TERMS AND CONDITIONS FOR KRISPY KREME TREATS FOR PAYLITE AFTER PURCHASE
1.
The Krispy Kreme Treats for PayLite After Purchase Promo (hereinafter referred to as “Promo”) will run from April 29 to May 15, 2014.
2.
The promo is open to a pre-selected group of principal Citi Cardholders whose cards are issued in the Philippines, are active and in good credit standing, and who
are not prohibited under the applicable Gifts, Anti-bribery and Corruption laws and policies from participating in or qualifying for this promo (the “Cardholders”).
3.
A selected Cardholder who converts a straight-charged single-receipt transaction worth at least P20,000 into PayLite After Purchase will be entitled to redeem
Krispy Kreme Original Glazed Doughnuts corresponding to the amount of the PayLite After Purchase availed, as stated below:
PayLite After Purchase Amount
Availed (in Php)
P20,000 – P39,999
P40,000 and up
Premium Gift
1 dozen of Krispy Kreme Original Glazed Doughnuts
2 dozen of Krispy Kreme Original Glazed Doughnuts
4.
The promo voucher will be loaded into the qualified Cardholder’s Citi Card that was used for the PayLite After Purchase conversion within 5 to 7 working days from
the approval date. An SMS will be sent to the qualified Cardholder notifying him/her that he/she can claim the Krispy Kreme doughnuts at selected Krispy Kreme
branches.
5.
The participating Krispy Kreme branches are:
Metro Manila
Alabang, Bonifacio High Street, Eastwood CyberMall, Glorietta
4, Greenhills Shopping Center, SM City Fairview Annex, SM
Mall of Asia, SM Manila, SM Megamall, Trinoma Mall
Luzon
Marquee Mall
Visayas
Ayala Center Cebu
Mindanao
SM Davao
Centrio
6.
Cardholders who have more than one Citi Card will only receive one gift throughout the promo period. Cardholders who convert more than one transaction into
PayLite After Purchase will only receive one gift throughout the promo period.
7.
To redeem the gift, the qualified Cardholder must present the following to Krispy Kreme authorized personnel:
Citi Card which was used for the PayLite After Purchase availment
Valid Government issued ID with photo and signature
8.
The promo voucher and premium gift is non-transferable and can only be redeemed by the Cardholder. It is not exchangeable for cash, credit or kind.
9.
Redemption in participating outlets is from May 7 to May 15, 2014.
10. Upon Cardholder’s redemption of the gift, Krispy Kreme’s store policies on product-related inquiries, returns, and exchanges will prevail.
11. Participants of this promo must not be subject to any legal or regulatory restrictions, including US law or regulations, or applicable Citi policy that would prohibit
Citi from allowing the participant to join or avail of the promo.
12. In case a qualified Cardholder disputes the qualifying PayLite After Purchase transaction, which results in the reversal of the transaction in part or in full, Citi reserve
the right to charge the corresponding amount of the premium gift to the Cardholder’s account.
13. Fraud and abuse relating to the participation in the promotion, the use of the Card or card privileges or redemption of the premium gift may result in the
termination of the Citi Cards and the card privileges and the charging to the Cardholder of an amount equivalent to the cost of the premium gift redeemed and
other promo-related costs.
14. Terms and Conditions Governing the Issuance and Use of Citibank Credit Cards and the Terms and Conditions of PayLite After Purchase shall continue to apply.
15. This promotion shall not apply in conjunction with any other existing bank promotion.
Per DTI Permit No. 1226 Series of 2014.
TERMS AND CONDITIONS GOVERNING THE PAYLITE AFTER PURCHASE PROGRAM
In these Terms and Conditions Governing the PayLite After Purchase Program (“Terms and Conditions”), the term “Card” means all credit cards issued by Citibank, N.A. (Philippine Branch) (“Bank”).
The term “Cardholder” means the person at whose request one or more Cards have been issued by the Bank. The Cardholder hereby agrees to the following Terms and Conditions:
1.
