| 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 FlexiPayment Plan or FPP (defined below). These terms and conditions will apply in conjunction with the Citibank Card Agreement Terms and Conditions (“Citibank Card Agreement”) and all 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 sets, these terms and conditions will prevail to the extent it applies to the FlexiPayment Plan or FPP (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.
"FPP" means Citibank FlexiPayment Plan which allows the cardholder to repay certain Card transaction(s) in monthly instalments in accordance with these terms and conditions.
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| 1. |
FPP is open to selected Citibank principal Cardholder accounts ("Card Account") only.
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| 2. |
Only Cardholders with 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 the FPP. The Cardholder must meet the minimum acceptance criteria determined by Citibank when the cardholder applies to Citibank for the FPP.
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| 3. |
The Cardholder must specify in the application to Citibank the individual purchase transaction ("Single Purchase") and/or multiple purchase transactions ("Multiple Purchases") (collectively, the "Purchase(s)" and reference to a Purchase is either or a combination of them, as the case may be), which the Cardholder wishes to convert under the FPP ("FPP Amount"). Only Purchase(s) that fulfill these terms and conditions herein can be converted under the FPP. The FPP does not apply to cash and cash based transactions, instalment amounts payable under other Citibank programs such as Citibank EasyPay (EP), Dial-For-Cash (DFC), annual fees, carry forward balances and other charges under the Citibank Card Agreement.
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| 4. |
The minimum amount eligible for conversion under the FPP is RM500 for a Single Purchase and an aggregated minimum amount of RM500 in total for Multiple Purchases. This limit may be varied by Citibank at any time and from time to time.
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| 5. |
A Purchase can only be converted under the FPP if the Purchase has been debited to the Card Account or recorded in the current Statement of Account forming part of the outstanding Current Balance due and has not passed its Payment Due Date at the point of the conversion into the FPP Amount under the FPP.
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| 6. |
FPP will not earn Rewards and/or Cash Back accumulation. |
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| 7. |
Subject to Clause 17 below, Cardholders must pay interest ("FPP Interest") on the FPP Amount and for the FPP Tenure (defined below). The applicable interest rate will be charged on the FPP Amount and will be computed based on a reducing balance basis. The effective interest rate (5.9% to 17.9% per annum) payable by the Cardholder will be calculated from the date of approval of the FPP 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.
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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| 8. |
The Cardholder must in the application choose a period of time for the payment of the Purchase(s) ("FPP Tenure") under FPP. The choice of the FPP Tenure is as follows but subject to any changes as may be made by Citibank from time to time: |
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| FPP Amount |
Choice of FPP Tenure |
| RM500 and above |
6, 9, 12, 18, 24, 30 or 36 months |
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During the FPP Tenure, the FPP Amount in aggregate with the FPP Interest (defined above) must be paid by way of equal monthly instalments, "FPP Monthly Instalment"). The Cardholder is not at liberty to change the FPP Tenure and/or the FPP Monthly Instalment.
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| 9. |
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 Card Account ; |
| (b) |
the status of the transaction at the point of conversion; and
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| (c) |
the sole and absolute discretion of Citibank in any case. |
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| 10. |
Subject always to Clause 8 above, the FPP 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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| 11. |
In the event of any delay or failure to pay any FPP Monthly Instalment in full on or before the Payment Due Date specified in the Cardholder’s statement of account (“instalment default payment event”), such charge as is applicable to the Ordinary Transactions in accordance with the Citibank Card Agreement (“Finance Charge”) will apply to the FPP Monthly Instalment amount to 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 FPP, comprising of the total outstanding FPP Monthly Instalment and the total unbilled principal of the FPP, together with the applicable Finance Charge and balance of all other monies due and owing under the FPP will be due and payable by the Cardholder.
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| 12. |
Subject to Citibank’s approval, the Cardholder may at anytime cancel his participation in the FPP or elect for early settlement of the FPP 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 FPP, together with an early termination penalty of 5% of the total outstanding principal under the FPP for such early termination or cancellation |
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| 13. |
Without prejudice to Clause 11 above, if the Cardholder is in breach of any provisions of the Citibank Card Agreement or these terms and conditions 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 FPP, comprising of the total outstanding FPP Instalment and the total unbilled principal of the FPP together with the applicable Finance Charge and balance of other monies owing under the FPP will immediately become due and payable by the Cardholder 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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| 14. |
The Finance Charge is chargeable if the FPP Monthly Instalment is not received by Citibank in full on or before the Payment Due Date specified in the statement of account. Any unpaid FPP 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 shall be levied on the unpaid balance which may include the FPP Monthly Instalment or part of it in accordance with the Citibank Card Agreement. |
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| 15. |
The FPP 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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| 16. |
The Cardholder can apply more than once for FPP so long as the Cardholder qualifies for the FPP in accordance with these terms and conditions. |
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| 17. |
Despite the provisions relating to respective rates, 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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| 18. |
Payments made by the Cardholder to Citibank whether by direct debit to the Cardholder’s other accounts or through the Inter-Bank GIRO system or otherwise will be applied towards payment of the following outstanding amounts in the following order (or such other order as Citibank may from time to time prescribe): credit card service tax, finance charges, fees (including legal fees) on a full indemnity basis, monthly instalment amounts (meaning to say if the Cardholder has entered into any instalment plans with Citibank, the order will start from the earliest instalment plan to the latest instalment plan taken), billed principal amounts of retail purchases, billed principal amounts of cash advance, billed principal amounts transferred from the outstanding balance (including fees, accrued interest, finance charges and other charges) as shown in the latest account statement(s) of account from any principal card account of any credit card(s) held in the Cardholder’s name issued by financial institutions or credit card issuers (“Amounts Transferred”) (and in the case of multiple Amounts Transferred with differing Special Interest Rates, the order will start from the Amount Transferred at the lowest Special Interest Rate to the Amount Transferred at the highest Special Interest Rate; and if the Special Interest Rates are the same, the order will start from the earliest Amount Transferred to the latest Amount Transferred), unbilled principal amounts of retail purchases, unbilled principal amounts of cash advance, and lastly, unbilled principal amounts of Amounts Transferred ( and in the case of multiple Amounts Transferred with differing Special Interest Rates, the order will start from the Amount Transferred at the lowest Special Interest Rate to the Amount Transferred at the highest Special Interest Rate; and if the Special Interest Rates are the same, the order will start from the earliest Amount Transferred to the latest Amount Transferred). The term “Special Interest Rates” is defined in the terms and conditions governing Citibank’s Balance Transfer Plan.
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| 19. |
The FPP is valid only up till the FPP Tenure or any other extended date(s) as Citibank may specify from time to time. For the avoidance of any doubt:
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| (a) |
Nothing contained here will be construed as an obligation on Citibank to extend the FPP; |
| (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 FPP by another scheme, whether similar or not, or to withdraw in altogether; and |
| (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 FPP. |
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| 20. |
All matters of disputes are subject to the final decision of Citibank. |
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| 21. |
Citibank reserves the right to describe any of the expressions contained 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 stated here. |
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| 22. |
These terms and conditions will be governed by and interpreted in accordance with the laws of Malaysia.
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