Citibank Purchasing Card is a card that comes with quite some exciting benefits. Let’s take a look at some promotional offers that the card has in the offing.
The Purchasing Credit Card by Citibank is a unique card for companies looking to straighten out their paperwork and reduce the number of purchase invoices and cheques hanging around the place. Just get these cards for your employees and relax while the money management is taken care of by the credit card.
The complimentary insurance policies that accompany Citi Purchasing Cards are: Travel Accident Insurance and Corporate Liability Waiver Insurance. While the travel insurance gives each cardholder coverage of up to S$1 million if the entire trip expense is paid with the credit card, corporate liability waiver policy covers up to US$25,000 per cardholder and US$1.65 million for the company in case an employee misuses the card. 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:
Owners of Citibank Purchasing Credit Card are eligible to avail the benefits of the 0% Equal Payment Plan (EPP). Your transactions at over 1,000 participating stores can be converted into instalments that can be repaid in up to 2 years. Inability to pay any instalment amount on time every month will lead to late payment charges of S$80 plus 2% of the amount that is billed. If you switch to EPP, you will not be able to get any rewards or cashbacks on those purchases.
Fees And Charges:
|Annual fee||S$30 per card|
|Interest rate (annual)||NIL|
|Late payment charges||S$80 + 2% of the overdue amount|
You also get a grace period of 21 days from the date of the statement to pay the balance amount.
Overseas Use Of The Card
Transactions done on foreign websites or outside Singapore will be subject to the following charges:
Citi Purchasing Card can be obtained by either visiting a Citibank branch, or going to its website. On the site, choose ‘Contact Me’ on the Citi Purchasing Card page, and fill in your basic information so that a bank executive can get in touch with you. The bank employee will then help you complete the application and approval process.
Eligibility Criteria And Document Required
Minimum net worth of the company should be at least S$50,000, depending on how long the company has been in operation. You may be required to produce documents of your company’s incorporation, employee strength, payslips of employees, etc. Get in touch with the bank for more information.
There is no minimum repayment amount for Citibank Purchasing Credit Card: you have to pay the full credit card bill amount every month. The bills can be paid in one of the following ways:
The Corporate Liability Waiver offers protection to companies for up to US$1.65 million in case an employee misuses the card. Employees also are protected from card fraud for up to US$25,000. The Association of Banks in Singapore (ABS) states that any cardholder whose credit card is has lost, misplaced or stolen, only has a maximum liability of S$100 on its fraudulent use. The first thing to do on finding the card missing is to inform the bank about the loss, and get the card blocked. If it has been stolen, a police complaint should also be registered. For the insurance amount to be disbursed and the minimal cardholder liability to be applied, it is important that the customer/company informs the bank, takes legal measures and can prove that they have no part to play in the fraudulent use of the card.