Do you know the Fees & Charges of CITIBANK Credit Cards?

James Ryan Jonas

citibank-logo-210x125We know that it is expensive to maintain a credit card. There’s a handful of fees that a credit cardholder must pay — from hefty interest rate charges to late penalty fees to overlimit fees, etc. — and this is why it pays to be aware on what these fees are and when they are incurred.

Are you a Citibank credit cardholder? Read below to find out the applicable fees and charges when you use the card. Be in the know and use your credit card wisely so you won’t fall into the credit card debt trap!

Fees and Charges on Citibank Credit Cards

I. Citibank Credit Cards – Annual Membership Fees
Card TypePrincipal CardSupplementary Card
Mercury Drug CitiP2,000P900
Megaworld CitiP2,000P1,000
Shell CitiP2,500P1,200
Citi RewardsP2,500P1,250
Citi SimplicityNo Annual FeeNo Annual Fee
Citi Cash BackP3,500P1,750
Citi PremierMilesP5,000P2,500
Citi PrestigeP12,000 (also see Note #2 below)P6,000 (also see Note #2 below)
Citi ClassicP1,500P750
Citi Gold, Rustan's Citi GoldP2,500P1,250
Cebu Pacific CitiP2,800P1,400

Some notes about the Annual Fee:

  1. For Citigold bank account holders of Citibank Philippines, the annual fee of Citi Gold Visa Card is free for life.
  2. For Citi Prestige Cardholders, the first billing of the Principal Card Annual Membership Fee will reflect on the first Statement of Account and the Fee will be billed yearly thereafter. The Principal Card Annual Membership Fee cannot be waived and must be settled in full to avoid incurring any fees and charges. The Citi Prestige Supplementary Card Annual Membership Fee is waived for up to seven (7) accounts.
  3. Cardholders who have qualified for the “No Annual Fee” promo will not be billed the Annual Membership Fee as long as they fulfill the promo requirements.
  4. Credit cardholder who were previously given a waiver of the Principal Membership Fees for their Citi Rewards Card and Citi Cash Back Card upon meeting the P180,000 required annual spend, Citibank says that this waiver is no longer available.

II. Interest Rate Charge on Citibank Credit Cards
Retail Monthly Effective Interest Rate3.50%
Citi Cash Advance Monthly Effective Interest Rate3.64%

Some notes about the Interest Charge:

  1. Interest rates are quoted based on a 30-day period. For months with more (or less) than 30 days, the applicable interest rate shall increase (or decrease) accordingly. Interest is compounded monthly. In accordance with the Philippine Accounting Standards (PAS) definition, the Effective Interest Rate (EIR) is the rate that exactly discounts estimated future cash flows through the life of the loan to the net amount of loan proceeds. (BSP Circular No. 730, s2011)
  2. The applicable Retail Monthly Effective Interest Rate is 3.50% based on a P20,000 availment, on the assumption that the Cardholder pays the Minimum Amount Due one (1) day after the Statement Date.
  3. The actual Retail Monthly Effective Interest Rate will be indicated on the card user’s Monthly Statement of Account.
  4. The applicable Monthly Effective Interest Rate for Citi Cash Advance is 3.64% based on a P20,000 availment, plus P600 Citi Cash Advance Service Charge, on the assumption that the Cardholder pays the Minimum Amount Due one (1) day after the Statement Date.
III. Other Credit Card Fees and Charges for all Citibank cards
Credit Card FeeAmount
Citi Cash Advance Service ChargeP500 or 3% of Citi Cash Advance Amount, whichever is higher.
Monthly Late ChargeP850 or the unpaid Minimum Amount Due, whichever is lower (except Citi Simplicity)
Foreign Transaction Service FeeAll charges made in foreign currencies will automatically be converted to Philippine Peso on the posting dates at the prevailing exchange rate determined by Visa/MasterCard. A fee of up to 3.525% will be imposed on the converted amount which represents our service fee and assessment fees charged by Visa/MasterCard.
Call for Cash Manager's Check Delivery ChargeP50 shall be charged for the delivery of the Manager's Check availed under the Call for Cash facility.
Cancellation Processing FeeP300 applicable to PayLite Products and PayLite after Purchase; 4% of the unbilled principal component of the Installment Transaction Amount, applicable to Citi Balance Conversion, Citi Balance Transfer and Citi Call for Cash.
Card Replacement FeeP400 for each lost/stolen Card.
Overlimit FeeP500 (i) if your Relationship Balance, the balance across all your Citi Cards (including unbilled principal on installment transactions, if any) exceeds your Relationship Limit (RL), or (ii) where your Card is on Account Credit Limit, if your account balance exceeds your Account Credit Limit.
The fee will apply on the same day you exceeded your RL or Account Credit Limit and will be charged to the Card with the transaction that caused the overlimit. The fee will be reflected on your Card’s next statement and will only be charged once per month.
However, if your Relationship Balance or Account Credit Limit remains overlimit in the succeeding months, a P500 Overlimit Fee will be charged per month.
Overlimit Fees do not apply to Citi Simplicity.
Returned Check FeeP1,500 will be charged for every check that is returned or that bounces due to insufficiency of funds, uncollected deposits, stop payment order, closed account, alteration, erasure or deficiency, or for any other reason.
Charge Slip Retrieval FeeP250 for each charge slip retrieved upon your request, for whatever reason. The same amount will be charged to you for each charge slip retrieved by the Bank arising from an invalid dispute.
Disbursement FeeP250 for each approved Citi Call for Cash and Citi Balance Transfer transaction.
Attorney's Fees and Liquidated DamagesIn case of default in payment, the Cardholder is liable to pay, in addition to late and Interest Charges, the cost of collection and/or Attorney's fees and Litigation and Judicial expenses as applicable.

Take note that the Minimum Amount Due is computed either as 1 or 2 below:

  1. Your Total Amount Due if it is less than or equal to P500; or
  2. The sum of the items below or P500, whichever is higher:
  • (a) Any Past Due Amount;
  • (b) Monthly Installments Due for the month;
  • (c) Interest Charge;
  • (d) Late Charge; and
  • (e) Total Amount Due less items 1 to 4, multiplied by the required payment percentage of 1%.

Take note: it could be financially disastrous to maintain a credit card, so make sure you use your credit cards wisely and properly manage your finances!

James Ryan Jonas teaches business management, investments, and entrepreneurship at the University of the Philippines (UP). He is also the Executive Director of UP Provident Fund Inc., managing and investing P3.2 Billion ($56.4 Million) worth of retirement funds on behalf of thousands of UP employees.