Citibank Ready Credit

[aloysius]

Under what circumstances would ppl use this???

i read the website and still dun get it leh....

how? anyone can help explain on this?? :D

[aa4f4fsd47]

Under what situation? When you need cash but with a lower interest rate lor. 17.5% per annual with no processing fee.

[Thai_Rak_Thai]

you can use it for

- cash withdrawal at the atm network (HSBC, Maybank, ABN, Stand Chart)

(credit limit is usually similar to your credit card and independant from your card account)

- for CitiBank, you can use it to pay your CitiBank credit card bills. Either do a transfer online or call the CC and request the officer to do it (after simple verification that you are account holder)

- issue you a chequebook to issue cheque

- if you put money into the account, earn interest

did i miss anything guys?

[aloysius]

hmmm

citibank had a education loan....think is 7 or 9 % per annum....
comparing this with ready credit i might as well get the loan .....

17.95 interest p.a. to me quite high leh....
and i dun understand wad benefit i have when i use it to pay my credit card bills.....i will be charged for the interest leh..... i might as well pay with my own money....

well all these unless i got no money to pay my credit card bills la

[Thai_Rak_Thai]

unless u earn so much...a decent study loan is at least S$20K, do you have that much credit?

if you earn so much...that you wouldn't need a loan

[kyma]

you can use it for

- cash withdrawal at the atm network (HSBC, Maybank, ABN, Stand Chart)

(credit limit is usually similar to your credit card and independant from your card account)

- for CitiBank, you can use it to pay your CitiBank credit card bills. Either do a transfer online or call the CC and request the officer to do it (after simple verification that you are account holder)

- issue you a chequebook to issue cheque

- if you put money into the account, earn interest

did i miss anything guys?

Can put money into the account to earn interest of 17.5%?!?!

[aloysius]

unless u earn so much...a decent study loan is at least S$20K, do you have that much credit?

if you earn so much...that you wouldn't need a loan

i thinking of if it is possible by paying off my loan with ready credit...and then pay back ready credit with lower interest rate lor....

hmmmmm now think maybe not....

17.95...too high liao......

[Thai_Rak_Thai]

Can put money into the account to earn interest of 17.5%?!?! ahh..quick...the interest EARNED is NOT 17.5% however

http://www.citibank.com.sg/SGGCB/APPS/portal/loadPage.do?path=prod/cat_land/ReadyCredit.htm&frameval1=wowWorkID&framevar1=workID&tabId=readycredit

[Thai_Rak_Thai]

i thinking of if it is possible by paying off my loan with ready credit...and then pay back ready credit with lower interest rate lor....

hmmmmm now think maybe not....

17.95...too high liao...... how much is your loan balance outstanding and how fast can you pay the amount...let's see if we can help you bro :)

[aloysius]

balanced $9600....still got 16mths to go...... each mth pay $600 for 16 mths

so how? if i get 9600 from ready credit....another 17.95% charged on me....siao man

[ku1234]

you can use it for

- cash withdrawal at the atm network (HSBC, Maybank, ABN, Stand Chart)

(credit limit is usually similar to your credit card and independant from your card account)

- for CitiBank, you can use it to pay your CitiBank credit card bills. Either do a transfer online or call the CC and request the officer to do it (after simple verification that you are account holder)

- issue you a chequebook to issue cheque

- if you put money into the account, earn interest

did i miss anything guys?


There is an ongoing promotion to waive your brokerage fee (via a cash rebate credited to your bill) when you pay your brokers by Citibank Ready Credit cheques, subject to a monthly cap of $150. Promotion ends in December. I think that is the only benefit for those who trade stocks frequently but don't need the extra ready cash provided by CRC.

[Inix]

I use it sometimes as a free cheque book. Also to transfer cash out for emergency uses. But generally, left untouched...

[aloysius]

I use it sometimes as a free cheque book. Also to transfer cash out for emergency uses. But generally, left untouched...

u use their cheque books....will charge you one rite??

the CSO tell me that the interest is on daily basis....so is 17.95/365 ???

