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PayLite on tuition fees
Terms and Conditions

In these Terms and Conditions Governing the PayLite Installment Plan (“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:

The PayLite Installment Plan is a Citibank credit card facility which allows Citibank Cardholders of good credit standing to pay for goods and services on installment. PayLite is available for a minimum single-receipt purchase of at least P3,000. PayLite installment purchases are subject to approval based on the available credit limits at the time of purchase.

Cardholders shall be allowed to amortize via 0% PayLite Installment Plan or Regular PayLite Installment Plan:

a. Purchases available on Regular PayLite Installment shall abide by the prevailing rates which are subject to change from time to time by the Bank. The Cardholder agrees to pay the Bank interest on the PayLite Amount on the dates specified in the Statement of Account at the applicable average monthly-add on rate with a corresponding effective interest rate per annum based on the outstanding principal balance and the Term as follows:

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

SPECIAL CONVERTED MONTHLY FACTOR RATES FOR SELECT SCHOOLS

Term	Converted Monthly Factor Rate	Effective Interest Rate(per annum)
3 months	1.00%	17.91%

6 months	1.00%	20.29%

9 months	0.75%	15.92%

12 months	0.75%	16.22%

18 months	0.75%	16.42%

24 months	0.75%	16.43%

*The Converted Monthly Factor Rate is presented as a guide that can be used to derive the total monthly amortization (interest plus principal).
Total Monthly Amortization = [Amount Availed x (1/Term)] + [Amount Availed x Converted Monthly Factor Rate]

b. Subject to Section 6 hereof, the price of items purchased under the 0% PayLite Installment Plan shall be interest-free for the duration of the installment plan. The 0% PayLite Installment Plan is available for selected items for 3, 6, 9, 12, 18 and 24-month terms or as otherwise specified by the merchant offering the 0% PayLite Installment Plan.

The monthly PayLite Installment Due (the “Monthly Installment Due”) forms part of the Minimum Amount Due in the Statement of Account. The regular Monthly Installment Due on each PayLite transaction 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 on the transaction date. The Total Amount Payable is computed as the purchase price of goods or services (the “PayLite Amount”) plus the total amount of PayLite Interest due.

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 2 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 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 Section 3 above.

The computation of the Monthly Installments Due shall be on diminishing balance basis, under which allocation of payments to principal and interest of the Monthly Installments Due over the Term is not equal. The first Monthly Installment Due shall be billed to the Cardholder beginning on the Cardholder’s next statement date and succeeding Monthly Installments Due (as indicated in the sales slip or other documents furnished to the Cardholder or otherwise agreed to by the Cardholder) shall be billed every month thereafter until the Total Amount Payable is paid in full.

In the event that a PayLite merchant from whom the Cardholder purchased the goods or services for future delivery ceases to operate, the Cardholder shall be billed and shall be liable to pay for all unpaid periodic Monthly Installments Due until the entire Total Amount Payable is paid in full.

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 PayLite Installment Due shall be subject to the monthly finance charge at the prevailing rate of his/her card type. Usual late payment charge applies.

Pre-payment of the PayLite Installment Plan shall be allowed without pre-payment penalty. Should the Cardholder wish to terminate his/her PayLite transaction/s before the Term ends, he/she must pay the remaining Citibank PayLite principal amount plus a Cancellation Processing Fee of Php 300.00.

All PayLite Installment purchases are subject to the standard Terms & Conditions Governing the Issuance and Use of Citibank Cards and all related provisions of the PayLite Installment Plan.