This was posted 1 year 6 months 16 days ago, and might be an out-dated deal.

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70,000 Velocity Points When You Access $500 or More Credit within 3 Months ($99 Fee, Save $100) @ Citi Ready Credit

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70,000 Velocity Points When You Access $500 or More Credit within 3 Months ($99 Fee, Save $100) @ Citi Ready Credit
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Lton14 on 06/06/2023 - 17:41 www1.citibank.com.au (4015 clicks)
Last edited 29/08/2023 - 11:32 by 1 other user

Received this email from Citi today, seems they have improved their ready credit bonus offer:

If you're looking for your next adventure, we've got you covered. Enjoy 6.9% p.a. for 5 years on the initial balance that you request to be transferred to your bank account and a reduced establishment fee of $99, saving you $100. Plus enjoy 70,000 bonus Velocity Points when you request a balance to be transferred of $500 or more within 3 months from approval.

Citi Ready Credit is an ongoing line of credit that you can access whenever you need, up to your credit limit, without having to reapply.

A standard variable rate of 20.49% p.a. applies to any unpaid balance transferred after 5 years and any purchases or cash advances during or after the promotional period.

Financial Frequent Flyer Loan Reward Points Velocity Frequent Flyer

Related Stores

Citibank Australia
Citibank Australia
Velocity Frequent Flyer
Velocity Frequent Flyer
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closed Comments

        • UrMumsOnlyFan on 07/06/2023 - 08:58
          +1

          There's also Finder (Experian), and they mention some others including Credit Simple and Wisr.

          As well as going direct to each of the 3 credit reporting agencies for free once per 12 months.

  • Koipanda on 06/06/2023 - 21:38

    Recently closed my Suncorp CC. Is it all goods to apply for Citibank? Should i wait until my credit report is updated to have Suncorp(NAB) removed?

    • krazek on 17/08/2023 - 19:59

      I'm in the same boat, did you end up applying/ getting approved?

      • Koipanda on 17/08/2023 - 21:07

        not yet

  • TomGum on 06/06/2023 - 21:53

    Was uploading my documents but the page timed out. Is there away to upload again or email them?

    • easternculture on 06/06/2023 - 21:53

      Email them

      • TomGum on 06/06/2023 - 21:55

        What’s the right email for documents?

  • whyisave on 06/06/2023 - 22:07
    +1

    T&Cs…

    Fees, charges and credit criteria apply. Introductory offer is for new Ready Credit applications only.

    This information is accurate as at 1 June 2023.

    To be eligible to receive 70,000 Velocity Frequent Flyer Points,
    you must apply for this offer for Citi Ready Credit by 30 August 2023,
    request a balance transfer of $500 or more within 3 months from approval
    and must not have repaid the balance transfer in full
    by the time the Velocity Frequent Flyer Points are credited.

    This offer is available once per customer.
    If you have previously received or are entitled to receive 70,000 Velocity Frequent Flyer Points
    with this offer you will not be eligible to receive another 70,000 Velocity Frequent Flyer Points.

    We will request your Velocity Frequent Flyer membership number from you
    via email within 6 weeks from the date your balance transfer is debited to your account.
    If you do not provide us with your Velocity Frequent Flyer membership number
    within 30 days from when we first request it, the Velocity Frequent Flyer Points will be forfeited.

    The Velocity Frequent Flyer Points will be credited to your Velocity Frequent Flyer account
    within 8 weeks from the date we receive your Velocity Frequent Flyer membership number
    provided your Citi Ready Credit account is open and in good standing
    and your Balance Transfer has not been repaid in full.

    Membership of Velocity Frequent Flyer is your responsibility.
    Velocity membership and Points earn and redemption are
    subject to the Velocity member Terms and Conditions,
    as amended from time to time, available at velocityfrequentflyer.com.
    This offer is valid until 30 August 2023. Post this advertised date;
    we reserve the right to continue, withdraw or change the offer at any time without notice.

    • jasonb on 07/06/2023 - 11:22

      So I got 150k points from a very similar offer (https://www.ozbargain.com.au/node/733151) last year. Wonder if this precludes me. It's not 70k after all…..

      • easternculture on 07/06/2023 - 11:51

        It says if youve recieved a velocity offer, your excluded

        Ask them and let us know

      • bk1973 on 07/06/2023 - 13:03

        The T&C's above just mention "This offer is available once per customer.
        If you have previously received or are entitled to receive 70,000 Velocity Frequent Flyer Points
        with this offer you will not be eligible to receive another 70,000 Velocity Frequent Flyer Points."

