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Citibank Ready Credit

Citibank Ready Credit

2.2 from 29 reviews

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Get a cheque or pay to get my money !!

I have had a Citibank Ready-credit account for a couple of years, which has come in handy. Citibank offered a 10% interest rate for a year which I took. After the 12 months were up they reverted the "whole balance" to 19.99%. So I decided to pay out the balance owing. I subsequently deposited slightly more than the balance owing to cover off any interest owing.
I rang today to ask what my payout figure would be to find out how much to leave in the account to cover any interest, fees, etc as I want to transfer the excess funds out so that I have a zero balance and owe Citibank ZERO. I was informed that I can take out the entire $223.19 and will have a zero balance and owe no interest or fees...
If I do a transfer using their bank transfer facility I will be charged the 19.99%pa daily rate fee.
To get around paying this fee, Citibank offered 2 options, a transfer back to the original account or a cheque. As I do most of my banking online I selected transferring the funds back to the original account.
Shortly after, I received a call stating that they can not refund a partial amount back to the originating account, it must be the whole original balance transfer account.
So I have now opted for a cheque, which takes about 10 days.
So please be aware, taking your own money from your Ready-credit account with the bank transfer facility may cost you money unless you want a cheque.
If my next statement states that I owe Citibank money I will be lowering my review to 1 star and making an official complaint.
The only reason I gave them a 2 star was the customer Service rep Christine was pleasant to talk to.

Customer Service
Loan TypeLine of Credit

Easy approval and fast cash transfer

Applied for citibank's ready credit. Got the approval in 2 days and card sent to my home in 5 days. Asked for cash transfer and was sent a cheque to my home. Nothing complicated

Works as advertised

I applied the ready credit with citibank and got it approved in 2 days. Was sent a card in another 5 business days. After activating the promotional interest rate, the amount request was sent through as a cheque.

Works as described - read the PDS!

It seems a lot of people reviewing this product as one-or-two stars didn't spend the time doing their due diligence; the product pages on the Citi website and the PDS clearly indicate that any BT/cheque-to-self offer (of which you can process up to four as one group upon application) apply the promotional rate (in my case, 5.9% for 3 years) and that any other purchases using the associated card/funds transfers/etc will be billed at the standard 19.99% p.a. interest rate. Moreover, the 80% BT threshold comes up repeatedly; the people that have indicated that it came as a shock to them didn't research beforehand, this product is clearly not a personal loan or credit card.

In terms of ease of application, I own a business and needed to provide a fair bit of documentation to get approved. All-in-all it took about two days and a bit of back-and-forth correspondence, everyone I dealt with was courteous and professional.

I've found the whole experience and the product in general very good and would have no issue recommending it. I don't think it is a sham product, and I generally believe the people who have reviewed the product as poor need to spend more time analyzing which offers in the market are most appropriate to them...

I have had an account for years, I have never had a problem. Great service, great options, easy

Very happy with the options, service and product. Easy transaction, helpful and knowledgeable staff. thank you for ongoing professional service

Great product if used correctly

I don’t know why there have been so many negative reviews about this product because I have found it to be great. I am talking about the Flexi Ready Credit product not the credit card. The trick is you need to know how to use it. I set up a line of credit with Citibank maybe four years ago. For most of this time I have not used it but recently I have used it a couple of times with their fixed payment option. Citibank send you an offer with a percentage which I believe is based on your repayment record with them. You chose an amount from your available credit and the length of term for the loan usually between a year and four years. The money is sent to your nominated bank account in a couple of days. You then start to pay it back. You can pay more than the contracted amount and pay off early with no penalty. My current loan rate is 7.9% which is way lower than any personal loan I could get at another bank. The only thing you need to be aware of is if you purchase or use money from your line of credit which is not a fixed rate loan, it is at a rather large 19.99%. Also it becomes very hard to repay because any money you repay goes to the fixed rate loans first. So in summation, if you use the fixed rate option you can get money at a great rate but if you don’t, interest charges are extremely high and you probably wouldn’t want to use it unless you are in an extreme emergency.

