Citi Ready Credit – Rates & Fees

Information verified correct on July 1st, 2016

Never pay an annual fee, repay your debt with a low balance transfer offer and earn rewards as you spend with the Citi Ready Credit Card.

Citi Ready Credit is a personal loan that is linked with a Visa Debit Card that gives you the freedom to recharge your spending power. With the convenience of a card, you can redraw funds easily and enjoy a competitive interest rate.

The personal loan also comes with a competitive transfer rate of 7.9% p.a. for the first 24 months, allowing you to redraw funds of up to $60,000 to repay other loan and credit card debts and regain control of your finances.

Ready Credit has no fixed payment term, giving you the flexibility to make repayments at your own pace and access your account using ATMs across the world with your Visa Debit Card.

Product NameCiti Ready Credit
Balance transfer rate (p.a.)7.9% p.a. for 24 months
Balance Transfer Revert Rate
The interest rate after the balance transfer ends.
Purchase Rate (19.99% p.a.)
Balance Transfer Limit80% of available credit limit
Purchase rate (p.a.)19.99% p.a.
Annual fee$0 p.a.
Min credit limit
This is the lowest credit card limit that you can request. It is possible to apply for a higher credit card limit but not a lower one than this figure.
$5,000
Max credit limit
This credit limit may not be issued to you immediately on application. This is the maximum credit limit for this card which must be applied for or offered to you after you are approved and have already opened the account.
$60,000
Minimum Monthly Repayment1%
Minimum Income$35,000
Card TypeVisa
Late Payment Fee10 for every 7 days
Foreign Currency Conversion Fee (VISA)3.3% of transaction value
Complimentary Travel InsuranceNo
Available To Temporary ResidentsNo
Joint ApplicationNo
Minimum Income$35,000
Minimum Age18 years of age
Available to Temporary ResidentsNo
Credit Rating Requirement
Credit rating requirement is provided only as a guide. Understanding your credit file helps you make more informed decisions in regards to your finances. Learn more about what this means here.
Good
Min Credit Limit
This is the lowest credit card limit that you can request. It is possible to apply for a higher credit card limit but not a lower one than this figure.
$5,000
Max Credit Limit
This credit limit may not be issued to you immediately on application. This is the maximum credit limit for this card which must be applied for or offered to you after you are approved and have already opened the account.
$60,000
Annual Fee$0 p.a.
Minimum Repayment1%
Late Payment Fee10 for every 7 days
Over Limit Fee$40
Cash Advance Fee3.5% of transaction amount or $3.50
Overseas Cash Advance Fee$5
Overseas Emergency Replacement$0
Overseas ATM Balance check$0
Overseas ATM Withdrawal Fee$0
Foreign Currency Conversion Fee (VISA)3.3% of transaction value
Gambling Transactions AllowedNo
Number of Additional Cardholders1
BPAYYes
ChequeYes
Direct DebitYes
Australia PostYes
Phone BankingYes
Internet Banking TransfersYes
In BranchYes
MailYes
Pros
  • No annual fee and no monthly servicing fees for the life of the card (all you have to pay is $149 one-off establishment fee)
  • A long term balance transfer offer of 7.9% p.a. for 24 months
Cons
  • There is no rewards program with this card.
  • You cannot transfer more than 80% of your credit limit and the credit limit is a fairly low at $5,000 to $60,000 (depending on your annual income).

Citi Ready Credit Review

The Citi Ready Credit personal loan offers a line of credit that can be used like a credit card. The universal finance facility offered by Ready Credit comes with special features such as no annual fees, a credit limit of up to $60,000, a competitive introductory rate of 7.9% p.a. and no fixed term so that you can make repayments at your own pace. The loan may be suitable for those looking to free up cash for everyday expenses or bigger purchases, or for people looking to consolidate debt and save on interest fees.

Please note that this product comes with a $149 one-off establishment fee.

Benefits of Citi Ready Credit

  • Balance transfer offer. The Citi Ready Credit personal loan comes with a competitive introductory balance transfer offer that runs for the first 24 months. This allows new customers to pay off balances from other credit cards and save on interest.
  • Complimentary access and offers. Citibank offers a wide range of perks, including worldwide discounts on purchases and travel, access to exclusive holiday packages and exclusive offers on entertainment events i.e. shows, movies.
  • Rewards program. Customers are rewarded with a free bottle of wine every time they pay for meals at hundreds of Citibank partner restaurants across Australia using their Citibank credit card.
  • Cheque to self. You can request for a check to be sent to you as soon as your loan is approved so you can access 80% of your credit limit and take advantage of the competitive interest offer even without transferring your balance.

