Save with balance transfers, 0% deals & platinum perks exclusive to finder
Compare cards

Citi Ready Credit – 9.9% p.a. for 2 years

Rates and fees last updated on

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 9.9% p.a. for 2 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 NameCiti Ready Credit
Interest Rate (p.a.)From 9.9% (fixed)
Comparison Rate (p.a.)
Interest Rate TypeFixed
Min Loan Amount$5,000
Max. Loan Amount$75,000


  • Low interest rate
  • $0 monthly fee
  • No penalties for early payouts


  • Application fee of $0 required
  • Must have a good credit rating
  • Late fee of $10 for every 7 days until payment made

How does the Citi Ready Credit work?

There are a few ways to use the Ready Credit account:

1. Balance transfer optiion. You can request a BPAY balance transfer when you apply for the Ready Credit account. The amount you transfer will have the promotional 9.9% p.a. applied to it, but if you do not pay the amount back within 2 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 9.9% p.a. rate applied. As with the balance transfer, if you don't repay the cheque-to-self amount back within 2 years, the standard variable rate, currently 19.99% p.a., will be applied to your debt.

3. Spending on the Visa debit card. You also have the option to spend your available credit limit using the Visa debit card. You can spend up to and including your balance, which can be between $5,000 and $75,000, for 2 year(s). During this period the promotional rate of 9.9% 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 $0 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 9.9% 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 $0, but there are no ongoing fees or annual 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.
  • Visa guarantee. As this is a Visa card, it comes with a no liability guarantee from Visa if you’re a victim of credit card fraud using the Visa payment network.

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.

Was this content helpful to you? No  Yes

This page was last modified on 2 June 2017 at 2:50pm.

Ask an Expert

You are about to post a question on

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • 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

Finder only provides general advice and factual information, so consider your own circumstances, read the PDS or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms and Conditions and Privacy Policy.

141 Responses

  1. Default Gravatar
    May 24, 2017

    I have a business for over 15 years i want to apply for a $55,000 card and purchase rate of 9.9% rate. Is it possible? My total gross income per annum is over $1.1m.

    • Staff
      JonathanMay 24, 2017Staff

      Hello Goce!

      Thank you for visiting our website. Based on the eligibility criteria listed above, your income of $1.1M actually meets the income requirement for the Citi Ready Credit. If you think you also meet all the other criteria for this line of credit, please visit Citibank’s official page to submit your application.

      Meantime, for more information, you can find on this page our guide on how you can get line of credit for your business.

      Hope this clarifies.


  2. Default Gravatar
    JeyenthyOctober 10, 2016


    I have a Citi Credit Card, and I would like to apply for the balance transfer from my current CBA Bank to Citibank.

    Can you please advise on the process.


    • Staff
      ElizabethOctober 10, 2016Staff

      Hi Jeyenthy,

      Unfortunately you’re ineligible for this offer as you’re a current Citibank customer. The offer is only available for new customers. You can compare your other refinancing options on this page.

      Hope this helps,


  3. Default Gravatar
    PatrickFebruary 15, 2016

    What does “Booked” mean when you enquire about the status of a personal loan application?

    • Staff
      ElizabethFebruary 15, 2016Staff

      Hi Patrick,

      “Booked” will likely be just confirming that you have enquired about the status of your application. If you have received any communication from Citibank then you can confirm this. If you do not receive any communication from Citibank then you should get in contact with them to follow up.

      I hope this has helped,


  4. Default Gravatar
    KimFebruary 9, 2016

    We want to consolidate our debts of combined $45000. Any clues on the best provider. I was looking at Citibank and learnt a bit from your previous questions.

    • Staff
      ElizabethFebruary 10, 2016Staff

      Hi Kim,

      Thanks for contacting us.

      I can’t specifically recommend any lenders for you. However, this loan is suitable for debt consolidation, but you can also compare some of your other options on this page.


  5. Default Gravatar
    MaggieDecember 17, 2015

    What is the phone number for Citibank Ready Credit, please?

    • Staff
      ElizabethDecember 18, 2015Staff

      Hi Maggie,

      I’ve emailed you the customer service number for Citibank.



  6. Default Gravatar
    PeterNovember 27, 2015

    Hi City bank could you please answer this question

    If I take out a loan of $30k over 3 year what is the interest
    And if I pay it back in 6mth 2/12 years earlier what is the payout figure and fees.

    I ask it this way as you have problems answering the hidden meaning of No early pay out fees.

    Thanks Peter

    • Staff
      ElizabethNovember 30, 2015Staff

      Hi Peter,

      Just to clarify, you’ve come through to, a financial comparison service and not Citibank. However I can still help you with your enquiry.

      If you take out a loan of $30,000 over 3 years and request a balance transfer or cheque to self for 80% of the loan amount, a rate of 5.9% will be will be applied to 80% of that $30,000 for two years. If you choose to use any of the remaining $6,000 Citibank’s standard rate (currently 19.49% p.a.) will be applied. This rate will also apply to any remaining unpaid balance after the two years is up.

