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Citibank Ready Credit (page 2 of 2)
KamMelbourne
Disgusted
Poor communication. Lack of respect for customer .
I find that these big international banks are lacking in customer service .
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Disgraceful
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 reques...Read more
t 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
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Orange25Sydney
- 2 reviews
- 2 likes
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.
T...Read more
rouble 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.Similar opinion? Write a review on ieatwords.com.au!
Sleaf1Brisbane
- 21 reviews
Useless! Would Not Lend And Gave No Reason.
Applied online for a $6000 loan. Online was told, all good and offered a great rate. Got several phone calls, later and found out I was not eligible. No reason given, despite my very good credit rating. Had no other loans or credit cards. Went to RateSetter, who approved and gave me the money in less 48 hours. No problems.
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equinox
- 5 reviews
- Verified customer
Works for me & great service
I'm not sure about all the other reports here, but this was a seamless process from start to finish for me. I admittedly was very apprehensive as I had sort of rushed in and completed the application before remembering this site, and after reading all the negative reviews I was quite concerned. However a significant amount of them seemed to be due to the author not doing their homework and understanding how the loan works.
I needed to borrow 40K for debt consolidation, and didn't read the details on the loan as well as I should. I won't...Read more
say "fine print", as Citibank states this front and centre on their main page for the loan, "6.9% p.a. offer is available up to 80% of your credit limit". I asked for a limit of 40K, when I should have asked for the 50K limit to keep me within this 80% threshold. No issues, upon the loan approval I simply called and apologised for my mistake, and the very polite and friendly lady told me exactly what I needed to do to seep approval of the higher limit. Nothing hard, just send another of my latest pay slips and they will assess it again. Within 5 days, the new limit was approved and I then called and asked for a cheque to be sent as opposed to me having to stipulate all the balance transfers in order to facilitate my consolidation. The cheque arrived within another 4 days, cashed it and now I"m a very happy customer with all my debts now paid off and I have a 3 year personal loan at 6.9%. Granted, I'm on a good salary and have a A+ credit rating (yes, in a bit of debt but always paid on time), but in terms of what they advertise and deliver, I'm a very happy camper and can't help but recommend the product to others whom may wish to take advantage of this great offer.Similar opinion? Write a review on ieatwords.com.au!
RubyMelbourne
- 6 reviews
- 3 likes
Don't get yourself into this rubbish!!!
I have never review anything so far no matter whether its a good or bad experience but this time I felt like I need to tell the whole world so that everyone could stay out of this trash.
I normally read reviews on this website as personally I see they are very reliable. I regretted not doing so before applying for the Citibank "Ready Credit Flexible personal Loan 3 years at 4.9%pa". I should have thought straight "you get what you pay for".
I just needed around $16k for a new car. My annual salary is $60k plus, on top of that, I've got te...Read more
rm deposits and an investment portfolio, each is as much as 30% of the above figures. By saying that, I mean my personal finance is completely under control, I just prefer to take out a loan for the car in order to preserve cash for investing. Walked in a CBD branch, I didn't think the all-around-girl (receptionist and admin) has a good knowledge what need to ask, what need to be done. Filling out the form, I was about to leave the max limit required NIL (so you can get approved the max limit, its then up to you how much you want to withdraw as long as its up to 80% of that limit. For example, they approve $30k, you can withdraw as much as $24k - but it has to be in one go because only for the 1st withdraw interest is 4.9%, subsequent withdraws will cost you 19.49%); but after we chit chat, she knew that I just needed $16k so she advised me to put in $20k so that when it gets approved I could take out $16k and leave the rest on the account. It sounded like nothing could be any easier right? A week or 2 later, literally 10 mins after I called up to chase, they threw me an email saying the application has been approved. Then I waited for 3 days when I received a "fancy" Welcome Pack. Not until I called up to authorise the introductory offer, I realized the amount they approved was ridiculously far lower than my credit card limit :)):)):)).....It was a shock. I can only laugh at the absurdity! The service call center staff was friendly enough to tell me I could ask Citibank office to reassess the limit but it will take another 7-10 business days.1 comment
Update: I called them up to cancel the account and discuss the establishment fee. The amount is not a big deal, but in this case, I'm not paying for it.
