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 and 36 months.
TERMS AND CONDITIONS GOVERNING THE BALANCE TRANSFER PROGRAM
In these Terms and Conditions Governing the Balance Transfer Facility (“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:
Balance Transfer Facility. Under the Balance Transfer Facility, the Cardholder may apply with the Bank to transfer to his Card his other outstanding credit card balances with other banks or credit card companies. The other credit card must be issued in the name of the Cardholder, and the total amount of the Balance Transfer requested by the Cardholder (“Total Balance Transfer Amount”) should not be less than Five Thousand Pesos (P5,000). The Cardholder must be a Principal Citi Cardholder and is in good standing with Citibank and the other banks or credit card companies. The Cardholder is required to provide the following information to the authorized Citibank service provider (“Service Provider”): other card company; other card account number; Total Balance Transfer Amount; Term; Citi Card number (where the total Balance Transfer Amount will be applied to) and Citi Card expiry date.
The Balance Transfer request will be subject to verification and credit approval by the Bank. The approved Total Balance Transfer Amount must not exceed the (i) Cardholder’s Citi Card Combined Credit Limit / Regular Credit Limit and (ii) Total Amount Due from the Cardholder’s other card company credit card/s. Citibank has the option to transfer less than the Total Balance Transfer Amount requested by the Cardholder.
- Effect of Balance Transfer. Where the Bank approves a request for Balance Transfer under the Balance Transfer Facility, the Total Balance Transfer 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 Citi Cards (“Cards T&C”) and all related provisions of the Citi PayLite® Installment Plan.
Balance Transfer Installment Payment and other Fees. The monthly Balance Transfer 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 Balance Transfer Amount plus the total amount of Balance Transfer interest due. The total amount of interest due (“Total Interest Due”) on the Total Balance Transfer 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 Balance Transfer 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.
In case of pre-termination or cancellation of Balance Transfer, 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 4% of the unbilled principal component of the Total Amount Payable. 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 Balance Transfer. The equivalent amount will be charged to the Cardholder’s Citi Card account on the next statement date following the date of pre-termination or cancellation.
SUMMARY SCHEDULE OF FEES AND CHARGES
Cancellation Processing Fee 4% of unbilled principal component of the Total Amount Payable
Interest on the Total Balance Transfer Amount. The Cardholder agrees to pay the Bank interest on the Total Balance Transfer Amount on the dates specified in the Statement of Account at the applicable converted monthly factor 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: THE EFFECTIVE INTEREST RATES BELOW ARE BASED ON INTEREST COMPUTED ON A FIXED 30-DAY PERIOD. YOUR ACTUAL EIR MAY BE HIGHER OR LOWER AS THE INTEREST PORTION OF YOUR 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.
Term Converted Monthly Factor Rate* Effective Interest Rate (Per Annum) 6 0.99% 22.04% 12 0.99% 23.45% 18 0.99% 23.67% 24 0.99% 23.59% 36 0.99% 23.15%
*The Converted Monthly Factor Rate, formerly referred to as "Monthly add-on rate", is presented as a guide that can be used to derive the monthly installment (interest plus principal). Monthly Installment Due = Total Balance Transfer Amount X [(1/Term) + Converted Monthly Factor Rate]
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 interest charge at the prevailing rate of 2.49% (or 29.88% nominal interest rate per annum) for Choice Cards, 2.75% (or 33% nominal interest rate per annum) for Platinum Cards, 2.99% (or 35.88% nominal interest rate per annum) for Cash Back MasterCard, 3.25% (or 39% nominal interest rate per annum) for Gold Cards, 3.33% (or 39.96% nominal interest rate per annum) for Rewards Card and 3.5% (or 42% nominal interest rate per annum) for all other cards. Interest rates are quoted based on a 30-day period. For months with more (or less) than 30 days, the applicable interest rate shall increase (or decrease) accordingly. Interest is compounded monthly. Usual late payment charge applies. (Note that the Balance Transfer Installment Due is made up of (1) the Principal Component of Monthly Citi PayLite® Installment Plan; and (2) the applicable Interest Component of Monthly Citi PayLite® Installment Plan).
For Choice Cards, in the event that the Citi 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 Citi Card account is 60 days or more past due, the Balance Transfer installment plan will be cancelled, and any remaining unpaid balance will be billed to the Citi Card account in full as a regular retail transaction. Once billed in full, the remaining balance will be subject to the standard monthly interest charge of 2.49% for Choice Cards, 2.75% for Platinum Cards, 2.99% for Cash Back MasterCard, 3.25% for Gold Cards, 3.33% for Rewards Card 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 Balance Transfer Amount applied under the Balance Transfer 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 Balance Transfer Amount applied under the Balance Transfer Facility. 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.