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70,000 Velocity Points When You Access $500 or More Credit within 3 Months ($99 Fee, Save $100) @ Citi Ready Credit

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70,000 Velocity Points When You Access $500 or More Credit within 3 Months ($99 Fee, Save $100) @ Citi Ready Credit
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Lton14 on 06/06/2023 - 17:41 www1.citibank.com.au (3996 clicks)
Last edited 29/08/2023 - 11:32 by 1 other user

Received this email from Citi today, seems they have improved their ready credit bonus offer:

If you're looking for your next adventure, we've got you covered. Enjoy 6.9% p.a. for 5 years on the initial balance that you request to be transferred to your bank account and a reduced establishment fee of $99, saving you $100. Plus enjoy 70,000 bonus Velocity Points when you request a balance to be transferred of $500 or more within 3 months from approval.

Citi Ready Credit is an ongoing line of credit that you can access whenever you need, up to your credit limit, without having to reapply.

A standard variable rate of 20.49% p.a. applies to any unpaid balance transferred after 5 years and any purchases or cash advances during or after the promotional period.

Financial Frequent Flyer Loan Personal Loan Reward Points Velocity Frequent Flyer

Related Stores

Citibank Australia
Citibank Australia
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closed Comments

  • Bowchkawowow on 06/06/2023 - 17:51

    How much is 70k points worth?

    • DealMeIn on 06/06/2023 - 17:53
      +2

      $500-$1000

    • easternculture on 06/06/2023 - 18:18
      +5

      Depends
      For gift cards $500GCs is approx 95000 points but the offer is 70k velocity

      70k velocity selling points is approx $700 but comes with risks

      Velocity have changed redemption of flights so soon points will only cover seat and you have to pay all taxes, someome correct me if im wrong

      100k flybuys = $500 spend at coles or $500 GC

      I would settle for flybuys

      • frugalftw on 06/06/2023 - 19:19

        +1 for flybuys. The risk of transferring velocity points to random cousins can be high.

      • Love a bargain on 06/06/2023 - 20:38
        +7

        The reward fare never includes taxes, they just give you the option to pay for those with additional points (at a not so good point:$ ratio)

        • easternculture on 06/06/2023 - 21:19
          +1

          Not sure how this will affect current reward fares. Dont know much about them.

          Please be advised that Velocity is introducing a new 3-Tiered pricing structure in each One-Way travel zone for Virgin Australia Domestic Economy Reward Seat fares, as follows:

          From 5 June 2023:

          • Tier 1: A new reduced One-Way Domestic Economy Reward Seat fare will be introduced.*

          • Tier 2: This will be the current One-Way Domestic Economy Reward Seat fare.

          From 5 July 2023:

          • Tier 3: A new higher One-Way Domestic Economy Reward Seat fare will be introduced.^

          Fees, taxes and carrier charges are payable in addition to the Reward Seat prices.

          More information is available on the Velocity Frequent Flyer website.

          Yours sincerely,

          Velocity Frequent Flyer

    • AircraftFreight on 06/06/2023 - 18:23
      +4

      Depends on how you use them?

      Last Minute International/Domestic Classic Reward Business fares? Best value
      Toaster? shit choice

      If you wanted to sell them in classified its 1-1.1c per point.

  • bk1973 on 06/06/2023 - 17:55

    I just got approved today for this. When I applied, this deal wasn’t know. It was the other deal: 100k flybuy points. Perhaps they will offer me this one if I ask? I believe 70k velocity > 100k flybuys. It’s 2:1 exchange with prestige card points. I believe velocity points can be used for gift cards.

    • BargainGeezer on 06/06/2023 - 21:12

      100k Flybuys is likely better if you’re swapping for gift cards, as they’re worth a minimum of $500. Potentially more if you can wait for a semi-frequent promotion.

  • b0b0 on 06/06/2023 - 18:00
    +1

    Dumb question, is Citi Ready credit a personal loan from a credit enquiry perspective?

    • seamonkey on 06/06/2023 - 18:21
      +1

      It is a 'hard inquiry'.

      • dm02 on 06/06/2023 - 18:48
        +1

        I think the question isn't if it'll appear on the credit file (that's a given), but under what type of credit it'll show as (e.g. how it can show credit card, personal loan, telecommunications service, etc.)

