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    Citi Business Card Review

    Citibank Business Card Promotion

    The Citibank Business Card comes with a host of features and benefits. Here are the promotional offers associated with the card for 2017:

    • Lazada
      • Both new and existing Lazada customers will receive discounts with their Citibank Business Card.
      • New customers can enjoy a 20% off at all Lazada stores across the Island State.
      • Existing Lazada customers can earn discounts of up to 12% (on purchases made through the Lazada mobile application). Purchases made through Desktops will attract an 8% discount.
      • The promotional shopping offer is valid till 31 December 2017.
    • Foodpanda
      • Spend a minimum of S$35 using your Citibank Credit Card and get up to 25% off on food orders made on Foodpanda.
      • While new Foodpanda customers get a 25% off, existing Foodpanda customers get 10% off on all orders made on the online food delivery platform.
      • The promotional offer is valid till 31 December 2017.
    • Reebonz
      • Get a discount of 12% across Reebonz stores in Singapore with your Citibank Credit Card.
      • The offer is valid till the end of December 2017.

    Features of the Citi Business Card

    • This credit card is best suitable for small and medium scale enterprises.
    • You can set an additional business credit limit on this card that is separate from your other personal cards.
    • Enjoy annual fee waiver for 1 year on this card.
    • The Citi Business Card comes equipped with Visa payWave wherein you can make use of this contactless payment feature for convenient payment on transactions below S$100.
    • Comprehensive business statements provided to view expenses in each category.

    Rewards

    • What you get – 2 Citi Dollars per S$1 spent + 10% Citi Rebate at participating merchant establishments.
    • How to redeem – You can convert your earned Citi Dollars into cash rebates OR choose rewards from the Citibank online catalogue (Citi ThankYou Rewards).
    • Charges and details – Your credit card account must be in good standing in addition to having sufficient Citi Dollars to redeem rewards from the Citibank online catalogue.

    Benefits of the Citi Business Card

    • Credit line up to S$100,000 offered on this card.
    • Set individual credit card limit on your business cards.
    • The Citi Business Card is accepted at more than 33 million establishments across the world.
    • Interest free credit for up to 55 days.
    • Make your business travel plans conveniently with the following travel partners:
      • Citystate Travel Pte Ltd.
      • Fortune Travel Pte Ltd.
      • Global Travel Pte Ltd.
      • Hogg Robsinson Singapore Pte Ltd.
      • JTB Pte Ltd.
      • New Shan Travel Service Pte Ltd.
      • Olympia Travels & Tours (S) Pte Ltd.
      • Samepage Travel Pte Ltd.
      • Travel Media Pte Ltd.
      • Westminster Travel (S) Pte Ltd.
      • Yusen Travel (S) Pte Ltd.
    • You can minimize your processing cost by streamlining your manual expenses management process on this card.

    Insurance provided on the Citi Business Card

    Citi Business Card offers Corporate Liability Waiver Insurance to cardmembers as well as the company and Travel Accident Insurance to employees.

    The Corporate Liability Waiver Insurance policy has been underwritten by Jardine Lloyd Thompson Limited. This is a complimentary insurance policy offered to Citi Business Cardmembers that offers the following:

    • Maximum cover of US$25,000 for each cardmember.
    • Maximum cover of US$1,650,000 for each company. This will protect the company from any misuse of Citi Business Cards by employees.

    The Travel Accident Insurance policy has been underwritten by AXA Insurance Singapore Pte Ltd. This is a complimentary insurance policy offered to employees when they charge their full travel fare to their Citi Business Card. Cover of up to US$1,000,000 will be provided to each Citi Business Cardmember.

    Fees and Charges

    Type of fee Amount payable
    Annual fee S$160.50 (First year fee waived)
    Interest rate 26% p.a. (Minimum charge is S$3 per month)
    Cash Interest Rate 26.9% p.a.
    Late payment charges S$80
    Cash advance fee 6% of the withdrawn amount OR S$15, depending on whichever of the 2 is higher
    Credit Limit The employee’s credit limit will be based on his/her boss’s credit limit

    Transactions in foreign currencies

    • All foreign currency transactions made in USD (US Dollar) will be converted into SGD (Singapore Dollar).
    • For all foreign currency transactions other than USD (US Dollar), the transaction will first be converted into USD and then into SGD. All such transactions are subject to a conversion rate determined by the card association. The conversion rate will be applicable on the date the transaction is processed and not on the date it was first made.
    • If the payment is processed by VISA, an administrative fee of 2.5% will be applicable on the converted Singapore Dollar amount.
    • For DCC or Dynamic Currency Conversion, all VISA card transactions levied by VISA will be subjected to an administrative fee of 0.8%.
    • For all transactions made in Singapore Dollar but processed overseas, an administrative fee of 0.8% will be applicable if the transaction is processed by VISA.

