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The word "Card" means all credit cards issued by Citibank Berhad ("Citibank") and the word "Cardholder" means the holder of a Card participating in the Balance Conversion program or BC (defined below). These terms and conditions will apply in conjunction with the Citibank Card Agreement Terms and Conditions ("Citibank Card Agreement") and all the terms and conditions of the Citibank Card Agreement will apply here with necessary changes having been made, having substituted new terms and with respective differences taken into consideration but where there is any inconsistency between the two, these terms and conditions will prevail to the extent it applies to the Balance Conversion Plan or BC (defined below). All expressions here will have the same meanings as set out in the Citibank Card Agreement except where the context otherwise requires or where express stated to the contrary.
“BC” means the Balance Conversion plan offered by Citibank which allows selected Cardholders to convert their Outstanding Current Balance or a portion of it which has not passed its Payment Due Date to a monthly instalment plan with applicable interest and other fees as stated in these terms and conditions.
“Card Account” means the Card account of the Cardholder.
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| 1. |
The Cardholder will either receive a separate credit limit called Instalment Limit to enjoy only BC and/or the Cardholder may, at Citibank’s discretion, use their existing Card credit limit to enjoy BC. To avoid doubt, Cardholders are not eligible for temporary increase in their existing Card credit limit in the next 6 months once the Citibank approves the Cardholder’s application. Citibank has the right to increase, decrease or amend the Cardholder’s Instalment Limit at any time and the Instalment Limit assigned to Cardholders will be subject to all laws, regulations, directives and guidelines governing the Card.
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| 2. |
Only Cardholders with of good standing or whose Card Accounts are not in default or in breach of the Citibank Card Agreement or are in over limit are eligible to apply for BC. The Cardholder must meet the minimum acceptance criteria as determined by Citibank when applying for BC. |
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| 3. |
In making an application for BC, the Cardholder must specify to Citibank, the Outstanding Current Balance or a portion of the Oustanding Current Balance, which the Cardholder wishes to convert under BC ("BC Amount"), provided the Payment Due Date for that Outstanding Current Balance has not passed. BC does not apply to cash and cash based transactions, instalment amounts payable under other Citibank programs such as Citibank EasyPay Plan (EP), Dial For Cash (DFC), annual fees, carry forward balances and other charges charged by Citibank under the Citibank Card Agreement.
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| 4. |
The minimum BC Amount is RM1,000 and must not exceed the available credit of the Card. This limit may be varied by Citibank at any time from time to time.
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| 5. |
BC will not earn Rewards Points and/or Cash Back accumulation. |
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| 6. |
Subject to Clause 16 below, Cardholders must pay interest ("BC Interest") on the BC Amount and for the BC Tenure (defined below). The applicable interest rate will be charged on the BC Amount and will be computed based on a reducing balance basis. The effective interest rate (5.9% to 17.9% per annum) will be calculated from the date of approval of the BC Amount. Interest for the first monthly instalment will be computed from the date of such approval to the next immediate statement of account cycle date while interest for subsequent monthly instalments will be computed from one statement of account cycle date to the next statement of account cycle date.
Illustration:
Loan Amount : RM10,000
Effective Interest Rate: 17.9% p.a
Tenure : 12 Months |
Month |
Outstanding Loan (RM) |
Instalment
(RM) |
Interest
(RM) |
Principal Repayment (RM) |
1 |
10,000.00 |
916.32 |
149.17 |
767.16 |
2 |
9,232.84 |
916.32 |
137.72 |
778.60 |
3 |
8,454.24 |
916.32 |
126.11 |
790.21 |
4 |
7,664.03 |
916.32 |
114.32 |
802.00 |
5 |
6,862.02 |
916.32 |
102.36 |
813.97 |
6 |
6,048.06 |
916.32 |
90.22 |
826.11 |
7 |
5,221.95 |
916.32 |
77.89 |
838.43 |
8 |
4,383.52 |
916.32 |
65.39 |
850.94 |
9 |
3,532.59 |
916.32 |
52.69 |
863.63 |
10 |
2,668.96 |
916.32 |
39.81 |
876.51 |
11 |
1,792.44 |
916.32 |
26.74 |
889.59 |
12 |
902.86 |
916.32 |
13.47 |
902.86 |
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| 7. |
The Cardholder must choose a tenure for the repayment of the BC Amount together with the BC Interest (“BC Tenure”). The choice of the BC Tenure is as follows but subject to any changes as may be made by Citibank from time to time:
| BC Amount |
Choice of BC Tenure |
| RM1,000 and above |
12, 18, 24, 30, 36 months |
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During the BC Tenure, the BC Amount together with BC Interest will be billed by way of equal monthly instalment ("BC Monthly Instalment"). Cardholders are not at liberty to change the BC Tenure and/or the BC Monthly Instalment.