        • TheAccountant on 06/06/2023 - 19:10
          +2

          Shows as a personal loan.

        • seamonkey on 06/06/2023 - 19:11

          Ahh. Fair. Have to be a credit card. Ive never had one but I'm led to believe a MasterCard is issued as part of the product.

          • TheAccountant on 06/06/2023 - 19:13
            +1

            @seamonkey: You do get a blue Ready Credit Mastercard. I just checked my credit file and it shows up as a NAB Personal Loan for the full amount of your credit line.

            • seamonkey on 06/06/2023 - 19:17

              @TheAccountant: I saw MasterCard and thought surely. Thank you for clearing it up.

              • ozbargainerlife1 on 06/06/2023 - 19:46
                +1

                @seamonkey: From a credit point of view, is a 'credit card' any better than 'personal loan'?

                • b0b0 on 06/06/2023 - 21:23
                  +2

                  @ozbargainerlife1: Credit card is better than personal loan from memory, can't remember where I read this from

      • whtsthenews on 06/06/2023 - 20:27
        +2

        Yes, personal loan must be considered worse than a credit card. I learned the hard way, lost 29 points on Illion score, will stick to CC churn

        • adrianhughes1998 on 25/06/2023 - 13:36

          Shit mate. Planning to apply for first mortgage at end of year and have been churning CCs since forever, so on the fence about getting this if it's a personal loan…

          • whtsthenews on 25/06/2023 - 13:47
            +1

            @adrianhughes1998: YMMV…some people have reported their scores have improved :-)

            • adrianhughes1998 on 25/06/2023 - 14:13

              @whtsthenews: Not worried about the score cos I've always had a very good score aye, dunno might ask a broker as CC churn might be treated differently. Don't see why it wouldn't but aye

  • Mugsy on 06/06/2023 - 18:01
    +1

    Decent offering from the current deals for velocity points. I do miss the previous one… annual fee waived for first year but only 60k points. Didn't have to spend anything on top of what I normally would to get 60k points.

  • whucenoath on 06/06/2023 - 18:07
    +1

    Is there a catch to this?

    Apply and access the $500 credit, but is there a minimum term or is it okay to pay off shortly after?

    • ozbargainerlife1 on 06/06/2023 - 18:15
      +6

      To be eligible to receive 70,000 Velocity Frequent Flyer Points, you must apply for this offer for Citi Ready Credit by 30 August 2023, request a balance transfer of $500 or more within 3 months from approval and must not have repaid the balance transfer in full by the time the Velocity Frequent Flyer Points are credited.

  • adrianhughes1998 on 06/06/2023 - 18:34
    +3

    Alright so let me get this straight.

    Apply for this card, request the $500 and pay off say $450 of that immediately, then pay $99 establishment fee at end of first month

    Then the other $50 and close off the account and voila, 70K Velocity points?

    • Sidy on 06/06/2023 - 18:43
      +3

      Yes, but wait for the velocity points to hit the account before paying off the $50 and closing the account. Will take this up - although I have the Payall ongoing until 2025 Apr

      • adrianhughes1998 on 06/06/2023 - 19:04

        Didn't think of that last bit - thank you and will do!

      • hothot on 06/06/2023 - 19:20

        How you manage this with Payall?
        I have currently Payall setup to use full credit limit, so if I transfer $500 for this deal, my Payall will fail due to lack of available balance.
        Want to get this offer, but don't want to risk my Payall transaction.

        • asc on 06/06/2023 - 19:37

          Credit card limit n readycredit limit…you mean they are related? I would think they are separate limits.

        • Sidy on 06/06/2023 - 19:58

          The paypall limit for points to maximize is 20K per month - most prestige card holders will have a minimum credit limit of 30K - from memory. If limit is 20K for other Citi cards - this will be a problem.

          • Autonomic on 06/06/2023 - 20:50

            @Sidy: What if you reduce your payall to 19k?

