This was posted 1 year 3 months 18 days ago, and might be an out-dated deal.

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Transfer Min. $500 from your Min. $5000 Citi Ready Credit ($199 Fee + 4.9% p.a. Interest), Get 70,000 Velocity Points @ Citibank

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Transfer Min. $500 from your Min. $5000 Citi Ready Credit ($199 Fee + 4.9% p.a. Interest), Get 70,000 Velocity Points @ Citibank
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adrianhughes1998 on 11/01/2023 - 17:31 www1.citibank.com.au (466 clicks)
Last edited 11/01/2023 - 18:19 by 2 other users

Not as good as the 150K points from the last bunch of Citibank deals, but take what we can get in this climate hey: https://www.ozbargain.com.au/node/728384

Receive 70,000 bonus Velocity Frequent Flyer points with a new Citi Ready Credit when you request a balance transfer of $500 or more within 90 days of approval. An email will be sent requesting your Velocity number at some point (refer to comments in previous deals)

Hopefully an easy way of scoring 70K Velocity points…

NOTE: "If you already have another Citi branded unsecured credit product you must hold this account in good standing for 6 months before applying for another lending product such as a Citi Ready Credit"

Rates and Fees:

Line of Credit fee - 4.9%p.a. for the first five years, 20.49%p.a. thereafter
Establishment fee - One off payment of $199
Monthly fee - $0
Early pay-out fee - $0
Additional repayments fee - $0
Cash advance fee - $0

Financial Frequent Flyer Loan Personal Loan Reward Points Velocity Frequent Flyer

Related Stores

Citibank Australia
Citibank Australia

closed Comments

  • mini_wombat on 11/01/2023 - 17:36
    -6

    I think that is where it stops for me … borough money to get points. Give people a better rate and no fees and not points.

    • adrianhughes1998 on 11/01/2023 - 17:40
      +4

      It's like the other deals where people get the money, and then re-pay most of it back to get the points. No different from a credit card really.

  • knobbs on 11/01/2023 - 17:36

    Citiwank

    Something you trying to say?

  • xiaozaocha on 11/01/2023 - 17:50

    used to be 150k?

    • adrianhughes1998 on 11/01/2023 - 17:53

      It did, but good luck getting points bonuses like that this year, with any unsecured credit product with any lender…

      • xiaozaocha on 11/01/2023 - 17:55

        I did get the points in the time frame lol.

        The bonus dropped more than half though.

        • adrianhughes1998 on 11/01/2023 - 18:03

          I know. But across the board with credit cards, the points bonuses are going down and the minimum spend is going up to get those points.

          The expectation is this will extend to other credit lending like loans, and in this case, line of credit.

          • onyxx on 11/01/2023 - 18:05

            @adrianhughes1998: do you know why the point bonuses are going down?

            • Ozymandias on 27/01/2023 - 14:11

              @onyxx: Churning/point hacking is getting popular, is my guess. Giving away points costs money.

  • gbamx007 on 11/01/2023 - 17:53

    No borrow fee - $0

  • Lesco Brandon on 11/01/2023 - 18:17

    So … borrow for 5 years at 4.9% p.a.? It's quite a good hedge against home loans interest rates rise

  • bumpyhead on 11/01/2023 - 21:26

    The rate will increase to 20.49%p.a. after 5 years. Only useful if the average home loan interest rate for the next 5 years > 4.9%, and one can pay the LOC off within 5 years.

    • Lesco Brandon on 12/01/2023 - 17:12

      My loans are already well above 5%. Construction loans, can't fix atm. Since I have offset accounts, I can borrow up to 75k to peg my interests for the next 5 years right?

      • bumpyhead on 12/01/2023 - 17:29

        A few things to note are that 5% only applies to the initial balance transfer and that it expires after 5 years. I would calculate very carefully my monthly cash flow to take advantage of the rate benefits.

        • Lesco Brandon on 12/01/2023 - 19:34

          Can borrow up to 75k. Intend to max it out. Monthly repayment 1.4k

  • FeZZa21 on 13/01/2023 - 14:50

    I got the 100k flybuys points bonus email a while back, glad I didn't sign up as this is better value. Make sure "Balance Transfer has not been repaid in full" before receiving the velocity points.

  • Associatedfrenzal @ Citibank Australia on 21/01/2023 - 15:01

    Anyone that has taken up this offer do you have to look your velocity account in the Citibank app or something?

    • adrianhughes1998 on 21/01/2023 - 15:56

      Nope. They send you an email when you've met the spend asking you to input your Velocity number, and then you get the points a few weeks afterwards.

      • Associatedfrenzal @ Citibank Australia on 21/01/2023 - 16:05

        Perfect. So with this one just withdraw $500 from the account wait for the email and points to come through then pay it off and cancel.

        • adrianhughes1998 on 21/01/2023 - 17:30

          Thats it. Pay the annual fee of course as well, but you don't have to touch the 5k they give you as credit.

          • Associatedfrenzal @ Citibank Australia on 21/01/2023 - 17:35
            +2

            @adrianhughes1998: Perfect easiest points I will ever collect I reckon

            • adrianhughes1998 on 21/01/2023 - 19:09

              @frenzal: Good stuff. Easiest not the cheapest but I will keep waiting till better offers come along 🙂

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