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

I'm been sitting on this offer for a while and every time I called citibank they always say I have this kind of offer but never took action. Decided to give it a thought today. After reading this you all convinced me. I will give this a go.
 
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).
 
MelbFlyer said:
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).
Click to expand...
1. Yes
2. Yes
3. Yes
4. Yes
5. Yes

Not too good to be true - it's the last days of disco Citibank. Gotta get your snout in the trough while you still can. ;)

(Even better was when they offered 2.9% balance transfers on top of the bonus points - I have $50k of my mortgage tied up in Ready Credit for another 18 months.)
 
is this a separate line of credit or its part of your existing approved credit (i.e. part of your credit card limit)

if I apply for ready credit is it treated as personal loan or a credit card? thanks in advance!
 
qq830821 said:
is this a separate line of credit or its part of your existing approved credit (i.e. part of your credit card limit)

if I apply for ready credit is it treated as personal loan or a credit card? thanks in advance!
Click to expand...
It's a separate product and will be listed as a personal loan
Post automatically merged:

Has anyone received their latest lot of 70K Velocity points? I received the qualifying email from Citibank on 5th March but haven't heard anything else since
 
Probably going for the Qantas Points option of this as a last resort but it does look like it will be a bigger hit to the credit file compared to say a credit card.
 
DP: I got rejected for this offer. Thinking back it could have been 5 day between application with Citibank (I got approved for Virgin Money card few day before forgot Virgin MOney and Citibank is one). Called for recon, they said it's confidential so no explanation and it's final decision. Asked to reapply after 3 months.
Is it really I have to wait 3 months????
 
nthd_nthd said:
DP: I got rejected for this offer. Thinking back it could have been 5 day between application with Citibank (I got approved for Virgin Money card few day before forgot Virgin MOney and Citibank is one). Called for recon, they said it's confidential so no explanation and it's final decision. Asked to reapply after 3 months.
Is it really I have to wait 3 months????
Click to expand...
Well, that's what they've said, so yes.

You're not entitled to credit, and applying for a lot of credit products in a short time is seen as a high risk...
 
Morning all, Just received read6 credit card and about to activate and then transfer the $5000. Can anyone tell me how long I have to keep the $5000 before paying back around $4900 and roughly how long before the QFF points arrive in my account? Many thanks all 😊
 
julie60 said:
Morning all, Just received read6 credit card and about to activate and then transfer the $5000. Can anyone tell me how long I have to keep the $5000 before paying back around $4900 and roughly how long before the QFF points arrive in my account? Many thanks all 😊
Click to expand...

Around 30 seconds should be sufficient time to keep the $5k.
 
SOPOOR said:
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
Click to expand...
Just received another spend $300 get $50 egift card

Looks like i ll be keeping it open fot another month or two

Thats like 3 all up for me
 
Got a call from citi/nab today

Tailored offer
5yrs for 6.99%
Or
1yr 0% but with a 2.99 or 3.99% fee (cant remembee which one)

Declined both

If it was 1% i would have taken it
 
Has anyone here on this offer or the equivalent Qantas one gotten calls from Citibank interrogating them about their transaction activities after opening and using their account?

Recently got approved, activated account when card arrived, transferred the money out then paid back in immediately after. So pretty much did the exact same process as the other posters here, but then a few days afterwards received a call from a Citibank agent asking about the who and why these transactions were made.

Not a scammer as they knew the exact amounts as well as the transfer message. They also couldn't really justify why they needed so many minute details either and why they seemed particularly interested in the money coming back in.

Is this simply a leftover American security feature quirk of verifying suscipicious fraudulent/laundering activities? Because I've never had to deal with this in all my years with different Australian banks.
 

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