PayLite After Purchase Program. PayLite After Purchase is a Citibank credit card facility which allows select Citibank Cardholders of good credit standing to convert a single-receipt retail
transaction of at least P5,000 to a PayLite Installment Plan, which together with applicable interest and other fees shall be paid for by the Cardholder on an installment basis. Cash Advance
transactions, interest charges, fees and installment amortizations are not convertible under the PayLite After Purchase facility.
PayLite After Purchase requests should be received by the Bank at least three (3) banking days before the Payment Due Date indicated on the Cardholder’s Statement of Account; such requests
will be subject to verification and credit approval by the Bank. The approved PayLite After Purchase Amount must not exceed the unused portion of the Regular Credit Limit of the Cardholder’s
Citibank Card.
Moreover, rewards points, rebates, PremierMiles and CEB Points earned from the retail transaction applied for conversion will be deducted from the Card account upon conversion, and will be
credited back monthly in such amounts corresponding to the portion of the principal component of the monthly PayLite installment billed on the Statement of Account.
2.
Effect of Availment under PayLite After Purchase. Where the Bank approves a request for PayLite After Purchase, the total PAYLITE AFTER PURCHASE amount (“Total PayLite After Purchase
Amount”) shall be subject to these Terms and Conditions and all applicable terms and conditions under the Terms and Conditions Governing the Issuance and Use of Citibank Cards (“Cards T&C”)
and all related provisions of the PayLite Installment Plan.
3.
PayLite After Purchase Installment Payment and other Fees. The monthly PayLite After Purchase installment due (the “Monthly Installment Due”) forms part of the minimum amount due in the
statement of account of the Card. The regular Monthly Installment Due is computed as the total amount payable (the “Total Amount Payable”) divided by the term (the “Term”, i.e. number of
months within which such amount must be paid) chosen by the Cardholder. The Total Amount Payable is computed as the Total PayLite After Purchase Amount plus the total amount of PayLite
After Purchase interest due. The total amount of interest due (“Total Interest Due”) on the Total PayLite After Purchase Amount is computed as the sum of interest charged monthly throughout
the Term chosen by the Cardholder. The interest for the second and succeeding statement periods is computed by multiplying t he effective interest rate (the “Effective Interest Rate” or the
“EIR”) stated in Section 4 hereof by the outstanding principal balance, divided by 360 days, and then multiplied by 30 days (Interest = EIR * outstanding principal balance / 360 * 30); the interest
for the first Monthly Installment Due shall be computed by multiplying the quotient in the formula by the actual number of days from approval date of the PayLite After Purchase transaction to
one day before statement date, instead of 30 days. The principal portion is computed by subtracting the interest from the Monthly Installment Due.
The computation of the Monthly Installments Due shall not be equal, as the interest on the first Monthly Installment Due shall be computed based on the actual number of days from approval
date and one day before statement date (ends inclusive), while the interest on the second and succeeding Monthly Installments Due shall be computed based on a fixed 30-day period. Thus, the
first Monthly Installment Due may be more or less than the subsequent regular Monthly Installments Due and shall not be construed as the regular Monthly Installment Due. After the first
month, the Cardholder shall be billed a fixed regular Monthly Installment Due, as computed in accordance with the first paragraph of this item 3.
The computation of interest and principal components of the Monthly Installments Due shall be on a diminishing balance basis, and the interest and principal portions of the Monthly Installments
Due will not be equal from month to month.
The first Monthly Installment Due shall be billed to the Cardholder beginning on the Cardholder’s next statement date and succeeding Monthly Installments Due shall be billed every month
thereafter until the Total Amount Payable is paid in full.
In case of pre-termination or cancellation of PayLite After Purchase, the Cardholder shall be liable to pay in full the unpaid principal component of the Total Amount Payable and a Cancellation
Processing Fee equivalent to P300. In case of special promotions wherein the Bank gives the Cardholder special premiums (includes promotional items, rewards points, rebates, etc.), the Bank has
the discretion to charge the full monetary equivalent of the premium should the Cardholder pre-terminate or cancel the PayLite After Purchase. The equivalent amount will be charged to the
Cardholder’s Citibank Card account on the next statement date following the date of pre-termination or cancellation.
