This was posted 9 months 4 days ago, and might be an out-dated deal.

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Bonus 70,000 Qantas FF Points with Citi Ready Credit ($199 Establishment Fee, Minimum Loan $5,000 90 Days, 6.9% p.a.) @ Citibank

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Bonus 70,000 Qantas FF Points with Citi Ready Credit ($199 Establishment Fee, Minimum Loan $5,000 90 Days, 6.9% p.a.) @ Citibank
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Nand0sx on 24/07/2023 - 11:48 www1.citibank.com.au (1834 clicks)
Last edited 04/10/2023 - 08:59 by 2 other users

Received an email today from Citibank with an offer of 70,000 bonus points for signing up to Citi Ready Credit and taking a $5,000 within 3 months.

I am unsure if this is targeted and what credit cards would be required to hold. I have a Citi Prestige.

It would seem you can pay off the full amount fairly early. A quick look would suggest worse case is $89 in interest and the $199 establishment fee. Not a bad cost per point.

T/C's

  1. 70,000 Qantas Frequent Flyer Points

Offer eligibility: To be eligible to earn 70,000 Qantas Points, you must: apply for this offer for Citi Ready Credit by 31 October 2023 and request a balance to be transferred to your bank account of $5,000 or more within 3 months of approval; provide your Qantas Frequent Flyer membership number to us within 8 weeks of our request for it; maintain a debit balance on your Citi Ready Credit account for at least 90 days from the date the initial balance transfer is processed.

Offer exclusions: This offer is available only once per customer. This offer is not applicable or valid in conjunction with any other advertised or promotional offer. If you have previously received, or are entitled to earn, 70,000 Qantas Points with this offer, you will not be eligible to earn another 70,000 Qantas Points with this offer.

Requesting your Qantas Frequent Flyer number: We will request your Qantas Frequent Flyer membership number from you, via email and SMS from the address and mobile number that are maintained with your Citi Ready Credit account, within 8 weeks from the date your request for a balance to be transferred was first processed. Your Citi Ready Credit account must remain open, be in good standing and have a debit balance. If you do not provide your Qantas Frequent Flyer membership number within 60 days from when we first request it, the Qantas Points will be forfeited.

Receiving your Qantas Points: The Qantas Points will be credited to your Qantas Frequent Flyer account within 9 weeks from the date you became eligible for this offer. Your Citi Ready Credit account must remain open, be in good standing and have a debit balance.

About Qantas Frequent Flyer: You must be a Qantas Frequent Flyer to earn and redeem Qantas Points. A joining fee can apply, however, new customers who join here will have the joining fee waived by Qantas. Please ensure you provide your valid Qantas Frequent Flyer membership number. The Qantas Frequent Flyer membership must be in your own name. In the instance that the Qantas Frequent Flyer membership number and last name attached to your Citi Ready Credit account does not match the details in your Qantas Frequent Flyer account, you may not be eligible to receive Qantas Points. Membership of Qantas Frequent Flyer is your responsibility. Membership and redemption of Qantas Points are subject to the Qantas Frequent Flyer program Terms and Conditions, available at qantas.com/terms.

Offer expiry: This offer is valid until 27 September 2023. Post this advertised date: we reserve the right to continue, withdraw or change the offer at any time without notice.

Financial Frequent Flyer Loan Personal Loan Qantas Frequent Flyer Reward Points

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closed Comments

  • recession1 on 24/07/2023 - 11:53

    Confirmed on AFF that there will be a credit check even if you already have a Citi card. Still probably worth it.

    • Nand0sx on 24/07/2023 - 12:21

      Darn, might have to wait a month or two since I've just opened a new Westpac CC.

    • b0b0 on 24/07/2023 - 12:30
      +17

      Word of warning: it's probably going to land as a "Personal Loans" credit check, which is much worse than a Credit card or a Home Loan in terms of credit damage.

      Do your own due diligence!

      • Autonomic on 24/07/2023 - 12:56

        Is this a fact?

