Enjoy a convenient line of credit or write yourself a cheque to use for any worthwhile purpose.
Citi's Ready Credit is a convenient line of credit that gives you access to your funds over an extended period. Apply for a credit limit and spend up to and including that limit at a competitive rate of 5.9% p.a. for 3 years. You can spend your limit by making purchase, opting for a cheque to self or balance transferring your balance to paying back existing debt.
Read the review below for exactly how the Ready Credit works.
|Product Name||Citi Ready Credit|
|Interest Rate (p.a.)||From 5.9% (variable)|
|Comparison Rate (p.a.)|
|Interest Rate Type||Variable|
|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 3 years
- $199 establishment fee
How does the Citi Ready Credit work?
There are a few ways to use the Ready Credit account:
1. Balance transfer option. You can request a BPAY balance transfer when you apply for the Ready Credit account. The amount you transfer will have the promotional 5.9% p.a. applied to it, but if you do not pay the amount back within 3 years, your balance will have the standard variable rate – currently 19.99% p.a. – applied to it.
2. Cheque-to-self to use for whatever purpose you like. If you want to use the funds for general purposes you can request a cheque-to-self within 90 days of opening your account. You can use the funds however you like and these funds will have the promotional 5.9% p.a. rate applied. As with the balance transfer, if you don't repay the cheque-to-self amount back within 3 years, the standard variable rate, currently 19.99% p.a., will be applied to your debt.
3. Spending on the Mastercard debit card. You also have the option to spend your available credit limit using the Mastercard debit card. You can spend up to and including your balance, which can be between $5,000 and $75,000, for 3 year(s). During this period the promotional rate of 5.9% p.a. will be applied to your balance. After this period, any outstanding debt will have the standard variable rate of 19.99% p.a. applied to your debt.
The Ready Credit comes with an establishment fee of $199 that's added to onto your account balance.
What features does Citi offer with the Ready Credit?
- Competitive rate on balance transfers. Receive a competitive rate of 5.9% p.a. on any credit card, store card, charge card, personal loan or line of credit balance you transfer to the Citi Ready Credit.
- Balance transfer or cheque-to-self. Instead of transferring a balance, you can elect to receive a "cheque to self". The money is made available to you and is available to be used for anything you need.
- No ongoing fees. The Ready Credit comes with a one-off establishment fee of $199, but there are no ongoing fees charged to keep this account.
- Balance transfer your personal loan. Citi is one of the few providers that lets you balance transfer your personal loan debt.
- Citi cardholder benefits. Apply for the Citi Ready Credit balance transfer offer and you will get access to exclusive Citi cardholder benefits like a free bottle of award winning wine when you shop at a participating Citi partner restaurants.
How you can apply for the Citi Ready Credit
If you would like to apply for the Citi Ready Credit click "Go to Site" to submit your application. You can confirm details of the offer and also your repayment options. The application is simple to complete and should only take about ten minutes.
To apply for the Citi Ready Credit, you must meet the following criteria:
- Be over the age of 18
- Have a good credit rating
- Earn a taxable income of $40,000 or more
- Be an Australian resident
- Not have applied for a Citi credit card in the previous nine months
You will need to have the following information on hand if you wish to apply for the Citi Ready Credit balance transfer offer:
- 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
How to apply for the balance transfer offer
If you want to apply for the Citi Ready Credit Balance transfer offer, proceed through the application until you reach a page where it asks you if you want to transfer a balance to the account. You will need to enter your current card or account number(s) and the amount you wish to transfer from each.