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A line of credit is a credit facility with a predetermined limit which you can draw down upon as required. A line of credit can be helpful for suitable expenses, as it allows access to funds as and when required, without needing to reapply. Repayments are made monthly based on the amount of credit you’ve used. Citi Ready Credit comes with a one-off establishment fee of $249.²

Citi Ready Credit is very flexible and can be used for a range of purposes to suit your lifestyle, for example:

• Buying a Car
• Home renovations
• A milestone celebration
• Unexpected expenses such as a vet bill
   

Citi Ready Credit is not suitable for debt consolidation, investment purposes or living expenses.

• A balance transfer is when you move an outstanding amount you owe, called a balance, from a credit card or a personal loan over to another account
• The new account you move the balance over to should have no or a low interest rate for an introductory period
• If you pay off the balance in full before the introductory period expires then this can result in you paying less in interest and save you money
• Citi Ready Credit is an alternative to a balance transfer offer on a personal loan or credit card. Currently, Citi Ready Credit has an introductory rate of 6.9% p.a. for 3 years on the initial balance that you request to be transferred within 3 months of approval.¹

Once you’re a customer, part of keeping your account in good standing (for example – your account is not in default, suspended or closed) is ensuring your repayments are made on time, each month. Your Minimum Payment Due Date can be found on your statement, along with any overdue and overlimit amounts. You can make your repayments in a number of different ways as follows:  

• Easi-Pay
• Australia Post
• BPAY
   

Learn more about how to make these repayments here.

1. Make sure you know how long the low or no interest rate period is and ensure you pay off the balance in time – Citi Ready Credit currently offers a 3-year balance transfer period
2. Make sure the credit limit you’re approved for on your new balance transfer is high enough to cover your existing balance being transferred over
3. Plan out your monthly repayments to ensure you can afford to pay off the balance on time
4. It’s a good idea to limit your ongoing purchases and cash advances on your old credit cards, and Citi Ready Credit, to what you can afford to repay. If your balance transfer was to pay off old credit card debt you should cancel or reduce the credit limit of that card

If you already have another Citi branded unsecured credit product you must hold this account in good standing (for example – your account is not in default, suspended or closed) for 6 months before applying for another lending product such as a Citi Ready Credit.

Here's a quick checklist of the documents you'll need to apply:

• Address proof
• Income proof
• Proof of employment
   

Top tip: upload these documents with your application for a faster review.

If you don’t hold standard forms of identification such as a driver’s licence, Australian passport or Medicare card, please call us on 13 24 84, or +61 2 8225 0615 if you’re calling from outside of Australia, to discuss your application with us.