      The promotional interest rate only lasts for two years, not three, so you will need to have it repaid in this time. Also, the promotional rate is only applied to up to 80% of your credit limit in the form of a balance transfer or cheque to self, so you will need to apply for around $38,000 if you are planning on using the entire $30,000 amount and want to 5.9% rate applied to that whole amount.

      There are no early payout fees but the standard rate (currently 19.49% p.a.) will be applied to any amount you draw over the initial 80% credit limit during your loan term. There is an initial $129 establishment fee. You will need to review all of this in your loan contract before you take on this loan to determine if it is the right product for you.

      I hope this information has helped.



  7. Default Gravatar
    layy51eNovember 5, 2015

    Hi there,

    I am looking to get a car loan for $23k and was advised by Citibank to take the “Citi’s Ready Credit Flexibl Personal Loan” Product.

    Product details as followed:
    - 4.9% p.a for 3 years available up to 80% of your credit limit
    - No early pay out fees
    - no monthly or annual fees
    - one off establishment fee of $129

    Three questions:

    1) as it is capped at 80% of credit limit, do i need to apply for a minimum of $28,750 if i was wanting to use the $23k to pay for a private used car sale?

    2) based on Q1, will the P&I payments over the 3 years be based on the $28,750? And if i was to pay this out early – am i paying the total interest amount that is calculated for the whole 3 years?

    3) Lastly, is there any loopholes i need to be aware of? seems too good to be true.


    • Default Gravatar
      November 6, 2015

      Thanks Elizabeth,

      To confirm, even though it is possible to pay the loan out earlier- there is no interest saving in doing this right?

      Using the example I sent earlier of a $23k loan, repayments are approximately $688 per month over 36 months.

      Let’s say I paid the minimum monthly payments of $688 for 12 months and after the 12 month I decided to pay the loan out in full – it is basically calculated at $688 x 24 months correct?

      Or does it go through the ERA process other institutions apply?


    • Staff
      ElizabethNovember 6, 2015Staff


      If you decide to pay out your account early you will save on interest – the interest rate is charged on your outstanding balance and acrues daily, charged at the end of each statement period. It is an annual rate. If you decide to make additional payments you will reduce the amount you owe and therefore the interest you are paying. If you pay off the account in full you will pay less interest as you will no longer be charged. As this is an ongoing line of credit, this account doesn’t follow the same ERA process as other institutions.

      Make sure you check the terms and conditions of your contract before you apply.



    • Staff
      ElizabethNovember 5, 2015Staff

      Hi Jyee23,

      Thanks for your questions.

      1) That’s correct. You will need to apply for enough of a credit limit so that 80% will cover the cost of your car.
      2) The principal and interest payments will be based on any amount of your credit limit you use. So, if you have a total credit limit of $28,750 but you only use $23,000, you will only need to pay interest on the $23,000 based on the promotional rate. This is assuming of course that you only draw the 80% limit at the beginning of your term and do not use any of your credit limit throughout the rest of the term.
      3) There aren’t really any catches to this loan, but as with any credit product, you need to be aware of all applicable fees and rates. The promotional rate applies to the 80% drawn at the beginning of the term, but if you use any of your remaining credit limit during the loan term, you will pay the standard variable rate, which at the moment is 19.49% p.a.

      I hope this information has helped.



  8. Default Gravatar
    jimmySeptember 7, 2015

    Hey there,
    I borrowed $10400 from citi bank in march this year at 4.9 %. I have already paid half of it. I was under the impression that i may use this money for next 36 months at same interest rate but i have been told that it’s only one time use of it after that if i take out any money out of this account then i’ll charge with interest rate of 19.49%. It means money will sit there for next three years but can’t used again.
    Citibank is not providing all the info to its customers.

    • Staff
      ElizabethSeptember 8, 2015Staff

      Hi Jimmy,

      Thanks for your comment.

      Citibank Ready Credit is a flexible personal loan/debit card that lets you draw up to 80% of your approved credit limit at a promotional interest rate – you can use this amount as a balance transfer or to write a cheque to self. Any other amount drawn following this will be charged the standard rate, but you will still be able to use it. As a financial comparison service we’re unable to comment on the information you may or may not have been provided by Citibank when you signed up for the product, but you may want to get in contact with them to discuss.



  9. Default Gravatar
    cjJuly 13, 2015


    How quick can you get a response if an application has been approved or denied?

    Can you get one prior to 3 days?


    • Staff
      SallyJuly 14, 2015Staff

      Hi CJ,

      Thanks for your question.

      The length of the application procedure can vary, but the Citibank website states that you will receive notification via email (if you supply an email address) and the post of your application status. If your application has been successful, you will normally be ready to use your account within 10 working days. Therefore, you could probably expect for your application status to be confirmed within a week or so.

      I hope this has helped.



  10. Default Gravatar
    TomMay 20, 2015


    I have been offered a credit limit of $14500 and have chosen to receive a check. Can I deposit this check into an everyday account without incurring any fees?

    • Staff
      ElizabethMay 21, 2015Staff

      Hi Tom,

      Thanks for your question.

      This depends on who you bank with, but you shouldn’t be charged any additional fees for depositing your cheque to self in an everyday bank account.

      I hope this has helped.



Ask a question