you wont get the voucher if you've paid it off. So wait until at least then.

      • +1

        That would be a sensible thing to do. Also, why would you want to pay off early at 0% interest charge. Just set up repeating payments for the installment amount and forget about it. 😊👍

        • True. The thing im mindful of is closing the account before the anniversary date so i dont get hit with full annual fee. Waiting for 3 months to get the voucher locks me in from churning to the next credit card offer, as id rather not have too many credit cards open at one time. Doesnt look good on credit score.

        • i read it in another post, that if you have balance on your credit card, say you spend $500 in Jan, even you pay it off before due date in Feb, because you have this $1000 balance, the other balance ($500 spend) on your credit card may attract 19.99% interest?

      • their terms says that? i could not find it in the pds

  • So can you pay it off early without any fees ?

    • +1

      Yes, if you got the email, scroll to the bottom where it says “Value - No ongoing or early repayment fees.”

      • if you pay early, like within 30 days, can you still get the gift card?

  • To be eligible to receive a $100 e-Gift card you must set up a new Citi Quick Cash instalment plan of $1,000 or more by 22 April 2021. Offer limited to one e-Gift card per account. e-Gift card will be available for redemption within 12 weeks from the date the first instalment plan of $1,000 or more is set up providing your instalment plan has not been cancelled or repaid in full and your account is in good standing.

    Don't pay off in full until gift card is received?

  • I got "To be eligible to receive a $100 e-Gift card, you must convert $500 or more of billed retail purchases into a Citi FlexiBill instalment plan by 11Apr21. " with 2.99% tho

    • +1

      You got a better offer! FlexiBill does not have an upfront fee like this one. If you convert $500 at 2.99%, no fees, and get $100 gift card in 12-16 weeks then the interest would be about $4 for 16 weeks so profit $96.

      • Thanks, didnt know there was a difference, will look into it.

  • Ouch, $500 minimum but 11.99%. I’ve done 2 cheque to self options in the past with this card and didn’t miss a payment. Ive also just switched to another card for regular spend. I wonder what goes into deciding who gets what offer.

  • Thanks OP, I will spend the $80 wisely on ozbargain games.

  • I’m assuming taking cash out of an existing credit card wouldn’t impact the credit check.
    Can someone please confirm.

    • no

  • Never taken up a Quick Cash offer before. Does this mean your credit card balance for the next 12 months (or until gift card is received) has to be credit limit - $1,000 + monthly repayment per month?

    • Well - yes and no. You will need to take $1000 cash out from your credit card and repay it in equal installments over 12 months (or atleast until you have recieved the gift card after which you can repay it if you wish to)

  • Coles Mastercard has the same offer for a Coles $100 voucher, probably as it's owned by Citibank now.

    Wonder how this works as I've never used an offer before - I just bought a laptop and don't intend to use the card again anytime soon, do I apply before or after the purchase? It sounds like apply first damnnnn

    Your Coles Mastercard allows you to take out a Cash Instalment Plan, where you have the ability to access cash up front and then pay it off in fixed monthly instalments.

    Think of a Cash Instalment Plan like buy now pay later, but for anything.

    With your Coles Mastercard, you can access cash from $500 up to 90% of your available credit limit at the rate of 0% p.a. for 12 months. A one-off 1.90% fee also applies.

    Apply today and take up a Cash Instalment Plan of $1,000 or more to receive your $100 Coles Digital Gift Card to use at Coles Supermarkets.

    This offer ends 23 April 2021 and is limited to one Coles Digital Gift Card per account.

  • If I already took the offer previously but still waiting for the gift card and now received the email offer again.. will I get the gift card if I take the offer again?

    • If you have been targetted, then I don’t see why you won’t. But may be you want to confirm with the bank rather than make assumptions

  • Can anyone please confirm if you take up this offer do you lose the ~40-50 days of interest free period on purchases or is it treated separately?

    Also, if I have a closing balance of say $800 on my credit card and I make a payment of $1,000 does the first $800 cover the credit card balance and the remaining $200 goes towards the quick cash balance?