        • b0b0 on 24/07/2023 - 13:02
          +5

          No it's not a fact. I'm speaking from personal experience as it affected myself previous.

          The actual impact is going to be different depending on individual circumstances. For example if a person make $1mil per year then such Personal Loan application may not cause much damage to your profile for future lending.

          I'm trying to raise awareness, 70k QFF is very tempting, but it may work out even if it affects your credit score

          You can try and report back to the community 🙏

          • Autonomic on 24/07/2023 - 13:15

            @b0b0: Can you elaborate on what happened with your application?

          • donedealz on 24/07/2023 - 15:30

            @b0b0: 100% confirmed. I applied for and got the Citi ready credit for one of the recent deals and it dropped my credit score 23 points. For me in the past, many credit cards had hardly moved the needle, but this will.

            • [Deactivated] on 08/08/2023 - 11:13

              @donedealz: 23 points is nothing?

              My broker told me that I'm in the 800s and I have nothing to worry about.

              Even a drop of 23, I would still be in 800 and within 12 months it would recover.

        • skinny on 24/07/2023 - 13:48

          When someone gives you cash without any asset backing (home loan, car, etc), it will be considered as higher risk.

        • Autonomic on 24/07/2023 - 15:57

          I don't understand why I'm being negged. If someone actually knows if a 5k personal loan has more or less of an impact on future credit applications than a 5k limit card then it'd be great to hear from them.

          • b0b0 on 24/07/2023 - 17:14

            @Autonomic: I didnt neg you, but to your question, yes a 5k personal loan is going to be much worse than a 5k credit card application.

            • [Deactivated] on 24/07/2023 - 17:18

              @b0b0: Is it? Why?

              People borrow for cars, and most cards these days are 6k min!

              • b0b0 on 24/07/2023 - 18:45

                @[Deactivated]: I'm not sure of the reason TBH. May be it's a question for Experian / Equifax / Illion…

            • Autonomic on 24/07/2023 - 17:46

              @b0b0: I'm sorry, but you just said it was not a fact. Can I ask what your reasoning is for thinking it is?

              • b0b0 on 24/07/2023 - 18:41

                @Autonomic: Mate, not sure if I sounded overly certain in my last comment. It was not a fact but purely based on personal experience. Like the other person above, my credit was hit pretty badly after applying a personal loan

                Also, for my past few mortgage applications, my broker strongly recommended that I pay off my personal and car loan because borrowing capacity was impacted quite a bit. (For comparison, during those mortgage applications there was also >$50k limit in credit cards which my broker didn't suggest closing any of them)

                Again, YMMV, it's not a fact. To confirm I suggest that you try it out and report to the community

                • Autonomic on 24/07/2023 - 18:58

                  @b0b0: Not having a go at you. I churn cards and want to hold on to my 20k limited prestige so I'd rather not take the risk until I hear from some more people.

                  • [Deactivated] on 24/07/2023 - 19:23

                    @Autonomic: My bank told me to close all my credit cards, then reapply after my home loan is approved lol

                    It's weird

                    • b0b0 on 24/07/2023 - 20:02

                      @[Deactivated]: Thats not wrong though.

                      In my case personal loans was seen worse than credit card, but having credit card is worse than no credit card in the eyes of lenders

                    • Autonomic on 25/07/2023 - 17:59

                      @[Deactivated]: For home loans I understand. It's silly that they tell you to re-apply, but they have to tick the box basically.

        • Hugh G Rection on 24/07/2023 - 20:20

          fact, i just did it on the previous deal just before this one. i was applying for another credit card, and i got denied. fyi, i have or use to have a perfect credit score. this is fine if you need this, but i only got it to get the velocity points. so now i have to utilise since i can't get approved for another credit card until next year or so.

      • TheFyrd on 25/07/2023 - 10:21

        That's fair but your credit will recover after 12 months. Every credit check, loan and credit card inherently damages your credit score in the short term. This includes credit checks for mobile plans etc. Ultimately it all balances out, so a valid word of warning for those who are particularly worried about their credit but for every other person. It's the cost of churning and burning mind your it's not permanent.