Dodgy online application system

I tried to apply for their personal loan online. During the online application, there was a system error. The system said I need to try it later again. I tried again but the system said 'Thanks for completing your application'.
I contacted Citibank. They said their system already checked my credit file in the second step even if I didn't final confirm. Their system check the credit file in second step even if we don't submit application.
Most lenders generally check the credit file when we submit application. But, Citibank checks the credit file prior to the final submission. All people must be careful for their system. You may have unnecessary credit enquiry.

Citibank redicredit product is not suitable for everyone, only for emergencies

I have used Citibank redicredit for at least 3-4 times during the last 7 years.
I found this product to be good only if you use for emergencies and not use it in conjunction with your credit card. Citibank gives maximum 80% of your credit limit and send you a cheque (if you wish) which I usually get.
However, whatever you do, do not use the balance of that 20% credit limit left in your existing Citibank credit card as each time you make a repayment, it will not allocate to your 20% balance depending if you are an old existing customer, you will have to negotiate for them to where it gets allocated to. So the things is rather confusing for the customer. Your safe bet would be, use up the 80% limit given to you and use it wisely, then have another credit card elsewhere to pay for your other bills, direct debits etc if you need. In that way, you know for sure that you are only paying the minimum or whatever amount you are paying goes directly towards the loan. I used it for emergencies when I was selling one of my house while waiting to do renovations on another, etc. You have to be sure that you can repay the loan within the time of the loan or you will get charged cash rate. For me, it worked well on all those years because I had a specific purpose then once I sold my house I repaid it immediately, usually within 9 months from the time Citibank has given me the OK over the phone approval, not when you get your card or cheque. Best of to ask Citibank for all details before you take out the loan otherwise you will end up with huge debt and not being able to repay then you will feel cheated by the system as they usually do not really disclose lots of information, unless you know what to ask.

I honestly love the product though I did ask lots of questions before taking out the loan, in that way I knew exactly what to expect. Citibank are usually easier with their existing customers and I never found anyone being rude to me, but rather helpful all these years.

Hope this helps you a bit more, should you choose to try out their product in emergencies, much easier and fast approval than any personal loan out there, trust me but remember, short term only!

So, I think, Citibank redicredit is only good for specific purposes within reasonable repayment time frame.
Since it is a fixed rate, you just have to pay the minimum 3%, (I think) every month, but as long as you come up with the cash to pay for the balance before reaching the loan time limit you will find it useful.
Otherwise, this is not suitable for you.

Intrusive Validation Process; Terrible Customer Service

Citibank is generally poorly reviewed but so are many financial services companies. Although I know a lot of Australian institutions charge excessive fees and have noncompetitive terms, Citi distinguished themselves by being unprofessional. They took many weeks to process my application, contacted my employer without consent and reduced the original pre-approved amount (by a stupidly small amount). They called day after day (work and home) even after I had decided not to choose them.

Re drawing repayments from Credit available!!!

Fixed Payment Options ,,, they have done this to me for the 3rd time, I can’t figure out I pay my dues on time, actually very advance,
Now again they re draw again the repayments that’s due by November 16, so instead of increasing the available credit balance, it decreases , the person I talked to says it generates automatic , and so I said u mean u took it out already from the credit available, and still have to pay the amount on the due date... ? Is that fair , it feels I have been ripped off, and u have to pay back the money they redraw from the account... ??? What a silly thing to do, I never can ever believe it,,I’m going to the Ombudsman and have this sorted. It’s like double dipping instead my balance account reduced,,it went up

Fraudulent Bank

I'll keep this simple. You think you are getting a low interest loan but instead a high interest credit card. Every bad forum that people have put through is true. So be careful and dont get trapped. Ombudsman needs to do something about what's this bank is doing.

Worst customer service. Ever.

I've previously had a Ready Credit Loan with Citibank, and although I didn't like the way they forced me to get a card (which I cut up), the process was pretty painless, and I paid back the loan in less than a year.

