Citibank / Ready Credit offer. $100 cash back. Any catches?

No on 10/06/2016 - 14:03
Last edited 10/06/2016 - 14:03

Hey guys,

So I logged onto my citibank online banking and it offered me a fixed term loan at 8.99% for 36 months minimum $500 and $100 cash back.

I played with the numbers and if I borrow $700 over 36 months the interest totals $100 over the full 36 months so I took that option.

Can I just pay this back in full once I receive the $100? Anyone else done this before?

It seems to good to be true.

Thanks!

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Citibank Australia

No on 10/06/2016 - 14:56

Here is the terms: http://www.citibank.com.au/lending/cashback/

So the offer may be available to everyone with readycredit.
Peck on 11/06/2016 - 08:15

+1

The big question to Citibank would be "can you pay back early and not have to pay interest on the balance of the term"? If not then there is little value for the effort.
No on 14/06/2016 - 20:18

Citibank has just sent me this as well:

Dear XXXXX

Use your Ready Credit account between 15 June and 15 July 2016 and we'll give you 10% cash back2 up to a maximum of $150 on the total value of your purchases and ATM cash withdrawals.

Here's how it works.

Spend or make ATM cash withdrawals. Get 10% cash back2, up to a maximum of $150.

Seems weird that they have made two very good offers so close to each other but whatever! I don't mind putting 1500 on my readycredit :)