Citi Ready Credit

Take advantage of an introductory rate of 3.99% p.a. on initial balances transferred for 3 years and enjoy ongoing access to funds with Citi Ready Credit.

Citi Ready Credit is a flexible line of credit product that comes with a Mastercard so that you can get access to additional funds when you need them. This product offers an introductory interest rate of 3.99% p.a. on balance transfers for 3 years.

It also allows you to withdraw funds up to your approved credit limit at the variable rate of 20.49% p.a. While the Ready Credit account has a $0 annual fee, it does charge a with a one-off $199 establishment fee.

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20.49% (variable)

Interest Rate (p.a.)

$5,000

Min Loan Amount

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Details

Product NameCiti Ready Credit
Interest Rate (p.a.)20.49% (variable)
Interest Rate TypeVariable
Min Loan Amount$5,000
Max. Loan Amount$75,000

Main points to consider about the Citi Ready Credit Flexible line of credit

Citi Ready Credit is a line of credit account that also comes with a Mastercard that can be used to make purchases in-store and online, or to withdraw cash. This feature is unique for a line of credit product, making the Citi Ready Credit account similar to a credit card account. In effect, it means you only have to apply for the line of credit once, but can draw and redraw from your available credit as you need it.

This account offers an introductory rate of 3.99% p.a. that you can use for balance transfers. It also provides a variable rate of 20.49% p.a. that applies to purchases or cash advances made with the Mastercard, as well as any debt remaining after the introductory period.

Features of the Citi Ready Credit Flexible line of credit

  • 3.99% p.a. for 3 years. This promotional interest rate applies to balances transferred at the time of your application. At the end of the promotional period, any outstanding balance will revert to the variable rate of 20.49% p.a.
  • $0 annual fee. This account charges no ongoing annual fees. But a $199 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 3 years.
  • Flexible repayments. You have the ability to choose your own repayments each month, providing it meets a minimum payment amount.
  • Mastercard. 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 Mastercard debit card.
  • Additional card. You can also share your Ready Credit account with a partner or family member by requesting additional card. Note that you will still be responsible for all transactions on the account.

Costs and limits of the Citi Ready Credit Flexible line of credit

  • Establishment fee. The Citi Ready Credit has a with a one-off $199 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 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. You will be charged $30 every time you do not make your minimum payment on time, or do not pay any overdue amount by the payment due date. These amounts will be detailed on your statement.
  • Overlimit fee. A fee applies if you exceed your credit limit.

How to apply for the Citi Ready Credit Flexible line of credit

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 line of credit 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.

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Important Information*
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55 Comments

    Default Gravatar
    bymo
    October 23, 2016

    Hi – I am an existing Ready Credit Citibank customer and now I’m reviewing my statements as it looks like I won’t be able to pay off my loan of at the end of its term by just paying the minimum.

    Can you clarify:
    1) If I have to pay more than the minimum to pay off my loan at the end of its term, otherwise, I will be charged at the higher rate for any balance?

    2) Also, I have only been issued a cheque for 80% of my loan, however, on my first statement, it shows another balance transfer equivalent to 20% of my loan which I did not get the money for

    It looks to me that I am paying for that 20% which I did not receive. In my understanding, that 20% should form part of my credit limit, not of my loan. Can you please also clarify?

      Avatarfinder Customer Care
      May
      October 28, 2016

      Hi BYMO,

      Thank you for your questions. Just to confirm that you’ve reached finder.com.au – a comparison website and general information service, not actually Citibank.

      1) If I have to pay more than the minimum to pay off my loan at the end of its term, otherwise, I will be charged at the higher rate for any balance?
      With Ready Credit, the minimum monthly repayment is the greater of $30 or the sum of 1% of outstanding balance plus interest plus late fees. If you have a Fixed Payment Option on your account, your monthly instalment is required each month as per terms at set up.

      So for your interest rates, that would depend on which offer you have selected:
      7.9% p.a. over 2 years – flexibility to choose repayments
      9.99% p.a. over 4 years – fixed repayments

      In case you will not be able to pay your outstanding balance, then you will then most likely be charged interest rate on your remaining balance plus fees that apply.

      2) Also, I have only been issued a cheque for 80% of my loan, however, on my first statement, it shows another balance transfer equivalent to 20% of my loan which I did not get the money for
      Citibank will send you a cheque-to-self if you have requested a nominated amount to be taken from your available credit line, usually at a promotional interest rate. So if you have just requested 80% of your credit limit, then the other 20% should be your remaining available credit limit i.e. if you have not used this other 20% for purchases or cash advances.

      It would be best to contact Citibank directly to clarify this as they have a record of your account.

      Cheers,
      May

    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

      Avatarfinder Customer Care
      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

    Default Gravatar
    Colin
    October 1, 2015

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

      Avatarfinder Customer Care
      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

    Default Gravatar
    Kristan
    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?

      Avatarfinder Customer Care
      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

    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.

      Avatarfinder Customer Care
      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

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