Features of the Citi Ready Credit

  • Fees and charges. The Citi Ready Credit accounts come with a $0 annual fee, allowing you to save more as you manage your finances. The loan also has no transaction or account-keeping fees and come with a $149 one-off establishment fee.
  • Interest rate. The loan comes with a competitive introductory rate of 7.9% p.a. for the first 24 months, allowing you to transfer your balance from other cards or loans and consolidate your debt for faster repayment. After the introductory rate expires, the loan reverts to a standard rate of 19.99% p.a.

City-bank-feature

  • Security features. Customers get to benefit from purchase cover insurance whenever they shop using their Visa Debit Card, which covers theft, damage or loss of a wide range of personal items purchased in stores across the globe. Citibank also offers a secure transaction platform that is encrypted using the latest technology so you can make online payments with your card with confidence. In addition, you also get extended warranty insurance on personal goods purchased with your Visa Debit Card.
  • Loan repayments. The loan comes with flexible monthly repayments and the option to make additional repayments with no penalties. There is no fixed term on the loan, meaning that you can make payments for a loan amount of between $5,000 and a maximum of $60,000 at your own pace.
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How to apply for the Citi Ready Credit

Apply online for a Citi Ready Credit today and find out if you qualify for the loan in a matter of minutes. The following are the eligibility criteria you will need to meet.

Eligibility criteria

  • The bank will examine your credit file to determine if you are creditworthy and whether you have past defaults or other credit infringements.
  • You must be 18 years and above to be approved for the loan.

Required documents

  • This proves that you are an Australian resident.
  • To be approved for Citi Ready Credit, you must earn more than $35,000 p.a.

Citi Ready Credit offers you a flexible line of credit with a competitive introductory rate and no annual or monthly fees.

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280 Responses to Citi Ready Credit – Rates & Fees

  1. Default Gravatar
    Hasina | May 7, 2016

    Is it possible to pay off loan in India with citi ready credit? What would be the interest rates??

    • Staff
      Ysa | May 10, 2016

      Hi Hasina,

      Thanks for your question.

      Unfortunately, completing a balance transfer with a Citi Ready Credit account is only applicable for Australia to Australia accounts.

      Cheers,
      Ysa

  2. Default Gravatar
    Rasa | April 8, 2016

    If I get a ‘check to self’ can I just put it in another bank account – and if so – what interest rate is charged on this?

    • Staff
      Anndy | April 18, 2016

      Hi Rasa,

      Thanks for your question.

      If you get a “Cheque to Self” you will have access to funds at Citi Ready Credit’s balance transfer rate. You can then deposit the fund to your bank account or use it to pay non-Citibank credit card balances, holidays, groceries, and others.

      I hope this answers your question.

      Cheers,
      Anndy

  3. Default Gravatar
    Nick | February 16, 2016

    With the Citibank product, can I use a cash advance to pay off credit card balances in the UK or do I use the balance transfer. If i use the cash advance do I get a different transfer rate.

    Thank you in advance

    Nick

    • Staff
      Ysa | February 17, 2016

      Hi Nick,

      Thanks for your question.

      Unfortunately, you will only be able to transfer any non-Citibank products with an outstanding credit card balances within Australia.

      In the event that you wish to use a cash advance, your transaction will be charged a rate of 19.99% p.a.

      I hope this helps.

      Cheers,
      Ysa

  4. Default Gravatar
    sherry | December 9, 2015

    hi I just want to know the best possible action I can take on saving more with no monthly fees and account fees and all that with low interest, with the current personal I have that’s got about 12 thousand left. I was thinking of transferring to another bank or something , so if you have offers for me that wold be great thanks

    • Staff
      Debbie | December 9, 2015

      Hi Sherry,

      Thank you for your inquiry.
      Please note that you’ve come through finder.com.au, an online comparison service and is not in the position to recommend specific providers, products and services.

      You can compare the products from this page which allow you to transfer your remaining balances from your personal loan to credit cards. I hope this helps.

      Cheers,
      Debbie

  5. Default Gravatar
    Shyamalima | December 6, 2015

    Hi, please let me know about ready credit account and how to repay if i wil withdraw that amount.

    • Staff
      Jonathan | December 7, 2015

      Hi Shyamalima, thanks for your inquiry!

      If you withdraw an amount you can repay the account by paying your Citi Ready Credit account. This can be done by funds transfer, cheque, Australia Post, BPAY and Easi-Pay.

