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Bonus $200 eGift Card with Citi Quick Cash $2500+ (0% p.a., Upfront Fees: 0.99% 6 Months, 1.99% 12 Months)

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Bonus $200 eGift Card with Citi Quick Cash $2500+ (0% p.a., Upfront Fees: 0.99% 6 Months, 1.99% 12 Months)
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Nuggets on 04/05/2023 - 08:24 www1.citibank.com.au (508 clicks)
Last edited 05/05/2023 - 10:35

Just received an email from Citi regarding a new round of the Citi Quick Cash gift card promotion.

Hi Nuggets,

Did you know there's a simple way to access cash from your Citi credit card ending in xxxx? It's called Quick Cash and it's currently available on your account.

What is Quick Cash?
Quick Cash allows you to transfer from $500 up to $xxxxx* from your credit card to your bank account. Receive it within 3 business days!

How do I repay it?
Pay it off in fixed monthly instalments over either 6 or 12 months. No exit fees if you choose to cancel or pay off your plan early.

What charges apply?
No interest, just an upfront fee of:

• 0.99% for a 6-month term or
• 1.99% for a 12-month term

As long as you make the repayments in full, you will not be charged any interest.

e.g. instantly access $10,000 and put it in your high interest savings account (ING currently 5%), over 1 year you would earn $500 of interest at the cost of the upfront $199 (1.99% fee) for the Quick Cash payment plan. plus earn the promotional $200 e-Gift card.

Fine print:

To be eligible to receive a $200 e-Gift card you must set up a new Citi Quick Cash instalment plan of $2,500 or more by 31-May-2023. 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. We will send you a unique code and instructions on how to redeem your e-Gift card via email. You must redeem your e-Gift card within 10 weeks from the date of this email. e-Gift card is not reloadable or redeemable for cash.

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closed Comments

  • auxilrod on 04/05/2023 - 08:26
    +1

    Is there a way to access this if we close the citi prestige card before the repayment period expires?

  • easternculture on 04/05/2023 - 08:26
    +8

    After a few $200 GCs , they stopped sending me the offer

    • nightelves on 04/05/2023 - 22:00

      Yeah because you're quick to take their cash that's why.

  • expatOz on 04/05/2023 - 08:27
    -1

    Is it considered a “loan” and does it cost a credit check?

    Nvm I don’t even see the quick cash option so this is targeted.

    • BargainGeezer on 04/05/2023 - 09:26
      +3

      No, the credit check occurred when you applied for the card. No additional check for Quick Cash. Did it about 4 times before my offers dried up.

  • MELso on 04/05/2023 - 08:35
    +1

    3.99% fee with no gift card here. Yeah, but nah…

    • keejoonc on 04/05/2023 - 11:16

      same here.

  • cheekymonkey97 on 04/05/2023 - 08:35

    Which Citi CC do you have? I didn’t receive the offer on my prestige.

    • Nuggets on 04/05/2023 - 09:07

      Prestige

  • [Deactivated] on 04/05/2023 - 08:37
    +2

    Got flex payment? offer instead for $100 GC but haven't got the last quick cash GC yet, been 2 months+ so probably will wait till I get it first.

  • MisterEd on 04/05/2023 - 08:57
    +1

    Same, I’m two months in from first offer and no sign of gift card.

    • easternculture on 04/05/2023 - 09:22

      Its comes in the third month.
      They also call you to confirm you recieved it

      • FromAtoZ on 04/05/2023 - 09:25

        T&C - GC will be issued after 14 weeksz

      • nightelves on 04/05/2023 - 22:01

        So would you still have to constant meet the repayment each months to qualify or you can just pay it all off at once.

  • mymumsaysiamhandsome on 04/05/2023 - 08:59
    +1

    PSA: note the T&C "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" I am still waiting for my GC since Feb.

    • ozblogger on 04/05/2023 - 09:03
      +1

      Same here, will wait as I want to cancel the card after I get the gift card

  • nickomac on 04/05/2023 - 09:05

    Anyone know if I can do this again if I'm still waiting for the gift card from last months offer?

