Citi Ready Credit – Fixed Payment Option

Information verified correct on September 29th, 2016

Use funds from the Citibank Ready Credit for just about any purposes, and get easy access to funds via a debit card and a chequebook.

The Ready Credit – Fixed Payment Option loan is a loan you can apply for to buy a new car, to go on a holiday, to undertake home renovations, to buy electronic equipment, to consolidate debts, and for just about any other legitimate purpose.

Citibank Ready Credit personal loans give you the freedom to use approved funds for just about any worthwhile purpose like getting married, going on a holiday, paying medical bills, or simply getting by a temporary setback.

This loan works like a line of credit, where after approval you are free to withdraw any amount of money up to your credit limit, and you only pay interest on the borrowed amount. You can apply for any amount in between $5,000 and $60,000 through a Ready Credit loan, and you can access approved funds using cheques or a debit card. If you apply for this card, you can take advantage of a special introductory rate of 9.99% p.a. for four years.

Product NameCiti Ready Credit - Fixed Payment Option
Purchase rate (p.a.)9.99% p.a. for 48 months (reverts to 19.99% p.a.)
Offer end date30 September 2016
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 Income$35,000
Card TypeVisa
Late Payment Fee$10
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.
Late Payment Fee$10
Over Limit Fee$40
Cash Advance Fee$0
Overseas Emergency Replacement$0
Overseas ATM Balance check$0
Overseas ATM Withdrawal Fee$0
Foreign Currency Conversion Fee (VISA)3.3% of transaction value
BPAYYes
ChequeYes
Direct DebitYes
Australia PostYes
Phone BankingYes
Internet Banking TransfersYes
In BranchYes
MailYes

Pros

  • Pay $0 annual fee for the life of the card.
  • This card includes complimentary insurances.
  • Account holders have the option to pick out the loan terms and control the interest they will be charged with.

Cons

  • A one-off establishment fee of $149 applies.

Citi Ready Credit – Fixed Payment Loan review

Repayments for the amount you borrow initially remain the same for the first four years, and you have to make monthly repayments. What helps is that Citibank allows you to make additional repayments at any time, and paying the loan off early does not attract any penalties. Once the initial four-year period comes to a close, any outstanding balance starts attracting a standard variable rate.

While you have to fork out an establishment fee to get Ready Credit, you don’t have to pay any monthly fees, annual fees, and early payout fees. Access to approved funds comes through a cheque book and a debit card.

Benefits of Citi Ready Credit

The benefit you can receive from Citi Ready Credit will depend on the cardholder, but some perks you can expect include:

  • Purchase rate introductory offer. You can use funds from this loan to pay off your important purchases for four years with a low promotional rate of 9.99%. After the promotional period, a standard rate of 19.99% p.a. applies.
  • Complimentary insurance covers. Accessing approved funds using your linked debit card gives you access to complimentary insurance covers. The guaranteed pricing scheme ensures that you get a refund if any item you buy goes on sale soon after. Purchase cover insurance provides cover against loss, theft, and damage of goods purchased using the card. Extended warranty insurance, as the name implies, work in increasing the warranty period of eligible items.
  • Citibank benefits. Through the Citibank Dining Program you stand to receive a free bottle of wine every time you dine at a partner restaurant and use your Citibank Visa Debit card. Citibank World Privileges gives you access to a range of special offers and privileges.

Citi Ready Credit features

Some of the card’s main features include:

  • Fees. This loan does not charge any ongoing account keeping fees, monthly or annually. However, there is an establishment fee of $149. For transactions made in foreign currencies, conversion fee applies. You pay a late payment fee of $10 every seven days if you miss a due date, and this goes on until you make the due payment. Dishonoured payment fees can also apply.
  • Access to funds. Access to approved funds, as mentioned, comes via cheques and a debit card. You can use the latter at ATMs and EFTPOS terminals, and you can use it to make online and over the phone transactions as well. If you wish to make use of the Ready Credit – Fixed Payment Option via your debit card, you simply have to call Citibank’s customer service within two days of any given transaction to complete required formalities.
  • Repayment methods. You can make repayments via direct debit from any Australian bank account, via BPAY, at Australia Post outlets, and you can mail in cheques.

