Citibank Ready Credit Flexible Personal Loan

Information verified correct on September 26th, 2016

Limited time Offer: Take advantage of a low rate offer of 7.9% p.a. over 24 months with the Citibank Ready Credit Flexible Personal Loan

Citibank is offering a low interest rate of 7.9% p.a. for 24 months on its Ready Credit. Though technically a personal loan, Citibank Ready Credit is linked to a Visa Card to give customers convenient access to funds. Cardholders can take advantage of a balance transfer or write a ‘cheque to self’ at 7.9% p.a. for 24 months. This offer ends on .

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).

Citibank Ready Credit Flexible Personal Loan review

Ready Credit is a unique proposition from a global lender, Citibank. This account functions like a personal loan with a debit card attached — draw and redraw from your available credit as you need it.

Pay your existing card or loan debt off sooner by transferring a balance to Ready Credit. Pay just 7.9% p.a. interest on the debt transfered to the account.

Read on for information about the balance transfer facility available with the Citibank Ready Credit and information about how to apply for this account.

Benefits of the Citibank Ready Credit Flexible Personal Loan

  • No early payout fees. Should you want to pay off your loan before the 24 months, there are no early payout fees.
  • 7.9% p.a. for 24 months on balances transferred. You can balance transfer an existing amount if you elect to do so at the time of application. When you apply for the account, where it asks if you want to transfer a balance just enter the account numbers, names and the amount you would like to transfer from each account. The Citibank Ready Credit has a maximum credit limit of $60,000. This means, if you apply and are approved for the maximum credit limit, you can transfer up to $48,000 from non-Citibank store cards, charge cards, credit cards, lines of credit and personal loans. If you don’t manage to pay back the balance transfer balance in full by the end of the 24 months, the Citibank ongoing interest rate will be charged on any unpaid amount, currently 19.99% p.a.
  • Write yourself a cheque. The Citibank Ready Credit is a hybrid personal loan and transaction account. You can request for Citibank to write you a cheque at 7.9% p.a. for 24 months. The funds are granted as a ‘cheque to self’, and are charged under the balance transfer promotional rate of interest. You can request a ‘cheque to self’ by getting in touch with Citibank after you apply and are approved for the account.

Features of the Citibank Ready Credit Flexible Personal Loan

  • Annual fee. For the Citibank Ready Credit, a $149 one-off establishment fee. This is payable at the first statement period and it the only ‘fee’ associated with this account. There are no annual fees or account servicing fees.
  • Balance transfer offer. If you apply and you are approved for the Citibank Ready Credit Flexible Personal Loan you can transfer your existing non-Citibank credit card, store card, charge card or personal loan debt and pay just 7.9% p.a. interest for a period of 24 months.
  • Cheque to self. If you don’t have an existing non-Citibank debt you would like to pay off, you can request Citibank to write you a ‘cheque to self’ at 7.9% p.a. for 24 months.
  • Credit limit. Apply for the Ready Credit and get a credit limit as high as $60,000.
  • Visa benefits. Citibank Ready Credit is a Visa account. You get access to Visa benefits such as a no liability agreement if your account is defrauded.
  • Dining benefits. Citibank Ready Credit cardholders get access to the Citibank Dining Program. You’re entitled to receive a free bottle of award-winning wine when you dine at a Citibank partner restaurants and pay with your Citibank card.

How to apply for the Citibank Ready Credit Flexible Personal Loan

If you want to apply for the Citibank Ready Credit and take advantage of this offer, simply complete an application form online. You’re able to view the fine print and confirm the terms of the offer on this page. But before you click apply, have a look at the minimum eligibility requirements listed below:

Eligibility criteria

  • Be over the age of 18
  • Earn more than $35,000 p.a.
  • Have a good credit rating
  • Be a permanent Australian resident
  • Not have applied for a Citibank credit card in the previous 12 months

Required documents

  • An Australian driver’s licence
  • Your contact details
  • Your employer’s address and contact details, or your accountant’s details if self-employed
  • Details of your income, assets and liabilities
Back to top
Was this content helpful to you? No  Yes

Ask a Question

You are about to post a question on finder.com.au

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Disclaimer: At finder.com.au we provide factual information and general advice. Before you make any decision about a product read the Product Disclosure Statement and consider your own circumstances to decide whether it is appropriate for you.
Rates and fees mentioned in comments are correct at the time of publication.
By submitting this question you agree to the finder.com.au privacy policy, receive follow up emails related to finder.com.au and to create a user account where further replies to your questions will be sent.