  • Mrgreenz on 04/05/2023 - 09:43
    +3

    They're peppering me with this offer, I'm thinking I will take it just to abate the flow of calls texts and emails

  • The Hobo on 04/05/2023 - 09:48
    +2

    So I can borrow 2500 and get a $200 gc and then pay $25 in fees?

    • BargainGeezer on 04/05/2023 - 09:52
      +1

      Yep. Just hold off until you receive the gift card to pay off the loan in full.

      • dcool75 on 04/05/2023 - 11:03

        I paid the money in a week last time. Does it mean I am not eligible for the gift card?

        • BargainGeezer on 04/05/2023 - 11:43
          +1

          I recall seeing comments on previous Quick Cash posts from people saying that they missed out because they did this, but YMMV.

        • nokia3660 on 04/05/2023 - 13:12
          +1

          most likely. I think it is somewhere in the t&c as well that you need to have an active payment plan when the GC is issue to be eligible for it. Which I think implies have a plan at least for 16 weeks

  • Djoker on 04/05/2023 - 09:52

    Took this offer for March and April, new email offer has come through at a higher fee and no GC.

    For those of you that are doing this how exactly do you pay it back? I thought they would take it out first when making repayments on card balance but still haven't done my first instalment for the one I set up in March. Do I need to pay all other outstanding charges and then the installment amount on top?

    • BargainGeezer on 04/05/2023 - 14:38
      +1

      It will get added to your next full month statement.

      So if you take out Quick Cash on 15th of April and your statement comes on the 30th, it will be added to your final statement 30th of May. The minimum due will be the standard minimum due from payments processed on the card (e.g. normal purchases), plus the instalment associated with the plan.

      • Djoker on 04/05/2023 - 16:20
        +1

        Cheers mate, looks like I'll wait to see what shows up on my next statement. Saved me a phonecall to them.

      • nightelves on 04/05/2023 - 22:07

        So are you meant to always keep the $2500 active each month? I'm still not following this quick cash thingy.

      • Beachberry on 05/05/2023 - 14:25

        Because I use that Citi Payall feature as well, sometimes I pay more than what is required. Will I "accidentally" pay off the balance, or is it separate?

        • dftba on 12/05/2023 - 08:42

          I'm in the same boat. Anyone know if it'll work?

          • Beachberry on 14/05/2023 - 16:26

            @dftba: Well I tried and I did indeed accidentally pay it off rofl. I managed to get the $25 fee refunded though because it was immediate.

            • dftba on 20/05/2023 - 16:40

              @Beachberry: Lol, good to know. Thanks for reporting back!

  • Futura on 04/05/2023 - 09:53

    Don't forget Citi don't do MYOB bankfeeds

  • team teri on 04/05/2023 - 09:57

    Only ever got $100 GCs, nothing offered this month though :-(

  • ggfatty on 04/05/2023 - 10:03

    this is a good offer with profit

  • [Deactivated] on 04/05/2023 - 10:05
    +1

    So I'm seriously considering taking one of these purely to put into HECS before indexation. Anyone else in the same boat?
    Doing the math it seems like I could save a decent amount of money. I have $30k owing in HECS. It's going to go up by $2000 in a few days.

    • MisterEd on 04/05/2023 - 10:12
      +1

      Use this card to pay your hecs through Citicash or any other credit card that lets you pay your HECS then take out the NAB low rate card and do a 0% BT for 32 months with no balance transfer fee.

      • [Deactivated] on 04/05/2023 - 10:52

        …this seems like a great idea. what's the catch?

        • MisterEd on 04/05/2023 - 11:46
          +1

          No fee balance transfers are a great way for you to consolidate credit card debt.

          Catch is NAB gets an annual fee of $59 from you after the first 12 months and if you miss your minimum monthly repayments they get to charge you some interest.

  • gimme on 04/05/2023 - 10:10
    +2

    great thanks op. I had deleted the email without reading and luckily I looked here.

