Bonus $100 e-Gift Card with Citi Quick Cash $2500 or More (4.99% Fee, 12 Months Interest Free) @ Citibank

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sicinadan on 14/07/2021 - 12:11 imgur.com (145 clicks)
Last edited 14/07/2021 - 17:33 by 2 other users

Thinking of cancelling my Citi simplicity card today So I have used the "chat" function to ask if any promotional offers are there:

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Apart from using your account for your retail transactions, your account is eligible for a quick cash loan. It will give you an option to maximize your available credit. You can take out cash and pay it on instalment at 0% p.a. for 12 months with 4.99% fee.

Kristine 12:00:52
This may also qualify you for a $100 e-Voucher.
Kristine 12:00:53
We can schedule a callback from a specialist to discuss the offer further.

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So, seems like a small fee to pay to get the 100 e-Voucher (like before)
Not sure if it has been advertised anywhere else, anyway, free money is free money.

Earn a $100 e-Gift Card to spend at Myer, JB Hi-Fi or Coles when you convert $2,500 or more. Offer limited to one e-Gift Card per account.

Edit:Seems like some people have received targeted emails, with a better offer, 2.5K cash out with a lower rate, check your emails :D
Credit to Feng9

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• 

  Feng9 on 14/07/2021 - 12:14

  +2

  That fee of 4.99% seems pretty high.

  I've received an offer (targetted) from citibank, $100 giftcard as well with minimum borrowing of $2500, but 0% p.a., 0.9% fee for 6 months and 1.9% for 12 months.

  https://imgur.com/a/clOBNus

  • 

    sicinadan on 14/07/2021 - 12:16

    I might ask for that offer when they call me..
    PS that is a very impressive credit limit…..

    I might use your photo for the post if its Ok ?

    • 

      Feng9 on 14/07/2021 - 12:18

      Yes go ahead, you could tell them that this is what they are offering to other customers and that you should receive something similar.

      Not sure why they allocated me so much credit limit though tbh. My other credit cards have nowhere near this credit limit haha

  • 

    netjock on 14/07/2021 - 12:19

    0.9% on $2500 to get $100 back is pretty good deal. Net profit of $77.50.

  • 

    CyberMurning on 14/07/2021 - 13:02

    @Feng9 i got the same email.
    see on the blue box, there is 0%pa. what is this ? i am a bit confused to understand how this works. and is this a good deal?
    also the t&c says we get the egift card within 16 weeks from the setup date?

    • 

      tezza on 14/07/2021 - 14:05

      +1

      Means you pay zero interest, except for a set up fee depending on the term.
      With all of these offers, the gift card comes 3-4 months after set up.

      I've done it a bunch of times

      • 

        CyberMurning on 14/07/2021 - 14:47

        ah, i see ok got it

  • 

    tezza on 14/07/2021 - 14:05

    Same offer I got.

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  [Deactivated] on 14/07/2021 - 12:18

  +1

  only targeted offer i'm getting is covert my payall transaction to instalment with $$$ fee.

  Citi seems really desperate to boost the number while consumer banking business sell off is happening.

  • 

    netjock on 14/07/2021 - 12:20

    +1

    I am taking payall after statement date and then paying it back before next statement date for points. Found out if you pay it during the month even early the DD doesn't update.

    • 

      TimeOrMoney on 15/07/2021 - 13:45

      DD?

      • 

        CyberMurning on 15/07/2021 - 13:57

        +1

        direct debit. auto debit from bank to pay balance.

        @netjock yes same thing happened to me. the citi staff told me once their system generate statement it will always debit your account (if dd agrement is in place). so i cancelled mine and now need to pay manually. me too doing the payall thingie every month

        • 

          manutd123 on 17/07/2021 - 20:02

          @CyberMurning: Will the repayment appear on the monthly credit card statement and then we just pay off the closing balance?

          • 

            CyberMurning on 17/07/2021 - 20:46

            @manutd123: i just done it few days ago, right now no repayment entry on my citi app, only the fee ($22.xx).
            so not sure how i have to pay the montly repayment….

• 

  abc on 14/07/2021 - 12:20

  My offer is for 1.9% fee 12 month term of 0.9% 6 month term plus a $100 gift card. Pity the t&c says limit 1 per account per offer period of i would be maxing out my limit with it haha.

  • 

    CyberMurning on 14/07/2021 - 12:58

    hey i also got "access quick cash at 0% pa with one off fee (6 months 0.39% fee, or 12 months 1.90% fee) but on the left side it has 0% fee what is that? and get $100 giftcard.

    so is this a good deal?

