This card is a great choice for businesses, offering commercial and enterprise-wide benefits that can be converted into savings and efficiency. The Citi Corporate Credit Card is available with both Visa and MasterCard payment systems.
The reward points can be redeemed for either cash rebate or rewards from the product catalogue. Citi Dollars can also be converted into selected Frequent Flyer Programmes. Five Citi Dollars is equivalent to 2 Frequent Flyer Miles.
Insurance Provided By The Card
Citi Corporate Cards come with free Travel Accident Insurance coverage of up to S$1 million per cardmember (subject to your entire trip expense being charged to the credit card), free Corporate Liability Waiver Insurance coverage of up to US$25,000 per cardholder, and a cover of US$1.65 million per company for misuse of the card by employees. The full coverage details for Travel Accident Insurance are as given in the table below:
|Death when using public transportation during your travel||Up to S$1 million|
|Total permanent disability resulting in inability to find employment||S$1 million|
|Flight delay/misconnection||Up to S$250|
|Luggage delay||Up to S$250|
|Luggage loss||Up to S$850|
Instalment Payment Plans:
You can pay for your purchases in instalments to be repaid over a period of 2 years, under the 0% Equal Payment Plan (EPP). You can use this facility at around 1,000 participating stores. EPP transactions will not qualify for any cashback or reward point plans, and the usual card interest charges will be applicable if you do not make monthly payments on time.
Fees And Charges:
|Annual fee||S$160.50 per card|
|Interest rate (annual)||26%|
|Late payment charges||S$80|
|Cash advance fee||6% or S$15, whichever is higher|
|Interest on cash advance (annual)||26.9%|
|Interest-free period||28 days from statement date for Sole Corporate Liability 25 days from statement date for the other type of cards|
An additional 3% interest will be levied on credit card and cash advance if you haven’t made the required payment by statement due date.
Overseas Use Of The Card
For foreign currency transactions, an administrative fee of 2.5% – 1.5% levied by Citibank and 1% by Visa or MasterCard – is applicable. A currency conversion fee of 1% will be charged for purchases made outside Singapore using Singapore dollar.
Citibank Corporate Credit Card holders can also access the Cash Advance facility, through which you can withdraw cash from your credit card in a moment’s time from any Citibank or Visa/MasterCard supported ATMs. You have to withdraw at least S$1,000 and a maximum of your available credit limit.
The bank also has If you have the patience to wait for a term loan, you can apply for Citibank Quick Cash Instalment Loan. To get this loan, you can do one of the following:
The minimum withdrawal is S$1,000, and the repayment period is 12 to 60 months. The loan will be approved within an hour if all the documents are in order. The effective interest rate is between 13.63% and 15.80%, with both preferential interest rate plans and normal interest rate plans.
How To Apply For Citi Corporate Credit Card
To apply for Citi Corporate credit card, you can either visit a Citibank branch, or go to the bank’s website. On the website, go to the Citi Corporate Card page and click on ‘Contact Me’. You will be taken to another page where you can fill in your basic information and get the bank to contact you. Once the bank executive calls you, s/he will take you through the application and approval process.
Eligibility Criteria For Citi Corporate Credit Card
You will be required to produce documents of your company’s incorporation, employee strength, payslips of employees for personal cards, etc. You can contact the bank for complete details on documentation.
The minimum repayment amounts for various iterations of Citibank Corporate Credit Cards are listed in the table below:
|Type of card||Minimum payment due|
|Sole Corporate Liability||None. You have to make the full payment every month.|
|Joint & Several Liability, Cardmember Liability and Personal Liability||1% of current balance AND 1% of outstanding balance (if applicable) AND interest charges AND late payment charges (if applicable)|
Reporting Lost/Stolen Credit Cards
Companies are covered by Corporate Liability Waiver insurance for up to US$1.65 million for misuse of the card by employees. Employees are covered for up to US$25,000 for lost cards. As per the Association of Banks in Singapore (ABS) regulations, if the cardholder loses their credit card or it is stolen from them, their liability towards fraudulent use is a maximum of S$100. The employee has to ensure that the bank is informed the moment the loss is discovered in order to benefit from the S$100 maximum liability clause. Appropriate legal measures such as filing a police report also needs to be taken by the company/employee in case of theft or cyber fraud on the credit card. Both the insurance amount and minimal cardholder liability can be availed only if the right steps are taken after you lose the card, and if the bank is convinced that the company/cardholder has not acted in a deceitful way to benefit from the insurance.