        From a literal reading of this, you had a different offer and could be eligible. However, logistically, I'm not sure how it would work if you have an existing "Loans" item in your Citi online banking. I noticed that popped up on mine yesterday upon approval of Citi Ready. They would have to open up a new line of credit for you to probably make this offer happen. The questions are: why would they? can they even do this or would it just default to your previous line of credit?

        One way of making this work could be cancelling any current loan line of credit you have (if you haven't already), then starting fresh with this offer. Good luck.

        • jasonb on 07/06/2023 - 13:12

          Oh the previous one got cancelled the day after the bonus points dropped!

      • txb on 08/06/2023 - 11:04
        +2

        I just asked Citi this question. Since the other offer was 150k vs 70k this time, it's treated differently.

        Their reply was

        It is still an application subject for approval, txb. However, we note that under things you should know that if you've already received the exact same promotion in the last 12 months, will make you ineligible.

        Since the promotion is different this time, you will get the bonus item granted you're approved.

  • Westpac on 07/06/2023 - 16:57

    A bit confused. Do you need to go to 'payments and transfers' and then make a payment to a bank account of $500?

  • bettina44 on 07/06/2023 - 18:09

    what's the min credit limit?

  • Fuzor on 07/06/2023 - 22:14

    People in this thread is preferring Flybuys whilst the Flybuys thread someone else would prefer even 50,000 velocity points instead. So confusing as to which one to choose. Is Velocity points easy to claim on flights? I hardly see any international virgin flights

    • easternculture on 07/06/2023 - 23:26
      +1

      Depends.
      Gift cards go flybuy
      If you want upgrade to buisness class go velocity

      Selling velocity is a risk as you may loose your account and get banned

  • bobwokeup on 07/06/2023 - 22:57

    I just tried to apply and when putting in my NAB BSB it didn’t work and said “Please provide valid BSB Number” - did anyone else have this problem?

    • sween64 on 24/06/2023 - 08:52
      +1

      I had that problem, I think I skipped it and haven't been asked for a BSB since.

  • Outrageous on 08/06/2023 - 16:03

    recently got a Prestige with 20k limit but got an instant rejection for this one today

  • txb on 09/06/2023 - 09:13
    +2

    Having a dumb moment

    In the welcome letter detailing the summary of charges this caught my eye

    To me this interprets that per month the minimum repayment is $30? How would you get away with leaving $50 (out of a debt of $500, i.e. repaying $450) and not have it fully replayed in the 2nd month?

    Points crediting could take over 10+ weeks?

    Better to leave $100+ left to be repaid?

    Your repayments are monthly on each Payment Due Date, as advised in your statement.

    Payment Your monthly Minimum Payment Due is the greater of:

    Due (i) $30; or

    (ii) the sum (rounded up to the next dollar) of the interest charges (excluding any interest included in amounts added back below as part of a Fixed Payment Option) for the Statement Period, plus 1% of your Card Balance, and any billed late payment fees as at the end of the Statement Period, plus any Monthly Instalment, Fixed Payment Option fees on that statement, initial interest charge, or related interest on any of them that is part of a Fixed Payment Option for that month.

    Am I understanding this wrong?

  • PAPower on 12/06/2023 - 15:22
    -1

    No idea what a line of credit is - can someone explain ?
    Let's say I draw down $1000 to get the points, then can I repay straightaway so that no interest accrued then close the account ?
    Is it possible to spend just the establishment fee of $99 to have 70k points ?

  • Westpac on 13/06/2023 - 16:40

    Hoping someone can help me with this. Is it a simple transfer out of the account to another account once once approved ( i didnt opt in balance transfer)?

    • blehgg on 13/06/2023 - 19:39

      I just got approved too.. tagging along for info :) I can't see any options in citibank

    • blehgg on 13/06/2023 - 19:40

      To be eligible to receive 70,000 Velocity Frequent Flyer Points, you must apply for this offer for Citi Ready Credit by 30 August 2023, request a balance transfer of $500 or more within 3 months from approval and must not have repaid the balance transfer in full by the time the Velocity Frequent Flyer Points are credited.

      crap… forgot to request a balance transfer…

      • Westpac on 13/06/2023 - 19:45

        So did we stuff up?

        • blehgg on 13/06/2023 - 19:46
          +2

          nah i just called them ~

          1) Wait till your debit card comes
          2) during activation, they should give you an option to balance transfer

          OR

          if it doesn't

          1) Wait till your debit card comes - activate
          2) call -1300 790 926 - option 2

          • Westpac on 13/06/2023 - 19:55

            @blehgg: awesome work, thank you!!