[Thai_Rak_Thai]

balanced $9600....still got 16mths to go...... each mth pay $600 for 16 mths

so how? if i get 9600 from ready credit....another 17.95% charged on me....siao man think just pay within 16 months lah bro...if you take balance transfer or credit line, there are interest 0% for 6 months but upfront still have processing fee...so i think no diff...

[aloysius]

Thai_Rak_Thai......u working for bank huh?

seems like u know alot leh :D

[Thai_Rak_Thai]

Thai_Rak_Thai......u working for bank huh?

seems like u know alot leh :D no lah bro...y say that...i dun wan help liao =:p

[aloysius]

no lah bro...y say that...i dun wan help liao =:p

no la....i am new to credit card world ma :D

[tomicaguy]

I remember Thai mentioned in other thread that he can report to MAS if the bank had flout the rules.

He must have some inner connection with MAS. :s13:

Or does he work at some Thai bank? Thai Farmers Bank? =:p

[aloysius]

just called SCB and confirmed that if i din pay the credit card bill amt in full, there will be a 24% interest.
then it might be wise to use ready credit to pay the credit card bill amt as the interest is lower (17.95%). :D

[Thai_Rak_Thai]

I remember Thai mentioned in other thread that he can report to MAS if the bank had flout the rules.

He must have some inner connection with MAS. :s13:

Or does he work at some Thai bank? Thai Farmers Bank? =:p bro..that's the obligation of every law abiding citizen wor...:D

Forget Thai Farmer...Bangkok Bank & Kasikorn!

[ironman4672]

I have citibank ready credit, but i prefer my dbs cashline, becos it is free for lifetime... haha... ;)

[Thai_Rak_Thai]

I have citibank ready credit, but i prefer my dbs cashline, becos it is free for lifetime... haha... ;) i use my OCBC easi credit...but dun know why

[ditchdoggy]

the best thing is, 2 people called me for citibank ready credit and i said i dun want and somehow i still got it. i told them i already have the dbs one and its free so i dont want citibank. blah blah what call to ask for waiver blah blah. wah lao.

who can i call to kao peh now. can revoke or not. like this i gotta keep an eye on when 1 yr is up again. grrrr.....

[ironman4672]

the best thing is, 2 people called me for citibank ready credit and i said i dun want and somehow i still got it. i told them i already have the dbs one and its free so i dont want citibank. blah blah what call to ask for waiver blah blah. wah lao.

who can i call to kao peh now. can revoke or not. like this i gotta keep an eye on when 1 yr is up again. grrrr.....what are u talking abt, ur english is not understandable le... u had applied ready credit or not? from what u wrote, it is not clear whether u had applied or not? if u had applied, why u applied since u already said u got DBS liao....

[aa4f4fsd47]

There is an ongoing promotion to waive your brokerage fee (via a cash rebate credited to your bill) when you pay your brokers by Citibank Ready Credit cheques, subject to a monthly cap of $150. Promotion ends in December. I think that is the only benefit for those who trade stocks frequently but don't need the extra ready cash provided by CRC.

subject to a monthly cap of $150??? You mean the maximun waiver for brokerage fee is only 150sg? Each transaction should be around 150sg liao.. THis is crap !

[ditchdoggy]

What is so difficult to understand? They gave me something I never applied for.

DBS I got cause when I signed up for credit cards they told me no annual fee, ie 5k waiting to be used at no cost. So take loh. Park one side just in case.

I won't apply for something that I don't intend to use like how some people apply for cards for the sake of keeping a collection. It is not a tangible 'asset'.

[Inix]

u use their cheque books....will charge you one rite??

the CSO tell me that the interest is on daily basis....so is 17.95/365 ???
As long you have a positive balance (ie, the bank owes you instead of you oweing them), there can be no cost to the cheque book. ...

[ku1234]

subject to a monthly cap of $150??? You mean the maximun waiver for brokerage fee is only 150sg? Each transaction should be around 150sg liao.. THis is crap !
$150 worth of rebates is equivalent to a transaction amount of approx $55k per month. I think quite reasonable for an average trader. Assuming each trade is $10k, you can perform about 5 buy trades per month and get the brokerage waived. Sounds good? :s7:

[BiG_FisH]

There's a term-loan feature available for Citibank Ready Credit and Citibank Credit Cards.

