So, I've been looking at the Citi Ready Credit deal for a few days now (70k bonus QFF points) - please correct me if I'm wrong:
1. Basically you apply for this / it goes through the same credit check process as if it were a regular credit card
2. If approved, request for $5k minimum to be transferred to your bank account (ie. pretty much like a personal loan)
3. Immediately pay back the line of credit account $4.99k (leaving around $10 as a debit)
4. Wait for QFF points to come through
5. Pay down the account / close it off
Seems like it's too good to be true - if the above is done, it's basically only a few hundred dollars (establishment fee plus any interest on the outstanding debit you "keep" in the account) for 70k QFF points.
Would be good if you know you don't have any money to spend to meet a minimum spend (ie. if all your car insurance / maintenance is paid etc).