Citibank Ready Credit Flexible Personal Loan

Information verified correct on December 9th, 2016

Take advantage of an introductory rate of 7.9% p.a. for 24 months and enjoy ongoing access to funds with Citibank Ready Credit.

Citibank Ready Credit is a flexible personal loan product that comes with a Visa card so that you can get access to additional funds when you need them. This product offers an introductory interest rate of 7.9% p.a. on balance transfers for 24 months.

It also allows you to withdraw funds up to your approved credit limit at the standard variable rate of . While the Ready Credit account has a annual fee, it does charge a .

Product NameCiti Ready Credit
Balance transfer rate (p.a.)7.9% p.a. for 24 months
Balance Transfer Revert Rate
The interest rate after the balance transfer ends.
Purchase Rate (19.99% p.a.)
Balance Transfer Limit80% of available credit limit
Purchase rate (p.a.)19.99% p.a.
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 Monthly Repayment1%
Minimum Income$40,000
Card TypeVisa
Late Payment Fee10 for every 7 days
Foreign Currency Conversion Fee (VISA)
Foreign currency conversion fees are charged when you make a transaction that is converted by a credit card network, such as MasterCard, Visa or American Express, from Australian dollars to a foreign currency. You’ll also incur a currency conversion fee if you make a purchase or obtain a cash advance in Australian dollars while overseas or shopping online with a foreign merchant or financial institution.
3.3% of transaction value
Complimentary Travel InsuranceNo
Available To Temporary ResidentsNo
Joint ApplicationNo
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.
Minimum Repayment1%
Late Payment Fee10 for every 7 days
Over Limit Fee$40
Cash Advance Fee3.5% of transaction amount or $3.50
Overseas Cash Advance Fee$5
Overseas Emergency Replacement$0
Overseas ATM Balance check$0
Overseas ATM Withdrawal Fee$0
Foreign Currency Conversion Fee (VISA)
Foreign currency conversion fees are charged when you make a transaction that is converted by a credit card network, such as MasterCard, Visa or American Express, from Australian dollars to a foreign currency. You’ll also incur a currency conversion fee if you make a purchase or obtain a cash advance in Australian dollars while overseas or shopping online with a foreign merchant or financial institution.
3.3% of transaction value
Gambling Transactions AllowedNo
Number of Additional Cardholders1
BPAYYes
ChequeYes
Direct DebitYes
Australia PostYes
Phone BankingYes
Internet Banking TransfersYes
In BranchYes
MailYes

Pros

  • No annual fee and no monthly servicing fees for the life of the card (all you have to pay is $149 one-off establishment fee)
  • A long term balance transfer offer of 7.9% p.a. for 24 months

Cons

  • There is no rewards program with this card.
  • You cannot transfer more than 80% of your credit limit and the credit limit is a fairly low at $5,000 to $75,000 (depending on your annual income).

Citibank Ready Credit Flexible Personal Loan review

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

This account offers an introductory rate of 7.9% p.a. that you can use for balance transfers or cheques-to-self. It also provides a standard variable rate of that applies to purchases or cash advances made with the Visa card, as well as any debt remaining after the introductory period.

Benefits of the Citibank Ready Credit Flexible Personal Loan

  • 7.9% p.a. for 24 months. This promotional interest rate applies to balances transferred at the time of your application, and to cheques-to-self requested within 90 days of account opening. At the end of the promotional period, any outstanding balance will revert to the standard variable rate of
  • annual fee. This account charges no ongoing annual fees. But a 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 24 months.
  • Flexible repayments. You have the ability to choose your own repayments each month, providing it meets a minimum payment amount.
  • Visa card. Use your Citibank Ready Credit funds to pay for purchases in-store and online, or withdraw cash up to your available limit at any time with a Visa 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.

Features of the Citibank Ready Credit Flexible Personal Loan

  • Establishment fee. The Citibank Ready Credit has a $149 one-off 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 Citibank 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  and $75,000.
  • Late payment fee. This account charges $ a payment is not made by the due date.
  • Overlimit fee. A fee applies if you exceed your credit limit.

How to apply for the Citibank Ready Credit Flexible Personal Loan

Applying for the Citibank Ready Credit is simple and takes around 15 minutes online. Before you get started, make sure you meet the eligibility requirements and have all your details handy to complete the process:

Eligibility criteria

  • You must be at least 18 years old
  • You must earn at least
  • Be a permanent Australian resident or citizen

Required documents

  • 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 personal loan 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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55 Responses to Citibank Ready Credit Flexible Personal Loan

  1. 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?

    • Staff
      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

  2. Default Gravatar
    | 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

    • Staff
      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

  3. Default Gravatar
    Colin | October 1, 2015

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

    • Staff
      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

  4. Default Gravatar
    kak | 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?

    • Staff
      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

  5. 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.