        Also in your case had you applied for a lot of loans or credit cards prior to the personal loan or was it a completely isolated event.

        • b0b0 on 25/07/2023 - 10:36

          Mine was isolated from memory, it was few years back when I used to apply max 1 card every 3 months

          I agree that this is a good deal, the churn and burn mindset is fine if you are aware of the implications!

    • mickmac on 24/07/2023 - 14:08

      It’s a completely separate product. Not a credit card, it’s a line of unsecured credit.

  • Pikaloo on 24/07/2023 - 11:54
    +1

    maintain a debit balance on your Citi Ready Credit account for at least 90 days from the date the initial balance transfer is processed.

  • BargainGeezer on 24/07/2023 - 11:55

    Same offer. I have a Citi Premier and Simplicity.

    This definitely requires a credit check. Potentially a good deal if you’re looking to get a loan anyway, but I probably wouldn’t get the loan for just the points.

  • littlesoldier on 24/07/2023 - 12:04

    How does the interest be calculated
    eg. if you borrow $5000 and pay off on day 90
    does the interest calculated per day? $365 x 6.9% / 90days?

    • at9 on 24/07/2023 - 13:10
      +1

      It's 6.9%/365*90

  • sw0rdy on 24/07/2023 - 12:08

    Got this too. Seems to be worthwhile for 70k

  • mikeleemy on 24/07/2023 - 12:10

    can u apply if u have an existing ready credit with citi?

  • varunbabu008 on 24/07/2023 - 12:16

    Is this fixed interest for 5 years ?
    Say person is borrowing 5000$ at 6.9% for 5 years. For a fixed rate it is not beneficial to pay it off early since repayments are fixed at 99 per month.
    Total amount paid over the course will be 99$ * 60 months = 5940$.
    That means you will end up paying 5940 + 199 establishment fee = 6139$ over 5 yerars. Is 70,000 worth more than this amount provided you take a credit hit as well.
    Above is my understanding. Please let me know if there anything else that I am missing ?. Will be good if you can pay it off early and only accrue interest for that time period only.

    • Nand0sx on 24/07/2023 - 12:20

      Interest is calculated in amount owed, this allows early pay off without a fee.

    • littlesoldier on 24/07/2023 - 12:25
      +2

      From the FAQ:
      Will I still receive the Qantas Points if I repay the initial balance I request to be transferred?
      Yes, you can still be eligible, provided that your Citi Ready Credit has a debit balance and you meet the other eligibility criteria.

      So does this mean that I can pay $4999 on Day 2, and maintain the "debit balance" of $1 for the remaining 89 days?
      Then pay off the $1 and the interest on Day 90?

      • mikeleemy on 24/07/2023 - 12:42

        there will be a minimum payment to be done every month. so, it wont work.
        may be pay off $4900 and keep the $100 as debt until u get the points n make minimum monthly payments.

      • antirealist on 24/07/2023 - 12:44

        Yeah I had the same thought and no idea…

  • excite on 24/07/2023 - 12:23
    +2

    This considered as personal loan, probably not good if you want to apply for other credit card offer when this is open

  • sween64 on 24/07/2023 - 12:24
    +3

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

    Velocity points but otherwise seems better. Lower fee. Lower loan.

    • akula on 24/07/2023 - 12:27
      +1

      Why not both ;)

      • Nand0sx on 24/07/2023 - 12:29
        +1

        I'd suggest you would be ineligible for both.

        I don't really see the value in velocity points tbh.

        • Autonomic on 24/07/2023 - 12:57

          Velocity is quite useful for QR flights to Europe or UA flights to USA. Althought QR seems to have killed award availability globally in the last week - not sure if that's temporary or not.

          • G14Classified on 24/07/2023 - 14:10

            @Autonomic: I too also noticed the QR availability disappearing… pretty annoying as it’s coming up to the date I was potentially looking to get flights for!

        • vawiyoci on 24/07/2023 - 12:57

          I don't really see the value in velocity points tbh.

