Citi Business Credit

How does the Citi Business Credit work?

Applying for this loan is easy. If you meet the eligibility criteria (outlined below) you can apply for up to $75,000 of unsecured finance with this business line of credit. You will receive a six-month introductory rate of 0% p.a. on all balances transferred at the time of application, purchases and cash advances. After this period, the standard variable rate of 14.59% p.a. will apply to all purchases.

Once you have been approved for this loan, you receive a Citi Debit card that allows you to draw on your credit via ATM cash withdrawals or purchases. You can request a cheque book and set up an additional cardholder over the age of 16 to this card as well.

Features of the Citi Business Credit

Some of the features that are included in this line of credit are:

• A low introductory rate. There is a 0% p.a. Introductory rate with this loan. This stays in place for six months and applies to balance transfers, purchases and cash advances.
• Unsecured finance. You are able to apply for up to $75,000 of unsecured finance provided you have a good credit rating. The minimum you can apply for with this line of credit is $5,000.
• A standard variable rate. There is a standard variable rate of 14.59% p.a. that is applicable on balances and redraws after six months. Any outstanding balances following the initial six-month period will have this rate applied to them.
• Minimum monthly repayments. With this line of credit that offers a reusable line of credit, you pay the minimum monthly repayments that are dependant on the amount you withdraw. You only pay interest on the amount you use.
• Get access to a debit card and a cheque book. If your business is old-school and prefers cheque books, this isn't a problem as Citi offer an extra debit card and a cheque book for your spending convenience. You can also add an additional cardholder over the age of 16.
• Guaranteed pricing scheme. Under their pricing guarantee, if you purchase an item with your Business Credit facility and it later goes on sale, you could be eligible for a refund of the price difference.
• Benefit from the Citi Dining Program. Enjoy a free bottle of wine whenever you dine at one of the restaurants with whom Citi has partnered.

How much does the loan cost?

Here are some fees you should expect to pay with this line of credit, such as:

• An annual fee of $120.
• An establishment fee of $149, which has been waived for a limited time.

There are no cash advance, redraw, additional card or account keeping fees associated with this loan. However, there is a standard variable rate of 14.59% p.a. that applies to your balance after six months and redraws on the account.

How to apply for the Citi Business Credit

Here are some of the eligibility requirements that you must meet for this loan, which include:

• Be 18 years or older
• Have an existing account with Citi
• Earn a taxable income of $40,000 or more per year
• Have a good credit rating
• Be a permanent Australian resident
• Be a sole trader, or be in a partnership of not more than two persons, or be a shareholder who has more than 50% of the shares in a private company
• Be in the industry for two years or more
• Have a registered Australian business (ABN or ACN)

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