- Long story short, the 1st call center male s... Read more
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Ready Credit 4 years from 8.99% p.a. - Warning
I was about to apply then reading carefully the terms and conditions I found this beauty:
"We also reserve the right to cancel your Fixed Payment Option. If your Fixed Payment Option is cancelled, the full outstanding balance of your Fixed Payment Option will also revert to the standard variable rate." at the moment I wrote this review the standard variable rate was 19.49% p.a.
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SusiiiMELBOURNE
- 26 reviews
- 22 likes
Thank you, Rose!!!
I was about to do the same thing, but when chatting online with one of their employees, there was something that didn't seem right. I had a bad feeling about this and also wasn't clear what they really mean with the 80% (what would happen to the rest). But you explained this so well, the bank could not do so on their website! I won't go ahead with an application now, thanks to some great people, posting their experience on Product Review! Feeling relieved!
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Beware! This loan is full of traps and there is nobody to help you.
Seemed like a great opportunity to save a lot of money on interest so decided to set up a personal loan with Citibank at the 5.9% interest rate for 2 years. The loan was very easy to apply for and I received a phone call from them quite quickly to confirm the application. The loan was approved and I was ready to use the $19,000 I had borrowed to purchase my new car. Luckily before I did this, I called them to ask about how to transfer the money over to my personal bank account. When I did this, I discovered that in fact I was only able to borro...Read more
w 80% of the $19,000 at the 5.9% interest rate ($15,000) and the rest ($4,000) would be borrowed at the 19.49% interest rate! I was horrified! I had no knowledge of this when I was applying for the loan. The only people that I was able to speak to in regards to this were the customer service staff at a call centre from the Philippines. As friendly as they were the conversations were highly scripted and went around in circles which was EXTREMELY frustrating. I went into the branch in Melbourne to speak about this with an Australian staff member face to face to only be told that they couldn't help me as they only deal with opening accounts. I was advised to write a letter to Citibank's head office in Sydney to request a credit limit rise to $24,000 that would enable me to borrow the $19,000 at 5.9% interest rate and have the other $4000 just sit there. I sent the letter a week ago and have still heard nothing. I haven't activated the card yet and although I haven't received a reply from Citibank about the outcome, I have decided to cancel the personal loan. I have encountered far too many problems before I have even begun using this loan. Initially I was so keen on saving money on interest but you know what? No amount of money is worth the stress and traps that come with a personal loan at Citibank. Please listen to the reviews, they're there for a reason...Similar opinion? Write a review on ieatwords.com.au!
Fred JonesQueensland, Qld
- 2 reviews
Credibank no good
I applied for the Credibank line of credit and was approved and without me knowing they deducted $500 from my savings account without my permission and this was some nonsense life insurance I didn't even want. 1 day latter when I asked for the $500 back they then cancelled my approved loan, stay clear of this mob.
Taking funds without permission
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Pablo61Sydney, NSW
- 12 reviews
Happy!
I just managed to repay my debt so quick thanks to this product. I transferred the citibank money to my two credit cards, closed those accounts and now I have two years to pay at 2.9% p/a. Also, every time I call them I don't wait more than 5 minutes, they are very professionals (in the Phillipines of course) and help you with a very clear and plain English. I'm happy with them... at the moment.
2 years 2.9% p/a on balance transfer... great!
If purchase or cash out is 20%... careful
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vicklet
- 3 reviews
OK
Money finally came through, Citibank need to come into the modern day of banking - all my problems would have been solved in Citibank had direct credited the funds into my account instead of relying on posting a cheque!!!!
low interest, customer service staff appear to be helpful
Took 25 days to get the convenience cheque that was promised within 7-10 days - mainly because the first customer service operator mucked up and didn't issue the cheque after processing the application. On phoning to query where the cheque was, I was assured the chequ...Read more
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Questions & Answers
cateasked
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.
vaniasked
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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Missy
Update..... Citibank apologised for the misinformation and I received original percentage rate offered at 6.9%