          Wish qantas had a more competitive local rival like krisflyer or the ones in north america where the rewards seats are much cheaper in points and either have 0 or low fees and taxes (eg compared to the $1k+ on emirates for each leg to europe now urgh).

        • skinny on 24/07/2023 - 13:49

          Virgin and Velocity flights with points are the best for travel within Australia in my experience

    • Nand0sx on 24/07/2023 - 12:28
      +20

      New to OZB? If you are able to manage your credit score you won't be "damaging it". My credit score is considered excellent and I have earned well over 1,000,000 Qantas points within the last 2/3 years.

      Currently sitting in the Qantas first class lounge about to enjoy a business class flight that cost $180 in fees and some points. Easy $5,000+ in value.

        • Nand0sx on 24/07/2023 - 12:35
          +10

          Being educated on personal finance is considered swindling? Interesting.

          Hopefully you can use OZB to educate yourself out of finical illiteracy.

        • bobswinkle on 24/07/2023 - 12:57

          Lmao are you really bootlicking Qantas? So weird…

      • [Deactivated] on 24/07/2023 - 13:44

        Incorrect.

        Maybe $180 in taxes? Those credit cards have annual fees, so could be another $150-$600 in fees you pay for those points.

        It's worth it, but it's also over-rated. I wasn't impressed with Businesses class on Singapore.

        I had super long layovers too, last time with Qatar my travel time was 25% less than Singapore and you have to plan very far ahead.

        Definitely worth it, however it varies between people!

      • nightelves on 24/07/2023 - 14:42

        We need proof

      • rokufan on 25/07/2023 - 02:47

        Wow! How many cards/offers did that take? How many do you juggle at a time and often do you apply for a new one? I've never churned my cards, but looking at how well some people do on here am very keen.

      • dealman on 25/07/2023 - 08:46

        Can you or someone else tell me what is 70,000 Qantas we can fly points actually worth?

        I am not interested in business class I normally fly coach.

    • littlesoldier on 24/07/2023 - 12:29
      +3

      Not sure about loan, but I found that my credit rating hasn't been impacted from the last 3 credit cards I have applied
      I have always paying the full balance of the credit card statement though

    • droodle on 24/07/2023 - 12:29
      +1

      Bum info .. in many cases credit ratings improve as good creditors

    • gromit on 24/07/2023 - 12:36
      +3

      If you are not incompetent at managing credit this is highly profitable way to fly cheaply for holidays. like Nand0sx I have easily gotten more than 1 million points in just the last couple of years, my credit rating is excellent. What these places rely on is people that aren't capable of managing debt well, for those yeah it might be a bad idea.

      • vawiyoci on 24/07/2023 - 12:54

        What these places rely on is people that aren't capable of managing debt well

        Hopefully they don't start getting wise to us churners and start auto-rejecting applications cos they can't make a profit or even cost them money from the fee refunds lol. Though it helps that we're probably still in the minority % in terms of overall customer base.

        • ATangk on 24/07/2023 - 13:06
          +1

          They don’t really care about retention as much as customer acquisition. The upfront numbers always matter more. That’s why these things exist in the first place.

          • vawiyoci on 24/07/2023 - 13:20

            @ATangk: But these bonus offers have gotten a lot worse starting this year compared to pre-covid or even just last year. Also a few of the credit card restrict part of the bonus until you stay for an extra year, based on that seems like they do care about retention for the extra annual fees?

            • gromit on 24/07/2023 - 14:00

              @vawiyoci: absolutely, they care a LOT about retention, they lose money from churners. hence the gradual change in behaviour with the conditions on many offers now.

      • qtmai on 24/07/2023 - 15:41
        +1

        Exactly that!!!

        I've made over 2 millions in QFF and 3 years of free Qantas Club.

        I also have 1 million in Velocity.

        If you're super savvy, you can take advantage of the Balance Transfer deals where there's 0% fee.

        I went as far as have a spreadsheets on open and close dates on credit card so I can churn for points.

        This has not affect my credit score at all! Two investment properties and one owner occupier.

