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    Citi Purchasing Card for Businesses: Review

    This card has been designed to help you optimise your company’s purchasing costs by eliminating unwanted paper trails.

    • This card works like a charge card as it doesn’t allow you to carry forward the current balance beyond the grace period. You must make full payment of your balance within the grace period of 21 days.
    • You can get the card customised to match your business’ accounting procedures to cut the unnecessary paperwork and save cost and time.
    • It lets you earn up to 0.3% cashback on you company’s annual spend.
    • The card allows you to keep track of your company’s expenses and helps you negotiate better with your suppliers by providing you with consolidated spending data.
    • The card allows you to set a limit on your employees’ business-related expenses.

    Best suited for: Companies looking for a purchasing card that is customised to match their accounting procedures and that helps them control and plan their expenses.

    Key Features & Benefits of This Corporate Card

    Feature Description
    Annual fee S$30.00
    Cashback on annual spend 0.3%
    Complimentary travel insurance Up to S$1 million

    Any Other Benefits?

    • Complimentary travel accident insurance of up to S$1 million per cardholder.
    • Complimentary coverage of up to US$1.65 million or up to US$25,000 per cardholder that protects your company against misuse of the card by any employee.
    • Flexibility to set the expense card limit for your employees.
    • Reduce the costs related to unnecessary paperwork.
    • Access to Citi’s Renepay – a cloud-based B2B procurement platform that lets you connect with suppliers and negotiate the terms for your business-related purchases.

    How Much Cashback Does This Card Offer?

    The card allows you to earn up to 0.3% cashback, depending on your company’s annual spending.

    What Does the Complimentary Insurance on This Card Cover?

    Coverage type Coverage amount
    Accidental death and permanent disablement Up to S$1 million for the main traveller, up to S$500,000 for spouse, and up to S$250,000 for each dependant
    Burial expenses Up to S$5,000 each for the main traveller, spouse, and dependant
    Simple/other fractures Up to S$3,000 each for the main traveller, spouse, and dependant
    Medical expenses ?     Main traveller under 70 years old: Up to S$25,000 ?     Main traveller of age 70 years or more: Up to S$1,000
    Emergency medical evacuation and assistance Up to S$50,000 for the main traveller
    Loss of personal property, money, travel documents, and baggage Up to S$850 for the main traveller
    Travel delay Up to S$250 for the main traveller
    Baggage delay Up to S$250 for the main traveller
    Corporate liability waiver Up to US$1.65 million per company or US$25,000 per cardholder

    Who All Will be Covered by the Insurance?

    The complimentary travel insurance offered with this card covers the main traveller, their spouse, and their dependant children. The dependant children should be at least two years old but not more than 18 years old. If the dependant child is studying in a tertiary institution, he/she should not be more than 25 years old.

    What is the Interest Rate of This Card?

    Type of interest Charge
    Retail purchases Not applicable
    Cash advance This card is not eligible for cash advance
    Instalment payment plan Not applicable

    What Other Charges are Levied?

    Type of charge Charge
    Overseas transaction fee 2.8%
    Late payment fee 2% of the outstanding balance plus S$100 fixed charge
    Over-limit fee Not applicable
    Cash advance fee This card is not eligible for cash advance
    Supplementary card fee Not applicable

    Check Eligibility to Apply for this Card

    You are eligible to apply for this card if the net worth of your company is at least S$50,000 (this, however,  depends on how long your business has been operational).

    Do I Have to Activate the Card for Overseas Use?

    Yes, you need to activate the card for overseas use. The magnetic stripe on the back of your card is deactivated for overseas use to ensure your protection from unauthorised transactions. Since some of the countries are still using magnetic stripe to process point-of-sale transactions, it’s best to get it activated before you begin your trip.

    You can activate your card for overseas use through SMS, self-service phone banking, Citi mobile app, or internet banking.

    What If My Card is Lost/Stolen?

    If your card is lost/stolen, you must report the incident to the bank as soon as possible. You might also need to submit a police report to the bank. In case there is unauthorised use of the card, your liability will be limited to S$100. However, you will have to prove that you took all possible steps to keep your card safe.

    Most credit cards in Singapore waive the annual fee for the first year, but if you pay all your dues on time, the bank may extend the fee waiver. To know more about credit cards, check our website.

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