Terms & Conditions Quick Cash / Citi Quick Cash Top Up (Loan on Phone / Loan on Phone Top Up) Product
Effective 30 April 2023
- Citi Quick Cash feature is a feature of providing cash funds from Citi Credit Cards by Citibank (“Bank”) for Cardholders who are part of the Credit Limit with a maximum fund of 50% of the remaining credit card limit. Citi Quick Cash payments are made in Fixed Installments according to the installment period. The Credit Limit Value is determined by the Bank as stated in the Billing Statement.
- Citi Quick Cash Top Up feature is a special feature for invited customers who have active Citi Quick Cash, where invited customers can combine the remaining principal loan amount from Citi Quick Cash which is still active with the new loan amount from Citi Quick Cash Top Up by using the new interest rate and tenor according to the offer. By using this feature, active Citi Quick Cash will be closed after being combined with the new loan amount.
- “Citi Quick Cash / Citi Quick Cash Top Up Installment” is the amount of Fixed Installment determined based on the number of Citi Quick Cash / Citi Quick Cash Top Up Features plus Interest and divided by the Installment Term. Interest calculation for the Citi Quick Cash / Citi Quick Cash Top Up feature is based on the effective interest rate determined by the Bank. The method of calculating Citi Quick Cash / Citi Quick Cash Top Up Installments is as stated in the Simulation Information Summary of Citi Quick Cash / Citi Quick Cash Top Up Features.
- “Credit Limit” is the maximum number of credit facilities approved by Citibank for each Citi Credit Card account, including any changes thereto from time to time.
- The Pause Period (Masa Jeda) is the period of time during which the Card Holder can review the applicable Terms and Conditions no later than 2 (two) working days after the date of approval of the installment facility. Provisions for early repayment of loans as stated in point 4.3
- Flexible, with a choice of tenors of 3 to 60 months with a minimum loan of IDR 1,000,000.
- Cash disbursement from the Citi Quick Cash / Citi Quick Cash Top Up Feature is directly transferred to the account specified by the Cardholder and can only be disbursed to the account in the name of the Cardholder.
- Citi Quick Cash Top Up feature is a special feature for invited customers who have active Citi Quick Cash, with tenor options ranging from 12 months to 60 months for Citi Quick Cash Top Up on Citi Credit Cards and from 24 months to 48 months for Citi Credit Cards. Citi Quick Cash Top Up at Citibank Ready Credit.
- INTEREST AND COSTS
- The Citi Quick Cash Feature Interest Rate varies according to the applicable offer and is notified at the time of the Citi Quick Cash Feature offer.
- For the fee-based Citi Quick Cash program, the Fee will be billed entirely upfront after Citi Quick Cash is approved. The amount of the fee is determined from time to time and notified at the time of offering the Citi Quick Cash Feature.
- Especially for Citi Quick Cash Top Up Features:
- Interest rate that applies to the combined Citi Quick Cash Top Up amount will use the new interest rate. Monthly installments will be recalculated with the new interest rate and tenor.
- Citi Quick Cash Top Up amount is the combined amount of the remaining active Citi Quick Cash loan principal with the new Citi Quick Cash Top Up loan amount.
- Citi Quick Cash that is still active will be closed without penalty fees after being merged. However, the current daily interest, which is calculated from the date of posting of the last installment until the date of Citi Quick Cash Top Up approval, will be billed using the interest rate that applies to the closing Citi Quick Cash.
- Funds sought from the Citi Quick Cash Top Up Feature are the difference between the combined Citi Quick Cash Top Up amount minus the closed Citi Quick Cash.
- We will charge the interest rate /or fees as disclosed at the date of availing the installment loan which shall be applicable during its entire term and no additional fees and interest will be charged for this Installment loan, ONLY if you pay in full the Total Amount Due of your Statement of Account by the Payment Due Date every month until you have paid all installment. However, if you pay (or had paid) an amount that is:
- equal to or greater than the Minimum Amount Due but less than the Total Amount Due indicated in your current (or previous) Statement of Account, the billed Monthly Principal Installment Due in your current Statement of Account will be subject to the prevailing monthly retail Interest charge from one day after Statement Date to one day before payment date. Interest will be compounded on a monthly basis.
- less than the Minimum Amount Due as reflected in your current (or previous) monthly Statement of Account, the Monthly Principal Installment Due will be subject to the prevailing monthly retail interest charge from one day after Statement Date to one day before payment date and additionally any unpaid portion of the Monthly Installment Due will also be subject to the prevailing monthly retail interest charge from the payment date to the next statement date. Usual Late Charges will also apply, and your credit records will reflect payment delinquency. The above is subject to the terms of our Citi Cardmember Agreement governing your Citi Credit Card account. The prevailing interest rate is available www.citibank.co.id/biaya
Illustration of Retail Interest charge for Citi Quick Cash Transaction.
|Quick Cash / Citi Quick Cash Top Up Transaction Amount
|Citi Quick Cash / Citi Quick Cash Top Up Interest Rate
||1.42% effective monthly
(or equal to 0.79% flat monthly)
|Monthly Installment Amount
|Posting Date of 1st Installment
|Retail Interest Charge
|Payment Due Date
| Calculation Retail Interest Charge for Principal amount
a. on principal amount (Rp385.082) from one day after Statement Date to one day before payment date (16 March – 19 March) at 21% pa.