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| 8. |
The approval or otherwise of the Cardholder's application will be subject to, among others:- |
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| a. |
the status of the Cardholder’s account |
| b. |
the status of the transaction at the point of conversion; and |
| c. |
the sole and absolute discretion of Citibank in any case. |
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| 9. |
Subject always to Clause 7 above, the BC Monthly Instalment will be billed to the Cardholder’s Card Account commencing on the immediate next statement of account date following Citibank’s approval of the Cardholder’s application. |
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| 10. |
In the event of delay or failure to pay any BC Monthly Instalment on or before the Payment Due Date specified in the Cardholder’s statement of account (“instalment default payment event”), the terms and conditions of the Citibank Card Agreement will apply and such charge as is applicable to the Ordinary Transactions in accordance with the Citibank Card Agreement (“Finance Charge”) will apply to the BC Monthly Instalment finance amount which is outstanding. Despite so and in addition to the above, in the event of three (3) or more consecutive instalment default payment events, all monies due and owing under the BC, comprising of the total outstanding BC Monthly Instalment and the total unbilled principal of the BC, together with the applicable Finance Charge and balance of all other monies due and owing under the BC will be due and payable by the Cardholder. |
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| 11. |
Subject to Citibank’s approval, the Cardholder may at anytime cancel his participation in the BC or elect for early settlement of the BC Amount by calling CitiPhone or such other method as may be determined by Citibank from time to time. Upon such cancellation or early termination or in the event the Cardholder cancels the Card, the Cardholder must pay Citibank the total outstanding principal under the BC together with 5% of the total outstanding principal under the BC for such early termination or cancellation.
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| 12. |
Without prejudice to Clause 10 of this terms and conditions, if the Cardholder is in breach of any provisions of the Citibank Card Agreement or the terms and conditions contained herein or in the event of cancellation of the Card or termination of the Card Account or the Card Account whether voluntarily or involuntarily closed for whatever reason, all monies due and owing under the BC, comprising of the total outstanding BC Monthly Instalment and the total unbilled principal of the BC together with the applicable Finance Charge and balance of other monies owing under the BC will immediately become due and payable by the Cardholder and shall at the absolute discretion of Citibank can charge it to the Card Account where the Citibank Card Agreement will apply to all the said instalments or balance remaining without prejudice to the rights and remedies of Citibank under the Citibank Card Agreement.
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| 13. |
The Finance Charge is chargeable if the BC Monthly Instalment is not received by Citibank in full on or before the Payment Due Date specified in the statement of account. Any unpaid BC Monthly Instalment outstanding on the Payment Due Date specified in the statement of account may be capitalized on each Payment Due Date and subject to the applicable finance charges until full repayment of the outstanding amounts. Therefore and in accordance with the Citibank Card Agreement in the event the amount stated in any monthly statement of account to be the Specified Minimum Payment is not received in full, the applicable finance charges will be charged on the unpaid balance which may include the BC Monthly Instalment or part of it in accordance the Citibank Card Agreement.
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| 14. |
The BC Monthly Instalment forms part of the Cardholder's Specified Minimum Payment as defined in the Citibank Card Agreement stated as due in the Cardholder’s statement of account or any other written notice communicated by Citibank.
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| 15. |
The Cardholder may apply more than once for the BC so long as the Cardholder qualifies for the BC in accordance with these terms and conditions.
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| 16. |
Despite the provisions relating to respective rates, the manner and time of payment and modes of computation referred to here, Citibank is entitled at any time and from time to time to vary such rates, manner and time of payment and/or modes of computation in any manner by giving notice to the Cardholder. The manner of notice, time of effect and the effect of such variation would be in accordance with the Citibank Card Agreement. |
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| 17. |
The BC is valid only up till the BC Tenure or any other extended date(s) as Citibank may specify from time to time.
To avoid doubt: |
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| a. |
Nothing contained here will be construed as an obligation on Citibank to extend the tenure of the BC; |
| b. |
Citibank reserves the right to change these terms and Conditions from time to time with prior notice by way of posting on the Website (www.citibank.com.my), or in any other manner deemed suitable by Citibank. These Terms and Conditions may be changed by posting on its www.citibank.com.my website (“Website”) or in any other manner which Citibank decides is suitable. The Cardholders agree to access the Website regularly to view these Terms and Conditions and to ensure that they are kept-up to-date with any changes to these terms and conditions. Citibank also reserves the right to replace wholly or in part the BC by another scheme, whether similar or not, or to withdraw in altogether; and
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| c. |
Citibank will not be responsible for and disclaims all liability to any actions, claims, damages, costs, charges and expenses which a Cardholder may suffer, sustain or incur by reason of the Cardholder’s enrollment in the BC. |
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| 18. |
All matters of disputes are subject to the final decision of Citibank.
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| 19. |
Citibank reserves the right to describe any of the expressions stated here in a different manner in the statement of account and such descriptions in the statement of account will not be construed against Citibank as having a different meaning as stated here. |
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| 20. |
These terms and conditions will be governed by and interpreted in accordance with the laws of Malaysia. |