  • burningrage on 04/05/2023 - 10:34

    "e.g. instantly access $10,000 and put it in your high interest savings account (ING currently 5%), over 1 year you would earn $500 of interest at the cost of the upfront $199 (1.99% fee) for the Quick Cash payment plan. plus earn the promotional $200 e-Gift card."

    Don't forget that $500 is reduced by your marginal tax rate while you still incur the whole $199 and not necessarily tax deductible (debatable? I think it should be).

    Still better off perhaps

    • freedomofspeech on 04/05/2023 - 11:00

      199 would be a tax deduction for sure..

    • SydTre on 04/05/2023 - 13:59
      +1

      Correct me if I am wrong, I think you won't be able to get 5% interest for the whole $10,000 over 1 year as you need to pay monthly installment of $833.33, thus the total interest you would earn is around $308.75 before tax, the profit is $108.75+ $200 GC.

  • freedomofspeech on 04/05/2023 - 11:00

    Has anyone been able to login to citibank.com.au?
    For several weeks now I get :

    Temporary delay.
    System currently unavailable. Please try again later.

    • cheekymonkey97 on 04/05/2023 - 11:12

      Me too, can only login on app…

      • freedomofspeech on 04/05/2023 - 11:14
        +1

        Called them up and reported it.. hopefully they fix it.

    • 092202 on 04/05/2023 - 11:20

      You just need to log out properly from the mobile app, and you will be able to login on computer again. Two logins not allowed at the same time

  • penguinswillrise on 04/05/2023 - 11:07

    just started the cc journey. Got Westpac Black bonus offer then cancelled for the virgin sign up bonus. Is Citi worth it for the churn or is it better as a parallel card like AMEX?

    • Nuggets on 04/05/2023 - 11:19

      I can recommend the Citi Prestige, good welcome offer, Citi PayAll for extra points, unlimited Priority Pass.

      For the PayAll I keep it as an active card alongside my wife's Amex Platinum charge card.

  • USER DC on 04/05/2023 - 12:09

    I was in their Citi Clear CC offer.

    Met and spend the min spend requirement

    Yet no GC received yet, seems like CITI is too lazzy in issuing rewards back

  • payless69 on 04/05/2023 - 12:26

    Can I re-invest this one back into Ubank?

  • burningrage on 04/05/2023 - 12:34

    People need to realize this is NOT a balance transfer offer where you pay nothing until the BT expires.

    You actually have to pay it back by instalment. Considering that most high interest accounts require you to increase balance by x amount by end of month, I can't see how getting say $12k and putting it into high interest accounts will help you earning those bonus interest because you actually have to pay that back $1k each month UNLESS you have other monies coming in (eg: Salary).

  • caustic birch on 04/05/2023 - 13:47
    +1

    Would this reduce my payall limit?

  • SydTre on 04/05/2023 - 14:01
    +1

    "e.g. instantly access $10,000 and put it in your high interest savings account (ING currently 5%), over 1 year you would earn $500 of interest at the cost of the upfront $199 (1.99% fee) for the Quick Cash payment plan. plus earn the promotional $200 e-Gift card."

    Correct me if I am wrong OP, I think you won't be able to get 5% interest for the whole $10,000 over 1 year as you need to pay monthly installment of $833.33, thus the total interest you would earn is around $308.75 before tax, the profit is $109.75+ $200 GC :)

    • Nuggets on 04/05/2023 - 17:45

      Haha, yes you’re probably right, I just ripped off the description from the last time this was posted

  • ilovemangoes on 04/05/2023 - 15:52

    Has anyone taken up this offer when they have a recurring PayAll set up? Does it count as a purchase or cash advance? Just worried that it might make me ineligible for the interest free period on purchases (which Payall is classified as).

  • nokia3660 on 05/05/2023 - 15:57
    +2

    I signed up for this on 17/02 and received the $200 gift card today, YMMV.