        • Jasongood on 24/07/2023 - 18:24
          +1

          If you don't mind could you share your journey reaching 2M points?

          • b0b0 on 24/07/2023 - 18:50
            +1

            @Jasongood: I don't represent this guy in any way, I just find it fascinating that there is someone who churns one card a month and make millions of points

            https://www.howtocreditcardchurn.com/

            • rokufan on 25/07/2023 - 02:51

              @b0b0: Excellent, thank you.

            • Associatedhowtocreditcardchurn @ howtocreditcardchurn.com on 25/07/2023 - 22:59
              +1

              @b0b0: It’s not hard to do. After a while it almost becomes a challenge to see how many cards I can churn for points. Now it’s just a habit to cycle through credit cards. It’s one of the best side hustles ones you get your head around it.

            • redfox1200 on 13/08/2023 - 03:11

              @b0b0: easy to do when renovating your home, had me and the missus doing it at the same time, easily hitting the 3-5k minimum spends every 2 months.

              earning between 400k-700k per year in qantas points

          • qtmai on 26/07/2023 - 19:13

            @Jasongood:

            • close out cards as soon as you get your bonus points
            • keep a log/spreadsheets of all the banks/cards types so you know when you can apply again
            • take advantages of any points earning deals (BP fuel, online stores, hotel stays etc)
            • keep on top of your finances
            • know when your big bills are coming (car rego, insurances, rates etc) and use it to meet the minimum spending limits
            • if you have a partner, get your better half to churn credit cards with you
    • immrnonamehello on 24/07/2023 - 12:54
      +3

      Typical work hard not work smart mentality 😂

      • vawiyoci on 24/07/2023 - 13:00

        Also credit rating and score matter SFA here in Aus unlike in the US, as long as you don't have late bill repayments or unpaid balances on account closure etc.

    • cook99 on 24/07/2023 - 13:01
      +2

      Looks for damage from last 15 churned cards… Nope, still 'Excellent', guess you're wrong

    • Pelicannn on 24/07/2023 - 18:53

      That comment didn't go how you planned did it :P

  • Ohz on 24/07/2023 - 12:27
    +2

    Terrible customer service

    • mikeleemy on 24/07/2023 - 12:44
      +1

      Never had a problem dealing with citi su[[prt. except for some random calls from Philippines, to check if i want additional loans from them.

  • furakoph on 24/07/2023 - 12:33

    can you get this if you had the pristge card recently?

    • BrunoBear on 24/07/2023 - 13:38
      +1

      I got an instant decline

      • b0b0 on 24/07/2023 - 18:52

        Can you check your credit score within a month and see whether it leaves a dent in your credit history?

        From memory, even a decline would leave a Personal Loan credit enquiry, and affects score…

  • Autonomic on 24/07/2023 - 12:58

    When they ask "Do you have a credit card with another institution?" I assume we don't list any Citi cards? It's not just generic phrasing for "Do you have a credit card"?

  • yoyo6 on 24/07/2023 - 13:05
    +2

    I did one of the previous offers and it was a nightmare. Had to really fight with them to get the points and then took me months to finally close the account. First they told me it was closed, then they said there was still a balance but had locked me out of online access because the account was closed. No one in customer service has any idea. I got the points in the end and I guess it was worth it, this is ozbargain and we do these things.

    • jaypee06 on 24/07/2023 - 15:24

      i had a similar issue, had a ready credit facility which needed to be closed so i could get a home loan, citi says its closed and i don't have access, bank and broker say it's still open, rinse and repeat 3-4 times…

  • nonpop on 24/07/2023 - 13:44

    At 0.0041c / pt … that is close to the half cent value for buying a toaster from their store. meaning if you could actually use it on long haul premium sector business / first classic rewards flights or upgrades then it would be good value. Using points on international flights on premium routes, in premium cabins when you actually want to fly is very tough these days. Then you add in the taxes and carrier charges. Then make sure you have QF Plat or P1 status. YMMV.