      Cheers,

      Jonathan

  6. Default Gravatar
    Peter | July 26, 2015

    Hi
    I’ve applied for this credit card and meet minimum salary and good credit history requirements. However I’m wondering if my application would be rejected for the reason of possessing another credit card that has high available credit with respect to my salary. The other card has very low debt to pay off at the moment. Would you let me know if my application was refused for the reason that holding another credit card so both card may lead to higher risk to pay off any future debt??

    I wanna get the advantage of interest free for the first year so I can cancel the other card as I barely use it, if you let me know this will lead to accepting my application.

    Thanks
    Peter

    • Staff
      Sally | July 29, 2015

      Hi Peter,

      Thanks for your comment.

      Just to confirm, you have come through to creditcardfinder.com.au, not CitiBank.

      As such, we’re unable to confirm your application status or confirm why it may have been accepted or rejected.

      If you have applied and haven’t received any feedback as of yet, you may wish to get in touch with CitiBank directly to confirm the status of your application.

      In the mean time, our credit card application guides and page on declined credit card applications may provide you with some insight.

      I hope this has helped.

      Thanks,

      Sally

  7. Default Gravatar
    Nicola | March 10, 2015

    Is this a good product to consolidate credit card debt?

    • Staff
      Jonathan | March 10, 2015

      Hi Nicola, thanks for your inquiry!

      Debt consolidation through a balance transfer credit card can be a great way to repay the debt. How much you can afford to repay and the frequency of payments will determine which balance transfer promotion is most ideal. The interest rate and balance transfer period is available for comparison on this page in the table we have provided.

      Cheers,

      Jonathan

  8. Default Gravatar
    rep | March 2, 2015

    Hi. I recently applied for increase limit with my main credit card rewards and ready credit. i was initially approved $2,800 limit for both cards. Now, my limit was increased to $14k for my citi rewards only but my ready credit still $2,800. I want my ready credit to increase its limit also. is it possible? thanks.

    • Staff
      Jonathan | March 2, 2015

      Hi Rep, thanks for your inquiry!

      Credit limit increases with Citibank can be requested through a form available on their website.

      Cheers,

      Jonathan

  9. Default Gravatar
    Punnamar | February 15, 2015

    Hi I just apply for the 4.9% balance transfer for 36 months but I forgot to tick I wanna do the balance transfer at the end of the application so is that gonna be ok?

    • Staff
      Jonathan | February 16, 2015

      Hi Punnamar, thanks for your inquiry!

      The balance transfer can take place within 90 days of account opening, as per the terms and conditions “The 4.9% p.a interest rate applies to balances transferred with this offer at point of application and cheques-to-self with this offer within 90 days of account opening.”

      Cheers,

      Jonathan

  10. Default Gravatar
    mark | February 2, 2015

    Hi. If I do a cash advance is the rate genuinely 4.9% for a 3 year period.Thanks

    • Staff
      Jonathan | February 2, 2015

      Hi Mark, thanks for your inquiry!

      The cash advance rate as advertised is 4.9% for the 3 year period/ 36 months.

      Cheers,

      Jonathan

Credit Cards Comparison

Rates last updated July 1st, 2016
Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee
American Express Essential Credit Card
Receive a $50 credit on eligible spend and get Smartphone screen insurance combined with a no annual fee for life card.
14.99% p.a. 0% p.a. for 12 months $0 p.a. Go to site More info
HSBC Platinum Credit Card
Receive a full annual fee refund and save $149 if you meet the $6,000 spend requirement. Enjoy a balance transfer offer and platinum card benefits such as complimentary insurances and concierge services.
19.99% p.a. 0% p.a. for 15 months $149 p.a. Go to site More info
NAB Low Rate Credit Card
The NAB Low Interest Visa Card offers 0% p.a. purchase and balance transfer offers for 15 months. Also comes with a low annual fee.
0% p.a. for 15 months (reverts to 13.99% p.a.) 0% p.a. for 15 months with a one off 2% balance transfer fee $59 p.a. Go to site More info
HSBC Platinum Qantas Credit Card
Receive 40,000 bonus Qantas Points on eligible spend within 3 months. A balance transfer offer of 0% p.a. for 6 months with access to premium benefits and complimentary insurance.
19.99% p.a. 0% p.a. for 6 months $199 p.a. Go to site More info

* The credit card offers compared on this page are chosen from a range of credit cards CreditCardFinder.com.au has access to track details from and is not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms 'Best' and 'Top' are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your own personal financial circumstances when comparing cards.

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