Citi Ready Credit - 70k Velocity points with $500 balance transfer

[NoName]

Card arrived 30 October and I immediately transferred $1,000 and paid $900 back right away. Email came yesterday asking for Velocity number. Smooth process so far.

Points in the Velocity account this morning. Extremely quick and easy. May well be the easiest process yet!

Will be cancelling today.

 

[NoName]

Points in the Velocity account this morning. Extremely quick and easy. May well be the easiest process yet!

Will be cancelling today.

Cancelled. Again, extremely easy other than a terrible phone line which made it near impossible to understand the person on the other end.

No $99 annual fee yet, but expecting that when I go to close it

No annual fee included in my closure amount. Just $2.63 in interest. Seems it is going to possible to avoid paying this fee.

 

[anyonebutqantas]

Trying to apply for the QF 70k offer. Let's see if this works!

 

[Franko Costa]

I guess I can't do this if I have a payall going at the same time

 

[MELso]

I guess I can't do this if I have a payall going at the same time

I’ve got both going. Mind you, I set up Payall on my existing card after getting Ready Credit going (which I’ve kept going as I made a large balance transfer at 2.9% from my mortgage to the maximum they’d loan me).

 

[Jean Prouvaire]

Trying to apply for the QF 70k offer. Let's see if this works!

How did you go? I've received a couple of emails and, never having taken out a line of credit before, wanted to know if there are any gotchas. It seems too good to be true. Apply, get approved, wait for your 70K points, then close the account.

MODS - can I suggest changing the thread title to reflect that both Qantas and Velocity offers are discussed within. Note the offers are slightly different - it's $500 for 70K Velocity points and $5,000 for the same number of QFF points. I was going to start a new thread about the Qantas offer, but luckily read through this one first.

 

[Pele]

How did you go? I've received a couple of emails and, never having taken out a line of credit before, wanted to know if there are any gotchas. It seems too good to be true. Apply, get approved, wait for your 70K points, then close the account.

MODS - can I suggest changing the thread title to reflect that both Qantas and Velocity offers are discussed within. Note the offers are slightly different - it's $500 for 70K Velocity points and $5,000 for the same number of QFF points. I was going to start a new thread about the Qantas offer, but luckily read through this one first.

Im too am keen to know how you went. I did the Velocity one about a year ago and am thinking about trying the Qantas one now. Based on a read of the T&C's there is no exclusion from doing the Qantas one if you have previously done the Velocity one.

 

[geoffb78]

Im too am keen to know how you went. I did the Velocity one about a year ago and am thinking about trying the Qantas one now. Based on a read of the T&C's there is no exclusion from doing the Qantas one if you have previously done the Velocity one.

I received Velocity points early 2023 through a Ready Credit offer from late 2022. I didn't close the account until maybe April 2023.

I then applied for a new Ready Credit account in November 2023 based on the 70,000 QFF points offer. Made the qualifying bank transfer on 29 December. No email requesting my QFF details yet. Starting to think I'll need to call Citibank. Ugh...

However I concur with your reading of the T&C's that previous Velocity bonus points do not exclude you from receiving bonus QFF points.

 

[Ade]

Just reading thru the thread and visiting the citibank page.

https://www1.citibank.com.au/personal-loans/citi-ready-credit-velocity?cid=MP-Velocity-CitiReadyCredit-CL012024-OfferTile-8.9

From what I understand ;

1. Apply for the offer and get approved for the Lending Debit MC at 8.9%pa. Establishment fee of $199 to be paid.
2. Transfer at least $1000 to your personal bank account within 3 months of approval
3. After the successful transfer of at least $1000 (or more) to your bank account, Citi will reach out within 2 months from the transfer date asking for your VFF
4. Velocity points will be transferred to the VFF account within 2 months of NAB/Citi receiving the VFF number.

So all in all, at least 4 months (less than 6 months, I guess), the customer will receive 70K velocity points for $199+8.9% of the amount borrowed.

