Citi Ready Credit – Rates and Fees

Never pay an annual fee, repay your debt with a low balance transfer offer and earn rewards as you spend with the Citi Ready Credit.

Citi Ready Credit is a personal loan that is linked with a Visa Debit Card that gives you the freedom to recharge your spending power. With the convenience of a card, you can redraw funds easily and enjoy a competitive interest rate.

The personal loan also comes with a competitive transfer rate of 9.9% p.a. for the first 24 months, allowing you to redraw funds of up to $75,000 to repay other loan and credit card debts and regain control of your finances.

Ready Credit has no fixed payment term, giving you the flexibility to make repayments at your own pace and access your account using ATMs across the world with your Visa Debit Card.

Product NameCiti Ready Credit
Balance transfer rate (p.a.)9.9% p.a. for 24 months
Balance Transfer Limit100% of available credit limit
Purchase rate (p.a.)9.9% p.a. for 24 months (reverts to 19.99% p.a.)
Offer end date31 July 2017
Annual fee$0 p.a.
Min credit limit
This is the lowest credit card limit that you can request. It is possible to apply for a higher credit card limit but not a lower one than this figure.
$5,000
Max credit limit
This credit limit may not be issued to you immediately on application. This is the maximum credit limit for this card which must be applied for or offered to you after you are approved and have already opened the account.
$75,000
Minimum Income$40,000
Card TypeVisa
Late Payment Fee$10 charged every 7 days until the payment due is made
Available To Temporary ResidentsNo
Minimum Income$40,000
Minimum Age18 years of age
Available to Temporary ResidentsNo
Credit Rating Requirement
Credit rating requirement is provided only as a guide. Understanding your credit file helps you make more informed decisions in regards to your finances. Learn more about what this means here.
Good
Min Credit Limit
This is the lowest credit card limit that you can request. It is possible to apply for a higher credit card limit but not a lower one than this figure.
$5,000
Max Credit Limit
This credit limit may not be issued to you immediately on application. This is the maximum credit limit for this card which must be applied for or offered to you after you are approved and have already opened the account.
$75,000
Annual Fee$0 p.a.
Late Payment Fee$10 charged every 7 days until the payment due is made
Over Limit Fee$40
Number of Additional Cardholders1
BPAYYes
Direct DebitYes

Pros

  • No annual fee and no monthly service fees for the life of the card
  • 9.9% p.a. on purchases and the initial balance for the first 2 years.

Cons

  • A standard variable rate of 19.99% p.a. will apply to balances after 2 years and redraws.
  • A late fee of $10 charged every 7 days until the payment due is made

Citi Ready Credit review

The Citi Ready Credit personal loan offers a line of credit that can be used like a credit card. The universal finance facility offered by Ready Credit comes with special features such as no annual fees, a credit limit of up to $75,000, a competitive introductory rate of 9.9% p.a. and no fixed term so that you can make repayments at your own pace. The loan may be suitable for those looking to free up cash for everyday expenses or bigger purchases, or for people looking to consolidate debt and save on interest fees.

Please note that this product comes with a one-off $74.50 establishment fee.

Benefits of the Citi Ready Credit

  • Introductory offer. The Citi Ready Credit personal loan comes with a competitive introductory rate of 9.9% on purchases and the initial balance for the first 2 years. The standard variable rate of 19.99% p.a. will apply to balances after 2 years.
  • Cheque to self. You can request for a cheque to be sent to you as soon as your loan is approved so you can access 100% of your credit limit and take advantage of the competitive interest offer even without transferring your balance. 
  • No monthly or annual fees. The Citi Ready Credit features $0 monthly or annual fees.

