This was posted 1 year 2 months 25 days ago, and might be an out-dated deal.

Related
  • expired
  • targeted

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

101
Bonus $200 eGift Card with Citi Quick Cash $2500+ (0% p.a., Upfront Fees: 0.99% 6 Months, 1.99% 12 Months)
Go to Deal
Lmomptdeals on 03/02/2023 - 09:15 www1.citibank.com.au (180 clicks)
Last edited 03/02/2023 - 11:40 by 1 other user

First time poster of deals so be kind.

Just received an email from Citi regarding a new round of the Citi Quick Cash gift card promotion.

Hi xxx,

Did you know there's a simple way to access cash from your Citi credit card ending in xxxx? It's called Quick Cash and it's currently available on your account.

What is Quick Cash?

Quick Cash allows you to transfer from $500 up to $xxxxx* from your credit card to your bank account. Receive it within 3 business days!

How do I repay it?

Pay it off in fixed monthly instalments over either 6 or 12 months. No exit fees if you choose to cancel or pay off your plan early.

What charges apply?

No interest, just an upfront fee of:

• 0.99% for a 6-month term or
• 1.99% for a 12-month term

I read the terms and condition and this is simply an additional payment plan on your already existing credit card account. There is no additional credit check as this is utilising your existing credit limit.

The benefit of this is you can access a quick cash up to your maximum remaining credit limit on your existing credit card and repay it over 6 of 12 months with zero interest and just a tiny upfront fee (0.99% or 1.99%)

As long as you make the repayments in full, you will not be charged any interest.

e.g.
Instantly access $10,000 and put it in your high interest savings account (ING currently rewarding 4.55% p/a)

Over 1 year you would earn $455 of interest at the cost of the upfront $199 (1.99% fee) for the Quick Cash payment plan. plus earn the promotional $200 e-Gift card.

Personally I will setup the minimum requirement of $2500 (at a fee of only 0.99% - $24.75) to be eligible for the promotional $200 gift card. The interest earned via a savings account is just a bonus.

Financial Citi Gift Card Personal Loan

Related Stores

Citibank Australia
Citibank Australia

closed Comments

  • MisterEd on 03/02/2023 - 09:20
    +2

    Remember to deduct tax from your interest earned.

    Minimum set up for gift card worth it.

    • Yabadabadoo on 03/02/2023 - 09:25

      Do u mean deduct the interest paid to citi from your interest earned from a savings account ? (in your tax return)

  • Yabadabadoo on 03/02/2023 - 09:23
    +1

    I got the email but after taking up a bunch of these they have stopped giving me the gift card part of the offer 😭 also my rate is 3.99 % so thats higer than this offer as well

    • JIMB0 on 03/02/2023 - 09:33

      Same here. I got the offer on another citi backed credit card but the card limit is only $1000 and you can't add extra money to reach the minimum of $2500.

  • MisterEd on 03/02/2023 - 09:23

    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.

  • momptdeals on 03/02/2023 - 09:25

    Damn, the fees, bonus gift card and promotion end date must be targeted. Mods, could you tag this as targeted?

  • mickmac on 03/02/2023 - 09:25
    +2

    Yeah, got the email… “Is it time for another Quick Cash Plan?” But mine has no GC offer, and the interest rate is 18% lol.

  • MELso on 03/02/2023 - 09:36

    "Instantly access $10,000 and put it in your high interest savings account (ING currently rewarding 4.55% p/a). Over 1 year you would earn $455 of interest at the cost of the upfront $199 (1.99% fee) for the Quick Cash payment plan. plus earn the promotional $200 e-Gift card."

    Not quite, as you'd have to draw down on the $10k you'd saved monthly to repay each instalment ($833p/m) (or forgo interest on $833p/m you could have otherwise saved), so the interest earned would be about $248.17. And you'd probably pay 32% of that interest in tax/Medicare levy (so ~$79.41), so your net earn ($168.76) be less than the fee ($199).

    In other words, just borrow the minimum $2.5k…

    • mickmac on 03/02/2023 - 09:43

      I generally slap it into the offset account (so no tax, effectively 5% interest) and just pay it off completely once I’ve received the gift card as its more often than not for me a high interest rate.

  • Dyl on 03/02/2023 - 09:39
    +1

    3 months in still waiting on the gift card. Called up multiple times and they provide no timeframe or even confirmation you will receive it.

    Neg as this is quite a financial commitment and really isn't worth the hassle when it's not guaranteed you're actually eligible. They've stuffed me around too much following up on this offer, now have 2.5k on a loan with no gift card.

    • georgedn on 03/02/2023 - 09:41

      Their terms normally state 16 weeks for the gift card to be sent.

      • Dyl on 03/02/2023 - 09:47

        They can't even confirm I will receive one is my issue

      • freedomofspeech on 03/02/2023 - 10:53

        14 weeks I thought

        • momptdeals on 03/02/2023 - 11:19
          +2

          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 28-Feb-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.

          Not sure how to read into this but it could potentially be longer than 16 weeks. Since the 1st installment of the quick cash plan is going to land on your next statement period.

  • georgedn on 03/02/2023 - 09:40

    This is a targeted offer.

  • Wyn-Ryder on 03/02/2023 - 10:08

    e.g.
    Instantly access $10,000 and put it in your high interest savings account (ING currently rewarding 4.55% p/a)

    Over 1 year you would earn $455 of interest at the cost of the upfront $199 (1.99% fee) for the Quick Cash payment plan. plus earn the promotional $200 e-Gift card.

