Citibank Ready Credit – Fixed Payment Option – Review & Online Application
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The Ready Credit Fixed Payment Option gives you freedom to spend money on the things you really want. Borrowing money is sometimes necessary, but paying high interest on those loans is not. Citibank Ready Credit offers a simple, no fuss personal loan that comes with a line of credit that can be used exactly the same way as a credit card.
The way this account works is that it’s an unsecured line of credit with a regular repayment structure and fixed term. Cardholders have the option of setting their loan term over 3 years paying a special fixed interest rate of 10.99% p.a. In addition to a competitive unsecured rate of interest, this account has no annual fee and there are no penalties for paying the account balance off early – so you can set the pace of repayments. There is a one off establishment fee of $69.
Fixed repayment loan
To take advantage of the fixed repayment option, get in contact with Citibank and let them know how much of your available credit limit you would like to spend and over what period you would like to pay the loan back.
The ability to nominate the loan term gives account holders the ability to dictate how much interest they would like to get charged. It’s also worth a mention that as you pay the loan back, more funds become available for you to use again as part of your credit limit.
Exclusive benefits that come with the card
The Ready Credit Fixed Payment Option comes with all the benefits Citibank customers have come to expect from the lender, including:
Complimentary insurances:
Guaranteed pricing scheme – bought something and found it cheaper somewhere else? The guaranteed pricing scheme will refund the difference in price.
Purchase cover insurance:
Protects the items you’ve purchase with your card against theft, loss or damage.
Extended warranty:
Automatically have your warranty extended on goods purchased with the card.
Free wine at selected Citibank restaurants:
When you dine at a participating restaurant and pay for the meal with your card you will be eligible to receive a free bottle of award winning wine.
Citibank Privileges:
Account holders also get access to holiday packages with Citibank’s Travel Program and access to a range of worldwide privileges with Citibank World Privileges.
How can I spend my money?
Accessing your funds can be done through a Visa Debit Card or cheque book and you can manage your account online with Citibank Online Banking or you can download the Citibank app and access your funds while you’re on the go.
What will my credit limit be?
A cardholder’s credit limit is assigned by Citibank after the application is complete, and it will be decided based on the financial information the applicant provides during application. The maximum credit limit a cardholder can receive is $30,000.
How to apply for Citibank Ready Credit.
If you’re interested in applying for the Ready Credit Fixed Payment Option, the easiest way to apply is by clicking the link to be directed to a secure Citibank application page. This process is secure and is protected by 128 SSL technology, which encrypts your data. The application will only take about 10 – 15 minutes and you will be given conditional approval usually within a minute of you completing the application. Applicants whom Citi needs additional information from will be notified via email within 24 hours.
Application Criteria:
To be eligible for Citibank Ready Credit you must meet the following criteria:
- Have a good credit rating.
- Earn a taxable income of $35,000 or more.
- Be a permanent Australian resident / citizen.
- Be over the age of 18.
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what is the interest rate for transferred balances, please
Hi Annie. Thanks for your question. This account does not offer a balance transfer feature. For more information on balance transfer credit cards, please check our balance transfer comparison page. Cheers.
Is there a minimum monthly repayment? I intend to use the card like a personal loan – pay for my reno, then schedule weekly payments over 2 years. Would this work? Thanks!
Hi Lisa. The minimum monthly repayment is 1%. As long as you have met the obligations set out under the account contract, there shouldn’t be any issues with your plan. Here’s a link to our Credit Card Repayment Calculator if you would like to see how much your payment strategy will cost you all up. Thanks for your question.
I was granted $6,500 with the minimum monthly repayments are $30 a month. I actually thought I was applying for a credit card, and have let the 6,500 sit in the account unused. Am paying the monthly repayment. Can I let the money sit there unused or do I have to use it?
Hi Craig. The money does not have to be used. As long as you’re making the minimum repayment, your account will not be in arrears and you will not incur a penalty. Thanks for your question.
ok, thanks Jacob. I may as well use it, or keep it for emergencies?
I wish to apply for this credit card to transfer the debit from a competitors card, Is this allowed?
Regards
St.John
Hi St.John. You may be interested in the Citibank Ready Credit Balance Transfer Offer. Cheers.
Hi, Can I apply for this loan if I want to pay off all my current credit cards and my two personal loans?
Hi Debbie. Thanks for your question. Citibank do accept balance transfers from personal loans and credit cards. You will need to make sure that the amount you wish to transfer is less than you approved credit limit. Thanks for your question.
I would like to look at the possibility of using the card to pay an amount I owe to my parents. Is this an option with this offer?
Thanks
Amanda :)
Hello Amanda,
Happy new year! Thank you for your question.
Yes, the Citibank Ready Credit allows payments to family members, as well as for a range of other reasons.
Once a credit limit is approved by Citibank, account holders can request an amount to use for whatever reason.
Citibank will then send a cheque for the amount, which then needs to be deposited in the account holder’s name. The money can then be used for whatever reason, including the payment of friends or family.
I hope this answers your question,
Marc.
the front page says there is 69 establishment fee but the fee and repayment tab does not list any fee. Which one is true?