This was posted 1 year 2 months 17 days ago, and might be an out-dated deal.

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

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100,000 Bonus Flybuys Points When You Access $500 or More Credit within 3 Months ($99 Fee, Save $100) @ Citi Ready Credit
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reactvue on 05/09/2023 - 20:10 www1.citibank.com.au (934 clicks)
Last edited 05/09/2023 - 20:26 by 1 other user

Time for your next getaway with 100,000 Flybuys bonus points and Citi Ready Credit when you request a transfer of $500 or more to your bank account within 3 months from approval. Enjoy a low rate of 6.9% p.a. for 5 years on the initial balance you request transferred. Plus, a reduced establishment of $99.

As a helpful reminder, to be allocated your Flybuys bonus points you need to ensure you have not repaid your balance in full prior to receiving the points.

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.

100,000 points is $500 worth if you want to exchange for something from flybuys shop, pay for groceries etc. The interest is only calculated on used funds out of your max, so you can tap into it whenever you want and not pay interest if it's not being used.

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closed Comments

  • ausmisc on 05/09/2023 - 20:19

    We will request your Flybuys membership number from you via email within 6 weeks from the date your balance transfer is debited to your account. The Flybuys points will be credited to your Flybuys account within 8 weeks from the date we receive your Flybuys membership number. Your Citi Ready Credit account must remain open, in good standing and your balance transfer must not been repaid in full for the Flybuys points to be awarded.

    So can you pull $500 out intially to trigger the Flybuys bonus, then pay the majority of it off, just leaving a small balance until the you receive the points?

    • reactvue on 05/09/2023 - 20:21
      +5

      I believe that is correct when they mentioned that you have not paid in "full"; I'll call them up tomorrow and confirm if I get a chance, currently overseas.

      • ausmisc on 05/09/2023 - 20:22
        +2

        Not bad if that's the case, I'm running out of credit cards to churn so I might try this.

        Edit: the interest rate is pretty paltry anyway. $500 @ 6.9% for 3 months is only $8.625 + the $99 fee for $500 in gift cards, or velocity points etc.

      • CyberMurning on 05/09/2023 - 20:42

        Yes thanks for clarification if you can

  • Trying2SaveABuck on 05/09/2023 - 20:21

    do you have to 'spend' 500 bucks worth in 3mo is that right….but you got to keep 1 dollar in arears to till you get the points

    • reactvue on 05/09/2023 - 20:24

      I think it's only for balance transfer, it is "spent" because it will be sent to your nominated account. I guess in this case "spent" means "borrowed"

  • lilyesp on 05/09/2023 - 20:25

    2 questions

    1) what can you buy from the flybuys shop- like woolies or coles vouchers or something similar?
    2) so bascially i can't pay the $500 off prior to the cashback- but can i pay off say $450?

    Thanks

    • ausmisc on 05/09/2023 - 20:34

      No Woolies, but all the Coles group stuff like Bunnings, Target, Kmart.. plus all the TCN cards I think (JB, Good Guys, eBay etc)

    • reactvue on 05/09/2023 - 20:35

      1) what can you buy from the flybuys shop- like woolies or coles vouchers or something similar?

      You can spend the points like normal, the flybuys website is down for me, can find more about how flybuys works here https://www.pointhacks.com.au/flybuys/

      2) so bascially i can't pay the $500 off prior to the cashback- but can i pay off say $450?

      I'll need to confirm this tomorrow, but most likely yes. But as pointed by another user, $500 of interest isn't that much compared to what the value you're getting.

      • soan papdi on 05/09/2023 - 21:56

        the flybuys website is down for me,

        I’ve noticed the flybuys website works reliably only from an Australian IP address. If I use a VPN to an non Australian endpoint, it fails immediately.

    • UnrealMacaw on 05/09/2023 - 22:36

      Sometimes the gift cards are on special so your $500 worth of points can become a $550 jbhifi card (roughly).

  • reactvue on 05/09/2023 - 20:40

    Just realised there's a similar previous deal https://www.ozbargain.com.au/node/773738, reading through that to see if they mentioned anything about the paying in "full" bit.