        • Willyslicks on 06/06/2023 - 20:10
          +1

          overpay

          • Sidy on 06/06/2023 - 20:26

            @Willyslicks: Hmmm - dealing with Citi here (well NAB now). They are notorious for a reason - the guys at Citi

        • Voi on 13/06/2023 - 21:26

          Have you found out if they are related? I would have thought they are a completely separate thing but better double check

      • Xxmilker69xX on 06/06/2023 - 22:32

        Is the ongoing PayAll till 2025 so that you can get interest in that amount? Do you mind explaining it? Cheers

    • skinny on 06/06/2023 - 18:55
      +2

      Why leave $50.. can’t you repay 499 and leave $1 remaining until points hit?

      • adrianhughes1998 on 06/06/2023 - 19:04
        +5

        Others have reported issues before where it's rounded it up for some reason and marking it as having paid off the account.

      • mjkwon74 on 07/06/2023 - 08:58

        Citi ready credit has minimum repayment like credit card every month. If you pay $499, you may need to pay $1 by the due date.

    • JHoliday on 06/06/2023 - 22:29
      +1

      Isn't it easier to just apply for a deal like this?

      60,000 points, $95 fee?

      https://www.ozbargain.com.au/node/777865

      • adrianhughes1998 on 07/06/2023 - 07:03
        +1

        Already churned thru that so not atm haha

      • jasonb on 07/06/2023 - 11:17
        +1

        Why not do both?

    • mal_aker on 07/06/2023 - 22:29

      Bit confused ,on application mentions

      "Enter your preferred credit limit" -options are between $5000-$75000, but nothing around $500

      Do you select $5K but then only request $500 out of that $5k?

      • txb on 08/06/2023 - 20:14

        Yes

        • mal_aker on 09/06/2023 - 08:11

          Thanks and then just confirming the 6.9% interest until velocity points come is on the $500 or $5000?

          • txb on 09/06/2023 - 09:08

            @mal_aker: On the outstanding balance amount you've balance transfered

  • bobwokeup on 06/06/2023 - 19:01
    +1

    So when it says “request a balance to be transferred $500 or more“ is that a normal transfer from a chosen back account? It’s not a credit card transfer where it closes it for you?

    • lachhelix on 06/06/2023 - 20:37
      +1

      Yes it's a normal transfer - they just transfer whatever amount up to the credit limit to a bank account in your name

  • Fishballs on 06/06/2023 - 19:03

    If I'm not allowed to pay off the $500 until the points are credited, wouldn't this be bad for my credit score?

    • nightelves on 06/06/2023 - 19:17
      +1

      You can pay the minimum amount each month.

  • starkers on 06/06/2023 - 19:08

    Any limitations to the points eligibility if I’ve had a Citi offer already recently? Closed off maybe 3 months ago…

    • nightelves on 06/06/2023 - 19:16

      No limitation. I applied while having the prestige and it was fine.

  • Darkheartz on 06/06/2023 - 19:16
    +1

    Is this new customers only?

    Am I classed as a new customer if I have a Virgin Flyer Awards card? (I think this is provided by Citi)

    • timhn on 06/06/2023 - 19:40
      +1

      This is like a personal loan. Nothing to do with credit card.

  • frugalftw on 06/06/2023 - 19:18

    Hmm if you also have other quick cash loans still going, presumably you won't be able to pay this off until you'd paid off those first, because those predate this?

  • soupeater on 06/06/2023 - 19:24

    Can you still get the 70k points if you have a Citi credit card/ have had one in the last 12 months?

    • gembel on 06/06/2023 - 19:25

      Would like to know

      • timhn on 06/06/2023 - 19:40

        Not a credit card application.

  • alan737 on 06/06/2023 - 19:34
    +1

    Can anyone explain what this deal is? Confused about T&C's, is this a credit card, or a personal loan?

    • timhn on 06/06/2023 - 19:53
      +3

      It's a Line of credit.

      Think of it like a pre-approved personal loan. You apply for, said, $10K to be use for something. If they approved your application, you'll pay the application fee and have $10K waiting to be transfer to your account. But, said, you only need $5K now, you request that amount transfer to your account. The interest is only charge on that $5K. You would need repay minimum required amount monthly or repay everything back asap.

      Note, this is not a credit card application, so nothing to do with " existing customer with x credit card".

  • cheekymonkey97 on 06/06/2023 - 19:42
    +2

    Got this offer too but I’ll pass on account of the credit check. Citi quick cash offer with gift card is much more appealing.

    • easternculture on 06/06/2023 - 19:50

      As long as you close it within a reasonable time, it wont have much impact.

