IMPORTANT ADVISORY: CHANGES TO THE CITI CARD AGREEMENT AND FEES AND CHARGES
Starting March 15, 2023, only 1% of the billed Principal component and 100% of the billed Interest component for all interest-bearing Installment Transactions will be included in the Minimum Amount Due. The rest will form part of your Total Amount Due in your Statement of Account.
In addition, 1% of the unbilled Principal of your interest-bearing Installment Transactions will be included in the Minimum Amount Due computation.
This change provides you the flexibility of paying a lighter Minimum Amount Due, which may help in managing your finances.
To access Frequently Asked Questions on the foregoing changes, visit www.citibank.com.ph/eppmd .
Payment to your other bank credit card will be processed in 2-3 business days.
A Processing Fee of P900 will be charged to your Citi credit card once your Citi Balance Transfer application is approved.
Application is subject to credit evaluation and approval.
Term | Converted Monthly Factor Rate* | Annual Effective Interest Rate** |
---|---|---|
12 | 1.00% | 23.70% |
18 | 1.00% | 23.92% |
24 | 1.00% | 23.84% |
36 | 1.00% | 23.39% |
48 | 1.00% | 22.85% |
60 | 1.00% | 22.31% |
The Converted Monthly Factor Rate may be different from actual offer.
*The Converted Monthly Factor Rate, is presented as a guide that can be used to derive the monthly installment (interest plus principal). Monthly Installment Due = {Principal Amount x [1+(Converted Monthly Factor Rate x Term)]}/Term
Where Term is the number of months that you will be paying for the Monthly Installment Due. It does not include the period covered by the first statement of account (period covered by the initial interest).
**The Effective Interest Rates (EIR) above are based on interest computed on a fixed 30-day period per month. The actual EIR of the installment transaction may be higher or lower as this includes the Initial Interest and Processing Fee.
The charging of the Principal Amount is deferred for the first statement of account and will begin on the second Statement of Account after the approval date, and an initial interest will be charged in consideration for the longer payment period provided to you to repay the Principal Amount. The initial interest is computed based on the actual number of days from the approval date of your Installment Transaction to your statement date, and will be charged on your first Statement of Account issued following the approval date. The initial interest is calculated by multiplying (i) the approved Principal Amount, (ii) the applicable monthly EIR, and (iii) the number of days from the approval date to the first statement date; and dividing the total by 30 days. It will be reflected on your Statement of Account as the charge on Month 0 [Balance Transfer Initial Int].
The Monthly Installments Due will be reflected on your second and succeeding Statements of Account after the approval date. Please continue to pay for at least the minimum amount due reflected on your statement of account before the due date to avoid unnecessary interest charges and late charge, and to maintain your credit history.
Important Note: The installments from your Citi Balance Transfer transaction are billed to your Citi credit card account monthly similar to a normal retail purchase, and are subject to the usual interest charge if you pay/had paid less than the Total Amount Due indicated on your current or previous monthly Statement of Account on or before the Payment Due Date. Usual late charges apply if you pay/had paid less than the Minimum Amount Due on or before the Payment Due Date.
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In these Terms and Conditions of the Citi Balance Transfer Facility (“Terms and Conditions”), “Card” means all credit cards issued by us, Citibank, N.A. (Philippine Branch) or its successor and assign, Union Bank of the Philippines (hereafter, all references to Citi or Citibank N.A. – Philippine Branch is understood to be references to Union Bank of the Philippines) (also referred to as “we”, “our”, or “us”), while “you” refers to the select Citi principal Cardholders who are of good credit standing and who are eligible to avail of Citi Balance Transfer. By availing of Citi Balance Transfer, you agree to the following Terms and Conditions, and all applicable terms and conditions under the Citi Card Agreement and all related provisions of the Citi Installment Facilities:
The Monthly Installment Due will be billed and reflected on your SOA after the Posting Date as [Installment Facility or Merchant Name (001:00x)] and so forth. You may compute the monthly installment due (“Monthly Installment Due” or “MID”) using the following formula:
Principal Amount x [1+(Converted Monthly Factor Rate x Term)]
Term
Where Term is the number of months that you chose for your Installment Transaction.
Each MID of your Installment Transaction will be included in the Minimum Amount Due (“MAD”) in your SOA until the end of the Term of the Installment Transaction.
