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    Citi Purchasing Card Review

    Citi Purchasing Credit Card Promotions 2017

    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.

    • Expedia
      • Get discounts of up to 15% on reservations made on Expedia.com with your Citi Purchasing Card.
      • The promotional offer is valid for bookings till 28 February 2018 for stays up to 30 August.
    • Lazada
      • Use your Citibank Purchasing Credit Card and get a discount of up to 15% across Lazada stores in Singapore. New Lazada customers can get up to 20% across Lazada stores in the Island State.
      • The offer is valid till 30 September 2017.
    • Airbnb
      • Spend a minimum of S$250 using your Citi Purchasing Credit Card and get a discount of S$50 on Airbnb.
      • The offer is valid till the end of September, 2017. 

    Citibank Purchasing Card

    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.

    Features Of Citibank Purchasing Card

    • You can get individual purchasing credit cards for multiple employees in your company.
    • Save time, energy and up to 76% of purchasing costs by syncing the Purchasing Card Programme to your company’s accounting procedures.
    • Get in-depth reports on expense data that will help you keep an eye on the expenditure, control it efficiently and align it with your company’s policies.
    • Travel Accident Insurance and Corporate Liability Waiver insurances come free with these cards.
    • No interest is applicable on Citi Purchasing Card balances because the card does not allow you to carry forward your balances and all dues have to be cleared on a monthly basis. However, a late payment fee is levied if you are unable to pay the amount on time.

    Benefits of Citibank Purchasing Card

    • Avail up to 0.3% cashback on your Purchasing Credit Cards based on annual spend.

    Insurance Provided By The 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:

    • An administrative fee of 2.5%, in which 1.5% is charged by Citibank and 1% by Visa or MasterCard, for payments made in a foreign currency.
    • A dynamic currency conversion fee of 1% for purchases made abroad using Singapore dollar.

    How To Apply For Citi Purchasing Card

    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.

    Repayments:

    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:

    • At ATM and cash deposit machines
    • At AXS Stations
    • At SAM Machines
    • Using Mobile app
    • Through phone banking
    • Via online banking
    • Fast And Secure Transfers (FAST) payment mode under Transfer Funds from Citibank or other banks
    • SMS Pay by registering for this service with the bank first

    Reporting Lost/Stolen Credit Cards

    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.

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