Get lower interest rates. Simply transfer your other card's balances to your Citi® Card.
Consolidate all your other credit card balances into one lighter monthly payment on your Citibank Credit Card
- Enjoy a low converted monthly factor rate.
- Consolidate your other credit card balances into one monthly payment and due date.
- Pay light monthly installments at flexible tenor choices of 6, 12, 18, 24, 36, 48 and 60 months.
- A Processing Fee of P900 will be charged to your Citi credit card once your Citi Balance Transfer application is approved.
|Term||Converted Monthly Factor Rate*||Annual Effective Interest Rate**|
TERMS AND CONDITIONS OF THE CITI BALANCE TRANSFER FACILITY
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) (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:
Citi Balance Transfer is an installment facility where select Citi Cardholders of good credit standing who qualify for Citi Balance Transfer may apply to transfer to his Card his outstanding credit card balances with other banks and pay the same, together with applicable interest and other fees, on installment basis ("Installment Transaction"). To avail, you must be the principal cardholder of the Citi Card account and of the credit card account with the other bank or card company, and your account/s with Citi and with the other bank/s or card company/ies must be in good credit standing.
The Citi Balance Transfer request will be subject to verification and credit approval by us. The approved total Citi Balance Transfer Amount must not exceed the total amount due with the other credit card company and the unused portion of your Citi Card Relationship Limit or Account Credit Limit, as applicable. We may at our option require a minimum availment amount for Citi Balance Transfer
Where we approve a request for Citi Balance Transfer, the total Citi Balance Transfer Amount (“Principal Amount”) shall be subject to these Terms and Conditions and all applicable terms and conditions under the Citi Card Agreement and all related provisions of the Citi Installment Facilities.
You should continue to pay the required amount due on your other credit card/s until our payment is reflected in your other credit card's/s' statement/s of account/s. We will not be liable for any interest, penalty, or any other charges on your other card in case you fail to do so.
You warrant that the amount/s transferred from the other credit card account/s is/are free of claims and is/are not subject to any dispute. Once the Citi Balance Transfer application is approved, we can no longer reverse the Citi Balance Transfer transaction.
Citi Balance Transfer transactions shall not earn points, rebates and miles ("Usage Privileges").
You expressly agree that charging of the Principal Amount is deferred for the first Statement of Account, and acknowledge that you will pay an initial interest in consideration of the longer payment period provided to you to repay the Principal Amount. The Monthly Installments Due will be reflected on your second and succeeding Statements of Account after the approval date, and the interest component of the Monthly Installment Due will be computed as set out below.
The initial interest is computed based on the actual number of days from the approval date of your Installment Transaction to your first statement date after the said approval date. It 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 Effective Interest Rate (EIR) [computed as set out below] 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 installment due of your Citi Balance Transfer transaction ("Monthly Installment Due") is included in the Minimum Amount Due in your Statement of Account until the total Principal Amount and the applicable interest are paid in full.
You may compute the Monthly Installment Due by using the following formula:Principal Amount x [1+(Converted Monthly Factor Rate x Term)]
Where Term is the number of months that you will be paying for the Monthly Installment Due.
The Monthly Installment Due comprises interest and principal components and is computed based on diminishing balance. The interest and principal components of the Monthly Installment 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 Statement of Account from the approval date and succeeding Statements of Account as [Balance Transfer(001:00x)] and so forth..
You also agree to pay us interest on the Principal Amount on the dates specified in your Statement of Account at the applicable converted monthly factor rate with a corresponding effective interest rate per annum based on the outstanding principal balance and the Term as follows:
NOTE: THE EFFECTIVE INTEREST RATES (EIR) BELOW 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.
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 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 P900.
If your Citi Balance Transfer request is approved, you shall be charged a non-refundable Processing Fee of Php 900 for each Citi Balance Transfer Transaction.
If you pay less than the Total Amount Due indicated in your Statement of Account, the unpaid portion of the Monthly Installment Due is subject to the prevailing monthly retail Interest Charge. Interest is compounded monthly. Usual Late Charges also apply.
Furthermore, if the Card account is past due for 60 days or more, the Installment Transaction will be cancelled. Any remaining unpaid balance will be billed to the Card account in full and will be subject to the prevailing monthly retail Interest Charge. Please refer to the Citi Card Fees and Charges for the prevailing rates, fees and charges. This can be viewed at www.citibank.com.ph.
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 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 30 days.
Below is a sample repayment schedule.
BALANCE TRANSFER REPAYMENT SCHEDULE PRINCIPAL AMOUNT Php 20,000 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 Php 900 INSTALLMENT PERIOD BALANCE TRANSFER AMOUNT (Php) MONTHLY INSTALLMENT DUE (Php) INTEREST COMPONENT (Php) PRINCIPAL COMPONENT (Php) OUTSTANDING PRINCIPAL BALANCE (Php) 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
You acknowledge that your Installment Transaction will be maintained for the Term stated in the sales slip or other documents furnished to you and that we have already incurred cost of funds and committed yield to fund sources which finance the Installment Transaction. In case you pre-pay any Installment Transaction before the lapse of the Term, you agree to reimburse us for any loss or additional cost, including but not limited to processing the pre-payment.
In case of (a) any change in law or regulations which gives rise to new additional taxes, higher reserve requirements or similar events, or (b) significant change in the economic environment, we may adjust any applicable charges and Installment interest even before the Term expires.
Please be advised that by clicking/tapping the button, agreeing over the phone and availing of Citi Balance Transfer through your Citi credit card/s, you are providing your explicit consent to Citi’s Data Privacy Terms (Consent for Processing, Profiling and Sharing of Data and Information and Data Privacy Statement) and to the updated Citi Card Agreement and the Citi Card Fees and Charges. For the full Consent and the Data Privacy Statement and latest version of the Citi Card Agreement and the Citi Card Fees and Charges, please go to www.citibank.com.ph/global_docs/pdf/cardstandc.pdf
You acknowledge that by availing of Citi Balance Transfer if your card account is currently insured under CreditShield, there will be an increase in the computation of your CreditShield premiums charged to your card. CreditShield premiums are computed based on a percentage of your credit card's total outstanding balance, and including the principal component of any unbilled instalment amount/s and unbilled charges.
Please be advised that even if you have not yet activated your card, your request for Citi Balance Transfer may still be processed. To activate your card, download the Citi Mobile App at http://citi.asia/2feYNSR or you may also visit https://www.citibank.com.ph/mobilebanking/card-activation.html.
All Installment Transactions are subject to the Citi Card Agreement and all related provisions of the Citi Installment Facilities.
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.
SUMMARY SCHEDULE OF FEES AND CHARGES
Php 900 for each approved transaction
Cancellation Processing Fee
4% of unbilled portion of the Principal Amount
Monthly Late Charge
Php 850 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 or send us a message through www.citibank.com.ph. Citibank, N.A. Philippine Branch is supervised by Bangko Sentral ng Pilipinas with telephone number (632) 8708-7087.
For your complaints/concerns, we will endeavor to resolve these within 7 business days. For complaints/concerns requiring more time to resolve we will be in touch with you and inform you of the progress.
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.