The MID of your Installment Transaction comprises the billed Principal and interest components, which are computed on a diminishing balance basis. The Interest and principal components of the Monthly Installments Due vary each month and are computed as follows:
Interest component:
Prior month’s outstanding principal balance x monthly Effective Interest Rate (EIR), where monthly EIR = (1 + Annual EIR)1/12 - 1
Principal portion:
Monthly Installment Due - interest component for the month.
The Monthly Installments Due will be reflected on your second SOA from the approval date and succeeding Statements of Account as [Balance Transfer(001:00x)] and so forth.
Your availment of the Citi Balance Transfer means you agree to pay us interest on the Principal Amount on the dates specified in the SOA at the applicable Converted Monthly Factor Rate with a corresponding Effective Interest Rate per annum based on the outstanding principal balance and the Term.
For example:
Term* (Months) | Converted Monthly Factor Rate** | Annual Effective Interest Rate** |
---|---|---|
12 | 1.00% | 23.70% |
18 | 1.00% | 23.92% |
24 | 1.00% | 23.84% |
36 | 1.00% | 23.39% |
48 | 1.00% | 22.85% |
60 | 1.00% | 22.31% |
*The Term in this table refers to the number of months that you will be paying for the Principal Amount and the applicable interest. The Term does not include the period covered by the first statement of account (period covered by the initial interest).
**The Converted Monthly Factor Rate (CMFR) is presented as a guide that can be used to derive the Monthly Installment Due (principal plus interest).
***The computation of Annual Effective Interest Rate includes a Processing Fee of Nine Hundred Pesos (Php 900).
NOTE: THE EFFECTIVE INTEREST RATES (EIR) IN THE EXAMPLE ABOVE ARE BASED ON INTEREST COMPUTED ON A FIXED 30-DAY PERIOD PER MONTH. THE ACTUAL EIR OF THE INSTALLMENT TRANSACTION MAY BE HIGHER OR LOWER AS THIS INCLUDES THE INITIAL INTEREST AND THE PROCESSING FEE.
We will charge the interest rate and/or fees as disclosed at the date of availing the Installment Transactions which shall be applicable during its entire Term and no additional fees and interest will be charged for this Installment Transaction, ONLY if you pay in full the Total Amount Due of your SOA by the Payment Due Date every month until you have paid all installments. However, if you pay (or had paid) an amount that is:
Illustration
This illustration focuses on Citi Balance Transfer Installment Transaction of Fifty Thousand Pesos (Php 50,000) for twelve (12) months and straight retail transaction of Five Thousand Pesos (Php 5,000), assuming you have paid the MAD on the Payment Due Date.
Statement Date | January 4 |
Payment Due Date | January 21 |
Billed MID Principal Portion Interest Portion |
P4,667.67 P3,772.62 P894.05 |
Billed Straight Retail Transactions | P5,000.00 |
MAD specified in the Statement of Account Billed MID plus 1% of the Billed Straight Retail Transactions (P4,667.67 + P50) |
P4,717.67 |
Total Amount Due | P9,667.67 |
Payment made on January 21 (equivalent to MAD) | P4,717.67 |
Retail interest rate as set out in the Statement of Account | 2% per month |
[A] Interest charged on the Principal Portion of your billed MID (P3,772.62) + straight retail transactions (P5,000.00) from 1 day after current statement date to 1 day before payment date (sixteen [16] days) at a retail interest rate of 2% per month | P93.57 |
[B] Interest charged on the Unpaid Portion of the Total Amount Due (P4,950.00) from payment date to next statement date (January 21 to February 1 = twelve [12] days) | P39.60 |
Next Statement Date | February 1 |
Total interest charged in February 1 Statement [A] + [B] |
P133.17 |
If you wish to cancel an Installment Transaction before its Term ends, you may do so without a prepayment penalty. In that case, you agree to pay in full the unpaid portion of the Principal Amount and the cancellation processing fee equivalent to four percent (4%) of the unbilled portion of the Principal Amount, plus accrued interest charges on the cancelled Installment Transaction computed based on the actual number of days from the last Statement Date until the date of cancellation.
The accrued interest is calculated by multiplying (i) the remaining unbilled portion of the Principal Amount, (ii) the applicable monthly EIR [computed as set out above] and (iii) the number of days from the last statement date to the date of cancellation; and dividing the total by thirty (30) days.
