Got this offer in the email at both my and partner's account but may be targeted.
Get the dream started with Citi Personal Loan Plus, finish it with 110,000 Flybuys bonus points.
One off establishment fee of $199 and monthly fees of $10. No early repayment fees and mimimum loan amount is $5000.
Interest Rate is 8.90% and Flybuys will be given within 30 days upon opening the loan.
Looks like a profit of $330
I must have missed minimum loan terms of 3 years.
Agree there is no benefit in this case.
@Mods plz delete this listing.
Doesn't the minimum loan term just mean you have to take out a 3 year loan. Not that you necessarily have to stay paying it off for 3 years?
It did last time I used Citi - could make any payments I wanted, including paying out early with no fees.
Early pay out fee
$0, meaning you can pay out the loan early without a penalty
what if you start the loan for just the flybuy points and then close it?
I think it would be possible to close it after getting the flybuys points. I have taken the loan. Will let you know how do i go …
Does it actually ask for your payslips?
Yes, or any other proof of income
Hey @sumitp, how did you go ? they have already hit my loan with a $501 (installment loan principle repayment)
Hello, I did get an invite to enter my flybuys card where they'll add the 110K points. But they haven't credited the points yet.
I also got a statement with Principal + $199 as fees. Haven't got fist repayment bill yet.
@sumitp: i also got my first statement 2 weeks ago , I put a extra payment on already , 4 days later i log in and see the $501 principle added .
@sumitp: nope , the email i got said up to 3 months haha
I have emailed them asking them to explain the $501 principle they have charged on the account already .
@barginhunter11: Hello,
Just to update, my flybuys points were allocated. Closed the account now. Net profit approx $300.
@sumitp: awesome !!!
i am still waiting , i have $400 owing until my points arrive , hopefully soon :)
thanks for the update
@barginhunter11: you can still pay the owing account and not close the account to not let them charge any interest but just the monthly fees.
How does a personal loan look to potential lenders on your credit report? Is it considered much the same as a credit card application?
Establishment fee $199 and minimum loan term of 3 years ($10 a month x 36 = $360) = $559
No profits to be made here… and that's the amount you're paying IF you already have the $5k upfront to pay it off, otherwise you're slapped with 8.9% interest