  • 

    tezza on 14/07/2021 - 14:07

    +1

    In the original offer a year or so back, there was no limit of 1 per account per offer, so a number of people just set up a bunch of payall accounts

• 

  coolsteps on 14/07/2021 - 12:33

  4.99% on 2.5k doesn't make it a very good deal. as its a fee of $124.75 for a gift card of $100. if you deposited the 2.5k in ING at 1.35% you would get less then $33.75 in interest as you still got to make the minimum monthly payments and then get taxed on the interest earned too. If anyone who got targeted with the rate of 4.99% and managed to negotiate a better rate please report back here so we can call up too and ask for it? Hopefully if NAB ends up buying them out they will keep everything the same and still keep these offers and deals coming i hope.

• 

  Mandalorians on 14/07/2021 - 12:36

  +1

  should be 0.9% fee for 6 month term.

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  Blokeinhisundies on 14/07/2021 - 12:46

  Mine was no gift card but 12 months at 0%pa with a 1.9% initial fee.

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  burningrage on 14/07/2021 - 13:09

  +1

  The key word here is "Instalment".

  Gone were the days when they offered 0% Interest Rate, 0% fees for 12-18 months Cheque to Self facility. This means, I just have to repay MINIMUM amounts (which is roughly 2%) and at the end of 12-18 months, pay it all together.

  Even at 1.9% fee, I would have bitten this deal but the "instalment" requirement kills it. It means if you borrow for $12,000 for 12 mths, you have to repay $1,000 per month. Each time you make instalment repayment, the value proposition or the worthiness of the fees drop significantly.

  If it was 1.9% fee and that's all, then it would have been worth it. $12,000 for 12 mths with nothing to pay back except minimum repayment means an effectively paying the fee of $228 for holding $12,000 for one year and nothing to repay for 12 months (other than minimum repayment which is small to matter).

  • 

    grasstown on 14/07/2021 - 14:12

    Good analysis, with instalments, it seems the deal is still worthwhile with the gift card and borrowing $2,500, particularly if you need to borrow cash anyway

    • 

      CyberMurning on 14/07/2021 - 14:35

      +1

      agree, get the minimum $ 2500, the real target is the giftcard

      • 

        burningrage on 14/07/2021 - 18:16

        In that case, lets see if I can have it lol

• 

  CyberMurning on 15/07/2021 - 14:20

  +1

  ok done this. choose $2,502 for 6 months so each month repaying even number without cents.
  sending it to my citi plus ac then later will move to ing to get that little interest well better than nothing.
  all in just like 2 mins work….
  the profit will go to cover my purchase of AGK275 yesterday

• 

  CyberMurning on 21/07/2021 - 15:39

  anyone know how we will be paying the monthly repayment? (or how citi will bill us)
  i done it weeks ago i can see the fee amount on my citi trans history
  and the money on my other account but nothing about the repayment part. ?

• 

  grasstown on 21/07/2021 - 16:02

  +1

  See below
  Where FPO is the .9% fee
  Interest is 0%
  You must pay by payment due date
  It doesn’t say, but my understanding is that Citi will put it on your next statement or a statement after that and will say “closing balance” which will include the instalment amount

  Your Fixed Payment Option instalment plan may not exceed 90% of your Credit Limit.
  Electronic Funds Transfer (EFT) needs to be to an account in your name. Please ensure the payee details below are correct as the receiving institution will credit the funds based solely on the details provided. Citibank may not be able to recover the funds sent to an unintended account if any incorrect details have been provided.
  Important Information - please read carefully as the way we offer FPOs has changed.
  • By proceeding, you accept the FPO APR, term and FPO fee (if applicable).
  • If applicable, the Fixed Payment Option fee (FPO fee) will be applied to your Account when your Fixed Payment Option is processed and will be charged at the standard Annual Percentage Rate applicable to your account.
  • For credit card customers, by applying for an FPO, you are directing payments to be applied in a different order and so may be charged a higher amount or rate of interest than you otherwise would under the credit laws. You can cancel this direction later.
  • If, you fail to pay the minimum payment due and any overdue amount by their payment due date, interest at the retail APR will be charged on any unpaid instalment or initial interest charge component (and any interest calculated on them). We may also cancel the FPO.
  • If your FPO is cancelled, any main FPO balance will revert to the underlying balance type and the APR and interest calculation that relates to it.