  • Westpac on 06/06/2023 - 19:44

    Do you click yes to 'would you balance transfer' when applying?

    • easternculture on 06/06/2023 - 19:49
      -1

      You dont have to.

      Its within 3 months of approval as per T&C

      • Westpac on 06/06/2023 - 20:13

        So all you have to do is 'withdraw' or advance 500 to another bank account?

  • 7hours 44min ago on 06/06/2023 - 19:54

    How long does the points normal take to arrive if you do everything right?

    • whyisave on 06/06/2023 - 22:08
      +1

      See this

      The Velocity Frequent Flyer Points will be credited to your Velocity Frequent Flyer account
      within 8 weeks from the date we receive your Velocity Frequent Flyer membership number
      provided your Citi Ready Credit account is open and in good standing
      and your Balance Transfer has not been repaid in full.

  • Westpac on 06/06/2023 - 20:02

    Where do you provide your velocity number? it doesnt have it in the application.

    • Rarak on 08/06/2023 - 09:02

      I wanted to know this too?

    • txb on 08/06/2023 - 20:15
      +1

      They email you, it's written in the fine print at the bottom of the page

  • DingoBlue on 06/06/2023 - 20:05

    Do I need to cancel my balance-in-full direct debit?

  • Futura on 06/06/2023 - 20:17
    -1

    National Australia Bank Limited (ABN 12 004 044 937, AFSL and Australian Credit Licence 230686) ("NAB"), is the credit provider and issuer of Citi branded financial and credit products. NAB has acquired the business relating to these products from Citigroup Pty Ltd (ABN 88 004 325 080, AFSL and Australian Credit Licence 238098) ("Citi") and has appointed Citi to provide transitional services.

    This means that NAB is your product provider and references to 'we', 'us', or 'our' in relation to Citi branded products and services are generally references to NAB unless the context requires otherwise.

    "Citi", "Citibank", "Citigroup", the Arc design and all similar trade marks and derivations thereof are used temporarily under licence by NAB from Citigroup Inc. and related group entities.

  • Briefcase Mong on 06/06/2023 - 20:18
    +4

    Spoke with Citi balance transfer must be from another financial institution doesn't work with existing Citi cards

  • makeahit on 06/06/2023 - 20:40

    Do I need to be a velocity member before applying?

    • whyisave on 06/06/2023 - 22:09
      +3

      See this

      We will request your Velocity Frequent Flyer membership number from you
      via email within 6 weeks from the date your balance transfer is debited to your account.
      If you do not provide us with your Velocity Frequent Flyer membership number
      within 30 days from when we first request it, the Velocity Frequent Flyer Points will be forfeited.

  • ADollarSavedIsA on 06/06/2023 - 20:55
    +1

    How does this look on a credit check compared to a credit card?

    • BargainGeezer on 06/06/2023 - 21:21
      +5

      Personal loans will probably be treated more harshly than a credit card by lenders. I’d avoid if you’re going for a mortgage in the short term.

      • evasive on 06/06/2023 - 22:33
        +2

        Define "short term". If I don't want to for at least a year, am I fine?

    • easternculture on 06/06/2023 - 21:50
      +4

      I have combined credit cards reported of $90k on credit savvy and my credit score is 900 🤣🤣🤣

      5 amex, 1 citibank (nab), 1 felxigroup

      • whyisave on 06/06/2023 - 22:15

        Flex post 💪

        I got a few credit cards myself, haha…
        • Citi Signature …
        • AMEX Essentials
        • ANZ Rewards Platinum … (ANZ have been terrible & did/have not given me the reward points, credit yet! )
        • St. George Amplify …
        • NAB Rewards Platinum …

        …and I don't want this new Citibank "line of credit" opened my name,
        even though I really want the Velocity points badly.

      • Fasian on 07/06/2023 - 08:32

        Why so many AMEXs?

        • easternculture on 07/06/2023 - 08:49

          When they had the decent offers once upon a time …..

    • whyisave on 06/06/2023 - 22:29
      +1

      You can ask for a 'free' Credit Check
      and get your details instantly, via Equifax
      - https://www.equifax.com.au/personal/products/equifax-credit-…

      It's detailed enough and shows your credit rating
      and all the credit checks done against your name.

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