          • bobwokeup on 22/06/2023 - 21:28

            @blehgg: Do you know how to pay x amount (i’m going to do $490) off?

            Don’t really want to call them but can’t find it on the app…

            • blehgg on 14/07/2023 - 12:52

              @bobwokeup: i do not

              • bobwokeup on 14/07/2023 - 13:04
                +1

                @blehgg: I ended up calling them and they said I can do that but I did $450 to be safer.

  • Mr BoMBAStiG on 13/06/2023 - 19:40

    I opted into balance transfer and gave my BSB and Acc number of my regular savings account.
    Just got my card and activated it.
    The letter with the card suggested I would need to log into the desktop site and "authorise the introductory offer".
    I can't for the life of me figure out
    a) how to authorise the offer
    b) provide my Velocity number

    • blehgg on 13/06/2023 - 19:41
      +1

      bottom of page

      To be eligible to receive 70,000 Velocity Frequent Flyer Points, you must apply for this offer for Citi Ready Credit by 30 August 2023, request a balance transfer of $500 or more within 3 months from approval and must not have repaid the balance transfer in full by the time the Velocity Frequent Flyer Points are credited. This offer is available once per customer. If you have previously received or are entitled to receive 70,000 Velocity Frequent Flyer Points with this offer you will not be eligible to receive another 70,000 Velocity Frequent Flyer Points. We will request your Velocity Frequent Flyer membership number from you via email within 6 weeks from the date your balance transfer is debited to your account. If you do not provide us with your Velocity Frequent Flyer membership number within 30 days from when we first request it, the Velocity Frequent Flyer Points will be forfeited. The Velocity Frequent Flyer Points will be credited to your Velocity Frequent Flyer account within 8 weeks from the date we receive your Velocity Frequent Flyer membership number provided your Citi Ready Credit account is open and in good standing and your Balance Transfer has not been repaid in full. Membership of Velocity Frequent Flyer is your responsibility. Velocity membership and Points earn and redemption are subject to the Velocity member Terms and Conditions, as amended from time to time, available at velocityfrequentflyer.com. This offer is valid until 30 August 2023. Post this advertised date; we reserve the right to continue, withdraw or change the offer at any time without notice.

    • Mr BoMBAStiG on 14/06/2023 - 20:01
      +1

      The offer amount was triggered itself today, must have needed to wait a business day.

  • atapajosj on 16/06/2023 - 01:41
    +1

    I've just called the Citi Personal Loan call centre 1300 790 926.
    Option 2
    Spoke to consultant - ID check - Check if your debit card is activated ( if not, they activate straight away).
    I asked her to authorise my introductory offer and she said I've already nominated an account when applied online and I need to wait between 2 to 4 business days and the money will be transferred to the account. I didn't have to do nothing, just wait once you activate your debit card.

    I'll update here if the money arrives into my account.

    • nadan on 16/06/2023 - 10:36

      I assume you have received your card? I haven't received mine yet and it has been like two weeks now.

  • txb on 16/06/2023 - 14:13

    How much is everyone leaving as an outstanding balance until points are credited?

    Mimum payment per month is $30

    Citi asking for you VFF details + points crediting = up to 14 weeks.

    • DModjo on 18/06/2023 - 12:43
      +2

      Probably the full $500.
      Interest is 6.9% pa which means it’ll only be $2.90 or less per month.

    • Mr BoMBAStiG on 19/06/2023 - 12:17

      I can't figure out how to pay off the thing!

      • bobwokeup on 22/06/2023 - 14:23

        Same here, activated my card and got the $500 in my account but just can’t figure it out. Did you or anyone else manage to get it?

        • Mr BoMBAStiG on 22/06/2023 - 22:18
          +1

          Not yet. I'm sure as soon as the first statement is generated it will have repayment options on it. Should only be a few bucks in overhead in interest so not that fussed.

          • bobwokeup on 29/06/2023 - 00:38

            @Mr BoMBAStiG: I ended up logging into my Citibank account, found the BSB & Account details and then transferred $450 into it and it worked. Now to wait to make sure I get the 70k points.

            • Mr BoMBAStiG on 29/06/2023 - 14:49

              @bobwokeup: Any tips on finding the BSB and acc please?

              • bobwokeup on 29/06/2023 - 18:54
                +1

                @Mr BoMBAStiG: Yeah when you login it’s under ACCOUNTS on the My Citi page (essentially home tab), it will say Lending and has the BSB & ACC underneath.