Features of the Citi Ready Credit

  • Fees and charges. The Citi Ready Credit accounts come with a $0 annual fee, allowing you to save more as you manage your finances. The loan also has no transaction or account-keeping fees and come with a one-off $74.50 establishment fee.
  • Interest rate. The loan comes with a competitive introductory rate of 9.9% p.a. for the first 24 months, allowing you to transfer your balance from other cards or loans and consolidate your debt for faster repayment. After the introductory rate expires, the loan reverts to a standard rate of 19.99% p.a.
  • Security features. Customers get to benefit from purchase cover insurance whenever they shop using their Visa Debit Card, which covers theft, damage or loss of a wide range of personal items purchased in stores across the globe. Citi also offers a secure transaction platform that is encrypted using the latest technology so you can make online payments with your card with confidence. In addition, you also get extended warranty insurance on personal goods purchased with your Visa Debit Card.
  • Loan repayments. The loan comes with flexible monthly repayments and the option to make additional repayments with no penalties. There is no fixed term on the loan, meaning that you can make payments for a loan amount of between $5,000 and a maximum of $75,000 at your own pace.

How to apply for the Citi Ready Credit

Apply online for a Citi Ready Credit today and find out if you qualify for the loan in a matter of minutes. The following are the eligibility criteria you will need to meet.

Eligibility criteria

  • The bank will examine your credit file to determine if you are creditworthy and whether you have past defaults or other credit infringements.
  • You must be 18 years and above to be approved for the loan.

Required documents

  • This proves that you are an Australian resident.
  • To be approved for Citi Ready Credit, you must earn more than $40,000 p.a.

Citi Ready Credit offers you a flexible line of credit with a competitive introductory rate and no annual or monthly fees.

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288 Responses

  1. Default Gravatar
    AlokJune 29, 2017

    Hi,
    Is there a way to transfer balance outstanding on overseas credit card to Australian Credit card? I was an Indian Resident and used to have Citibank India Credit card. Last year I immigrated to Australia and finding it very difficult to pay the outstanding that I have on my Citibank Indian credit card, while being in Australia. So I was contemplating balance transfer from Citibank India to Citibank Credit card Australia.

    Thanks
    Alok

    • Staff
      JonathanJune 29, 2017Staff

      Hi Alok!

      Currently, restrictions are in place on the Australian institutions and they cannot “buy” debts from overseas. One possible course of action you may take is to consider doing a balance transfer within your local country to get better interest deals, and then make a money transfer regularly to pay off your card from Australia.

      You may read our full guide here.

      Hope this helps.

      Cheers,
      Jonathan

  2. Default Gravatar
    MaryOctober 27, 2016

    Where do I go to get a default removed if I have it on my Citigroup credit card?

    • Staff
      JasonOctober 27, 2016Staff

      Hi Mary.

      Thank you for your inquiry.

      A credit repair can help remove default listings from your credit file. But please keep in mind though that credit repair agencies will investigate a listing but they can’t guarantee the listing will be removed. You can also use this link as a guide on how to remove defaults against your name.

      I hope this helps.

      Cheers,
      Jason

  3. Default Gravatar
    September 22, 2016

    Hey I have a couple of ready credit accounts I was just wondering if I could get some of my available credit from them plz if there are any deals on at the moment thanks

    • Staff
      MaySeptember 23, 2016Staff

      Hi Anthony,

      Thank you for your inquiry. Please note that you’ve come through to finder.com.au we are an Australian financial comparison website and general information service, not actually Citibank.

      If you wish to get another credit access through your Citi Ready Credit account, please contact Citibank directly, they would also be able to advise if there is any promotion being offered.

      Cheers,
      May

  4. Default Gravatar
    SandySeptember 2, 2016

    If I transfer my current credit card balance to one of your cards, is my original card still retained or do you cancel this card?

    • Staff
      MaySeptember 2, 2016Staff

      Hi Sandy,

      Thanks for your question.

      When you conduct a balance transfer from your current card to a new credit card, your current card (where the balance came from) will still remain active. The bank will not cancel it unless you will decide to close your account after the balance transfer. Just keep in mind that if you choose to close your account, any outstanding balance on your card should be paid off first.