How to apply for Citi Ready Credit – Fixed Payment Loan

You can apply by visiting any Citibank branch or you can apply online. Applying online is easy and takes little time. Before applying, make sure you meet the following eligibility criteria.

Eligibility criteria

  • You’re at least 18 years of age
  • You’re a permanent Australian resident
  • You earn at least $35,000
  • You don’t have poor creditworthiness

Required documents

  • Personal details like your complete name, date of birth, marital status, and number of dependents
  • Contact details like your home address, email address, and phone number
  • Your employer’s name, address, and phone number
  • Income details and details about your assets
  • Details about your expenses and liabilities

Getting the Ready Credit loan could be of value, given its promotional interest rate offering, and what helps is that you can access approved funds as and when you like. Repaying the loan off ahead of time does not require you to pay any penalties, and the fact that you can make lump sum payments at anytime is also a plus. Bear in mind, though, that you can find similar loans offered by other institutions, so compare a few before applying.

Frequently asked questions

Can I access my Ready Credit account online?

Yes. You can log in to Citibank’s online banking platform to view account related information, and you can also turn online to pay bills, transfer funds, request for loan insurance, and increase your credit limit.

How do I get a cheque book?

Upon the opening of your Ready Credit account you should receive a cheque book request form, which you have to complete and return. You should get your cheque book within five business days of Citibank receiving your request form.

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70 Responses to Citi Ready Credit – Fixed Payment Option

  1. Default Gravatar
    Danielle | May 30, 2015

    When during the process do I find out if I get the full 8.99% and can I stop the application process if I choose not to proceed?

    The product sounds interesting but I don’t want to apply if I don’t get the full 8.99% rate.

    • Staff
      Jonathan | June 1, 2015

      Hi Danielle, thanks for your inquiry!

      The promotional interest rate is determined upon approval and you will be offered a promotional interest rate of 8.99% p.a. or 10.99% p.a. for four years on Fixed Payment Option. After application approval you can still decide on whether to activate the account.

      I hope this helps.

      Cheers,

      Jonathan

  2. Default Gravatar
    Chris | May 19, 2015

    What would monthly repayment be on $60,000

    • Staff
      Jonathan | May 19, 2015

      Hi Chris, thanks for your inquiry!

      The purchase rate is 8.99% p.a. for 48 months (reverts to 19.99% p.a.).
      The monthly repayment at the purchase rate would be $443.34. You may like to consider referring to the following link for a comparison on personal loan services.

      Cheers,

      Jonathan

  3. Default Gravatar
    Anna | November 6, 2014

    Hi I needed to buy something and my mother loaned me the money, $3500. Would I still be eligible for 48 months 8.99% rate. Even though it would be a cash advance.

    • Staff
      Elizabeth | November 10, 2014

      Hi Anna,

      Thanks for your question.

      Citibank lets you write a cheque to self that will allow you to pay your mother back if that’s what you were looking to do. This would allow you to take advantage of the 8.99% p.a. rate.

      If the funds were withdrawn from an ATM, this would be considered a cash advance and you would be charged the standard variable rate of interest on this product, not the promotional interest rate.

      The promotional rate applies to the initial amount requested by cheque or balance transfer. Any additional cheque’s or transactions made with the Visa Debit Card will attract the standard variable rate of interest.

      I hope this has helped.

      Thanks,

      Elizabeth

  4. Default Gravatar
    Carl | October 22, 2014

    Hello.

    How long does approval take?

    • Staff
      Elizabeth | October 22, 2014

      Hi Carl,

      Thanks for your question.

      Generally, it takes between five to seven business days for an application to be approved. It will then take three to five business days from the time of approval for you to receive your card and PIN.

      I hope this has helped.

      Thanks,

      Elizabeth

  5. Default Gravatar
    Tricia | October 7, 2014

    is this offer still available?

    • Staff
      Elizabeth | October 8, 2014

      Hi Tricia,

      Thanks for your question.

      This offer is currently still available for applications.

