CITY Card EMI plan is an instalment plan that allows cardholder the flexibility to convert any retail purchase transaction into an instalments scheme where the cardholder pays back the amount at a rate of interest as low as 16.99% per annum over a tenor ranging from 6 months to 36 months. The customer enjoys the flexibility to buy high value items on The City Bank credit card and conveniently pay in monthly instalments at a lower interest rate. The minimum transaction amount eligible for an instalment plan is BDT 3,000.
Program Dynamics:
The instalment plan is flexible in terms of:
01.
Product Covered: All BDT credit cards of The City Bank (i.e. Visa Local Classic and Local Gold) are eligible for Flexi pay.
02.
Transaction: Any retail transaction with an amount of BDT 3,000 or above can be transferred to the flexi pay scheme.
03.
Tenor/Payment Options: The cardholder can pay back the amount over a period ranging from 6 months to 36 months, depending on his preference. The instalment payment options are 6, 12, 18, 24, 30 or 36 months.
04.
Opening Fee: No opening fee/joining fee will be charged for flexi pay.
05.
Interest Rate: The interest rate on flexi pay will be variable as proposed in Variable APR per annum compared to regular 30% per annum. The effective rate will vary according to the tenor.
06.
Number of Flexi Pay entitlement: The flexi pay transaction amounts are capped at the cardholder's limit level and there are no restrictions on the number of flexi pay schemes that a cardholder can avail of as long as each transaction amount is equal to or above BDT 3,000.
07.
Simple: The cardholder has to fill out the Instalment Payment Application form and send it to cards customer services.
The transaction amount should be multiplied with the payback factor and then the total amount should be divided by the number of months (i.e. instalment) selected to arrive at the EMI (Equal Monthly Instalment).
Minimum due amount calculation: While calculating the minimum due amount system will calculate the full amount of instalment transferred from instalment account + 5% of other total transaction amount.
08.
Pre-Closure: The cardholder has the option of early settlement of the Instalment Loan amount provided that he pays a pre-closure fee of 3.00% of the transfer amount or BDT 500 whichever is higher.
09.
Delinquency Level and Auto-cancellation: Flexi pay facility will cancel automatically when the credit card account reaches 120 DPD (arrears level) and the entire loan amount will get transferred to the card account and become fully due.
10.
The flexi pay form is verified by the cards customer service manager or designated person at branches and then forwarded to of card operations to transfer the transaction amount into Instalment Plan.