Assuming a customer borrows $1000, then the cost works out to $199 plus $89 (each month, so $445 assuming 5 months start to finish).

Grand total of $644 for 70K velocity points when borrowing $1000 using this offer.

Have I missed anything?

 

[Happy Dude]

@Ade you pay off most of the amount borrowed immediately to leave a small balance on which to pay 8.9%. Thus only a few dollars interest, not $89/mo as per your example. Cancel the whole thing when the points land.

 

[Ade]

@Ade you pay off most of the amount borrowed immediately to leave a small balance on which to pay 8.9%. Thus only a few dollars interest, not $89/mo as per your example. Cancel the whole thing when the points land.

Thank you @Happy Dude - that makes sense. Just leave around $10 or so left (i.e. pay $990), wait for the points to land and then cancel.

 

[Fyrd]

Thank you @Happy Dude - that makes sense. Just leave around $10 or so left (i.e. pay $990), wait for the points to land and then cancel.

Be careful not to leave too little in because your minimum payment could pay off the account in month 1. If you are in this position you might need to make a 2nd transfer because you need a positive balance to receive the bonus points.

 

[Brissy1]

plus $89 (each month, so $445 assuming 5 months start to finish).

$89 (8.9%) pa, not per month. So $37.08 not $445, (less whatever paid-back).

 

[Amanad78]

Mine cost me $1.09, no annual fee charged

 

[Fyrd]

Still waiting for the email:

29/01/2024: Approved
06/02/2024: Called and transferred $1250
16/02/2024: Test payment
19/02/2024: Repaid half
23/02/2024: Left $200 balance

 

[fafnersbane]

Sorry, new to line of credit / personal loan accounts... can anyone help me out:

1. In order to transfer $1000, do you have to call up or does the 'Make a payment' option in online banking and transferring to any other bank account qualify?
2. Since this seems to have a BSB and Account number, can you just pay it back as you would a normal bank transfer, or do you have to use the BPAY?

 

[Fyrd]

Sorry, new to line of credit / personal loan accounts... can anyone help me out:

1. In order to transfer $1000, do you have to call up or does the 'Make a payment' option in online banking and transferring to any other bank account qualify?
2. Since this seems to have a BSB and Account number, can you just pay it back as you would a normal bank transfer, or do you have to use the BPAY?

My reading of the terms and conditions was that you had to call to get the promotional interest rate and therefore be eligible for the bonus points but I have not yet received the points.

 

[MELso]

Sorry, new to line of credit / personal loan accounts... can anyone help me out:

1. In order to transfer $1000, do you have to call up or does the 'Make a payment' option in online banking and transferring to any other bank account qualify?
2. Since this seems to have a BSB and Account number, can you just pay it back as you would a normal bank transfer, or do you have to use the BPAY?

1. Qualify for what? A payment's a payment. I just used internet banking to transfer to MacBank, and then to transfer the balance back to my then-Citi home loan (got in at the death of the 2.9% balance transfer offer).
2. I've mostly used BPay in the past few months, but direct transfers to the account also work (although IIRC it's not Osko so not instant).

 

[fafnersbane]

1. Qualify for what? A payment's a payment. I just used internet banking to transfer to MacBank, and then to transfer the balance back to my then-Citi home loan (got in at the death of the 2.9% balance transfer offer).
2. I've mostly used BPay in the past few months, but direct transfers to the account also work (although IIRC it's not Osko so not instant).

Thanks! Used the make a payment button in online banking (instead of calling) to transfer money to an external account and got the email asking for my Velocity FF no.

 

[SOPOOR]

Also i received 2x spend $500ish and get a $25/$50 offers

1st offer ecard just came,
2nd offer i should be eligible for but wont be crying if it doesnt.

Ill be closing mine after this second offer

Kind of feel the personal loan makes a bigger dent than a cc