    • tabboy on 06/05/2023 - 02:29

      I started 12/1/2023, I have 6 installments in total and 3 installments remaining. Haven't received any emails and it's been over 16 weeks… Might be time to contact them.

      • kotlzz on 02/06/2023 - 14:31

        any luck on getting it after contacting them? i signed up on 3/2 and still nothing.. just sent a message to their support asking

    • jakxon on 06/05/2023 - 17:45

      I did something similar, and yes, I got the $200 gift card yesterday too!

    • nightelves on 11/05/2023 - 12:43

      So can I ask when you did quick cash are you able to pay back the amount early and leave in a few hundred dollars until you receive the giftcard?

      • nokia3660 on 11/05/2023 - 13:19

        I guess so, better to check with them directly. The t&c mention about having an active payment plan to be eligible for the GC but no mention of the minimum amount.

        • nightelves on 11/05/2023 - 13:27

          So what did you do though?

          • nokia3660 on 11/05/2023 - 13:37

            @nightelves: I got the 2.5K transferred out to my ubank account and am paying off the monthly instalments as part of the CC bill.

            • nightelves on 11/05/2023 - 14:43

              @nokia3660: Oh so you can just pay the monthly instalment of this quick cash.

              • nokia3660 on 11/05/2023 - 16:52

                @nightelves: yep, it gets added to your CC bill so you don't have to make separate payment. I went with the 6 month option, so 416.67 gets added to my CC bill.

                • nightelves on 11/05/2023 - 17:04

                  @nokia3660: Why was it $416.67? Does fees get deducted before they put the money into your account?

                  • nokia3660 on 11/05/2023 - 20:23

                    @nightelves: six times 416.67 is 2500.02. I think the first month it was 416.66, so it works out a cent more than 2.5K. The one off fee of 24.75 is charged as a separate charge on the first bill

                    • endolphin on 17/05/2023 - 13:31

                      @nokia3660: So, does it keep a separate balance?

                      In your example, let's say, based on normal spending, closing balance on your statement is $500. It adds $416.66, so total due is $916.66.

                      If you pay $1000, where does it allocate the extra $83.34?

                      • nokia3660 on 17/05/2023 - 13:52

                        @endolphin: Not sure mate, but I would assume it would be the same if you overpay your normal CC bill and adjusted in the next bill. I will just leave the 6 monthly instalments run its course.

  • cheap4321 on 07/05/2023 - 13:23

    Dang - i received this offer but my citi card only has a $2k limit so i can only get $1.8k quick cash. Besides increasing limit what else can i do?

  • XJX on 07/05/2023 - 17:49

    Does anyone have any thoughts on why Citi offer Quick Cash? Even without the giftcard offer it doesn't seem profitable for them

    • Nuggets on 07/05/2023 - 18:25
      +1

      Honestly I can't think of any good reason but maybe that's why I don't work for Citibank.

      Maybe they have lots of cash to deploy and even 0.99% is worth it.

      Maybe they want to get you in the habit of carrying a balance on your credit card. So after taking the Quick Cash you become more likely to see your CC as a revolving line of credit rather than a funnel through which to put purchases. idk.

  • caustic birch on 18/05/2023 - 12:42

    Kind of confused how to pay it back?

  • BellaWii on 18/05/2023 - 13:26

    My understanding is the first monthly instalment will be charged to your credit card on the next full statement. I was approved this week, the .99% fee already charged to my card and I'm expecting the 1st instalment payment to appear on my June statement not May statement.

  • Fat Horny Ghost on 04/06/2023 - 23:58

    Can I pay $2499 first instalment then wait until the last one to pay it off in full to be eligible for the gift card?

    • Nuggets on 05/06/2023 - 08:25

      I don’t know. I accidentally repaid part of my plan, I hope it doesn’t jeopardise the gift card.

    • BellaWii on 05/06/2023 - 10:09

      Fine print:
      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.

  • Tarun Tuli on 07/06/2023 - 07:45

    I am getting this at 2.45% for 12 months …is it different for everyone?

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