PAYLITE AFTER PURCHASE
Shopping can be more fun with Citi PayLite After Purchase! Convert your local, international or even online straight single-receipt purchases of at least P5,000 into light installments.
Enjoy flexible payment terms of 3 to 24 months.
- Lighter, affordable monthly payments
- Flexible payment terms of 3, 6, 12 or 24 months
- No availment fees
- Application is hassle-free
Apply now and enjoy low converted monthly factor rates!
Airline tickets worth P30,000
Pay only P1,847 per month for 24 months
|Tenor||*Converted Monthly Factor Rate||**Annual Effective Interest Rate||Monthly Installment|
Click on to expand and on to minimise the details.
Citi PayLite After Purchase is a Citi Card facility which allows select Citi Cardholders of good credit standing to convert an unbilled straight single-receipt retail purchase of at least P5,000 to a PayLite Installment plan.
Any unbilled single-receipt retail purchase on your Citi Card of at least P5,000.
An unbilled retail purchase is any purchase made using your card that has not yet been reflected on your current statement of account.
No. You may only convert a transaction to Citi PayLite After Purchase if it is a single-receipt purchase worth at least P5,000.
Your transaction will be converted to PayLite on the same day.
You may convert as many transactions as you wish. However, please note that the total amount of your Citi PayLite After Purchase transactions is still subject to credit evaluation and approval.
You may apply for Citi PayLite After Purchase as soon as it is posted to your account (as early as 2-3 days after the transaction was made) and before your statement date.
You may call our 24-hour Hotline at 995 9999 to check if there are other installment plans available to your account.
Only unbilled, single receipt retail purchases worth at least P5,000 may be converted to PayLite. Please call our 24-hour Hotline at 995 9999 for assistance.
You can pay off your installment prior to maturity by calling our 24-Hour hotline at 995 9999. However, a Cancellation Processing Fee of P300 will be charged to your account.
TERMS AND CONDITIONS OF THE CITI PAYLITE AFTER PURCHASE FACILITY
In these Terms and Conditions of the PayLite After Purchase 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 Cardholders who are of good credit standing and who are eligible to avail of PayLite After Purchase. By availing of PayLite After Purchase, 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:
PayLite After Purchase is an installment facility wherein select Citi Cardholders of good credit standing may convert an unbilled straight singlereceipt retail transaction on installment basis, and pay the same, together with applicable interest and other fees("Installment Transaction"). Cash Advance and Installment transactions, Interest Charges, and fees are not convertible under the PayLite After Purchase Facility. The PayLite After Purchase request will be subject to verification and credit approval by us. We may at our option require a minimum availment amount for PayLite After Purchase.
Where we approve a request for PayLite After Purchase, the total PayLite After Purchase amount ("Principal 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 may apply to convert more than one (1) of your unbilled straight single-receipt retail transactions to PayLite After Purchase. If you request to convert multiple transactions to installments, the Principal Amount will be the total purchase price of all the transactions that you requested to convert in the same request.
Rewards Points, rebates, PremierMiles, and CEB Points ("Usage Privileges") earned from the transactions applied for conversion will be deducted from the Card account upon conversion, and will be credited back monthly in such amounts corresponding to the principal portion of the Monthly Installment Due billed.
The monthly installment due of your PayLite After Purchase transaction (the "Monthly Installment Due") is included in the Minimum Amount Due in your Statement of Account until the total Principal Amountand the applicable interest rate 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)] ------------------------------------------------------------------------------------------------------------------ Term
Where Term is the number of months that you will be paying for the Principal Amount and applicable interest.
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
You 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:
The interest charge on the first Monthly Installment Due is computed based on the number of days from the approval date of the Installment Transaction to the 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.
Below is a sample schedule of payment.
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 P300. 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.
FEES AND CHARGES:
Cancellation Processing Fee = P300
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 prepay 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 availing of PayLite After Purchase through your Citi credit card/s, you are providing your explicit consent to Citi's Data Processing, Profiling and Sharing provisions 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
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 PrincipalAmount applied under the Facility.
NOTE: THE EFFECTIVE INTEREST RATES (EIR) 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 FROM THE APPROVAL DATE OF THE INSTALLMENT TRANSACTION TO THE 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).
PAYLITE AFTER PURCHASE SAMPLE SCHEDULE OF PAYMENT
CONVERTED MONTHLY FACTOR RATE
NEXT STMT DATE
INSTALLMENT DUE MONTH (MMYY)
PAYLITE AFTER PURCHASE AMOUNT (Php)
MONTHLY INSTALLMENT DUE
INTEREST COMPONENT (Php)
PRINCIPAL COMPONENT (Php)
O/S PRINCIPAL BALANCE (Php)
|PRINCIPAL AMOUNT||Php 10,000||TERM||12 MONTHS|
|CONVERTED MONTHLY FACTOR RATE||1.99%||ANNUAL EIR||50.39%|
|APPROVAL DATE||1/1/2016||NEXT STMT DATE||1/31/2016|
|INSTALLMENT DUE MONTH (MMYY)||PAYLITE AFTER PURCHASE AMOUNT (Php)||MONTHLY INSTALLMENT DUE||INTEREST COMPONENT (Php)||PRINCIPAL COMPONENT (Php)||O/S PRINCIPAL BALANCE (Php)|