May be a targeted offer for Citibank customers - check your emails
Earn a $100 e-Gift Card to spend at Myer, JB Hi-Fi or Coles when you convert $2,500 or more. Offer limited to one e-Gift Card per account.
0% pa interest rate
6 month term with a 0.9% fee or 12 month term with a 1.9% fee
Yep that's exactly what I do when I receive the offers.
How do you set up direct debit to pay it off automatically?
Also I'm currently doing the Citi payall promo to get extra points, any idea how it works in conjunction to this offer?
Thanks!
What is this initial interest in their t&c? Is it only applicable with the 12 month term?
*If applicable, during the cycle in which the FPO (Fixed Payment Option) is set up, you will be charged an initial interest amount on the main FPO balance. Subsequent cycles will have an instalment for each month of the term.
Can you set this up to receive $2,500 today, pay the fee of $22.50, repay the $2,500 tomorrow and receive the $100 gift card?
No. They send gift card after 16 weeks.
Also, if you pay off everything they won't send the gift card.
I think it takes a pay cycle for the deal to register. But guess you could pay off after 6 weeks or so. I've always just left them to pay back naturally from an offset account attached to my mortgage as this way you are getting the interest (The little you get these days anyway).
Do you have to work out how much to pay each month or does it appear in your CC statement and just have to pay with your other CC spending?
No the facility need to be kept open, so put the $2500 in a savings account, pay the fee and pay the minimum balance each month.
Once the e-gift card has been emailed to you, then you are free to pay it off all in one go.
Offer limited to one gift card per Account, per offer period. e-Gift card will be available for redemption within 16 weeks from the date the first Citi Quick Cash instalment plan of $2,500 or more is set up providing your Citi Quick Cash instalment plan has not been cancelled or repaid in full and your Account is in good standing.
Why pay it off ahead of time? You've already been charged interest in the form of a setup fee. I'd only pay it off of you need the available credit back.
nice, another $77.5 profit, it's the 3rd $100 in my card with in a year. This Citi card has made more rewards than my Amex explorer this year
Nice, do you know if this is applicable if I already took the same offer last month? Supposed to be a different "offer period" I think. Have you received any gift cards yet?
It should be different offer from last month. I haven't received gift cards from last month offer. But have received gift cards from previous offers and never had any issues.
Just signed up again. Have already received a few gift cards from previous promotions.
After my two $100 bonus gift cards, they have now increased my one off fee to 4.99% - so no free money for me.
How long it took for your gift card to arrive since application?
On an average it takes about 3 months - they say 12 weeks.
If I keep the account in surplus, do I still need to pay off the minimum monthly payment?
targeted. After my two $100 bonus gift card, I got no fee, but the interest is At 14.99% p.a.!!
i think if you take up the offer, the regular day to day payments made on card do not get the interest free period. so if this is your primary card may rethink how much is actual benefit. for small value usage monthly i guess it wont matter much.
I don’t think that is the case, I think you just need to pay closing balance (including the instalment) by the due date. Their statements are not clear and I think you need to go online to view your closing balance for each month.
My latest statement shows instalment 0 of 6 for this month and repayment amount is ‘0’. I’m assuming next statement it will start showing the repayment amount.
No thats not correct, you still get interest free periods etc provided the balance is paid monthly.
If you have a outstanding FPO and purchase costs (not overdue) then payments are allocated differently.
Does this mean you have to stop using the card as you will incur interest on purchases too?
Best to check with Citi - I have used this with a current active 0% balance transfer and it hasn’t affected my balance transfer in any way. I was worried like you are and spoke to Citi before proceeding, just to be safe than sorry.
But I guess the way it is setup, you should most likely be able to continue to use your cc as normal, except that your total credit limit may be temporarily reduced by the cash out you have taken.
Again, it’s just my guess and you should double check with Citi before you take the leap of faith.
All the best!
How will it work if someone is using PayAll promo?
Love my Citi credit card..bountiful gift card offers..A gift that keeps giving!
Can someone please explain how this works? I always receive this but never looked in it too it
I'm the same, I just made some purchases today that made my outstanding balance over $2500
Also, can I choose how much to convert? Like can I convert exactly $2500 instead of my whole balance which is around $3000?
any help is much appreciated.
I have been offered a similar deal this morning but in a form of flybuys points (20,000 pts), which can be converted into a GC. I haven't read or used this type of loan before but how frequent is the payment made?
There should be a link in the email, once I click that, it asked me how much to convert to fixed payment option and send you an OTP to verification. It's quite simple process, took less than 2 mins. It's monthly payment.
I took the offer last month. phoned Citibank just now after the 1st instalment is paid. they said that the giftcard should be ready within 8 weeks after the 3rd instalment is paid…. so another 4.5 months or so…
but my 1 year anniversary is 2-3 month away…. want to get the GC but at the same time need to cancel the card to avoid the $399 annual fee…. what to do
Good deal for 20 mins work. Just throw the money in an offset account & set up a direct debit to pay off to credit card. I only just signed up for this a few weeks back but received another email this morning so guess I'll apply again haha. Only thing I don't like about Citibank is the constant phone calls trying to get you to sign up for loans.