Citibank Ready Credit

• Citibank Ready Credit offers one account with access to funds via Visa Debit card, cheque or online. Enjoy a personal line of credit, use what you need, when you need it.
• Pay no annual, monthly, cheque, transaction or cash advance fees, so it costs you nothing to maintain your account.
• You will be charged a one-off establishment fee of $69.
• Plus an introductory rate of 2.9% p.a. for 24 months on balances transferred (18.99% p.a. thereafter)
• Cash will be available for home improvements, a new car, home theatre system or perhaps a much needed holiday.
• Read the terms and conditions

• No frills line of credit.
• Low rates and fees.
• Get access to funds via Visa Debit card.
• The only drawback of this product is the one off establishment fee of $69 to pay at the start which is very similar to paying an annual fee on a normal credit card.

How does the Citibank Ready Credit compare for rates and fees against an average credit card? Based on the data from our website this credit card comparison scorecard shows:

		Purchase Rate	Cash Adv Rate	Annual Fee	Bal. Transfer Rate	Bal. Transfer Rate Period
	Citibank Ready Credit	18.99%	18.99%	$0	2.9%	24 months
	The Average Credit Card	17.17%	21.04%	$95	3.04%	7 months

You can transfer from:



• ANZ
• Aussie
• Bank of Melbourne
• Bank SA
• Bankwest
• Coles
• Commonwealth Bank
• HSBC
• NAB
• St.George
• Westpac
• Woolworths

You cannot transfer from:



• Bank of Queensland
• Citibank
• CUA
• IMB
• Suncorp
• Virgin

This could just be the answer to your prayers! It’s certainly easy to get swamped in debt sometimes, especially if you’re not particularly gifted in the areas of organisation and personal finances. The gift of spending might be fun but can be troublesome! If you’re in that trouble, consider this fantastic way to get back on track.

Pros

Citibank Ready Credit isn’t exactly a credit card, but it offers you most of the conveniences of a credit card. It’s more like a loan really, with better rates to get you on top of debt. If you’ve racked up a bundle of debts, transfer them to a Citibank Ready Credit account and get rid of them quickly and efficiently.

Along with the lengthy introductory rate on balance transfers you’ll incur no annual, ATM, cheque or early repayment fees so it costs you nothing to set up and maintain except for the $69 establishment fee. Citibank Ready Credit offers one account with access to funds via Visa Debit card, cheque or online.

If you need extra credit in the first 15 months of your account, you’ll only pay the introductory interest rate of – on it and after that, a fairly standard 18.99% p.a.. 15 months gives you some good breathing space though to make headway with your debt and by the time the higher interest rate is upon you, hopefully you’ll be able to keep on top of repayments and it won’t be an issue to you!

Cons

This could be a trap to the unwise. Easy cash advances in the wrong hands can lead to more trouble so if that’s you, just think it through. Rates do revert back up to fairly standard credit card-type rates and minimum income, at $30,000 to apply, isn’t that low. Unfortunately, this account may not help the really low income earner with huge debt.

The balance transfer rate is quite high. Just do the maths and make sure it’s worth your while because there are cheaper balance transfer offers available. There are no fancy features or extras like what some credit cards offer.

Conclusion

Citibank Ready Credit is an excellent way to consolidate and get on top of debt as well as have easy access to money without all the fees. Like any deal, make sure it is appropriate and beneficial to you and your situation before you sign up, but if it is, make good use of this fantastic deal.