Pre-Register Now, Then Spend $50 within 30 Days of Approval to Get a $25 eGift Card @ Citi Spot (Buy Now Pay Later)

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From SMH

Citi’s brand name Spot is an acronym of “shop and pay over time” and also mirrors the Australian slang expression “to spot,” meaning to lend money.

Citibank jumping on the BNPL bandwagon despite already having pseudo installment features within their credit card offering and dispite their Aus banking business being up for sale.

I would hazard a guess this will require a credit check like Klarna.

Launching in October.

How to claim your $25 eGift Card.
Submit your details using the form above by 22 September 2021, and we’ll send you a VIP invite to apply once Spot. Buy Now, Pay Later is available. Set up your Account by 15 January 2022, get approved and you'll receive your $25 eGift Card once you make a purchase of $50 or more within the first 30 days.~ Take your pick of a $25 eGift Card from JB Hi-Fi, Myer or Amazon Australia.

Related Stores

Citibank Australia
Citibank Australia

Comments

  •  

    Stay away from Citi IMO

    • +7 votes

      Why?

      I've been with then for 30 years. Ups and Downs. Still beats the pants off the big four.

      •  

        I've been with them for at least 15 years now as a Citigold customer and I still find it to always be playing catch up… and now that they don't even have any decent investment opportunities/products, the only reason I stick with them is I'm too lazy to change my mortgages. The rates aren't even that competitive (although the fixed rates a few months ago weren't bad).

      •  

        They are selling to Big 4 NAB or other by end of year in Australia and 20 other countries

      •  

        They've probably onsold your pants by now :)

    •  

      Thier transaction account for forex purchases is still the gold standard I believe?

      • +1 vote

        There are other options atm like Macquarie. I have used both. In terms of mobile app, Citi really sucks, slow and laggy as hell. MCQ also has discounted GCs.

    • +8 votes

      Free “Signature credit card for life” (now called Premier card) from OzB deal about 5 years back.
      That’s a good reason to stay with them, until they have sold their c/card business and dilute the privileges even more

    • +1 vote

      For me, the ability to instantly transfer funds to/from my US bank account makes them worthwhile, especially when transferring between Australian accounts can still sometimes take a few days to clear.

      I've no idea what will happen to the ability to transfer between US Citi and AU Citibank once the Aussie business gets sold.

  • +6 votes

    I still don't get why BNPL is so popular. Price protection CC gives me so much savings.

    • +16 votes

      Lots of broke people living paycheck to paycheck who can't resist the latest things and probably don't qualify for a credit card

      • +2 votes

        There's a lot of people that use ozbargain. There's a lot of people that use BNPL. So there must be a decent amount of people that overlap. That's why I'm curious if there's some kind of deal I'm missing.

      •  

        For me…I use it only for where it gives me a discount, free money or referral cred etc.

        Anyway the boys sold the company for $39 billion and I'm sure they'll buy up lots of Australian property and just collect rent.

        The biggest idiots to me are the people who thought Afterpay is worth that much money. No different than other acquisitions of companies in the past where their value became zero. Bebo is a great example of this, sold for a Lotta cash and then the original owners bought it back for peanuts.

        I feel like the real valuation is in the userbase and having them as a rent roll, so to speak.

    • +9 votes

      CCs have been around too long to be banned, but BNPL products really need to be squashed. They just take advantage of people that are already financially vulnerable. I realise this falls into "nanny state" mentality, but honestly, it's required.

      • -3 votes

        Don’t squash an Aussie invention. They don’t come by too often which could change the world.

        • +4 votes

          It was initially modeled on other companies overseas, e.g. Klarna.

      •  

        Which price protection cc do you use? Or recommend?

        •  

          I got 28 degrees but they stopped offering it now.

    • -2 votes

      If you have kids, you would know it’s more of a generational phyche thing.

      If you’re young, you will say “mom and dad have credit cards, I have BNPL”.

      Just like how the young says “Facebook is an old people’s app, we use Instagram instead”.

    • +1 vote

      There are good reasons to use it.

      They are no worse than credit cards. Some might say they are lot better than credit cards as they relatively have smaller credit limits.

      •  

        The minimum credit limit for 28 degrees is $500. If it's someone that's tempted to up this, then that person would be just as tempted maxing out with all the BNPL providers on offer.

        • +2 votes

          28 degree is the exception not the rule.

          Whats stopping someone from getting multiple credit cards and (profanity) up their life.

          BNPL have a place in society.

          •  

            @onemufc: CCs go through regulated credit checks

            •  

              @star-ggg: Yes Comm bank don't send a credit cards when kids turn 18.