    • +1

      Here’s my take on it - this is seperate to your usual credit and your normal credit card transactions and interest free periods will still apply.
      Any payments you make are applied in the following order:
      1. Min repayment of the FPO then
      2. Min cc balance of purchases then
      3. Remainder of the cc balance of purchases and lastly
      4. Additional replayment to the FPO

      So in your scenario above, if you have a balance of 800 and pay 1000, depending on how much is your installment plan, first the installment will be paid. Say your installment is $50, then the first part will be applied towards your installment - $50. Remaining $950 will then first pay off your balance, which is 800 and then the remaining 150 will again apply to your FPO.
      Effectively the final outcome is same as you describe above, but the thing to be mindful is your installment. If your installment was more than 200, say 250, then it will pay that first and only pay 750 to your cc balance and thus the 50 balance will accumulate interest - Does that make sense?

      • Perfect. Thanks for your clear explanation.

      • are they going to print the min repayment of FPO on the monthly statement? or will there be a separate statement for FPO to remind me the payment date as I only pay upon i received the statement and schedule on the payment due date.

  • no email offer received maybe its because since i took up their fpo offer last bill cycle. however i got a useless offer: 20% off at participating restaurants every Monday to Wednesday

  • Just signed up for $1000 by using the link in my email from Citibank. It was target for my free-for-life CC that I haven't touch it for a long time.

    Got the SMS alert within few minutes and can see $1000 already transferred into my Citi Plus account. Nice.

  • Whoever have received the giftcard before, What is the subject of the email when they send out the gift card? Is it from Citibank email address?

    • The email was from Citi Australia and the subject was - “It's time to collect your $xxx e-voucher“.
      The email will have a unique code in it which you need to use to redeem what gift card you like.

      • Thanks … will watch out for the email ….

  • They called me on Tuesday with this offer. I set it up over the phone which was a very slow process as they go over everything in great detail. Yesterday they send the email about the offer. Now I'm wondering if I can take out another FPO and get a second gift card.

  • Does it have to be set up as 12 installments or 10 installments are also fine? Just thought replayment of $100 per month is easier than $83.33

    • I am not sure if you get to choose the number of installments, however you can choose how much you want to repay every month. Just keep in mind NOT to repay the full amount before you get the gift card.

  • How is it interest free when they charge 1.90% ? its really 1.90%.

    • 1.9% is a one-off set up fee, no ongoing interest is charged as long as the payments are made in time.

      • So it's even worse then 1.9% interest over time…? lol.

        • +1

          Yes - true. That’s exactly why I always stay away from the BT’s that have a one off fee. But the gift card is what gets you ahead here.

  • I will have a siginificant refund paid to my cc in 1-2 months ( international flight cancellation). Will that refund go to pay off the FPO and make me ineligible for the gift card?

    • Please see my comment here regarding the order in which payments are applied to your account. If your current balance is higher than the refund, then you should be fine.

  • Hi OP, i've set it up. However i didn't get any email with confirmation of repayment schedule (dates and method) , did you get one? Thanks

    • I don’t recollect getting an email either. But it should have shown your installments when you set it up. The payment schedule is same as your normal payment schedule. See my comment regarding how the payments are applied to your account. If you are already paying the min balance then add the installment to your payment every month. Look out for more details on your next statement.

  • I have my Citi Premier Mastercard (free for life from the good old days) setup with monthly automatic direct debit in full from by bank account (to take full advantage of interest free days and avoid interest charges).

    If I take up this offer, what would happen with the direct debit? Will only the monthly instalment be paid (on top of normal goods & services purchased during the month) or will the cash advance be automatically repaid in full, therefore negating the free $100 gift card?

  • Citigroup is leaving Australian market leaving thousands customers in the lurch.

  • What happens if i have a Direct Debit setup with my credit card to pay off my statement every month on the due date?

    • I was just looking at my past statements and it looks like only the installment part of the FPO appears as a transaction on your account every month. So, your total account balance will not include the entire amount but only the installment due in the current month. In your case, where you pay the CC in full, the FPO will still be valid as the remaining amount of the FPO will still be outstanding and will have 0% interest for 12 months (or whatever offer is available on your account).

      Thats how I understand it - but you might be better of chatting/ calling the citibank helpline to confirm.


  • I signed up for the Coles offer, but how do the instalments work? The fee has been deducted straight away yet I'm waiting for the first instalment to appear, does it fall into my card cycle..??

    This is the first time I've signed up for something like this, sorry for the newbie question!

    • Yes, you will see a new section at the bottom of your statement for the FPO, showing the installment etc. the installment will also get included as a transaction on your monthly statement which guy will have to pay.

      • Thanks for clarifying! I did read your comment above but was just confused as coles made it sound like the fee and instalment would occur straight away

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