  • tommynolips on 05/09/2023 - 20:41

    I imagine lenders would look less favourably on small personal loans compared to credit card churning. Can anyone confirm? Not sure this is worth it for ~50k velocity points.

    • reactvue on 05/09/2023 - 20:42

      You can apply for $50,000 limit, but only balance transfer $500, and only pay interest on the $500. Since it is a line of credit and not like a regular personal loan.

    • reactvue on 05/09/2023 - 20:58
      +1

      You only get the 6.9% on the initial balance transfer for 5 years, if you intend to take advantage of this I would request a large amount.

      • Not a professional financial advice
      • CyberMurning on 05/09/2023 - 22:40

        Ah my bad i just read the previous thread, actually this has nothing to do with credit card. So igonre my question above.

  • llllllllllllll on 05/09/2023 - 20:42

    Can you request the balance transfer to your own normal bank account? That seems like a "cash advance" situation if that's allowed?

    • CyberMurning on 05/09/2023 - 20:43

      How they know its yours or other people account? There is no name matching with bsb system. You can put mickey mouse and then your bsb and ac number

    • reactvue on 05/09/2023 - 20:43
      +1

      It says "bank account" on their landing page, so I will assume it will include a regular bank account.

  • CyberMurning on 05/09/2023 - 20:47

    Wait i havent got the email. Is this targetted?

    • reactvue on 05/09/2023 - 20:53
      +1

      They might not have sent to everyone, maybe in rounds. The deal is visible on their website and there's no special code so I think it is open to public.

  • bigspike on 05/09/2023 - 20:58
    +5

    I did it for 70k velocity points. It is a hard credit enquiry as for a loan. I got 500, paid back 400 and then did minimum payment of 30 which stretched out the time to get the points. It is a line of credit facility.

  • pandadude on 05/09/2023 - 21:49

    Just note for anyone using the points as flybuys dollars at Coles. You can only use the flybuys dollars in store at Coles. You can't use them on Coles Online. For other stores check flybuys.

    • ausmisc on 05/09/2023 - 22:00

      You can use Flypay to use your Flybuys at Coles Online. I use $50 worth of Flybuys points (which is the max) each week. But yeah I don't bother with Flybuys dollars.

      • CyberMurning on 05/09/2023 - 22:34

        Wow… so, we can convert flybuys points to flypay and use flypay to pay at coles online? How to convert?

        • ausmisc on 06/09/2023 - 06:31
          +1

          It's a payment method when you checkout, but I think it only shows on the website, not on the app. Once you select it you get sent to the Flypay site where you login and choose how many Flybuys to redeem on your order. Seems to max out at 10000 points per order ($50).

    • F1Maniac on 05/09/2023 - 22:03

      True story. Using flypay allows up to 10k or 12k points for online payment.

  • PaperplaneXXX on 05/09/2023 - 21:50

    Looks like an incredible offer !

  • CheapBrah on 05/09/2023 - 21:54

    Tempting

  • DoctorCalculon on 05/09/2023 - 22:02
    +1

    Could someone please explain this balance transfer business as if I am a complete n00b when it comes to churning through credit cards.

    I don't have a credit card with an unpaid balance which I can transfer over to the one in this deal if I am approved.

    I see in the email received today, it mentions:

    transfer of $500 or more to your bank account within 3 months from approval

    Isn't this just a cash advance? I assume they apply a lower interest rate of 6.9% p.a. (as a promotion).

    • bigspike on 05/09/2023 - 23:02

      Yes it's a loan that they put into your bank account. The minimum approved amount is 5k and the minimum draw amount for the deal is 500.

      • DoctorCalculon on 06/09/2023 - 11:35

        Got it. So, all you need to do after you are approved is transfer $500 onto any one of your bank accounts.
        Then pay back $499 onto the Citi card.
        Wait for the bonus FB points to be awarded.
        Pay off the remaining balance.
        Close the account, and then onto the next CC rewards deal.

        • bigspike on 06/09/2023 - 12:01

          min payment on 500 is 30 a month. Takes a bit to get points so 499 is too high to keep it current long enough.

        • Dplayer33 on 06/09/2023 - 19:25
          +1

          No @DoctorCalculon (Nice name BTW) , this is not correct. I got stung last time doing this. I never got the points because I just transferred the 500 using bpay to my credit card account. That does not qualify!

