Citibank PayLite after Purchase - Citibank Philippines

In these Terms and Conditions Governing the PayLite after Purchase Program (“Terms and Conditions”), the term “Card” means all credit cards issued by Citibank, N.A. (Philippine Branch) (“Bank”). The term “Cardholder” means the person at whose request one or more Cards have been issued by the Bank. The Cardholder hereby agrees to the following Terms and Conditions:

PayLite after Purchase Program. PayLite after Purchase is a Citibank credit card facility which allows select Citibank Cardholders of good credit standing to convert a single-receipt retail transaction of at least P3,000 to a PayLite Installment Plan, which together with applicable interest and other fees shall be paid for by the Cardholder on an installment basis. Cash Advance transactions, interest charges, fees and installment amortizations are not convertible under the PayLite after Purchase facility.

PayLite after Purchase requests should be received by the Bank at least three (3) banking days before the Payment Due Date indicated on the Cardholder’s Statement of Account; such requests will be subject to verification and credit approval by the Bank. The approved PayLite after Purchase Amount must not exceed the unused portion of the Regular Credit Limit of the Cardholder’s Citibank Card.

Moreover, rewards points, rebates, PremierMiles and CEB Points earned from the retail transaction applied for conversion will be deducted from the Card account upon conversion, and will be credited back monthly in such amounts corresponding to the portion of the principal component of the monthly PayLite installment billed on the Statement of Account.

Effect of Availment under PayLite after Purchase. Where the Bank approves a request for PayLite after Purchase, the total PayLite after Purchase amount (“Total PayLite after Purchase Amount”) shall be subject to these Terms and Conditions and all applicable terms and conditions under the Terms and Conditions Governing the Issuance and Use of Citibank Cards (“Cards T&C”) and all related provisions of the PayLite Installment Plan.

PayLite after Purchase Installment Payment and other Fees. The monthly PayLite after Purchase installment due (the “Monthly Installment Due”) forms part of the minimum amount due in the statement of account of the Card. The regular Monthly Installment Due is computed as the total amount payable (the “Total Amount Payable”) divided by the term (the “Term”, i.e. number of months within which such amount must be paid) chosen by the Cardholder. The Total Amount Payable is computed as the Total PayLite after Purchase Amount plus the total amount of PayLite after Purchase interest due. The total amount of interest due (“Total Interest Due”) on the Total PayLite after Purchase Amount is computed as the sum of interest charged monthly throughout the Term chosen by the Cardholder. The interest for the second and succeeding statement periods is computed by multiplying the effective interest rate (the “Effective Interest Rate” or the “EIR”) stated in Section 4 hereof by the outstanding principal balance, divided by 360 days, and then multiplied by 30 days (Interest = EIR * outstanding principal balance / 360 * 30); the interest for the first Monthly Installment Due shall be computed by multiplying the quotient in the formula by the actual number of days from approval date of the PayLite after Purchase transaction to one day before statement date, instead of 30 days. The principal portion is computed by subtracting the interest from the Monthly Installment Due.

The computation of the Monthly Installments Due shall not be equal, as the interest on the first Monthly Installment Due shall be computed based on the actual number of days from approval date and one day before statement date (ends inclusive), while the interest on the second and succeeding Monthly Installments Due shall be computed based on a fixed 30-day period. Thus, the first Monthly Installment Due may be more or less than the subsequent regular Monthly Installments Due and shall not be construed as the regular Monthly Installment Due. After the first month, the Cardholder shall be billed a fixed regular Monthly Installment Due, as computed in accordance with the first paragraph of this item 3.

The computation of interest and principal components of the Monthly Installments Due shall be on a diminishing balance basis, and the interest and principal portions of the Monthly Installments Due will not be equal from month to month.

The first Monthly Installment Due shall be billed to the Cardholder beginning on the Cardholder’s next statement date and succeeding Monthly Installments Due shall be billed every month thereafter until the Total Amount Payable is paid in full.