Loan Amount below S$10,000

12 or 24 months tenure - 6.88% per annum
36 months tenure - 8.88% per annum

Loan Amount S$10,000 and above

12 or 24 months tenure - 5.88% per annum
36 months tenure - 7.88% per annum

Difference between taking term-loan from Ready Credit and Credit Card

For Ready Credit loans, you are able to restructure the loan period after the 1st year at no extra charges and no change to the interest rate but NOT for Credit Card loans.

Sample Scenario

Principle amt = S$5,000
Total Interest = 6.88% x S$5000 x 2 = S$688
Monthly installment = S$237 ( payable for 24 months)

After 12 months, balance will be S$2844. You can choose to stretch the loan term to an additional 12 months = S$2844 / 24 months = S118.50/month

Drop me a pm if you need more information. Will be glad to assist you regarding term loans on ready credit and/or credit cards.

:s12:

[nicinstyle]

WoW........ CITIBANK INTEREST IS SUPER HIGHHHHHHHHHHHHH
ABN AMRO PROVIDES TERM LOAN OF 1 YEAR 5.4% and 2 YEARS also at 5.4%...
THAT IS FOR ANY AMOUNT..
AND IF U HAPPEN TO LIKE IT SHORTER.. THE ABN AMRO ACC CAN ALSO PROVIDE U AT 0.40% A MONTH FOR 6 MONTHS.. AT REDUCING BALANCE TRANSFER..
PPL WHO THINK READY CREDIT INTEREST AT 17.95% IS LOW-- DUN BE MISTAKEN.. ABN AMRO MONEYLINE ( EASYCRDIT EQUAVILENT ) IS ONLY AT 17.28% --- BUT DUN EVER USE THE ACCOUTNS AT SUCH INTEREST-- JUS CALL AND U CAN GET A BALANCE TRANSFER IN ONLY 3 WORKIN DAYS OR FASTER.. AT ONLY 4.8% P.A FOR 6 MONTHS.
PM ME IF YOU HAVE ANY QUERIES OR WISHES TO APPLY..

[coffeeSG]

the abn.amro moneyline is a term loan, not overdraft right?

[ironman4672]

the abn.amro moneyline is a term loan, not overdraft right?it's personal line of credit like readycredit, cashline, cashplus la...

[rAcEr]

if u r cash rich, u dun need it.

however, if u have some other loans to pay (with interest rates > 5%), then it can be useful to get one of these credit line facilities, whether its ocbc easicredit, dbs cashline, abn moneyline, citibank readycredit, etc. from time to time they will have a balance transfer / funds transfer promotion of between 1.99% to 4.8% p.a. interest for 6 months, or a promotion of 0% interest for 6 months but with a 2.5% svc fee. if u do the maths correctly, 0% interest for 6 months with a 2.5% svc fee comes to about 4.8% p.a. interest.

it is not wise to use the credit line facility without signing up for a balance transfer promotion because u will be paying an interest rate of 17-18% p.a, which even though it is lower than CC rates of 24%, it is still MUCH HIGHER than e rates u get from balance transfers.

PM me if you need further clarification

[rAcEr]

in short, if u need some extra cash, always go for the balance transfers from CCs or credit lines. but also remember to keep track of the date which u signed up, so that when 6 months is up and the promotional interest rate expires, you should sign up another 6 mth balance transfer from another bank and use the money to pay off the original loan.

in other words, you will get to enjoy a "promotional interest rate" for a long time with this method.

[alvinblank]

Long story short, I withdraw $1000 from my Ready Credit account yesterday. What shock will I see when month-end statement arrives?

[rAcEr]

interest calculated at 0.05% x (the no. of days between yesterday and ur next statement) x S$1000


17.95% (year) / 12 (months) / 30 (days) = 0.05% daily interest

[aloysius]

i just took up UOB's 3.88% promotion to pay off my ready credit amt...........

[kyma]

interest calculated at 0.05% x (the no. of days between yesterday and ur next statement) x S$1000


17.95% (year) / 12 (months) / 30 (days) = 0.05% daily interest

Is the interest compounded monthly? BTW, a slightly more accurate calculation is 17.95% ÷ 365 days. :look: