Enjoy a convenient line of credit to pay back existing debt or write yourself a cheque to use for any worthwhile purpose.
The Citibank Ready Credit is a unique finance solution that offers a personal loan and a line of credit linked to a Visa debit card. You'll have the convenience of having fast and easy access to your funds, plus the ability to keep track of your finances through an online account.
You'll have two options to use your credit limit at the 7.9% p.a. rate: Pay down existing debt by opting for a balance transfer or write a cheque-to-self to use for your own personal purposes.
Read the review below for exactly how the Ready Credit works.
|Product Name||Citibank Ready Credit 7.9%|
|Interest Rate (p.a.)||From 7.9% (fixed)|
|Comparison Rate (p.a.)|
|Interest Rate Type||Fixed|
|Maximum Loan Term||2 years|
|Min Loan Amount||$5,000|
|Max. Loan Amount||$75,000|
|Application Fee||$149 (One off establishment fee)|
|Monthly Service Fee||$0|
- Low interest rate
- $0 monthly fee
- No penalties for early payouts
- Application fee of $149 required
- Must have a good credit rating
- Late fee of $10 for every 7 days
How the Citibank Ready Credit works
There are a few ways to use the Ready Credit account:
1. Balance transfer to pay back existing debt. You can request a balance transfer when you apply for the Ready Credit account. The amount you transfer will have the promotional 7.9% p.a. applied to it, but if you do not pay the amount back within 2 years the rate will revert to the standard variable rate, currently 19.99% p.a..
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 7.9% p.a. rate applied. As with the balance transfer, if you don't repay the cheque-to-self amount back within two 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. Keep in mind any spending outside of balance transfers or cheques to self will need to be repaid at the standard variable rate of 19.99% p.a..
The Ready Credit comes with an establishment fee of $149 that's added to onto your account balance.
Features of the Ready Credit
- Competitive rate on balance transfers. Get 7.9% p.a. on any credit card, store card, charge card, personal loan or line of credit balance you transfer to the Citibank 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 are available to be used for anything you need.
- No ongoing fees. The Ready Credit comes with a one-off establishment fee of $149, but there are no ongoing fees or annual fees charged to keep this account.
- Balance transfer your personal loan. Citibank is one of the few providers that lets you balance transfer your personal loan debt.
- Citibank cardholder benefits. Apply for the Citibank Ready Credit balance transfer offer and you will get access to exclusive Citibank cardholder benefits like a free bottle of award winning wine when you shop at a participating Citibank 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 Citibank Ready Credit
If you would like to apply for the Citibank 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 Citibank 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 Citibank credit card in the previous nine months
You will need to have the following information on hand if you wish to apply for the Citibank 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 Citibank 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.