    How to apply for the Citi Business Card

    To apply for the Citi Business Card, you must fill in the ‘Contact Us’ form available on the Citi Business Card webpage of the official Citibank Singapore website. You will have to provide the following details on this form:

    • Your name.
    • Your company’s name.
    • Your company’s registration number.
    • Your work email address.
    • Your contact number.

    Once you complete this online form, click on the ‘Submit’ button at the bottom of the page. Upon submitting this form, a Citi Commercial Cards Sales Manager will get in touch with you within 3 working days to take the application process further.

    Eligibility Criteria for the Citi Business Card

    • Minimum age: 21 years and above.
    • Minimum income:
      • Singapore citizens and Permanent Residents – S$30,000 p.a.
      • Foreigners – S$60,000 p.a.

    Other eligibility criteria include:

    • Main applicant must be the owner of a registered business.
    • The company should be operational for a minimum of 1 year and majority shareholding in the company should be held either by a Singapore citizen or a Permanent Resident.

    Documents Required

    Once you submit the ‘Contact Us’ form, a Citi Commercial Cards Sales Manager will get in touch with you within 3 working days with further information regarding the application process including the documentation required to be submitted by you.

    Interest on the Citi Business Card

    If you do not make the full payment on your current balance by your payment due date, you will be charged a retail interest rate of 26% p.a. or a cash interest rate of 26.9% p.a. (depending on whichever is applicable). Cash interest rate refers to interest applied on the following components:

    • Cash advance fee.
    • Outstanding debit balance from your cash advance.
    • Quasi-cash transactions.
    • Outstanding balance on your balance transfer after the elapse of your promotional tenure + interest on such transactions.

    Retail interest rate refers to interest applied on all other outstanding balances. The interest rate will be computed daily and will be applicable on your current statement and your next month’s statement starting from the transaction date until you make the payment in full.

    The interest on the amount will accrue daily and will have to be paid on a monthly basis with a minimum charge of S$3.

    Repayments

    The minimum payment per month if your account has not exceeded the credit limit is calculated by adding the following components:

    • 1% of the current balance +
    • 1% of outstanding unbilled instalment amounts +
    • Interest charges that include service charges on instalment/recurring payments etc. +
    • Late payment charge OR S$50, depending on whichever of the 2 is higher +
    • Overdue amount (if any).

    In case the current balance on the account is below S$50, the minimum payment due will be equivalent to the current balance.

    The minimum payment per month if your account has exceeded the credit limit is calculated by adding the following components:

    • 1% of the current balance +
    • 1% of outstanding unbilled instalment amounts +
    • Interest charges that including service charges on instalment/recurring payments etc. +
    • Late payment charge OR S$50, depending on whichever of the 2 is higher +
    • Overdue amount (if any) +
    • Amount excess of your credit limit.

    In case the current balance on the account is below S$50, the minimum payment due will be equivalent to the current balance.

    The grace period for repayments is 25 days from your statement date on your account.

    Lost/stolen card liability

    In case of loss, theft or disclosure of the PIN of your Citi Business Card, the maximum liability for any unauthorized or fraudulent transactions on your credit card will be S$100 provided you notify Citibank of the loss/theft/disclosure immediately. Additionally, Citibank must also be satisfied that you have not acted fraudulently or have been negligent.

    Upon notifying the bank, you must also furnish a statutory declaration such as a police report and/or any additional information requested from you by the bank. You must further assist the bank in investigating and recovering your lost/stolen credit card. If your citibank credit card has been retrieved after you have reported it as lost or stolen, you must not continue using the card. You must cut the card into 2 pieces and return it to the bank. Failure to do so will result in you being liable for payment on all transactions made on the credit card.

    Reporting lost/stolen credit cards

    It is important that you keep your credit card safe and not disclose the PIN or the TBS Access Code to a third party. In case you lose your card, it has been stolen or the PIN/TBS Access Code has been disclosed to a third party, you must immediately notify Citibank regarding the same. After notifying the bank, you must also provide a statutory declaration such as a police report and/or any additional information requested by Citibank.

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