Citibank Ready Credit Review: Is it a Good Option for You?

Citibank Ready Credit
Citibank Ready Credit

Citibank Ready Credit Review: Is it a Good Option for You?

Citi's Ready Credit personal line of credit is relatively expensive and best viewed as a backup option.

Good for

  • Individuals unable to obtain another personal line of credit

Bad for

  • Individuals seeking a long-term personal line of credit
  • High income borrowers seeking the highest credit limit
  • Individuals earning less than S$30,000 annually

Editor's Rating

3.0/5.0

Citi's Ready Credit personal line of credit is one of the most expensive available to borrowers in Singapore due to its high interest rate of 20.95%. The bank also charges a relatively high annual fee of S$100. Therefore, it's best to view this credit line as a fallback option for individuals who aren't approved for personal lines of credit from other banks.

Summary of Citibank Ready Credit
High Interest Rate: 20.95%
Annual Fee: S$100 (waived for first year)
Limited Eligibility: Not available to individuals with annual incomes of less than S$30,000

Table of Contents

What Makes Citibank Ready Credit Stand Out to Borrowers

Citi's Ready Credit personal line of credit is not one of the cheapest available in Singapore. Given its high interest rate of 20.95% and relatively high annual fee of S$100, it ends up being an expensive source of personal financing for borrowers. Additionally, Citi does not offer personal lines of credit to low-income individuals, nor does it offer the highest possible credit limits. Despite not being the cheapest personal line of credit for borrowers in Singapore, Citi's Ready Credit can be a backup to those of other banks.

Summary of Citibank Ready Credit Costs

Annual Interest RateMaximum Credit LimitMinimum Monthly Repayment
20.95%4 times monthly income3% or S$45, whichever is higher

Who Can Apply: Eligibility Criteria

Citibank Ready Credit
Citibank Ready Credit

Consider this if you are not approved for other personal lines of credit

Eligibility S$30,000 of annual income
Max. Credit Limit 4x monthly salary
Annual Fee S$100, waived for 1 year

To be eligible for Citibank Ready Credit applicants must be at least 21 years old. Additionally, Singaporeans and Permanent Residents must meet the bank's minimum annual income requirement of S$30,000, while foreigners must earn S$42,000 annually.

Other Charges & Fees

There are several fees associated with Citi's Ready Credit personal line of credit. While all of these fees are similar to those of other credit line lenders, we always recommend that borrowers are careful to avoid unnecessary fees, which can significantly increase their total cost of borrowing.

FeeAmount
Annual FeeS$100 (waived for 1 year)
Late Payment FeeS$100
Overlimit FeeS$40

How to Apply for Citi's Personal Line of Credit

Individuals interested in Citi's Ready Credit personal line of credit can apply online, by phone or in-person. To apply, applicants must provide proof of income documentation. For salaried individuals this includes their latest 12 months' CPF statement, latest Income Tax Notice of Assessment and latest computerised payslip. Self-employed, commission-based and variable income earners must provide their last 2 years' Income Tax Notice of Assessment and last 1% Cash Rebate bank statements. Foreigners must also submit their latest Income Tax Notice of Assessment or employment letter certifying employment and salary as well as their latest computerised payslip.

Comments and Questions

{"endpoint":"\/newsletter\/subscribe","style":"blue","title":"Keep up with our news and analysis.","version":"sidebar"}