          Read the fine print, "You’ll also collect 100,000 Flybuys bonus points when you apply and request a balance transfer of $500 or more within 3 months from approval."

          The key there is Balance Transfer.

          "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"

          • CyberMurning on 06/09/2023 - 20:15

            @Dplayer33: Yeah why transfer back to credit card? I think people still got confuse. This is nothing to do with credit card, this is a personal loan. So you transfer 499 knot full 500) to your girl friend bank account.

            • bigspike on 06/09/2023 - 20:29

              @CyberMurning: No, you need to draw 500 minimum to qualify for the deal to another account. Then you can start to pay it back.

              • CyberMurning on 06/09/2023 - 21:00

                @bigspike: Yes draw first then pay back 499.

              • DoctorCalculon on 06/09/2023 - 21:46

                @bigspike:

                No, you need to draw 500 minimum to qualify for the deal to another account.

                I am now confused by your response and that of @Dplayer33.

                From the offer email:

                1. To be eligible to receive 100,000 Flybuys points, you must apply for this offer for a Citi Ready Credit account by 31 October 2023 and request a balance transfer of $500 or more within 3 months from account approval. We will request your Flybuys 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 Flybuys membership number within 30 days from when we first request it, the Flybuys points will be forfeited. The Flybuys points will be credited to your Flybuys account within 8 weeks from the date we receive your Flybuys membership number provided your Citi Ready Credit account is open and in good standing and your balance transfer has not been repaid in full.

                @Dplayer33 I just read the fine print on that email one more time, and your comments.

                "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"

                When I am approved for this Citi Ready credit Card, my balance would be nothing owing until I start spending money using the card.
                So, do I need to first create a debt of $500 or more, and then transfer this balance onto another card? This is a typical balance transfer, no?

                However, once the balance is transferred the debt on the Citi card is back to zero (assuming the entire debt was transferred out to another card).

                Or, is it the other way around? I transfer $500+ debt from another card onto my newly approved Citi Ready credit account.
                I don't pay it off in full until the bonus points are awarded.

                • CyberMurning on 06/09/2023 - 22:10
                  -1

                  @DoctorCalculon: Citi ready is not a credit card.. omg.. not a card!

                • bigspike on 06/09/2023 - 22:49
                  +3

                  @DoctorCalculon: Ready credit is a personal loan. The minimum amount of personal loan is 5k. But - it's a line of credit, so, it sits in the account waiting for you to spend it on things. From when you get approved, you have 3 months to spend at least 500 bucks (draw down) to qualify for the deal. That 500 can be a transfer to any other bank account or you can use the provided card to use it at a shop(s). Therefore, the most effective way to qualify for the deal is to transfer 500 bucks to another bank account of yours, then wait a few days. Now pay back 400 from your other account to the ready Credit to minimise interest charges. Over the next 3 statements pay the minimum payment which is 30 and when your points come through, you ring Citi for a payout figure on whatever is left with any interest you owe. Pay that amount on the same day and it will bring your loan to zero dollars. Let a statement generate showing nil balance the following month, then call and close your Ready Credit account.

                  • Dplayer33 on 08/09/2023 - 08:23

                    @bigspike: I am pretty sure this will not work. You cannot just withdraw the 500 or even bPay it to another account and still get the points. You have to do a Balance Transfer. It says it in the T&C's.

                    I did exactly what you said on the Velocity 70k promo and they would not accept that.

                    • bigspike on 08/09/2023 - 10:40

                      @Dplayer33: The above was my exact process for the velocity deal. What evs.

                • Dplayer33 on 08/09/2023 - 08:29

                  @DoctorCalculon: The simple way this would work is that you get the Citi Bank 5k and then do a balance transfer (which you need to do by calling them "Call 1300 790 926 within 3 months of approval to request for the money to be transferred at the introductory rate to your bank account") from your Citi bank 5k loan to the credit card.

                  Not sure how this would work if you don't have a credit card.

                  Once you have the 100k points, just pay the 500 back onto the Citi loan and close the account.

                  Of course you make payments on the citi loan while you wait for the points to reduce the interest.

