Summary

Citi Ready Credit has zero annual and early payout fees, and an introductory rate of 6.90% p.a. on initial balance transfers for 3 years.

Citi Ready Credit is a flexible line of credit product that comes with a Mastercard. It offers an introductory interest rate of 6.90% p.a. on balance transfers for 3 years. It also allows you to withdraw funds up to your approved credit limit at the variable rate of 6.90% p.a. While the Ready Credit account has a $0 annual fee, it does charge a one-off $249 establishment fee. You can also request for an additional card to share with a partner or family member.

Pros

Low interest rate
$0 monthly fee
No penalties for early payouts

Cons

Revert rate applies after 3 years

Details

Product details

Product Name	Citi Ready Credit
Interest Rate (p.a.)	6.90% to 22.49%
Interest Rate Type	Variable
Min Loan Amount	$5,000
Max. Loan Amount	$75,000
Loan Security	Unsecured

How does the Citi Ready Credit Flexible line of credit works?

Citi Ready Credit is a line of credit account that also comes with a Mastercard that can be used to make purchases in-store and online, or to withdraw cash. This feature is unique for a line of credit product, making the Citi Ready Credit account similar to a credit card account. In effect, it means you only have to apply for the line of credit once, but can draw and redraw from your available credit as you need it.

This account offers an introductory rate of 6.90% that you can use for balance transfers. It also provides a variable rate of 22.49% that applies to purchases or cash advances made with the Mastercard, as well as any debt remaining after the introductory period.

How to apply

Applying for the Citi Ready Credit is simple and takes around 15 minutes online. Before you get started, make sure you meet the following eligibility criteria:

You must be at least 18 years old
You must earn at least $40,000
Be a permanent Australian resident or citizen

You will also need the following information and documents on hand:

Your full name, phone number and email address
Your residential details
Your employer's address and contact details, or your accountant's details if self-employed
Details of your income, assets and liabilities

The Citi Ready Credit account combines features of a line of credit with the ongoing flexibility of a credit card. As such, you may want to compare it to a range of balance transfer credit cards or personal loans so that you can find a product that suits your circumstances and needs.

Features of this loan

6.90% p.a. for 3 years. This promotional interest rate applies to balances transferred at the time of your application. At the end of the promotional period, any outstanding balance will revert to the variable rate of 22.49% p.a.
No early payout fees. This account won't charge a fee if you want to pay off your loan in less than 3 years.
Flexible repayments. You have the ability to choose your own repayments each month, providing it meets a minimum payment amount.
Mastercard. Use your Citi Ready Credit funds to pay for purchases in-store and online, or withdraw cash up to your available limit at any time with a Mastercard debit card.
Additional card. You can also share your Ready Credit account with a partner or family member by requesting additional card. Note that you will still be responsible for all transactions on the account.

How much does the Citi Ready Credit Flexible line of credit cost?

Establishment fee. The Citi Ready Credit has a with a one-off $249 establishment fee. This is payable at the first statement period and there are no other annual fees or ongoing account-servicing fees.
Balance transfer limit. The Citi Ready Credit account allows you to transfer up to of your approved credit limit. For example, if you are approved for a limit of $20,000, you could balance transfer $16,000 to the account.
Credit limits. Apply for the Ready Credit and get a credit limit between $5,000 and $75,000.
Late payment fee. You will be charged $30 every time you do not make your minimum payment on time, or do not pay any overdue amount by the payment due date. These amounts will be detailed on your statement.
Overlimit fee. A fee applies if you exceed your credit limit.

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