In case of promotions where we give you a premium item/s (which include promotional items, Usage Privileges, etc.), we may charge the full monetary equivalent of the premium item should you cancel the Installment Transaction.
Below is a sample repayment schedule:
PRINCIPAL AMOUNT | P20,000 | TERM | 12 MONTHS |
CONVERTED MONTHLY FACTOR RATE | 1% | ANNUAL EIR | 33.40% |
APPROVAL DATE | 1/1/2020 | NEXT STATEMENT DATE | 1/31/2020 |
PROCESSING FEE | P900 |
INSTALLMENT PERIOD |
BALANCE TRANSFER AMOUNT (P) |
MONTHLY INSTALLMENT DUE (P) |
INTEREST COMPONENT (P) |
PRINCIPAL COMPONENT (P) |
OUTSTANDING PRINCIPAL BALANCE (P) |
---|---|---|---|---|---|
20,000.00 | |||||
0 | 357.62 | ||||
1 | 1,866.67 | 357.62 | 1,509.05 | 18,490.95 | |
2 | 1,866.67 | 330.64 | 1,536.03 | 16,954.92 | |
3 | 1,866.67 | 303.17 | 1,563.50 | 15,391.43 | |
4 | 1,866.67 | 275.21 | 1,591.45 | 13,799.97 | |
5 | 1,866.67 | 246.76 | 1,619.91 | 12,180.07 | |
6 | 1,866.67 | 217.79 | 1,648.88 | 10,531.19 | |
7 | 1,866.67 | 188.31 | 1,678.36 | 8,852.83 | |
8 | 1,866.67 | 158.30 | 1,708.37 | 7,144.46 | |
9 | 1,866.67 | 127.75 | 1,738.92 | 5,405.55 | |
10 | 1,866.67 | 96.66 | 1,770.01 | 3,635.54 | |
11 | 1,866.67 | 65.01 | 1,801.66 | 1,833.88 | |
12 | 1,866.67 | 32.79 | 1,833.88 | 0.00 |
These Terms and Conditions should be read together with the Citi Card Agreement, to produce a result that is harmonious and consistent. In the event of any inconsistency or conflict between the provisions of these Terms and Conditions and the Citi Card Agreement, these Terms and Conditions shall prevail in relation to the Principal Amount applied under the Facility.
Processing Fee | P900 for each approved transaction |
Cancellation Processing Fee | 4% of unbilled portion of the Principal Amount |
Monthly Late Charge | P1,500 or the unpaid Minimum Amount Due, whichever is lower. Late Charges do not apply to Citi Simplicity+. |
For any concerns, you may call us at (632) 8995-9999 (632) 8995-9999 or send us a message through www.citibank.com.ph.
This bank is regulated by Bangko Sentral ng Pilipinas with contact details at https://www.bsp.gov.ph.
Please read these provisions (the “Consent”) on UnionBank Processing, Profiling and Sharing of Data and Information thoroughly. UnionBank’s Data Privacy Statement (“Data Statement”) can be viewed online at www.citibank.com.ph/DataPrivacyStatement.
You understand and agree that UnionBank at any time, may implement necessary reference checks including, but not limited to, credit reporting/reference agencies, the credit bureau, and/or any other financial institution to enable Citi/UnionBank to ascertain your status, in helping the Bank at arriving at a decision in applications, if any, where your account is linked or related to our credit-related products or facilities.
For your complaints/concerns, we will endeavor to resolve these within seven (7) business days. For complaints/concerns requiring more time to resolve, we will be in touch with you and inform you of the progress.
Citibank, N.A., Philippine Branch has transferred ownership of its consumer banking business to Union Bank of the Philippines. The trademarks “Citi”, “Citibank”, “Citigroup”, the Arc design and all similar trademarks and derivations thereof are used temporarily under license by Union Bank of the Philippines from Citigroup, Inc. and related group entities.
For any concerns, you may call us at (632) 8995-9999 (632) 8995-9999 or send us a message through www.citibank.com.ph.
This bank is regulated by Bangko Sentral ng Pilipinas with contact details at https://www.bsp.gov.ph.
For your complaints/concerns, we will endeavor to resolve these within seven (7) business days. For complaints/concerns requiring more time to resolve, we will be in touch with you and inform you of the progress.