Bonus $200 eGift Card with Citi Quick Cash $2500+ (0% p.a., Upfront Fees: 0.99% 6 Months, 1.99% 12 Months)

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HodiernAl on 11/01/2023 - 09:33 cloud.notifications.citibank.com.au (341 clicks)
Last edited 11/01/2023 - 14:12 by 1 other user

This popular offer is back, albeit with a slightly higher upfront fee percentage.

Receive a $200 e-Gift Card to spend at Myer, JB Hi-Fi or Coles when you convert $2,500 or more into monthly instalments.*

If you make all the monthly repayments on time, the profit works out to be:

• 6 Month offer: gift card - upfront fee = 200 - 0.0099*2500 = $175.25
• 12 Month offer: gift card - upfront fee = 200 - 0.0199*2500 = $150.25

When researching if this is worth it or not, I made a short FAQ from OzB comments:

• This is not a credit card and does not require a credit check. It comes out of your existing credit card available balance (ref)
• Because it comes out of your available balance, it will affect your PayAll and may cause your PayAll payments to fail (ref)
• Don't pay it off completely until you receive your gift card - emailed after 16 weeks see T&Cs below and (ref). Repayments will be charged to your credit card account (ref)
• Can be churned, some reports of people getting new offers every month (ref)
• Upfront fees may be higher, depending on your targetted offer

Some reports that Citi is starting to try reduce credit card churning by excluding people who have had cards with them in the past, so I plan to keep my Citi card for a bit and see if I can churn this offer.

Terms and conditions:

*To be eligible to receive a $200 e-Gift Card you must set up a new Citi Quick Cash instalment plan of $2,500 or more by 31-Jan-2023. Offer limited to one gift card per Account, per offer period. e-Gift Card will be available for redemption within 16 weeks from the date the first Citi Quick Cash instalment plan of $2,500 or more is set up providing your Citi Quick Cash instalment plan has not been cancelled or repaid in full and your Account is in good standing. We will send you a unique code and instructions on how to redeem your e-Gift Card via email. You must redeem your e-Gift Card within 10 weeks from the date of this email. e-Gift Card is not reloadable or redeemable for cash

No exit fees if you cancel or pay off your plan early.

No additional credit check or documentation required.

Citi Quick Cash is a type of instalment plan that allows you to draw down an amount on your existing Account. If you foresee your financial circumstances changing in the future, which may impact your ability to repay the instalment plan, do not proceed and please call us on 13 24 84.

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  keejoonc on 11/01/2023 - 10:02

  I got this email as well but in the email it says that the maximum I can transfer is $1302. Is this because my credit card limit is low ($5000) or because my current available balance is low (around $1400 of $5000 limit).

  • 

    ballofspam on 11/01/2023 - 10:07

    +2

    "you can cash out as much as 90% of your available credit."

    • 

      keejoonc on 11/01/2023 - 10:11

      +4

      Ah ok. Thanks. I will just pay off some outstanding balance then.
      This deal seems like a no brainer. Chuck the $2500 into mortgage redraw and get $200 giftcard.

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  berrycrush on 11/01/2023 - 10:39

  +2

  I took up this deal last time. Takes about 12-16 weeks to get the gift card

  • 

    nightelves on 01/02/2023 - 13:38

    Can you pay for the balance right away?

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  keejoonc on 11/01/2023 - 10:41

  +1

  Gosh, citibank website is rubbish. Almost got to the last page to get this setup and it errors out and says "We apologise, an error has occurred whilst processing your request." and won't work again.

  • 

    HodiernAl on 11/01/2023 - 11:03

    Yeh, I couldn’t get the website to work either. I had to do it in the app. Click on your credit card account, then you should see “Turn your credit into cash” between the closing balance and the transactions history. Click on that to apply

    • 

      keejoonc on 11/01/2023 - 11:09

      Unfortunately I have never been able to use the bloody app. Stupid app keeps saying it has detected use of Magisk or similar tool and just closes automatically. My phone isnt even rooted or anything.

      • 

        dcep on 11/01/2023 - 12:16

        mind to disclose the brand of your phone ?

        • 

          keejoonc on 11/01/2023 - 12:38

          @dcep: Samsung S22 Ultra

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  canon1989 on 11/01/2023 - 10:53

  Got the offer for the first time. 20k cc limit with citi payall scheduled 3 times a month (also 20k). I took up the $2500 offer straight away without realising the impact on payall. Will I have to adjust my payall amount now? When I make payment on the card, which balance gets deducted first, quick cash or payall balance?

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  Yabadabadoo on 11/01/2023 - 11:30

  Got email but no mention of a giftcard this time 😔

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  Peck on 11/01/2023 - 12:08

  I took up a deal with Citi last year, promised a $100. I never received it, and, after several phone calls, I gave up. They are hopeless. I'm never taking a Citi deal again.

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  CricNix on 11/01/2023 - 13:41

  Don’t think for the offer. Link doesn’t work and in app is shows 17.99% if I click on Quickcash.

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  tabboy on 12/01/2023 - 16:02

  Done, now we wait….

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  daanish on 31/01/2023 - 15:55

  I signed up for this last week and had all the communication come through via email and the fee and quick cash amounts were charged to my credit card pretty much same day.

  I've just been waiting for the money to land in my account and today I've received an email that my plan has ended and the fee and quick cash payment have been refunded onto my card. Seems like they've just cancelled it on me. I am at work still but will have to get onto Citi for a please explain.