Citi are offering Qantas Frequent Flyers an opportunity to earn 70,000 Qantas points on the cheap. It can take up to 17 weeks (about 4 months) for the points to be credited, so patience is required if you want to take advantage of this deal.

Furthermore Citi will run a credit check on your account before deciding whether or not to approve your application, which is also something to consider if you believe your credit rating is less than ideal or simply want to avoid another inquiry on your file.

However, if those things do not phase you and you would like to pull the trigger, these are the steps you need to complete to take advantage of this offer.

Disclaimer

The views expressed in this post is author’s personal opinion, it does not constitute advice of any kind and must not be relied on. PointsHq is not asking or recommending that you apply for this product. You must assess your own personal circumstances and needs to determine whether this product is appropriate for you.

Earning 70,000 Qantas Points

To be eligible for 70,000 Qantas points :

• Apply for a new Citi Ready Credit account before 27 September 2023. You can make the application via this link or over the phone by calling 1300 790 926.
• If approved, request $5,000 or more to be transferred to your bank account within 3 months from approval.
• Maintain a debit balance on your account and make repayments on time.
• Provide your Qantas Frequent Flyer number to Citi upon request. This will be requested via email or SMS within 8 weeks from the date the initial transfer is processed to your bank account.
• From this point, it may take up to further 9 weeks for Citi to deposit the points in your account.
• At all times throughout this process, your Citi Ready Credit account must remain open, be in good standing and have a debit balance.

Fees & Charges

There are couple of different types of fees you need to be aware of if you are going to apply for this offer.

• An establishment fee of $199 will be applied to your account on the date your first statement is issued.
• An introductory rate of 6.9% pa will be applied on the initial amount transferred to your bank account for 5 years.
• Any subsequent transfers, ongoing purchases and cash advances will attract a rate of 20.49% pa. Any unpaid balance at the end of 5 years will also attract the standard variable rate of 20.49% pa.

Redeem Qantas Points to fly Malaysia Airlines Business Class

70,000 Qantas Points for around $200

If all of the above hasn’t deterred you and you are still keen on getting in on the deal, here’s how you can score 70,000 Qantas points for a net cost of around $200.

• Upon approval, request Citi to transfer $5,000 to your bank account. This is the minimum amount you need to borrow to be eligible for Qantas points.
• Pay off $4,990 or whatever amount you feel confident with immediately and retain a small debit balance. It is critical that you do not pay back the full amount. As per the terms of the offer, the account must have a debit balance until the time Citi have credited 70,000 Qantas points into your account.
• Make monthly repayments in full, including the $199 establishment fee.
• When requested by Citi, provide them your Qantas Frequent Flyer Number and any other information they may ask.
• Pay off the account in full a few days after Citi have deposited the points in your Qantas Frequent Flyer account. As mentioned earlier, the whole process from start to finish may take up to 17 weeks.

Cost of the Deal

If my Math is right, the deal has a net cost of around $200. This includes $199 establishment fee, plus less than $1 in interest costs (for a duration of 17 weeks) provided you pay back most of the initially borrowed amount and only retain a small debit balance of no more than $10.

Once you receive the points, you can pay off any remaining balance and close the account.

Is the Deal worth it?

I personally value Qantas points at around 1.5c per point. So by that measure, the 70,000 Qantas points are worth $1,050. However, if you redeem those points for Business or First-Class flights, you will be able to extract at least 2-3x more value out of them.

As an example, you can fly Qantas Business Class from Brisbane to Singapore or Sydney to Hong Kong one-way for 68,400 Qantas points. The cash price for those flights are generally North of $3,000 – $4,000. That is excellent value if you ask me.

So yes, I personally believe the deal is absolutely worth it for those who can make it work.

Are you planning to take advantage of Citi Ready Credit Offer and earn 70,000 Qantas points? Leave a comment below.

Disclaimer

The views expressed in this post is author’s personal opinion, it does not constitute advice of any kind and must not be relied on. PointsHq is not asking or recommending that you apply for this product. You must assess your own personal circumstances and needs to determine whether this product is appropriate for you.