I applied for another loan a few weeks ago, and after submitting my paperwork I didn't hear back from them for over a week (unlike last time, when it was about one day). They said I had only submitted one payslip instead of two, so they had put my application on hold... but nobody had actually called to let me know!

I was given an email address to send the second payslip to and was told that I'd have a decision by the COB.

Two days later when I hadn't heard, I called to followup, and was told that my application was on hold because they were waiting for a payslip. When I told them I'd sent it, the 'customer service' person checked and said "Oh yes, we have received it. I'll email the verification team to let them know and ask them to call you."

Then another six days went by and I hadn't heard, so I called again and was told that I needed to speak to the verification team, but I couldn't because it was a public holiday in Sydney. The customer service person said they would email the verification team because my application still showed as being on hold... but again nobody called.

I called back three days later and was told that I couldn't speak to the verification team because they DON'T HAVE PHONES! I was told that I also couldn't speak to a supervisor because it just wasn't possible. I was told that one would call me back.

Worst experience ever.

This is the dodgiest product you can find

So I got this a few years ago cause the interest rate was attractive at 8.99% I get sent a cheque for the loan amount as well as a card I'm told I can use to redraw from the account.

Fast forward and it turns out the two aren't linked at all. You pay the loan amount and whatever you use on the card is a separate debt at 19.99% If you call and ask about this, the lovely Filipino call centre people will tell you that the card redraws from your loan. What nonsense.

Fast forward even more have now had to pay back DOUBLE (loan and credit card). Whatever. Here's the kicker. The amounts showing on your statements and the amounts the people at Citi will tell you that you owe are always different. Also, the amounts you get told by one staffer are always different from the amount told to you by their colleagues. It's like they just make up numbers. Once, I even managed to get them to patch me through to the Aussie centre and the girl on the line couldn't figure out how my product worked and just said 'Yeah, sorry, I'm not sure how this works. Was there anything I could help you with today?' Seriously.....

Walked into a branch in the city to try and sort things out and all I find are three bimbos who aren't trained for anything other than directing you to three Computers in the corner and telling you to sort out your stuff online or on the phone.

Citibank might be alright elsewhere around the world, but in Australia, it's the equivalent of getting Coles express at the servo instead of a proper supermarket.

This is a balance transfer offer not a loan

Four months after setting up the account I was advised that the 2 year introductory rate of 7.9% is for balance transfers not a loan with a redraw facility. I work in finance so this came as quite a shock as I had already verified that this was 7.9% for 2 years without exceptions over the phone and reviewed advertising material and approval emails.

I asked them for call records of my first phone call where I verified this and [contact details removed] confirmed after listening to the call recordings I was right and they had given me the wrong information. She said they would refund the interest that I had been charged over the 4 months but they would not honour the agreement unless I changed it to another product charged at 11.9% I had to send screen shots of their emails and website to prove that a reasonable person would never apply for a balance transfer under these terms and they're purposefully trying to sign people up for the wrong product.

This is only the most serious problem I've had with them. Other than this, there have been countless other customer service let downs.

Worst Customer Service

I am an existing citibank customer with impeccable Credit History therefore i decided to apply for Ready Credit loan for my debt consolidation. But After Applying for Ready Credit i never heard back from CitiBank. I called them after 3 weeks but they have no clue about the application status. Finally after following them for 5 days they told me that the application is Declined.

If they can do this to an existing customer then i can imagine how they treat new customers. and after reading the reviews here i am quite happy that i dint get this. this is a riff off with lot of hidden clauses.

Worst communication ever by any banking institution

I am current ready credit customer. Very bad customer service. There is no comprehensive information given by customer service officers. Worst is they don't communicate at all effectively leaving you in total confusion. Do not fall for this service. Extremely poor customer service.

They Changed my Application Option Selection without my Permission

they had a promotional offer where I've selected 7.99% for 2 years because i wanted short term solution of course with lower interest rate, when application was approved the welcome letter said 9.99% for 4 years (the second option) ..when I rang, they did not own up to it ...there was no Application confirmation sent to my email to dispute. Changed my selection without my permission, made it impossible to trace back the application details, cannot change the selection after approval.

So I asked to Cancel the account at once. Haven't even got the card yet.

Oh and rude customer service with hard to understand accent.


Poor communication. Lack of respect for customer .
I find that these big international banks are lacking in customer service .


I got the ready credit at 6.9% over 2 years. They offered it to me. The money was sitting in my internet banking the next day. Was told I had 90 days to spend as much as I wished. A card arrived in the mail and I activated it. They sent me an email, saying that I hadn't used any credit yet and reminding me that it was available. So, I transfer the money into another bank account. A week later I get a text saying don't forget to activate your special rate of 6.9%. I ring them and am told that I can only get the offered rate if I ring and request a cheque. If I use the card or internet banking it is at the rate of 19.50% approx. Naturally I was furious. Why send me a card if I can't use it? I'm told they'll get back to me in 3 days. Will keep you posted.

1 comment
Update..... Citibank apologised for the misinformation and I received original percentage rate offered at 6.9%

Total rip-off and misleading: Works Like a Credit Card not a Loan

This product doesn't deserve any star but I cannot make a review if I don't tick one star so here it is.

I have availed this product at 4.9% for 3-yr term in 2015, only to realise now that it works like a credit card. Got myself into heaps of trouble.

Trouble 1) When I realised that Citibank puts the remainder of the 20% of the money that I did not borrow into my account. Meaning, I have been paying interest also on the money that I have not received. They are still investigating why that money that I never got went into my account.

Trouble 2) Their minimum payment is not like a loan at all where you pay a certain amount including the interest, until you pay off the loan at the end of its term. Citibank will charge you only the minimum amount every month. So when I calculate my amount of payments, it doesn't look like I will be paying off my loan at the end of its term. That means I will be charged at the higher interest rate (about 19% +) for the balance after the 3rd year.

Trouble 3) I have used the card for retail purchase as they have this 10% cash back if you use their Ready Credit card. But then, I have just been confirmed by the Citibank that my payment will be applied to my balance transfer first then to the purchase. So even if I make full payment for my retail purchases, not until I paid off my full balance transfer, my retail purchases will be charged with interest at 19%+.

These things will not be told you by Citibank on any of their fine prints in their offer. So be warned and be smart enough to take advice from us. I am upset and felt like have been taken advantage financially. I definitely cannot recommend this product to anyone.

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Questions & Answers

can citi ready credit be transferred to another credit card provider at 0% interest?
1 answer
Short answer, no. Citibank Ready Credit, despite the name, is not a credit card. It works more like a personal overdraft account. Unfortunately only true credit card balances can be transferred onto a balance transfer credit card account. I know this as I recently tried to balance transfer to my usual financial institution, and after going through the entire application and approval process, their system rejected the Citibank card number to transfer the funds onto as it is not a valid credit card.

Hi I need some information regarding ready credit.. My question is how much is interest rate and how to return? Is it as on monthly basis or how can you please help me on this.
1 answer
"You can borrow funds at the 7.9% p.a. rate by a BPAY Balance Transfer, or by a cheque. This cheque will appear as a Balance Transfer (BT) on your statement. The 7.9% p.a. interest rate applies to balances transferred with this offer at point of application and cheques-to-self with this offer within 90 days of Account opening. Payments are applied to BT amounts before Cash Advances and retail purchases, and if your Account has more than one BT, the BT at the lowest interest rate will be repaid first. Transferred balances will be repaid first before establishment fee which attracts interest at the standard variable rate. At the end of the Balance Transfer period, the interest rate on any outstanding transferred balance will revert to the Citi Ready Credit standard variable rate, currently 19.99% p.a. Interest rates are variable and subject to change. This information is current as at 16 December 2016. Offer ends 31 March 2017. Offer may be extended."

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