  • King kong on 29/06/2023 - 00:36

    Got rejected instantly. Anyone in the same boat? I'm not sure if it's because I closed my Virgin cc about a month.

    • nadan on 29/06/2023 - 17:04
      +1

      No one can tell you even citi won't tell you the reason, just wait three months before applying for any citi product. I have been there before.

      • King kong on 29/06/2023 - 20:12

        Noted. Glad to know now!

  • ycon on 02/07/2023 - 20:59

    I find this deal quite unclear- can someone give the TLDR version?

    Even just the real/minimum cost for getting the 70k points?

    Is this close to the process?
    1. Pay $99 fee

    1. Request balance transfer of $500 (what is this- is it just transferring cash to my bank account? Or does it need to be from another credit card?)

    2. Do not repay the $500 in full? Thus make minimum payment of X, meaning $x in interest is paid?

    Any clarify would be greatly appreciated :)

    • Mr BoMBAStiG on 03/07/2023 - 09:28
      +2
      1. Yes, just a cash transfer to any bank account via a bsb and acc number.
      2. Most pay back ~$450 immediately to lower the exposure to the interest. Anecdotally you need at least $50 still owing from the $500 balance transfer until you link and get your points. Then you can pay it all off and close the account.

      So yes, cost to you is $99 + $X interest charges from the debt owing until you pay it off (probably <$5)

      • DModjo on 05/07/2023 - 11:05

        I spoke to Citi and they told me:

        1. You must do the balance transfer when promoted at the time of setting up the account. If you skip it and do a manual cash transfer you're not eligible for the bonus points
        2. The minimum repayment monthly is $30 so paying back $450 won't work. Would need to factor in $30 per month repayments until the points are issued
        • bobwokeup on 05/07/2023 - 11:08
          +1

          Well that is very interesting as I spoke to a rep and I said can I pay off most of the card and her response was yes! So I paid for and $450.

  • blehgg on 04/07/2023 - 10:13

    anyone received the email to attach their velocity number yet?

    • yojabbajabba on 05/07/2023 - 07:21
      +2

      Still waiting.

      • blehgg on 13/07/2023 - 11:15

        still waiting… wonder if we don't qualify if they don't send us email…

        Anyone gotten them email know what the subject line was?

        • sween64 on 21/07/2023 - 12:49
          +1

          <firstname>, provide your Velocity Frequent Flyer membership number to receive your Velocity Points

          I received mine on Wednesday, same date my first statement was issued.

  • Mr BoMBAStiG on 05/07/2023 - 14:47

    Anyone tempted to do the $300 cash advance to get the $50 woolies gift card?

    • bobwokeup on 05/07/2023 - 14:59

      Where is that deal?

      • Mr BoMBAStiG on 05/07/2023 - 20:45

        Got an email…

        Spend $300 or more on retail purchases or Cash Advances on your Citi Ready Credit account ending in xxxx between 1 July 2023 and 31 August 2023.

        Then you can be rewarded with a $50 eGift Card from your choice of Myer, Woolworths or JB Hi-Fi.

        To register for this offer, simply click on 'Register now' by 2 July 2023.

        Lol just realised it's expired, nvm.

        • bobwokeup on 05/07/2023 - 21:33

          Ahhh okay cheers.

  • yojabbajabba on 09/07/2023 - 08:03

    Hey everyone, I may have misinterpreted this offer:

    What is a balance transfer and how could it help me to save on interest?
    A balance transfer is when you move an outstanding amount you owe, called a balance, from a credit card or a personal loan over to another account
    The new account you move the balance over to should have no or a low interest rate for an introductory period
    If you pay off the balance in full before the introductory period expires then this can result in you paying less in interest and save you money
    Citi Ready Credit is an alternative to a personal loan or a balance transfer credit card and has a low introductory rate of 6.9% p.a. for 5 years on the initial balance transferred.

    I believe to claim the points you need to request a outstanding balance transfer from another credit card/line of credit to the value of $500 (eg. close another card you're churning of $500 outstanding balance) in order to gain the 70k VFF points.

    • Dr PhilGood on 09/07/2023 - 13:36
      +2

      I don't think that's correct. If you go back to the promotion page, it clearly says:

      "Get 70,000 bonus Velocity Points when you request a balance to be transferred within 3 months from approval."

      and

      "Enjoy a rate of 6.9% p.a. for 5 years on the initial balance that you request to be transferred to your bank account"

      The way I read it, this is different to a balance transfer which is what you're referring to, i.e. moving existing debt from one source to another.

