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.
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 (BT) 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 Balance Transfer request will be subject to verification and credit approval by us. The approved total 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 transfer less than the original amount requested. We may at our option require a minimum availment amount for Balance Transfer.
- Where we approve a request for Citi Balance Transfer, the total Balance Transfer Amount (“Installment Transaction Amount”) shall be subject to these Terms and Conditions and all applicable terms and conditions under the Citi Card Agreement (“Cards T&C”) 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 Balance Transfer transaction.
The monthly installment due of your Balance Transfer transaction (the “Monthly Installment Due”) is included in the Minimum Amount Due in your Statement of Account until the total Installment Transaction and the applicable interest rate are paid in full.
You agree to pay us interest on the Installment Transaction 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:
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 Installment Transaction Amount and the cancellation processing fee equivalent to 4% of the unbilled principal component of the Installment Transaction Amount. 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.
The interest charge on the first Monthly Installment Due is computed based on the number of days between the approval date of the Installment Transaction and Statement Date, which is the date when your Statement of Account is generated after each billing cycle. The interest on succeeding Monthly Installments Due is computed based on a fixed 30-day period. This will result in the first Monthly Installment Due being different from subsequent ones.
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.
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.
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 Installment Transaction Amount applied under the Facility.
Citibank, N.A. Philippine Branch is regulated by the Bangko Sentral ng Pilipinas. For any concerns, the Cardholder may send a message via www.citibank.com.ph or call the BSP Financial Consumer Protection Department at 708-7087.
You may compute the Monthly Installment Due by using the following formula:
The Monthly Installment Due comprises interest and principal components and is computed on a diminishing balance basis. 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.
NOTE: THE EFFECTIVE INTEREST RATES BELOW ARE BASED ON INTEREST COMPUTED ON A FIXED 30-DAY PERIOD PER MONTH. THE ACTUAL EIR MAY BE HIGHER OR LOWER AS THE INTEREST PORTION OF THE FIRST MONTHLY INSTALLMENT DUE IS COMPUTED BASED ON THE ACTUAL NUMBER OF DAYS BETWEEN APPROVAL DATE AND ONE DAY BEFORE STATEMENT DATE, WHICH MAY BE MORE OR LESS THAN 30 DAYS.
|Converted Monthly Factor Rate*||Annual Effective Interest Rate|
*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 Disbursement Fee of P250. In the event that the approved Balance Transfer transaction will not be charged a disbursement fee, the actual EIR is lower.
SUMMARY SCHEDULE OF FEES AND CHARGES
None for availments through Citibank Online
P250 for availments through other channels
|Cancellation Processing Fee||4% of unbilled principal component of the Installment Transaction Amount|BALANCE TRANSFER SAMPLE SCHEDULE OF PAYMENT
NEXT STMT DATE
INSTALLMENT DUE MONTH (MMYY)
BALANCE TRANSFER AMOUNT (Php)
MONTHLY INSTALLMENT DUE
INTEREST COMPONENT (Php)
PRINCIPAL COMPONENT (Php)
O/S PRINCIPAL BALANCE (Php)
|AMOUNT||Php 10,000||TERM||12 MONTHS|
|APPROVAL DATE||1/1/2016||NEXT STMT DATE||1/31/2016|
|INSTALLMENT DUE MONTH (MMYY)||BALANCE TRANSFER AMOUNT (Php)||MONTHLY INSTALLMENT DUE||INTEREST COMPONENT (Php)||PRINCIPAL COMPONENT (Php)||O/S PRINCIPAL BALANCE (Php)|