      Cheers,
      May

  5. Default Gravatar
    HasinaMay 7, 2016

    Is it possible to pay off loan in India with citi ready credit? What would be the interest rates??

    • Staff
      YsaMay 10, 2016Staff

      Hi Hasina,

      Thanks for your question.

      Unfortunately, completing a balance transfer with a Citi Ready Credit account is only applicable for Australia to Australia accounts.

      Cheers,
      Ysa

  6. Default Gravatar
    RasaApril 8, 2016

    If I get a ‘check to self’ can I just put it in another bank account – and if so – what interest rate is charged on this?

    • Staff
      AnndyApril 18, 2016Staff

      Hi Rasa,

      Thanks for your question.

      If you get a “Cheque to Self” you will have access to funds at Citi Ready Credit’s balance transfer rate. You can then deposit the fund to your bank account or use it to pay non-Citibank credit card balances, holidays, groceries, and others.

      I hope this answers your question.

      Cheers,
      Anndy

  7. Default Gravatar
    NickFebruary 16, 2016

    With the Citibank product, can I use a cash advance to pay off credit card balances in the UK or do I use the balance transfer. If i use the cash advance do I get a different transfer rate.

    Thank you in advance

    Nick

    • Staff
      YsaFebruary 17, 2016Staff

      Hi Nick,

      Thanks for your question.

      Unfortunately, you will only be able to transfer any non-Citibank products with an outstanding credit card balances within Australia.

      In the event that you wish to use a cash advance, your transaction will be charged a rate of 19.99% p.a.

      I hope this helps.

      Cheers,
      Ysa

  8. Default Gravatar
    sherryDecember 9, 2015

    hi I just want to know the best possible action I can take on saving more with no monthly fees and account fees and all that with low interest, with the current personal I have that’s got about 12 thousand left. I was thinking of transferring to another bank or something , so if you have offers for me that wold be great thanks

    • Staff
      DebbieDecember 9, 2015Staff

      Hi Sherry,

      Thank you for your inquiry.
      Please note that you’ve come through finder.com.au, an online comparison service and is not in the position to recommend specific providers, products and services.

      You can compare the products from this page which allow you to transfer your remaining balances from your personal loan to credit cards. I hope this helps.

      Cheers,
      Debbie

  9. Default Gravatar
    ShyamalimaDecember 6, 2015

    Hi, please let me know about ready credit account and how to repay if i wil withdraw that amount.

    • Staff
      JonathanDecember 7, 2015Staff

      Hi Shyamalima, thanks for your inquiry!

      If you withdraw an amount you can repay the account by paying your Citi Ready Credit account. This can be done by funds transfer, cheque, Australia Post, BPAY and Easi-Pay.

      Cheers,

      Jonathan

  10. Default Gravatar
    PeterJuly 26, 2015

    Hi
    I’ve applied for this credit card and meet minimum salary and good credit history requirements. However I’m wondering if my application would be rejected for the reason of possessing another credit card that has high available credit with respect to my salary. The other card has very low debt to pay off at the moment. Would you let me know if my application was refused for the reason that holding another credit card so both card may lead to higher risk to pay off any future debt??

    I wanna get the advantage of interest free for the first year so I can cancel the other card as I barely use it, if you let me know this will lead to accepting my application.

    Thanks
    Peter

    • Staff
      SallyJuly 29, 2015Staff

      Hi Peter,

      Thanks for your comment.

      Just to confirm, you have come through to creditcardfinder.com.au, not CitiBank.

      As such, we’re unable to confirm your application status or confirm why it may have been accepted or rejected.

      If you have applied and haven’t received any feedback as of yet, you may wish to get in touch with CitiBank directly to confirm the status of your application.

      In the mean time, our credit card application guides and page on declined credit card applications may provide you with some insight.

      I hope this has helped.

      Thanks,

      Sally

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