The following is a sample computation:

PAYLITE INSTALLMENT PLAN SAMPLE SCHEDULE OF PAYMENT

PayLite Amount: P10,000	Term: 12 months
Average Monthly Add-On Rate: 1.50%	EIR: 31.72%
Approval Date: 1/1/2011	Next Statement Date: 2/1/2011

Month	# of Days Installment on Balance	Monthly Installment Due	Interest Component	Principal Component	O/S Principal Balance

0	-	-	-	-	P10,000.00

1	31	P992.17	P273.14	P719.03	9,280.97

2	30	983.33	245.30	738.03	8,542.94

3	30	983.33	225.79	757.54	7,785.39

4	30	983.33	205.77	777.56	7,007.83

5	30	983.33	185.22	798.11	6,209.72

6	30	983.33	164.12	819.21	5,390.51

7	30	983.33	142.47	840.86	4,549.65

8	30	983.33	120.25	863.08	3,686.56

9	30	983.33	97.44	885.90	2,800.67

10	30	983.33	74.02	909.31	1,891.36

11	30	983.33	49.99	933.34	958.01

12	30	983.33	25.32	958.01	(0.00)

TOTAL		11,808.80	1,808.84	9,999.96

In case of pre-termination or cancellation of PayLite after Purchase, the Cardholder shall be liable to pay in full the unpaid principal component of the Total Amount Payable and a Cancellation Processing Fee equivalent to P300. In case of special promotions wherein the Bank gives the Cardholder special premiums (includes promotional items, rewards points, rebates, etc.), the Bank has the discretion to charge the full monetary equivalent of the premium should the Cardholder pre-terminate or cancel the PayLite after Purchase. The equivalent amount will be charged to the Cardholder’s Citibank Card account on the next statement date following the date of pre-termination or cancellation.

SUMMARY SCHEDULE OF FEES AND CHARGES

Cancellation Processing Fee

P300

4..

Interest on the Total PayLite after Purchase Amount. The Cardholder agrees to pay the Bank interest on the Total PayLite after Purchase Amount on the dates specified in the Statement of Account at the applicable monthly add-on rate with a corresponding effective interest rate per annum based on the outstanding principal balance when the respective Statement of Account is generated and the Term as follows:

NOTE: RATES BELOW ARE SUBJECT TO CHANGE BY CITIBANK IN LINE WITH SPECIAL PROMOTIONAL OFFERINGS

Term	Average Monthly Add-on Rate	Effective Interest Rate (Per Annum)
3	1.74%	31.06%
6	1.54%	31.02%
12	1.50%	31.72%
24	1.69%	35.09%

If the Cardholder chooses to pay only a portion of his Total Amount Due as indicated in the Statement of Account, the unpaid portion of the Monthly Installment Due shall be subject to the monthly finance charge at the prevailing rate of 2.49% for Choice Cards, 2.75% for Platinum Cards, 2.99% for Cash Back MasterCard, 3.25% for Gold Cards and 3.5% for all other cards. Usual late payment charge applies. (Note that the PayLite after Purchase Installment Due is made up of (1) the Principal Component of Monthly PayLite Installment; and (2) the applicable Interest Component of Monthly PayLite Installment).

For Choice Cards, in the event that the Citibank Card account is twice or more past due (that is, when the minimum amount due is not received in full on or before the payment due date) within the last twelve months, the interest rate of 3% per month (36% per annum) will apply. The interest rate will revert to the prevailing monthly interest rate of 2.49%, as soon as the account is no longer twice or more past due within the immediately preceding 12-month period.

In the event that the Citibank Card account is 60 days or more past due, the PayLite after Purchase installment plan will be cancelled, and any remaining unpaid balance will be billed to the Citibank Card account in full as a regular retail transaction. Once billed in full, the remaining balance will be subject to the standard monthly finance charge of 2.49% for Choice Cards, 2.75% for Platinum Cards, 2.99% for Cash Back MasterCard, 3.25% for Gold Cards and 3.5% for all other cards.

Interpretation. Except insofar as they may be inconsistent with these Terms and Conditions, the provisions of the Cards T&C shall continue to apply to the Total PayLite after Purchase Amount applied under the PayLite after Purchase Facility. These Terms and Conditions shall be read and construed with the Cards T&C so as to produce a result that is harmonious and consistent; Provided, that in the event of any inconsistency or conflict between the provisions of these Terms and Conditions and the Cards T&C, the provisions of these Terms and Conditions shall prevail in relation to the Total PayLite after Purchase Amount applied under the PayLite after Purchase Program. Unless clearly and unambiguously provided in these Terms and Conditions, there shall be no diminution of the obligations of the Cardholder under the Cards T&C.

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