SUMMARY SCHEDULE OF FEES AND CHARGES
Cancellation Processing Fee
4.
P300
Interest on the Total PayLite After Purchase Amount. The Cardholder agrees to pay the Bank interest on the Total PayLite After Purchase Amount on the dates specified in the Statement of
Account at the applicable converted monthly factor rate with a corresponding effective interest rate per annum based on the outstanding principal balance when the respective Statement of
Account is generated and the Term as follows:
NOTE: THE EFFECTIVE INTEREST RATES BELOW ARE BASED ON INTEREST COMPUTED ON A FIXED 30-DAY PERIOD. YOUR ACTUAL EIR MAY BE HIGHER OR LOWER AS THE INTEREST PORTION OF YOUR FIRST MONTHLY
INSTALLMENT DUE IS COMPUTED BASED ON THE ACTUAL NUMBER OF DAYS BETWEEN APPROVAL DATE AND ONE DAY BEFORE STATEMENT DATE, WHICH MAY BE MORE OR LESS THAN 30 DAYS.
Term
3
6
12
24
Converted Monthly Factor Rate*
0.68%
0.68%
0.68%
0.68%
Effective Interest Rate (Per Annum)
12.90%
14.77%
15.77%
16.03%
*The Converted Monthly Factor Rate, formerly referred to as “Monthly add-on rate”, is presented as a guide that can be used to derive the monthly installment (interest plus principal).
Monthly Installment Due = Total PayLite After Purchase Amount X [(1/Term) + Converted Monthly Factor Rate]
If the Cardholder chooses to pay only a portion of his Total Amount Due as indicated in the Statement of Account, the unpaid portion of the Monthly Installment Due shall be subject to the
monthly interest charge at the prevailing rate of 2.49% (or 29.88% nominal interest rate per annum) for Choice Cards, 2.75% (or 33% nominal interest rate per annum) for Platinum Cards, 2.99%
(or 35.88% nominal interest rate per annum) for Cash Back MasterCard, 3.25% (or 39% nominal interest rate per annum) for Gold Cards, 3.33% (or 39.96% nominal interest rate per annum) for
Rewards Card and 3.5% (or 42% nominal interest rate per annum) for all other cards. 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. Usual late payment charge applies. (Note that the Balance Transfer Installment Due is made up
of (1) the Principal Component of Monthly PayLite Installment; and (2) the applicable Interest Component of Monthly PayLite Installment).
For Choice Cards, in the event that the Citibank Card account is twice or more past due (that is, when the minimum amount due is not received in full on or before the payment due date) within
the last twelve months, the interest rate of 3% per month (36% per annum) will apply. The interest rate will revert to the prevailing monthly interest rate of 2.49%, as soon as the account is no
longer twice or more past due within the immediately preceding 12-month period.
In the event that the Citibank Card account is 60 days or more past due, the PayLite After Purchase installment plan will be cancelled, and any remaining unpaid balance will be billed to the
Citibank Card account in full as a regular retail transaction. Once billed in full, the remaining balance will be subject to the standard monthly interest charge of 2.49% for Choice Cards, 2.75% for
Platinum Cards, 2.99% for Cash Back MasterCard, 3.25% for Gold Cards, 3.33% for Rewards Card and 3.5% for all other cards.
5.
Interpretation. Except insofar as they may be inconsistent with these Terms and Conditions, the provisions of the Cards T&C shall continue to apply to the Total PayLite After Purchase Amount
applied under the PayLite After Purchase Facility. These Terms and Conditions shall be read and construed with the Cards T&C so as to produce a result that is harmonious and consistent;
Provided, that in the event of any inconsistency or conflict between the provisions of these Terms and Conditions and the Car ds T&C, the provisions of these Terms and Conditions shall prevail in
relation to the Total PayLite After Purchase Amount applied under the PayLite After Purchase Program. Unless clearly and unambiguously provided in these Terms and Conditions, there shall be
no diminution of the obligations of the Cardholder under the Cards T&C. Per DTI Permit No. 10540, Series of 2013.