Citi Bank Credit Card Installment Payment Policies and Terms (Part 2)

This article explains Citi Bank's credit card installment payment rules, including installment options, fee calculation, payment procedures, and conditions for early repayment or account suspension. It clarifies the process of dividing transaction amounts into installment plans, fee application, and the bank’s rights regarding amendments and defaults, helping cardholders understand their obligations and benefits.

1. "Number of Installments" refers to dividing the principal amount of a transaction into several repayment periods when applying for installment payments. Cardholders can choose from 3, 6, 9, 12, 18, or 24 installments, each lasting one month.

2. "Installment Fee Rate" indicates the fee percentage charged for using the installment option, set by Citi Bank. Details are available in the rate table on Citi Bank's online platform. The fee applicable at the time of application remains until the end of the installment plan. Based on usage behavior, Citi Bank may offer discounts on the fee rate.

3. Calculation of "Each Installment Payment" in Citi Bank credit card services:

"Per-period payable amount" includes both principal and installment fee for each installment. The principal is divided evenly, with decimals adjusted in the first installment. The installment fee is calculated by multiplying the principal by the fee rate, retaining two decimal places.

4. Operational details of installment payments:

Once approved, the system automatically charges the installment amount on each billing date. This amount contributes to the current period’s minimum repayment. Failure to pay on time may incur late fees and interest, as per Citi Bank's credit card terms.

5. Additional Terms:

Changes to installment quantity or amount after application are not permitted. Excess transaction and installment bills must be settled before applying for new installments. Early repayment is allowed with full settlement of principal and fees, which are non-refundable. Repayments reduce the available credit limit accordingly. Citi Bank reserves the right to approve installment requests based on internal rules. Default, suspension, or breaches may trigger full repayment of remaining amounts, including fees and interest.

6. When canceling the card during repayment, outstanding installments must be cleared beforehand.

7. Citi Bank may amend these terms any time and notify users via the method specified in the credit card agreement.