  • 1c1990 on 13/07/2023 - 22:20

    I have requested 500$ balance transfers to avail the Flybuys benefit. can I pay off the partial amount (say 450$) right now or do I need to wait till my first statement?

  • timhn on 15/07/2023 - 11:35

    When you guys apply for this, what was the type of your credit enquiry list as? Personal Loan?

    • bobwokeup on 15/07/2023 - 11:37
      +1

      It’s a hard credit enquiry. Same as a credit card.

  • trishmapow on 19/07/2023 - 17:40
    +3

    Got the email "X, provide your Velocity Frequent Flyer membership number to receive your Velocity Points".

    Says points will be in within 90 days of providing no.

    • blehgg on 19/07/2023 - 17:50

      was just about to post the same thing :)

      • Mr BoMBAStiG on 20/07/2023 - 09:18

        Got the email as well. Paid my $500 debt down to $50 then it got bumped up to $149 when the annual fee got charged. Will just make minimum monthly payments until I get the points then request a pay out figure and close.

        • Anonymous101 on 20/07/2023 - 10:26

          May I know, when did your application got approved and how long it took to receive the above email?

          • blehgg on 20/07/2023 - 10:51
            +2

            @Anonymous101: BalTransfer last month 20th. Got email yesterday

            Not linked to application approval

  • nadan on 27/07/2023 - 18:02
    +1

    Has anyone else got an email about spend $300 and receive a $50?

    • Jj456 on 27/07/2023 - 21:12
      +1

      Yep!

      Hi X

      We’re making your Citi Lending Account more rewarding.

      From 1 August 2023 to 30 September 2023, spend $300 or more on your account ending in xxxx to get $50 cashback.

      Register for this offer by 1 August 2023.

      • bobwokeup on 30/08/2023 - 21:54

        Did you or anyone else do this offer and get the $50 egift card? I see it has come around again.

        • Jj456 on 31/08/2023 - 12:38

          I did this but no $50 yet

          • bobwokeup on 31/08/2023 - 12:56

            @Jj456: Cheers just noticed in the t & cs they send it “via email within 10 weeks of Promotion Period ending”. At least yours ends today but that’s a long time to wait.

  • bawlingonabudget on 28/07/2023 - 14:25

    what's the verdict, we can pay it down to from $500 to $50 or we need to have at least $100+ to be able to do minimum $30 repayments each month?

    Reading this thread, seems to be two different opinions - it's a tad confusing.

    • nadan on 28/07/2023 - 16:32

      The minimum repayment for the three months.

      • bawlingonabudget on 28/07/2023 - 18:10

        if you don't mind, could you let me know why its this option vs the other?

        • Mr BoMBAStiG on 09/08/2023 - 14:52
          +1

          Lowers the risk of not getting points. Will only cost you a few bucks to make sure you can make minimum monthly payments until you get the points. Then just request pay out figure, pay and close.

  • bobwokeup on 25/08/2023 - 09:45
    +1

    FYI, I got my 70k points today and I applied 8/6. Time to pay off the balance and close the card.

    • Dr PhilGood on 25/08/2023 - 10:51
      +1

      I just received my points too - applied on 06/06.

      • trishmapow on 25/08/2023 - 19:57

        Also got it, applied a month after you 06/07

  • nadan on 25/08/2023 - 12:23

    Yes got the points.

  • davicta on 28/08/2023 - 21:55

    Anyone still waiting for their points after submitting their Velocity membership details?

    • Fancydancer on 28/08/2023 - 21:58

      Yes

      • davicta on 01/09/2023 - 17:04

        Weird, I already got my points on the day I submitted my details. My wife did it on the same day but still have not received the points.

        • Fancydancer on 02/09/2023 - 06:48

          Terms say up to eight weeks from when details are submitted I think. It’s been about 3 now for me.

  • timhn on 29/08/2023 - 10:37
    +1

    I can see this offer has been extended to 31/Oct

  • Jdog88 on 08/09/2023 - 15:57

    points received mid way through the 2nd month. I waited until the interest was posted (0.42c) and then paid off the balance. tried to cancel through the chat but was told to call. was transferred to 3 people and was asked each time why I wanted to close it - just said "coz i wanna". meanwhile my credit score dropped from excellent to very good for the first time. but of an annoying process to close but in the end it was 70,000 velocity for $100 so totally worth it.

    • bobwokeup on 08/09/2023 - 16:08

      Yep a similar experience but I logged onto my account on the web then found a Close my account option. They still called and tried to convince me to stay. I hate calling up and waiting on hold!!!

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