(Rp385.082 × 4 days ÷ 365 days × 21%)
|b. on unpaid portion of principal amount (Rp85.082) from the payment date to the next statement date (20 March - 15 April) at 21% pa.
(Rp85.082 × 27 days ÷ 365 days × 21%)
|Total Retail Interest Charge on Principal amount (Rp886 + Rp1.322)
|Next Statement Date
The value listed is for illustration purposes only, there are no other retail transactions made by the Cardholder and does not represent the value that will be printed on the Cardholder's Billing Statement.
The total Interest Spend for the portion of the Principal Installment in the illustration above will be billed on the April Billing Statement. Late fees are not included in the example above.
- If the disbursement of funds from the Citi Quick Cash / Citi Quick Cash Top Up Feature is transferred to another bank account, a Citi Quick Cash / Citi Quick Cash Top Up transfer fee, the amount of which is determined from time to time and notified at the time of offering the Citi Quick Cash / Citi Quick Cash Top Up Feature, will be charged for every transfer transaction that Citibank has made even if the funds are rejected at another bank.
- Citi Quick Cash / Citi Quick Cash Top Up Feature & Citi Quick Cash / Citi Quick Cash Top Up Installment does not get Citi Rewards Points/Cash Back/Mileage.
- If there is a delay or negligence in paying the credit card bill, the Cardholder will be charged a late fee. This will affect the credit status of the Cardholder in the Sistem Layanan Informasi Keuangan (SLIK).
- Cardholders can pay off the remaining principal of the loan earlier or before the end of the Installment Period by submitting a notification through the CitiPhone Banking Service. An early repayment fee will still be charged if you have previously applied for an installment facility on a Citi Credit Card and Citibank Ready Credit, the installment period is under 12 months, or the initial repayment request has exceeded the Pause Period (Masa Jeda).
- Early repayment of interest-based Citi Quick Cash / Citi Quick Cash Top Up will be subject to an additional cancellation fee of 5% of the remaining principal of the Citi Quick Cash / Citi Quick Cash Top Up Feature and the current daily interest calculated from the date of bookkeeping for the last installment until the date of request for early repayment, which will be added to the remaining principal obligation of the Citi Quick Cash / Citi Quick Cash Top Up Feature. which must be paid by the Cardholder. For Citi Quick Cash / Citi Quick Cash Top Up on a fee-based basis, there will be no additional cancellation fee.
- The remaining principal of the Citi Quick Cash / Citi Quick Cash Top Up Feature and the cancellation fee will be billed in the next Billing Statement. The remaining principal of the Citi Quick Cash / Citi Quick Cash Top Up Feature will be calculated using the interest rate set by the Bank.
- In the event of late payment of the bill, a late fee of 3% of the total bill will be charged, a maximum of Rp. 150,000,-.
- Overlimit Usage Fee ( Overlimit ) will be charged if the use of credit cards, including for Interest, Administration Fees and transactions made into Fixed Installments, exceeds the Credit Limit. The amount used outside the Credit Limit will be included as a component of the Minimum Payment.
HOW TO CALCULATE CITI QUICK CASH / Citi Quick Cash Top Up INSTALLMENTS
Citi Quick Cash Installment formula using the effective interest rate:
P: Citi Quick Cash Amount
I: Monthly effective rate
The simulation table below is an illustration using an interest rate of 1.42% effective per month (or equivalent to 0.79% flat per month) with a principal loan of IDR 5 million and tenure of 12 months.
||Billed on Monthly Billing Statement
||Remaining Principal Amount
|0||1||5,000,000||0||Running Interest||Only running interest
- BILLING AND PAYMENT
- Citi Quick Cash / Citi Quick Cash Top Up installments will be billed by the Bank through the Billing Statement and is a form of Fixed Installment that is entered as a component of calculating the credit card Minimum Payment amount.
- The first Citi Quick Cash / Citi Quick Cash Top Up installment will be billed on the second Billing Statement issued by the Bank after the Citi Quick Cash / Citi Quick Cash Top Up approval date. For the first Billing Statement, only daily interest will be charged which is calculated from the date of approval of Citi Quick Cash / Citi Quick Cash Top Up until the date of printing of the next billing using the number of calendar days in a year, namely 365 days.
- For the fee-based Citi Quick Cash / Citi Quick Cash Top Up program, the fee will be billed entirely upfront when Citi Quick Cash / Citi Quick Cash Top Up is approved and will be recorded on the next Billing Statement. This fee is non-refundable.
- Payment made by customer will be allocated based on below payment hierarchy
i.First: Installment Principals & fees,
ii.Second: the remaining payment of at least 60% (sixty percent) for the fulfillment of the main obligations of the transaction; and
- In the event that the Cardholder does not make the Minimum Payment in full within 60 (sixty) calendar days after the Due Date as stated in the Billing Statement, the Citi Quick Cash / Citi Quick Cash Top Up Feature will be canceled and all remaining principal Citi Quick Cash / Citi Quick Cash Top Up Features will be billed into the next Billing Sheet.
This agreement has been adjusted to the provisions of the laws and regulations including the provisions by Financial Services Authority regulations (OJK)
Complete and up-to-date information regarding fees can be seen at www.citibank.co.id/biaya.
These Terms and Conditions are an integral part and an inseparable part of Terms & Conditions for Credit Card holders including later amendments, which can be viewed at www.citibank.co.id/welcomepack/kartu-lain.html?icid=IDMSUXMBHBHWIHEKA
Contact CitiPhone Banking at (021) 252-9999 if you have further questions