                  • CyberMurning on 08/09/2023 - 09:36

                    @Dplayer33: i dont see any balance transfer requirement? it says " transfer of $500 or more to your bank account within 3 months from approval. "
                    to bank account. not cc. bank account is not cc

                    • Dplayer33 on 09/09/2023 - 09:55

                      @CyberMurning: It says " and request a balance transfer of $500 or more within 3 months from account approval".

                      Maybe this promo is different to the 70k Velocity one. Just saying that I did a bPay transfer from the Citi loan to my Credit card and they said I was not eligible for the last 70 velocity promo.

                      Maybe this one is different. If you do not intend to do a balance transfer though I would be checking with them first just to check.

                      • CyberMurning on 09/09/2023 - 10:01

                        @Dplayer33: Nah it says transfer of x from your initial balance. That is different from balance transfer as in transfering balance of your cc from one to another. Yeah dont know about the t ans c of that velo promo. But this one clearly transfer to bank account. Full stop.

  • Darkjimick on 05/09/2023 - 22:03

    What’s better this or the 70,000 velocity points?

    • Moo Deng on 05/09/2023 - 22:06
      +1

      This would be 50,00 points if you transferred them to Velocity, so I would say the other offer is better?

    • bigspike on 05/09/2023 - 23:03
      +1

      Do you fly or not? If yes then the other is better

  • z28 on 05/09/2023 - 22:18

    Got 150K Velocity points in January this year, similar promotion.

    • CyberMurning on 05/09/2023 - 22:41

      Can you do it again now?

  • gadgetguy on 05/09/2023 - 23:06

    Be aware, this requires going through a whole application process (same as a credit card), including uploading proof of income docs.

    And there's no instant decision (at least not for me).

    Holding Citibank cards/accounts doesn't seem to help - they don't ask.

    • CyberMurning on 06/09/2023 - 08:44

      ah then no point to apply as i just got rejected (with other bank) for a cc with $1k limit

  • Archeinight on 05/09/2023 - 23:58

    My question is whether this is then stackable with their other offer of 70000 VFF with the same hoops to jump through, has anybody already tried clarifying with them?

    • Archeinight on 06/09/2023 - 13:46

      Checked with Citi today, they did confirm that we can apply for both and get both the point offers. Once we are approved for the first loan, we can look at apply for the second.

  • BargainBenno on 06/09/2023 - 06:48

    Can someone provide me the link to the 70,000 velocity points offer that some of you are referring to? I can’t see this anywhere.

  • PaperplaneXXX on 06/09/2023 - 08:39

    Pity the minimum amount is 5000 AUD.
    I need 1k only )))

    credit file would suffer a lot with another 5k on it

    • CyberMurning on 06/09/2023 - 08:43

      back in the happy times, one bank gave me 45k credit limit and then i still can apply for another 15k with other bank.

  • asc on 06/09/2023 - 09:18

    This or 70k qantas FFPs promo?

  • seanmilt on 06/09/2023 - 09:57

    Brains trust, is this 5k credit enquiry looked on any different vs a credit card?

  • ginger-gin on 06/09/2023 - 12:25

    Wondering if it’s worth to have as personal loan on the credit profile for $500. I meant does it affect your borrowing power in the future like refinance or loan?

    • bigspike on 06/09/2023 - 12:50

      It's a full loan application and 5k is the smallest amount to apply for, with 500 draw down the minimum to get the points.

  • Peck on 06/09/2023 - 12:52

    Interesting, but I did a cash advance deal with CitiBank a while back for a bonus and never got the bonus. And they were rubbish to deal with. I now delete their 'Very Frequent' promo deal emails. If it weren't for my 'lifetime fee free rewards CC' with them then I would dump them completely.

  • nadan on 06/09/2023 - 13:26

    Anyone who got the velocity one applied for this and if you got approved?

  • enigma48 on 06/09/2023 - 14:24

    Wow, very fast approval times - under 24h for me (including an phone call to check).

  • tooblue on 07/09/2023 - 12:11

    Credit check required?

    • reactvue on 07/09/2023 - 12:18

      Yes - good credit required

  • nightelves on 02/10/2023 - 11:26

    Anyone know if this has any exclusion from reapplication?

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