53 Responses to Citibank Ready Credit Flexible Personal Loan

  1. Default Gravatar
    Narelle | January 12, 2016

    Hi – regarding the cheque to self option. This means once I am approved, I will be advised of my available credit limit, then I can accept the offer? I wouldn’t want to proceed if I wasn’t offered the full amount I needed.

    Then, I could ask for a single cheque to self for say, $20,000, which I would then use to pay off other credit cards, plus the leftover I could use however else I needed to.

    That would be $20,000 at that 5.4 % interest rate. If I wanted to borrow more than that later on in the life of the loan, I would need to pay the full interest rate, is that correct? Only one cheque to self is available?

    Thanks
    Narelle

    • Staff
      Jonathan | January 14, 2016

      Hi Narelle, thanks for your inquiry!

      That is correct. Your available credit limit will be provided upon application approval. Once approved you can write a cheque to self with the amount being charged at the promotional balance transfer rate of 5.9% p.a. for 24 months. You are able to use up to 80% of the available credit limit for balance transfers and cheques to self.

      Cheers,

      Jonathan

  2. Default Gravatar
    Colin | October 1, 2015

    Can I use 80% on my existing credit limit of do I need to reapply all the time

    • Staff
      Jonathan | October 6, 2015

      Hi Colin, thanks for your inquiry!

      The balance transfer must be requested at the time of application. Citi will allow you to transfer up to 80% of your approved credit limit for balance transfers.

      Cheers,

      Jonathan

  3. Default Gravatar
    kak | April 15, 2015

    Hi
    I am wanting to apply for a Citibank personal loan. I currently have a telecommunications default on my credit file, which is under arrangement, being paid, has been for the last year and is down to a third of the original listed amount. With evidence of this would I still be eligible to apply?

    • Staff
      Jonathan | April 16, 2015

      Hi Kak, thanks for your inquiry!

      A default on an individual’s credit file can impair the chances of being approved for a loan/ line of credit. In saying so bank’s lending policies and criteria do vary. As a result it is most ideal to contact a bank directly either via customer service centre or local branch to best discuss your personal situation and options. Please refer to the contact details I have provided to your email.

      Cheers,

      Jonathan

  4. Default Gravatar
    Mo | February 24, 2015

    It’s going to be nearly six months since we got our ready credit loan from Citibank. When we applied we were expecting a higher credit amount but we only approved for half of the amount that we expected.

    I did read/hear that Citibank reviews the credit limit for ready credit loans every six months.

    Do we have to apply for increase in credit limit filling in a application form, or we will be given a automatic credit limit increase as an offer to take.

    My concern is do we have to go through the process of filling in forms, wait for the processing, and credit checks, etc.

    If you can explain how this works based on past history of Citibank’s credit limit increase process that will be great.

    Thank you.

    • Staff
      Jonathan | February 24, 2015

      Hi Mo, thanks for your inquiry!

      Credit limit increases need to be requested through a web form, please see the attached PDF I have sent to your email along with information on the process that Citibank undertakes for evaluating credit limit increase requests. It is important to note that you need to have had your credit card for at least 9 months before you can request an increase.

      Cheers,

      Jonathan

  5. Default Gravatar
    Chanelle | February 23, 2015

    Hello Jonathan, my partner needs $38,000 ($28k to pay off another loan and $10k to upgrade his vehicle). If he was approved for $48,000, 80% at 4.90% is $38,400 which is exactly what we need.

    1. Is the loan then for $48000 for what you applied for or $38000 for what you used?
    2. Do you pay repayments on $48000 over 3 years or $38000? over 3 years?
    3. To take advantage of 4.90%, can he organise Citibank to transfer funds to me and I distribute accordingly?

    Thanks so much! I have heard some not so nice things about Citibank’s processes so I want to make sure that our plans caters for the 4.90% rate and not the dreaded 20% rate.

    • Staff
      Jonathan | February 24, 2015

      Hi Chanelle, thanks for your inquiry!

      It is important to note Citibank’s balance transfer limit is subject to their credit criteria and may be limited to a certain proportion of the credit limit.
      The loan is on how much you have borrowed from the bank, which would be the balance transfer amount and any other amounts spent on the card. The balance transfer rate would be applicable to the balance transfer amount. Any other debts on the card would be charged at the appropriate rates. It is important to note that balance transfers between Citibank credit cards are not allowed.

      I hope this helps!

      Cheers,

      Jonathan

  6. Default Gravatar
    Rose | February 11, 2015

    My husband would like to apply for your offer 4.9% p.a for 3 years. Here are my questions:
    1)He’s my additional card holder to our current Citibank rewards mastercard. Is he eligible to apply then?