    • Staff
      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

  6. Default Gravatar
    Chanelle | February 23, 2015

    Hello Jonathan, my partner needs $38,000 ($28k to pay off another loan and $10k to upgrade his vehicle). If he was approved for $48,000, 80% at 4.90% is $38,400 which is exactly what we need.

    1. Is the loan then for $48000 for what you applied for or $38000 for what you used?
    2. Do you pay repayments on $48000 over 3 years or $38000? over 3 years?
    3. To take advantage of 4.90%, can he organise Citibank to transfer funds to me and I distribute accordingly?

    Thanks so much! I have heard some not so nice things about Citibank’s processes so I want to make sure that our plans caters for the 4.90% rate and not the dreaded 20% rate.

    • Staff
      Jonathan | February 24, 2015

      Hi Chanelle, thanks for your inquiry!

      It is important to note Citibank’s balance transfer limit is subject to their credit criteria and may be limited to a certain proportion of the credit limit.
      The loan is on how much you have borrowed from the bank, which would be the balance transfer amount and any other amounts spent on the card. The balance transfer rate would be applicable to the balance transfer amount. Any other debts on the card would be charged at the appropriate rates. It is important to note that balance transfers between Citibank credit cards are not allowed.

      I hope this helps!

      Cheers,

      Jonathan

  7. Default Gravatar
    Rose | February 11, 2015

    My husband would like to apply for your offer 4.9% p.a for 3 years. Here are my questions:
    1)He’s my additional card holder to our current Citibank rewards mastercard. Is he eligible to apply then?

    2) Can he use this to balance transfer my credit card under my name?
    3) can he use this to pay off a school tuition fee?

    • Staff
      Jonathan | February 11, 2015

      Hi Rose, thanks for your inquiry!

      As long as they meet the eligibility requirements they can apply, to be eligible to apply for a Citibank personal loan, you must be at least 18 years of age, have a good credit rating, earn a taxable income of $35,000 or more and be a permanent Australian resident. You will be able to transfer any non Citibank products with an outstanding balance(s) such as credit cards, store cards or loans within Australia.
      Generally any fees or payments can be paid but will be charged at the cash advance rate or purchase rate, this will depend on the merchant/ institution who you are transacting with.

      Cheers,

      Jonathan

    • Default Gravatar
      Rose | February 12, 2015

      Another enquiries:
      1) the 4.9 % only applies to balance transfers?
      2) if on top of two credit card balance transfers, I will ask for a cheque for self and use this cheque to pay miscellaneous payments. Would the cheque for self be charged at 4.9%?

    • Staff
      Jonathan | February 12, 2015

      Hi Rose, thanks for your inquiry!

      The 4.9% promotional interest rate is only for balance transfers. If a cheque to self is approved then it will be at the balance transfer rate of 4.9%.

      Cheers,

      Jonathan

    • Default Gravatar
      | February 12, 2015

      When do you apply for cheque for self?There’s nothing mentioned on the application form. Only details of balance transfers.Thanks

    • Staff
      Jonathan | February 12, 2015

      Hi Rose, thanks for your inquiry!

      If you are an existing customer, please contact Citibank directly on 13 24 84 at any time to discuss your options with an agent who has access to your account. If you are a new customer applying for a credit card that has a balance transfer offer attached to it, you may request for a cheque to be sent to you if you do not have a balance to transfer. This must be requested when you call to activate the account.

      Cheers,

      Jonathan

  8. Default Gravatar
    Ashwood | December 7, 2014

    Hi

    Its the 7th December today. Has the offer been extended? I would like to apply if I can.

    • Staff
      Elizabeth | December 9, 2014

      Hi Ashwood,

      Thanks for your question.

      Unfortunately this offer is unavailable as it was only on offer until the 30th November.

      Thanks,

      Elizabeth

  9. Default Gravatar
    Shery | November 21, 2014

    I would like to apply for Citibank ready credit flexible personal loan.But is it possible to pay off my husbands personal loan if I take the card in my account?

    • Staff
      Elizabeth | November 21, 2014

      Hi Shery,

      Thanks for your question.

      Yes this is possible. You’ll just need the details of his account when you apply.

      I hope this has helped.

      Thanks,

      Elizabeth

  10. Default Gravatar
    | November 18, 2014

    I am trying to fill out application as we are self employed, the system keeps freezing up and i cannot complete the application, is there another way I can apply?

    • Staff
      Elizabeth | November 18, 2014

      Hi Loretta,

      Thanks for your question.

      This particular offer is only available through finder.com.au, so you’ll need to apply directly online. You might want to try completing the application on a different computer or device, and you can also try using a different browser. If this doesn’t help, you’ll need to get in touch with Citibank who will be able to provide further assistance for you.

      I hope this has helped.

      Thanks,

      Elizabeth

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Rates last updated December 9th, 2016
Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee
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