    Note that your maths is out here. You pay it back each month, so you'd earn around half of the interest. And then have to pay income tax on it, so maybe worth it on a home loan, but not in a savings account

    • momptdeals on 03/02/2023 - 10:46

      Yeh, I couldn't be bothered working out the decreased interest.. especially with a 55 day delay in repayment (interest free period on each month statement).

  • freedomofspeech on 03/02/2023 - 10:52

    Still waiting for my gift card from the November deal

  • TonyBaloney on 03/02/2023 - 11:02

    Does anyone know if this hits your credit rating at all or does it still sit within your credit card application? Thanks

    • momptdeals on 03/02/2023 - 11:12
      +2

      It just utilises your credit card limit.

      I can't copy and paste or take a screenshot of the application page because I've got a request in progress already, but there was a statement saying no credit check or anything like that.

      1. Citi Quick Cash is a type of instalment plan that allows you to draw down an amount on your existing Credit Card Account. Instalment plan offers are subject to eligibility and only available if your account is and remains in good standing. Your instalment plan uses part of your existing Credit Limit and may not exceed 90% of your Available Credit. As you pay off your instalment plan, the amount you pay off will become available for you to use again as part of your Credit Limit at the standard Annual Percentage Rates applicable to your account.
    • momptdeals on 03/02/2023 - 11:13
      +2

      In fact if you scroll down on the page you'll see a screenshot of the process

      https://www1.citibank.com.au/credit-cards/instalment-plans

      "No documents required
      No credit check, instant approval"

      • TonyBaloney on 03/02/2023 - 11:23

        Great! thanks mompdeals!

  • iianthony on 03/02/2023 - 11:49

    Anyone have issues with using this and citi payall at the same time?

    • TurnipHead on 04/02/2023 - 12:23

      Issues as in managing your credit limit or some other issues?
      If you have a low credit limit, it's a pain as if you make large transactions on the card you need to pay it back to ensure payall doesn't put you over the limit.

  • rban945 on 03/02/2023 - 12:13
    +2

    Depends on your scenario, other comments saying its not worth it or to do the minimum, but its also good if you have a big purchase planned (like a car etc) and have a high interest savings account.

    (very) rough calculations for my scenario:

    • 26k from Citi Quick Cash @ 6months, 0.99% fee ($260)
    • Interest earned on 26k over 6 months in a BoQ savings account @ 4.75%pa: $616 (adjust to ~$308 accounting for draw down of balance over 6 months, not exact figure but it'll be around half).
    • Net interest after tax: ~$200 (on ~$308 gross interest)
    • Net profit/loss: -$260 fee, +$200 net interest, +$200 gift card = +$140

    Essentially a free 26k loan paid off over 6 months with no credit check + $140 gift card in my case. (also assumes 4.75% interest is applied in the savings account over the whole 6 months)

  • test8888 on 03/02/2023 - 15:32

    so bad I'm targeted as quick cash 17% no bonus …

  • burningrage on 04/02/2023 - 15:34

    There are two separate things. One where you spend big (maybe like above $100) using your Citi Credit Card and then you instantly get an SMS text saying you're eligible for x interest rate for your recent spend. This interest rates really vary and the best I had was 1.99%.

    Then there is this one where you convert your Credit Card balance to Quick Cash and you can choose 6 (0.99%) or 12 mths repayment (1.99%).

    The difference is possibly the points earning. The first one definitely earns you points, the second one may not (and I don't want to try lol). You also may get Gift Card $200 for the second one.

    Then there is Westpac Balance Transfer, currently sitting at 18 mths 1.99%. This I think would be the best because you don't have to pay by instalment.

  • ocam on 07/02/2023 - 14:50

    If you have a BT on your Citi card - do repayments get applied to the BT first or to this one? Would I lose my 0% BT by taking up this offer?

    Based on my reading - answer to first is unclear; but seems answer is no to the second one.

  • Trendyoz on 12/02/2023 - 13:06

    How do i make the payment? Is it auto taken out or i have to transfer to my citi account?

    • Jaystea on 22/02/2023 - 07:43

      Second this - has anyone figured this out?

      • daanish on 23/02/2023 - 09:09

        I signed up recently but my first statement after taking out a Quick Cash hasn't issued just yet so I'm not 100% certain but from my reading of the deal I believe that the monthly instalment is added onto your end of month balance. ie if you spent $4500 on the card during the cycle + a monthly instalment of $416.67 ($2500 @ 6 months) you'd owe $4916.67 on the statement due date.

        • Jaystea on 23/02/2023 - 09:32

          This is what I thought too - but that didn’t happen with my first cc payment which has been issued for the month prior. I can’t see any info on late payments etc either. :/ I’ll give them a call when I have time I guess and double check. If anyone has any updates let me know.

        • Trendyoz on 24/02/2023 - 22:15
          +1

          This is correct. Called Citibank and they confirmed the same. You don’t need to make any seperate payment, as long as you pay full payment, those instalments will be credited.

  • JHoliday on 23/02/2023 - 17:04

    Say I have a $20,000 limit on my card. I pay $10,000 and $10,000 in two separate payments using CitiPayAll, then don't use the card at all for any other payments.

    1) If I take up this offer with the minimum $2500 over 6 month period, I will get an upfront charge of $24.75 and how much extra do I need to pay each month for the instalment? Each statement $416.67 for $6 months?

    2) Is interest being charged on the instalment?

    3) And after I receive the gift card after 16 weeks and I can pay in full whatever amount is left owing and be done with it?

Login or Join to leave a comment
Login Join