Citi Personal Loan Plus=Velocity.

Just in case anyone is interested, I closed this account on 21 October when the points hit. I applied for a Citi Prestige card on 2 November (just over a year since I closed my last Citi credit card) and have just been approved.
 
Quick question did it take a while to show the correct balance on the loan account for anyone? Do I just transfer the money to the BSB and ACC? I'm a tad confused because I would suspect the unpaid balance to be the 10k but I assume you pay into the account and the surplus credit amount will increase? The Citi App makes this a little clearer by showing available credit to spend. Honestly, the Citi web portal isn't all that clear 0/10 here lol.

I was going to wait for the first statement/payment due to confirm exactly what needed to be paid and where.

Credit Limit Amount: AUD 10,000.00
Unpaid Balance: AUD 0.00
Available Credit Amount: AUD 0.00
Cash Limit: AUD 10,000.00
Cash Advance Amount: AUD 0.00



Timeline so far:
My application:
Mon 7 Nov: Applied
Tue 8 Nov: Approved
Tue: 17 Nov: Activated Card/Account
Fri 18 Nov: Received funds
??? ?? ???: Email for points:

My wife's application:
Sun 20 Nov: Applied
 
Last edited:
My points landed today as well!

Activated: 30-Aug
Provided velocity number: 20-Sep

Now need to close the account 😁
 
NoName said:
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.
Click to expand...

Asked for Velocity number on 2 Nov
Points hit my account today (22 Nov)

Less than 2 months from application to points. Now to pay off the last $100 and close the loan. Can’t fault any aspect of the process from Citi (NAB) here. Might hit them up for a new CC and another 100k velocity points as a token of my appreciation. :p
 
NoName said:
Asked for Velocity number on 2 Nov
Points hit my account today (22 Nov)

Less than 2 months from application to points. Now to pay off the last $100 and close the loan. Can’t fault any aspect of the process from Citi (NAB) here. Might hit them up for a new CC and another 100k velocity points as a token of my appreciation. :p
Click to expand...

There are good deals on the Citi Prestige at the moment.
 
My points hit today a well. Approved on the 20th September and provided Velocity number on the 2 November

Now to work out how to close the loan..
 
So I paid $201 (approx) for 150k Velocity points. That is around 1/8th cent per point. Velocity normally sell you 6k points for $201. This has been a fantastic deal.
 
somebol said:
there should be bpay details on your first statement.

Once you pay, it takes a couple of days to update the balances on your account.
Click to expand...
Presumably a transfer using the account details also works? They certainly end up in the account at least, doing a bank transfer.
 
24 Aug. gave velocity number
Points credited around 20 Oct but the date of activity is 5 Aug and done in two entries (100k and 50k). I nearly missed it being there on the velocity activity statement
 
My experience with the Personal Loan seems to have been fast tracked a little bit. I received the request and duly quoted my VFF # circa 1 month after activation. I received the 150K as two lots of 50+100 roughly 1 month later. The curious thing was that my VFF activity statement shows that the points were credited early October, but they definitely weren’t there at that time when I looked, nor on a weekly basis thereafter for some time. I suspect that they back dated the points posting activity for some reason.

Either way, it seems Citibank has undercharged me. For a loan of $2,500, I made an initial payment of $2K followed by $300 and finally $199. When I enquired about the outstanding balance and account closure, they quoted me $2,499. They insisted that my account was now in zero balance and I could close it, so I did, well less than 3 months from approval. AFAIK, the total should have been $2,699 ($2,500 + $199 establishment fee) + whatever interest charges for 2-3 months (say $10-20).

So in effect I never paid the establishment fee or the interest charges. An easy 150K VFF points. Definitely one of my better churns.
 
Last edited:
I had a similar experience to above

Applied 31 Sept
Velocity requested 2nd November
Points received 22nd November (backdated to account approval date)

Paid the remaining balance of the loan, called to request cancellation and was told there is nothing outstanding.

$199 establishment fee was all it cost, no interest was accrued. Very strange but I’m pretty happy about $199 for 150k velocity points.

10/10 would churn again.
 
Timeline so far:
My application:
Mon 7 Nov: Applied
Tue 8 Nov: Approved
Tue: 17 Nov: Activated Card/Account
Fri 18 Nov: Received funds
Thu 24 Nov: Email for points:
??? ?? ???: Points received


My wife's application:
Sun 20 Nov: Applied

Still pending which is weird but they had to call to confirm some details, may have made a mistake with the applications lol.
 

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