    2) Can he use this to balance transfer my credit card under my name?
    3) can he use this to pay off a school tuition fee?

    • Staff
      Jonathan | February 11, 2015

      Hi Rose, thanks for your inquiry!

      As long as they meet the eligibility requirements they can apply, to be eligible to apply for a Citibank personal loan, you must be at least 18 years of age, have a good credit rating, earn a taxable income of $35,000 or more and be a permanent Australian resident. You will be able to transfer any non Citibank products with an outstanding balance(s) such as credit cards, store cards or loans within Australia.
      Generally any fees or payments can be paid but will be charged at the cash advance rate or purchase rate, this will depend on the merchant/ institution who you are transacting with.

      Cheers,

      Jonathan

    • Default Gravatar
      Rose | February 12, 2015

      Another enquiries:
      1) the 4.9 % only applies to balance transfers?
      2) if on top of two credit card balance transfers, I will ask for a cheque for self and use this cheque to pay miscellaneous payments. Would the cheque for self be charged at 4.9%?

    • Staff
      Jonathan | February 12, 2015

      Hi Rose, thanks for your inquiry!

      The 4.9% promotional interest rate is only for balance transfers. If a cheque to self is approved then it will be at the balance transfer rate of 4.9%.

      Cheers,

      Jonathan

    • Default Gravatar
      | February 12, 2015

      When do you apply for cheque for self?There’s nothing mentioned on the application form. Only details of balance transfers.Thanks

    • Staff
      Jonathan | February 12, 2015

      Hi Rose, thanks for your inquiry!

      If you are an existing customer, please contact Citibank directly on 13 24 84 at any time to discuss your options with an agent who has access to your account. If you are a new customer applying for a credit card that has a balance transfer offer attached to it, you may request for a cheque to be sent to you if you do not have a balance to transfer. This must be requested when you call to activate the account.

      Cheers,

      Jonathan

  7. Default Gravatar
    Ashwood | December 7, 2014

    Hi

    Its the 7th December today. Has the offer been extended? I would like to apply if I can.

    • Staff
      Elizabeth | December 9, 2014

      Hi Ashwood,

      Thanks for your question.

      Unfortunately this offer is unavailable as it was only on offer until the 30th November.

      Thanks,

      Elizabeth

  8. Default Gravatar
    Shery | November 21, 2014

    I would like to apply for Citibank ready credit flexible personal loan.But is it possible to pay off my husbands personal loan if I take the card in my account?

    • Staff
      Elizabeth | November 21, 2014

      Hi Shery,

      Thanks for your question.

      Yes this is possible. You’ll just need the details of his account when you apply.

      I hope this has helped.

      Thanks,

      Elizabeth

  9. Default Gravatar
    | November 18, 2014

    I am trying to fill out application as we are self employed, the system keeps freezing up and i cannot complete the application, is there another way I can apply?

    • Staff
      Elizabeth | November 18, 2014

      Hi Loretta,

      Thanks for your question.

      This particular offer is only available through finder.com.au, so you’ll need to apply directly online. You might want to try completing the application on a different computer or device, and you can also try using a different browser. If this doesn’t help, you’ll need to get in touch with Citibank who will be able to provide further assistance for you.

      I hope this has helped.

      Thanks,

      Elizabeth

  10. Default Gravatar
    | November 17, 2014

    what is the first step you need to do to apply??

    • Staff
      Elizabeth | November 18, 2014

      Hi Loretta,

      Thanks for your question.

      To apply, just click the green ‘go to site’ button on this page. This will take you to an online Citibank application form that you can fill out. You can find out what documents you require listed under the ‘How to apply’ section on the page above.

      I hope this has helped.

      Thanks,

      Elizabeth

Credit Cards Comparison

Rates last updated September 26th, 2016
Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
Enjoy a 0% p.a. balance transfer offer for 18 months and also earn 2 bonus Velocity Points in the first 3 months on everyday spend.
20.74% p.a. 0% p.a. for 18 months $64 p.a. annual fee for the first year ($129 p.a. thereafter) Go to site More info
ME Bank frank Credit Card
Enjoy a low and consistent interest rate on purchases and cash advances, combined with no annual fee.
11.99% p.a. $0 p.a. Go to site More info
St.George Vertigo Visa
Introductory offer of 0% p.a. for 18 months on balance transfers and 1% p.a. for 12 months on purchases, plus a low annual fee.
1% p.a. for 12 months (reverts to 13.24% p.a.) 0% p.a. for 18 months $55 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

* 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.

Ask a question
feedback