Take advantage of an introductory rate of 7.9% p.a. for 24 months and enjoy ongoing access to funds with Citi Ready Credit.
Citi Ready Credit is a flexible personal loan product that comes with a Visa card so that you can get access to additional funds when you need them. This product offers an introductory interest rate of 7.9% p.a. on balance transfers for 24 months.
It also allows you to withdraw funds up to your approved credit limit at the standard variable rate of 19.99% p.a.. While the Ready Credit account has a $0 p.a. annual fee, it does charge a With a one-off $149 establishment fee.
|Product Name||Citi Ready Credit|
|Interest Rate (p.a.)||From 7.9% (fixed)|
|Comparison Rate (p.a.)|
|Interest Rate Type||Fixed|
|Min Loan Amount||$5,000|
|Max. Loan Amount||$75,000|
- Low interest rate
- $0 monthly fee
- No penalties for early payouts
- Revert rate applies after 2 years
- $149 establishment fee
Main points to consider about the Citi Ready Credit Flexible Personal Loan
Citi Ready Credit is a personal loan account that also comes with a Visa debit card that can be used to make purchases in-store and online, or to withdraw cash. This feature is unique for a personal loan product, making the Citi Ready Credit account similar to a credit card account. In effect, it means you only have to apply for the personal loan once, but can draw and redraw from your available credit as you need it.
This account offers an introductory rate of 7.9% p.a. that you can use for balance transfers or cheques-to-self. It also provides a standard variable rate of 19.99% p.a. that applies to purchases or cash advances made with the Visa card, as well as any debt remaining after the introductory period.
Features of the Citi Ready Credit Flexible Personal Loan
- 7.9% p.a. for 24 months. This promotional interest rate applies to balances transferred at the time of your application, and to cheques-to-self requested within 90 days of account opening. At the end of the promotional period, any outstanding balance will revert to the standard variable rate of 19.99% p.a.
- $0 p.a. annual fee. This account charges no ongoing annual fees. But a With a one-off $149 establishment fee applies upon account activation.
- No early payout fees. This account won't charge a fee if you want to pay off your loan in less than 24 months.
- Flexible repayments. You have the ability to choose your own repayments each month, providing it meets a minimum payment amount.
- Visa card. Use your Citi Ready Credit funds to pay for purchases in-store and online, or withdraw cash up to your available limit at any time with a Visa debit card.
- Additional card. You can also share your Ready Credit account with a partner or family member by requesting 1 additional card. Note that you will still be responsible for all transactions on the account.
Costs and limits of the Citi Ready Credit Flexible Personal Loan
- Establishment fee. The Citi Ready Credit has a With a one-off $149 establishment fee. This is payable at the first statement period and there are no other annual fees or ongoing account-servicing fees.
- Balance transfer limit. The Citi Ready Credit account allows you to transfer up to 80% of your approved credit limit. For example, if you are approved for a limit of $20,000, you could balance transfer $16,000 to the account.
- Credit limits. Apply for the Ready Credit and get a credit limit between $5,000 and $75,000.
- Late payment fee. This account charges $$10 charged every 7 days until the payment due is made a payment is not made by the due date.
- Overlimit fee. A $40 fee applies if you exceed your credit limit.
How to apply for the Citi Ready Credit Flexible Personal Loan
Applying for the Citi Ready Credit is simple and takes around 15 minutes online. Before you get started, make sure you meet the following eligibility criteria:
- You must be at least 18 years old
- You must earn at least $40,000
- Be a permanent Australian resident or citizen
You will also need the following information and documents on hand:
- Your full name, phone number and email address
- Your residential details
- Your employer’s address and contact details, or your accountant’s details if self-employed
- Details of your income, assets and liabilities
The Citi Ready Credit account combines features of a personal loan with the ongoing flexibility of a credit card. As such, you may want to compare it to a range of balance transfer credit cards or personal loans so that you can find a product that suits your circumstances and needs.Back to top