          • -2 votes

            @onemufc:

            BNPL have a place in society.

            Everyone’s welcome to opinion but you’re wrong.

            The industry isn’t regulated properly for BNPL or Payday loans.

            CC’s are regulated.

            •  

              @sqeeksqeek: Err. When did I ever say they should not be regulated?

              Also I never said anything about payday loans.

              And if I wrong prove me wrong or take a hike.

              • +1 vote

                @onemufc: Well that's the thing isn't it? Until they are regulated to the same (not terribly extensive) level as credit cards, then your statement "They are no worse than credit cards." can't be true.

                • -1 vote

                  @qazwsx: That Statement is true. For young Aussie who does not know any better. Getting a BNPL is lot better than getting a credit card.

                  •  

                    @onemufc: You just keep repeating "BNPL is better" without stating any reasons why. CCs have fraud and chargeback protection, regulated credit checks for basic ones. The ones with annual fees which you can easily pay off with points accumulated during the year have benefits like price protection, merchandise insurance if something breaks and travel insurance. Then if you points left over you can exchange them for gift cards or get more junk.

                    •  

                      @star-ggg: First of all, I said BNPL is better ffor young people for the mere fact that they offer a low credit limit (Which again I specified in the first post.).
                      Second, I also never said CC are bad. I said for unsuspecting people who can be trapped by debt. The debt on a CC will be mostly higher than BNPL.

                      Third, I said BNPL have a place in society. It does not have to be one or the other.

    •  

      Why not use both? Bounces debt further along and I've successfully claimed price protection on a zip pay repayment. Just explain it to latitude and they will still honor price protection.

      •  

        interesting, I didn't think you could claim CC insurance if the item was paid through zip. I have done it before with CC payments via paypal.

  • +2 votes

    Haven’t jumped on any BNPL offers yet…
    Feel it is a waste on my credit check which I can use to churn more CCards with much better signup bonuses

    • +2 votes

      No credit check with Afterpay. I've only used it once for the $30 bonus but I'll use it again if there's a special offer.

  •  

    SPOTTO

  • +2 votes

    Hopefully they can take AMEX for repayment to make it a winwin. Otherwise, it is no different than zip.

  •  

    Citibank will be selling this to NAB or a Big 4 bank very soon they have already announced they are selling up.

  •  

    As with any of the BNPL's, be aware of this:

    https://www.dailymail.co.uk/news/article-9029537/Shopper-cla...

    In terms of "Industry", they explicitly show up on your credit report as "Buy Now Pay Later" vs. "Bank" or "Card Finance". Per the above article this can be a red flag to lenders who tend to associate people w/ these types of account as those who are short on cash and in a less stable financial position.

  •  

    Curious as far as I know BNPL do credit checks, will this affect your credit score if you just sign up but don't purchase anything?

    • -1 vote

      Yes. You'll still have an unused line of credit with the BNPL. In Australia, any lender considers the cumulative amount of credit available to you when evaluating how risky a borrower you are.

      •  

        Oh damn makes me reconsider these bnpl freebies/deals…

      • +1 vote

        Maybe some BNPL providers do credit checks and some don't? Last I heard, it's not regulated they have to do credit checks (yet)?

        • +6 votes

          Zip does, Afterpay doesn't.

          •  

            @dazweeja: How about Latitude? If you know by any chance.

            •  

              @tllds: i'm pretty sure they do, which is why i haven't signed up yet

  • +3 votes

    $25 for a credit check, ffs no

    •  

      I agree, I just about accept a credit check for a $400 bonus on a credit card deal

  • +4 votes

    This is actually Diners Club jumping on the BNPL bandwagon, and have Citibank providing the backend.

    Diners Club + Citibank, what could go wrong?! :)

    • +1 vote

      Discover card? 😂

  • +1 vote

    during GFC ozbargain has citi premiere credit card deal, where you get awesome points reward and free fee for life, normally cost around $300 a year
    I signed on to that deal still got it today, over the years I must have collected thousands and thousands of bunning vouchers
    all goes toward home improvement
    such an awesome deal probably best ozbargain ever and it keep on giving every year free of fee
    and during covid I got all my airline fair refund by citi cos I am using their cards, airline refuse to give refund only credit so I contacted citi for a charge back got full refund

  •  

    hopefully it will be better than zip if no fees to use abroad ? "product is enabled by Mastercard, Spot. Buy Now, Pay Later customers can spend anywhere that Mastercard is accepted; online or in-store, at home or abroad. "