Citi Personal Loan Plus=Velocity.

[Pele]

billmurray i am going through the process now but from my experience yes it looks to have been reduced to a $2k loan. Whatever amount you apply for is deposited into your nominated bank account. You then repay that over a period of up to 5 years. You can make early repayments for no penalty. Generally i think most churners will wait until the points hit their account and then repay the loan in full.

 

[billmurray]

billmurray i am going through the process now but from my experience yes it looks to have been reduced to a $2k loan. Whatever amount you apply for is deposited into your nominated bank account. You then repay that over a period of up to 5 years. You can make early repayments for no penalty. Generally i think most churners will wait until the points hit their account and then repay the loan in full.

So you would repay the loan less $1 until the points arrive? And they charge interest until you repay the full balance? Does not repaying the full amount count as a negative score?

 

[Pele]

I have left about $500 outstanding. The interest cost of that over a couple of months is immaterial.

No idea about the credit score as I'm not in the market for a mortgage. I wouldn't worry too much about the credit score. The bloke a few posts up got rejected for the loan with a pretty high credit score. Each bank has their own formula. Don't take a rejection personally or waste time trying to understand it. Just dust yourself off and hit up the next bank.

 

[billmurray]

So you could in theory just transfer back 1500 of the 2000 for the personal loan straight away?

 

[Happy Dude]

@billmurray yes it appears the loan amount required to trigger the bonus points has been reduced to $2k. It doesn't really matter anyway.

The plan would be that you draw down the loan amount and then pay most of it back immediately leaving a small amount upon which interest is paid. Then discharge the remainder when the points have landed. With this personal loan, there are no fees for additional or early repayments.

 

[lang_13]

Received email requesting Velocity number today, having activated loan on 30 August.

Also received $25 “Bonus Application Cashback” for some reason.

 

[Pele]

Received email requesting Velocity number today, having activated loan on 30 August.

Also received $25 “Bonus Application Cashback” for some reason.

I also got this email requesting the Velocity number today. I received the same email last month and replied on the day. Looks like Citibank systems havent changed.

A word of advice for those uninitiated with Citi- take screenshots showing you have submitted the required details as you might need them when push comes to shove.

 

[NoName]

Finally got around to applying for this one this morning. $2k loan, fingers crossed for approval.

 

[billmurray]

I applied on 13th September. Had a few missed calls from them on Sat 17th, had to call back and confirm that my mailing address was the same as my residential address. Spoke to them on Mon 19th to confirm this, still waiting to hear if application is approved.

 

[airly]

I got rejected by Citibank last week. Not sure whether it is something to do with my financial position or they think $2000 loan is not worth giving out 150,000 velocity points. Good luck with your application. Maybe worth consider applying for more than $2000.

 

[NoName]

Definitely not the latter. I applied for a $2k loan Friday and was approved earlier today. Smooth process so far.

 

[billmurray]

Im still waiting to hear from them, over a week since the last update.

 

[Ozymandias]

I applied on the 15th Sept and I'm also still waiting. Had a call a day after to confirm some documents and nothing since.

EDIT: Speak of the devil, just got approved at 5.30pm.

 

[jamdav93]

Journey so far:

Applied - 15 Sep
Approved - 15 Sep
Debit Card Arrived/Activated - 26 Sep
Money In My Account - 27 Sep
Points Email Received - Not Yet
Points In Velocity Account - Not Yet

Delay in the debit card/activation was due to the raft of public holidays, your experience may differ

 

[renatts]

Applied today 30 Sept
Curious to see how I go. The last Citi branded card I applied for was rejected, but that was over a year ago.

 

[billmurray]

Finally heard back, applied on 13th Sept, was approved 1hour ago (5th Oct).

 

[NoName]

Definitely not the latter. I applied for a $2k loan Friday and was approved earlier today. Smooth process so far.

Received the card in the mail yesterday. Couldn’t activate it online for some reason so had to call. Quickly done. $2k already hit my bank account. Now to most of it back.

 

[blacksultan]

Your calculations are lacking the understanding that you can repay most of the $5000 straight away. There are no penalties for doing so. So you will pay the establishment fee plus a dollar or so a month interest of the $200 or so you leave on you loan. It should take around 5 months to get the points and then close off the loan. $210 for 150K points.

Anyway sadly but as expected due to me currently holding 3 Citi branded or serviced credit cards I have been knocked back on my application.

Good luck everyone else. This is a great deal.

Just received $2000 in my account . Can I repay most of the loan and leave say $10 -$100 and be eligible for full points ?

 

[Mr H]

Just received $2000 in my account . Can I repay most of the loan and leave say $10 -$100 and be eligible for full points ?

Probably, yes. But be careful that you leave enough that a scheduled payment doesn’t accidentally pay off the entire loan. Currently waiting for my points and still not 100% clear how this product works.

 

[NoName]

I paid off $1,900 of the $2,000 loan immediately. The payment schedule updated straight away from approx $42 per month down to less than $2.