      Thanks,

      Elizabeth

  6. Default Gravatar
    Rick | July 23, 2014

    Hi I got approved for this product.
    I made a purchase over $500 using the debit visa credit card and called Citibank to advise them to apply the fixed repayment option under the 8.99% interest and the lady from Citibank advised that a purchase using debit visa over or under $500 does not attract the 8.99% but it attracts the 19.99% and that only cheque to self has the lower interest rate.
    Now I am confused.
    The Citibank website reads: “If you want to make a variety of purchases, access your Ready Credit – Fixed Payment Option funds via a Visa Debit Card attached to your account for in-store or online use. You then simply call us within two days to have the fixed payment option applied to those amounts”.
    I have since called Citibank and they have escalated it pending decision.
    Are you able to explain how can I use this product.

    • Staff
      Shirley | July 24, 2014

      Hi Rick,

      Thanks for your question and thanks for your feedback.

      In the Citibank terms and conditions it states that “the date of purchase must be within three months from card activation. To be eligible, the purchase must be made using this account; it must be a single transaction on your account and for an amount of $500 or more”.

      Would you be able to let us know when you made the purchase?

      Cheers,
      Shirley

    • Default Gravatar
      | December 2, 2014

      That is correct you have to make a retail purchase within 90 days over $500. But the call centre staff had limited knowledge of this product. I have since sent a feedback and hopefully call centre staff will have more knowledge about this product. So beware, any retail purchase over $500 which was over 90 days from date of activation will attract the highest interest rate. Instead request cheque to self. I learned this the hard way as this was not fully explained to me. On the positive side the escalation team are very help full.

    • Staff
      Shirley | December 3, 2014

      Hi Rick,

      It’s lovely to hear that it was resolved in satisfactory way.

      Thanks for your leaving your feedback – we’re happy to assist again with any general questions you may have again the future :)

      Cheers,
      Shirley

    • Default Gravatar
      Rick | July 24, 2014

      Hi I made the purchase on 19/07/14. My loan was activated only 2 weeks ago.

    • Staff
      Shirley | July 25, 2014

      Hi Rick,

      That does sound a bit strange, would you be able to let us know how Citibank deals with your case?

      We would be keen to know.

      Cheers,
      Shirley

  7. Default Gravatar
    CHRIS | July 10, 2014

    Hi,
    I was recently sent an application for citibank ready credit and at the time, I considered it would not suit me. I have since re assessed my situation and would like to see the details again if that is possible.
    thanks, Chris

    • Staff
      Shirley | July 11, 2014

      Hi Chris,

      Thanks for your question.

      finder.com.au is an online comparison service, we are not directly affiliated with Citibank. The review on this page is pretty comprehensive so you’ll be able to see the details about the product on this page.

      If you would like to apply for this product, please read the eligibility criteria before you click ‘apply’.

      Cheers,
      Shirley

  8. Default Gravatar
    Samistha | June 17, 2014

    Hi,
    I would like to apply for this loan, I have a PL loan with CWB and the interest rate is 16.5% and the balance owing is 24500, remaining term is 2.5 Years. I pay my loan on time as it is on direct debit. am I eligible to use this loan for consolidating with Citibank Ready Credit – Fixed loan as the interest rate is 8.99% I could save on interest

    • Staff
      Shirley | June 18, 2014

      Hi Samistha,

      Thanks for your question.

      You may be able to balance transfer a personal loan into a Citibank credit card, please refer to the eligibility criteria above this page. It might be easier to apply over the phone or in a branch in this case.

      Cheers,
      Shirley

  9. Default Gravatar
    Gwen | May 29, 2014

    how much will I pay each month on a loan of $10.000

    • Staff
      Shirley | May 30, 2014

      Hi Gwen,

      Thanks for your question.

      Please use our calculator to help give you an indication.

      Cheers,
      Shirley

  10. Default Gravatar
    Bob | April 25, 2014

    Hi, can this be used to pay off existing credit cards overseas?

    • Staff
      Shirley | April 30, 2014

      Hi Bob,

      Thanks for your question.

      The Citibank Ready Credit can be used for any purpose. However, please be mindful that if you use it pay off an existing card overseas, it could incur international fees.

      Cheers,
      Shirley

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