Too good to be true ?

Ha ha. But you can opt out of 'marketing communications' during the application process, so of course I did!
Interestingly they contacted my employer 25 minutes after my application to verify my income.

 

They catch out people who go and use the money to spend on something like a car or clothing.

I don't think they expect to run into too many smart cookies like the ones on this forum who will do a bit of paperwork, put the money in an offset account and save themselves over $1,000 in interest over the period of the loan.

You guys rock.

 

Whats the catch?

You guys are stupid, I posted the warning. Your willing to go to all this effort and risk for a very small amount of savings.

The terms and conditions state 'other fees and charges may apply'. This alone will allow them to charge you for whatever they feel like.

Citibank don't care about credit rating, they are a joke. I managed to get approval for a similar 25k loan, while bored in Melbourne airport, with no verification of income at all. I remember trying to cancel the card because I didn't feel the need for it. The Indian call centre operator didn't want to let me cancel it. Since canceling it I get mailed new 'just sign on the dot' offers every six months.

 

I read your posts, don't worry. But I don't think $650 is a "very small amount", good luck to you if $650 is a very small amount to you.

I read the ASIC warning, and it applies to cards left idle for 12 months. I intend to extract the maximum for six months, then close the account and destroy the card.

Do I really care about one more piece of **** in the mail box? I get about 20 pre-approved offers every year, credit cards, life insurance, etc. I'm willing to take advantage of the offers that can give me advantage, and I'm willing to be diligent and monitor the other party's actions.

Did you write to them to cancel your card? A fax machine and thick black texta works every time.

By the way, I'm not sure I'm content with the stupid label.

 

From the Westpac Credit Cards Terms and Conditions:
7.1(c) "Other fees and charges may apply..."

From the NAB Credit Cards Terms and Conditions:
20 ... "NAB may impose new fees and charges..."

Help! Should I cancel my Westpac credit card? And should anyone who has a NAB card be worried too?

(I didn't bother with looking at the ANZ or CBA Ts&Cs, but I'm sure they'll say the same thing...)

 

Citibanks call centre is in The Philippines.

 

Rod,

Where did you get the terms and conditions from?

 

ok, the stupid tag was a bit much, it may have come from the bottle of red consumed at dinner
You may be able to save some dosh but, at least, make note of their questionable practices in the past and don't let them try and pull something on yourself.

 

see attached

 

I said that I'd post an update, so here it is.

A $25k facility was set up quickly, and online transfers to my own PPOR offset account were very easy, and executed the same day. I now have $25k in my offset account, working for me for six months.

For little effort, $650 tax free.

 

Citibank appoved $5000 for me and $15000 for my wife, whose salary is 30% less than mine

 

Anyone have a link to the offer on their website? I can't find it. Thanks.

 

Look for 'ReadyCredit' under 'Loans' in the pull-down 'Look for a Product' menu.

 

Thanks.

10 characters.