  • spaceflight on 24/07/2023 - 13:55

    It would seem you can pay off the full amount fairly early. A quick look would suggest worse case is $89 in interest

    Why?

    Pay off all the loan apart from $1 so that you are only paying interest on $1

  • [Deactivated] on 24/07/2023 - 14:15

    So basically pay off the loan less $1 and wait 3 months?

    Annual fee, $199 is actually more than a few credit cards which are $150 but no minimum spend etc.

    Can you apply if not a Citibank member?

  • pofolonies on 24/07/2023 - 14:52
    +1

    Heads up - the 6.9% only applies if you request a balance transfer during the application process, or go through their call centre once the account is setup.

    It you make an initial transfer yourself once signing up it will default to ~25% p.a, not the promo rate.

    Is in the fine print but I missed this when signing up for velocity deal.

    • nonpop on 24/07/2023 - 15:05

      Nice pick up … thanks

    • vawiyoci on 25/09/2023 - 09:29

      Does the balance transfer during the application have to be from a credit card versus depositing the 5k into your citi bank account? Also what is the monthly statement like, another comment was saying you can't just leave $1 unpaid as it'll be below the minimum repayment?

  • howie10 on 24/07/2023 - 14:54

    Transfer the $5000 into a high interest earning savings a/c (say 5%), then you are essentially paying 1.9% interest. Approximately $23 + $25 tax on interest earned. $48 over 3 months.
    Zero interest if deposited into off-set a/c linked to a H/L.

    • [Deactivated] on 16/08/2023 - 18:06

      Yeah, I think I will transfer onto my H/L offset. Pay monthly, then pay off once points are sent.

  • MikeSYD on 24/07/2023 - 15:07

    I just abused the Velocity one and worked really well. Abused=As soon as the points landed, I closed it down. Would citi hold that against me?

    • BrunoBear on 24/07/2023 - 15:17
      +2

      I'm a serial abuser and Citi have usually been Ok with it. Might need to wait 3 months for this one though.

      • MikeSYD on 24/07/2023 - 15:20

        cheers, good to know, I'll wait closer to the deadline to apply.

    • [Deactivated] on 08/08/2023 - 11:15

      Can you explain how you did it?
      I mean, how quickly did you pay off? How much of the loan and the repayments per month?

  • od810 on 24/07/2023 - 15:11
    +2

    There are more offer out there you can get. Car insurance with Qantas Insurance can yield 40k points (no credit check, and you can churn after 3 months). Credit cards with 6k limits with BoM or Westpac give 70k

    • MikeSYD on 24/07/2023 - 15:20

      I've overcooked the credit cards, Despite my income and top credit rating, suncorp has rejected me because I've done 2 citi cards, 1 virgin money and the velocity version of this. (plus a few more non affiliated ones)

      • od810 on 24/07/2023 - 15:55
        +1

        yeah that's probably because you churned too quick. I generally use the card for about 6 months. A year i churn about 3 cards but i have like 3 cards concurrently.

      • Autonomic on 08/08/2023 - 17:48

        It's because Suncorp and Virgin Money cards are provided by Citibank.

        • MikeSYD on 09/08/2023 - 12:14

          I thought Suncorp was ANZ for some reason. how long do you think I should wait to apply for this groups cards again? (Wow I really did a number on them last 12 mths)

          • wikiwiki on 10/08/2023 - 09:31
            +1

            @MikeSYD: I was recently rejected by Suncorp and they more or less said it's due to card churning.
            They did mention Citi does the credit check.
            I requested a reassessment as i had closed a $15k ANZ card which was still showing as open on my credit check and i provided the closure letter.
            The reassessment came through approved.

            • MikeSYD on 10/08/2023 - 15:26

              @wikiwiki: Thanks, that's helpful to know.

            • MikeSYD on 10/08/2023 - 15:27

              @wikiwiki: I've got the Bankwest and pointshack nab one for now. I'll take another shot later in the year.

    • nightelves on 24/07/2023 - 16:22

      The 40k Qantas Insurance requires a lot of spend on the premium though. Is there something I'm missing with that one?

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