Citi Personal Loan Plus=Velocity.

[Pele]

I have repaid $4700. I presume this means I owe $495 but I can't find any reference to the set up fee - presumably hidden in the repayments. I have not yet been contacted to give my Velocity number.

From the welcome letter it says:
An Establishment Fee of $199 will be debited to your Account on the date we issue you a statement of Account for the Statement Period in which you first use or activate your Account.

I have finally activated my account after having multiple failures. It seems Citibank decided to set up a new profile for me even though i already have a profile with the same details. And i suspect that they changed one digit of my mobile phone number so they could set up the new profile. This doctored mobile number meant i wasnt receiving the One Time Pin when trying to activate the account. Same old citibank!

Mr H does the personal loan appear in the app as a separate account and did you do the repayment using Bpay?

By the way when i was on the call today trying to activate the account I asked him who and when do i provide the Velocity frequent flyer number. He said I will receive an email within 6 weeks requesting the info. This correlates with the terms on the website which say 6 weeks from date of activation. If i hit the 5 week mark and havent heard anything i will be getting on the phone again. And then they have up to 90 days from receiving the Velocity number to credit the points. This could be a late Christmas present!!!

 

[Mr H]

Mr H does the personal loan appear in the app as a separate account and did you do the repayment using Bpay?

This is the only account I have with Citi at the moment so I can't answer that first point. I did my repayment with BPay and the instalments adjusted to about $10 a month. I will reduce further once I have verified that these are, indeed, the repayments that are being taken. I don't want to lower my balance too much and find the original instalment is taken and accidentally pays out the loan.

 

[Mr H]

Just been asked to supply my membership number - so about a month after I applied and 19 days after getting the loan money. Let's see now how long it takes for the points to arrive.

 

[lang_13]

Just got approved for this ($5k) . Just one CC with St George. Will activate when card arrives. $4,500 initial repayment should leave enough to pay in installments until points arrive? That would be approx $3.70 interest for month.

 

[Mr H]

Just got approved for this ($5k) . Just one CC with St George. Will activate when card arrives. $4,500 initial repayment should leave enough to pay in installments until points arrive? That would be approx $3.70 interest for month.

IIRC the timelines allow for up to six months for the points to arrive - a couple of months for them to request the number, 30 days for you to respond, and then 90 days for the points to arrive.

 

[Jousams]

Lmao they had my wrong address (even though I provided correct one in origination process) and I never received the card. Might be a while before I get my VPs

 

[Pele]

Just been asked to supply my membership number - so about a month after I applied and 19 days after getting the loan money. Let's see now how long it takes for the points to arrive.

I got the same email today.

It says once you tell them your membership number you will get your points within 90 days.

They still haven't been able to link up my loan to my online profile so i havent repaid anything yet.

 

[Mr H]

They still haven't been able to link up my loan to my online profile so i havent repaid anything yet.

I just set up a new profile.

 

[lang_13]

Hello all. Where can I find the details to make BPAY repayments?

 

[Absolut Tigers]

I am interested in forum members thoughts on taking out Citibank personal loan to get the 150k Virgin Velocity points. we used up all our velocity points for trip to europe next year

seems like an amazing deal to get 150k points for taking out a $5k personal loan that can be closed if repay all of the funds (post receiving points of course)

what i don't understand is impact on credit score compared to taking out credit card with limit of say $15k

I don't have any credit cards/loan products with citibank

 

[SydneySwan]

I am interested in forum members thoughts on taking out Citibank personal loan to get the 150k Virgin Velocity points. we used up all our velocity points for trip to europe next year

seems like an amazing deal to get 150k points for taking out a $5k personal loan that can be closed if repay all of the funds (post receiving points of course)

what i don't understand is impact on credit score compared to taking out credit card with limit of say $15k

I don't have any credit cards/loan products with citibank

As far as I could tell the impact of a 5k loan was the same as taking out a credit card with a 5k limit. YMMV.

 

[Hvr]

Hello all. Where can I find the details to make BPAY repayments?

To which company?
It's best to ask them directly to obtain the relevant details.

 

[lang_13]

To which company?
It's best to ask them directly to obtain the relevant details.

thanks. will give citi a call

 

[SydneySwan]

Mr H does the personal loan appear in the app as a separate account and did you do the repayment using Bpay?

I have finally been approved for this after a few weeks of going to and fro with Citi who asked for more evidence of my income and then not managing to read it when I emailed it to them.

I have received my welcome letter by email and am now awaiting the debit card to be posted. In my Citi app I now have a new section called 'Loans'.

I intend to follow the @woodyren methodology.

 

[NoName]

Seems the link in the OP is saying min $2,000 now which would surely make it an even better proposition.

 

[Happy Dude]

There's a similar offer from NAB for up to 110k. You'd need to borrow $55k but the conditions are the same (ie pay most back immediately and close when the points come in after 8 weeks).

 

[tirtytree]

I already have the virgin flyer card credit with the minimum credit balance. I want to try get this loan for the points. Would it be better to cancel the card and then apply for the loan or not cancel the credit card when applying?

 

[Absolut Tigers]

I was knocked back by Citibank for personal loan. I only applied for minimum $2k. I have four credit cards having just cancelled a NAB Qantas card. I earn a reasonable income so either Citibank thought it wasn't a genuine application or I have too many credit card applications over past 18/24 months.

It also reduced by credit rating as reported by Credit Saavy from 818 to 788. Interestingly no impact on score reported by Get Credit Score of 930, which I think is Equifax.

 

[billmurray]

I'm quite interested in this but will need some help understanding.

Firstly it seems the loan amount has been reduced from 5k to 2k as per the link provided previously, would anyone agree with this?

 

[billmurray]

/bump.

Anyone able to confirm the above?

Also does this mean to be eligible for he bonus points, you need to use the full credit line (2k or 5k, pending if its been reduced) and then repay it for the bonus points? Ive never had a personal loan, only CC burn so not sure how these function.