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Similiar to the previous offers its backkkkk
I couldn't find the link but can apply via the velocity points mobile app
Borrow Minimum $5,000 from Citi Personal Loan Plus ($199 Establishment Fee), Get 150,000 Bonus Velocity Points @ Velocity App
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Bugishere on 27/10/2022 - 20:08 experience.velocityfrequentflyer.com (667 clicks)
Last edited 28/10/2022 - 16:25 by 2 other users
Last edited 28/10/2022 - 16:25 by 2 other users
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Not showing for me either.
I got the email but slightly different
Hi XXxX
Plan a trip. Pick a destination. Hit go.
Enjoy a low variable rate of 8.90% p.a. Comparison rate 9.18% p.a.1 and 150,000 Velocity Points. Simply apply for Citi Personal Loan Plus of $10,000 or more by 30 November 2022 and activate your account within 90 days from approval to receive 150,000 Velocity Points.2
Citi Personal Loan Plus is a low-rate unsecured personal loan with a reusable credit facility, that's ideal for planning a special holiday.
Same, got 10k min loan amount
Interesting because the photo below the text im the email says 2k to 75k
i went to the velocity app and it says 5k minimum applies, although when i look at the terms it then states 10k minimum.
so i screenshot the offer in the app and applied for 5k, so will see how it goeshttps://www1.citibank.com.au/personal-loans/citi-personal-lo… - You need to apply for $10k minimum to qualify, that's how I interpret footnote 2..
To be eligible to receive 150,000 Velocity Frequent Flyer Points, you must apply for a new Citi Personal Loan Plus of $10,000 or more from 1 October 2022 to 30 November 2022 and activate your account within 90 days of approval. Your funds will be drawn down on account activation. If you have previously received or are entitled to receive 150,000 Velocity Frequent Flyer Points with a Citi Personal Loan Plus you will not be eligible to receive another 150,000 Velocity Frequent Flyer Points.
Does anybody know if you can just pay this off as soon as you are rewarded the bonus points?
I got the run-around from them. Got my points and called 3 times before they actually "closed" my account, still couldn't tell me what the payout figure, account not fully closed until then hence the quotations. Annoying but 150k is 150k hey?
Yes you can.
Yes, but to be safe just pay off all but $50-100 and leave it there until you get the points. Check here for tips: https://www.australianfrequentflyer.com.au/community/threads…
What is the points worth?
This will give you guidance on a range of different areas they can be used. I will note also I have seen some business class tickets from SYD-LST for as little as 12k, but it all depends on demand, route, time of year etc etc (as with a normal ticket)
Roughly 1c per point assuming you sell them directly.
People say they're worth more to upgrade to business, but you're sort of throwing away money doing that IMO.
yes same but when i went to Citbank website, it said 10k or more, quite confusing
thats what saw also, however if you click on the terms is says 10k minimum.
I screenshot it from my app alike the one you showed, applied for the 5k and will see if i need to argue it or not laterget rejected for evaluation based on income i have…should i try again
I may be wrong, however I think the more times you apply for loans accepted or rejected it can effect your credit score, maybe someone with better financial experience should answer this for you before you attempt again.
I’ve just closed my account from the previous deal. Can I apply again and reap the points? Or, is there a waiting period like sign up bonuses on credit cards?
reading the terms, its a once off for new personal loan customers who have not received the points before
damn it. i got my points from the previous deal 3 days ago lol. pity, would have been nice to get another 150k lol
Still $10k minimum for me, not worth it - anyone else not have it updated for them?
Is the application process the same as their credit cards? (i.e. just payslips and employment details + expenses?)
it is showing 5k via the velocity app this end and yeah proof of identity (eg drivers license) monthly outgoings, proof of income/employment (eg your last payslip within 5 days)
Has anyone actually done this? How quickly can you get the points and pay it off/close it?
Applied in July this year for privious similar offer and got points last week and closed account now.
Thank you. Do you know roughly huw much it cost you? I guess this depends how quick they allow paying back the 10k?
Applied in September, activated the account on 20th October and got credited the points 22nd November. So pretty quickly it seems.
Does it matter what you spend the 5k minimum on? For example, a fine I might have?
where are you seeing $5k? $10k for me
I am seeing it via my velocity app
and to answer the original question, they deposit the money into your bank account, you can spend it on whatever you want, as long as they see the monthly repayments they don't care
Well top of the page here says 5k minimum.
Here's my experience from the last deal (exactly same but last time was only minimum $5k). I received by points last week and closed loan on Wednesday.
1 - I applied, got approved and received $5000 to my designated bank
2 - I immediately paid off $1 as a test. I used BSB:242 200 and account number given in account to send $1.
3 - Took two working days for $1 to reflect as 'paid' in my loan account
4 - I then proceeded to pay of $4499 and retain $500 loan
5 - First statement was $199 which was the establishment fee
6 - Next two statements were ~$10.64 minimum payment which I've paid
7 - Received 150k velocity FF points then paid off the remainder of my loan balance
8 - Once loan balance was showing $0, I received an email from Citi saying my loan was fully paid off. However, you must still call Citi to fully close your loan account.If you have previously received or are entitled to receive 150,000 Velocity Frequent Flyer Points with a Citi Personal Loan Plus you will not be eligible to receive another 150,000 Velocity Frequent Flyer Points.
From their T&C
Thanks for explaining the steps clearly. I was unsure how to go about it. Just applied now. Cheers
can you share timeframe with us from approval date to points allocated and loan closure pls?
it took nearly 4 months from approval to point being allocated and loan closure.
thanks, also why did you retain $500 loan?
@offthetap: Loan has to be open and not fully paid until you receive VFF points. Also, if loan balance is less than or equal to $30, citi will force you to pay $30 and auto close the loan.
Where is this? I can't see it in the velocity app
looks to be somewhat targetted
How much $ out of pocket, asuming can pay off $10K loan immediately, for these 150K points
$199 establishment fee + ~$9 interest for two months.
I got the offer from my Citibank credit card but have to apply 10,000 loan
Not showing up in mine yet but i just saw it in the Velocity APP.
I currently have this loan from when it was a $2k minimum. Took three weeks from application to approval, then another two weeks for the card to arrive on Wednesday (yes it's weird they give you a debit card, no you can't refuse it). Money in my account a day after activation. I'm paying off most of it immediately and leaving a couple hundred in there (so you don't accidentally pay it all off with minimum payments before you get the points).
So how does that debit card actually work? Can you just use it and pay it off and would it incur a cash advance if you do so?
I think it functions like a redraw facility, but tbh not entirely sure.
It seems if you have had an offer to cash your credit card balance with citi you will get rejected, I applied and got rejected straight away. I don't see any other reason than that.
Sorry what does cash your credit card balance mean?
You basically convert your credit into cash,say you have 10k limit and you can convert like 8k of it into cash and then you pay it off on monthly instalment.
Ahhhh. Funky.
Applied and got rejected immediately by the system without any explanation. And now apparently I am not eligible to apply for any other citi product (i.e. any credit card) for 90 days. Has anyone experienced this?
without any explanation
They don’t need to provide an explanation. You didn’t fit their lending criteria.
Is there a caveat with people wanting to sign up to the $5K instead of the $10K? it seems to me if you pay most it off and leave a few hundred bucks on the loan until you get the points then it's pretty much the same.
The velocity app offer now shows 10k instead of 5k. Anyone else can confirm?
Confirmed. I am seeing 10k as well.
received my 150k today for the Sep promotion, great deal
I can't find any information on this or the mobile app?