• What is a Fixed Payment Option?

    A Fixed Payment Option allows you to take advantage of an interest rate lower than the standard Annual Percentage Rate you currently pay on your credit card account for a fixed term of your choice.

    You can use a Fixed Payment Option in three ways:

    a) Citi Cash Instalment Plan – Lets you set aside part of your existing account credit limit at a lower interest rate. You simply need to tell us the amount you would like at the Fixed Payment Option rate and your preferred available repayment term and we can set up a Fixed Payment Option for you.

    b) Citi Statement Instalment Plan – Allows you to convert up to you retail balance less the minimum due amount (as shown on your latest statement) into fixed Monthly Instalments at the interest rate for a term of your choice. Balance Transfers, card fees, interest charges, cash advances and existing Fixed Payment Options are not eligible for conversion.

    c) Citi Transaction Instalment Plan – Allows you to convert eligible retail purchase/s equal to a lower rate at your preferred available repayment term.

    The Fixed Payment Option is an offer and is subject to your eligibility at the time of processing. Setting up a Fixed Payment Option results in fixed monthly payment amounts that are rolled into the Minimum Payment Due amount on your monthly statement. You pay the Fixed Payment Option off with Monthly Instalment amounts over your chosen term, which means by the end of your fixed term, you will have paid the full amount off entirely provided you’ve made all of your repayments on time.

  • Is the Fixed Payment Option amount part of my existing credit limit?

    The Fixed Payment Option uses part of your existing credit limit, your credit limit doesn’t change. As you pay off your Fixed Payment Option amount/s, the amount/s you pay off will become available for you to use again as part of your credit limit and will be subject to the standard Annual Percentage Rates applicable on your account.

  • What's the maximum cash amount that I can request?

    You can request an amount up to 100% of your credit limit if you choose, provided there is no outstanding balance. However, if you have an outstanding balance we will limit the Fixed Payment Option amount to only your available credit limit amount and you will not be able to request up to 100% of your credit limit until your outstanding balance is paid. The credit limit is subject to our credit criteria.

  • Can I have more than one Fixed Payment Option?

    Yes. You can have more than one Fixed Payment Option as long as each request is within your available credit limit. However, if you have an outstanding balance we will limit the Fixed Payment Option amount to only your available credit limit amount and you will not be able to request up to 100% of your credit limit until your outstanding balance is paid.

  • Is there a Fixed Payment Option fee?

    Currently no fees are charged for setting up a Fixed Payment Option.

  • How do I apply for a Fixed Payment Option?

    You can apply for a Fixed Payment Option in My OffersMy Offers through Citibank Online, provided you have an offer showing. Alternatively, you can Contact UsContact Us here or call us on 13 24 84. A Fixed Payment Option is subject to our eligibility criteria.

  • How do I make the Monthly Instalment repayment?

    Your Monthly Instalment repayment will appear on your statement and is included in your minimum payment due amount each month.

  • How does it appear on my statement?

    An additional section is added to your statement called Fixed Payment Option Summary, which will outline the details of your Fixed Payment Option(s).

  • When will I be charged my first Monthly Instalment?

    The details for your Fixed Payment Option will appear on your next statement but will not contain a monthly instalment charge.
    Your first repayment will be charged on the following statement (i.e. the second statement after the Fixed Payment Option is set up).
    For Example: If you set up a Fixed Payment Option on the 1st of January and your statement cycle date is the 15th of the month, the Fixed Payment Option will appear on your Statement for the 15th January and the first repayment will be charged on the Statement for the 15th February.

  • Do I keep my interest free period with a Fixed Payment Option?

    The interest free period applies when you pay your full closing balance from your last statement of account by the Payment Due Date (excluding any Fixed Payment Option balance which isn’t due for payment by that Payment Due Date). No Interest Free period is available on Cash Advances or Balance Transfers. Whilst you have a balance transfer you will be charged interest on your daily unpaid balance.

  • What happens if I fail to make a Monthly Instalment repayment by the Payment Due Date?

    If you fail to pay the Monthly Instalment by the Payment Due Date and you are a Credit Card account holder
    i. that Monthly Instalment will be charged interest at the retail purchase rate from the Payment Due Date. From 27 December 2018, this will be from the day after the Payment Due Date.
    ii. We may cancel any Fixed Payment Option, in which case, any outstanding balance of the Fixed Payment Option will revert to the retail purchases rate for Transaction Instalment and Statement Instalment Plans and the cash advance rate for Cash Instalment Plans.

  • Can I pay more than my Monthly Instalment amount?

    If you make a payment which exceeds the minimum payment due plus any overdue amount, the excess amount will be applied to pay the balance of your account (excluding the outstanding balance of the Fixed Payment Option). We may (but are not obliged to) apply any further excess to pay the balance of your Fixed Payment Option.

    If you wish to make an additional payment towards your Fixed Payment Option, please make sure you contact us BEFORE making the payment by sending a secure message (details below) and allowing up to 2 working days for us to process this request.
    Once you receive a confirmation from us, you can then make the additional payment so that it is allocated to your Fixed Payment Option.

    To send a secure message sign on to your Citi online account on www.citibank.com.au and click on Services, My Profile then My Messages and include the amount and the Fixed Payment Option towards which the payment needs to be allocated.

    Alternatively, you can call Citiphone on 13 24 84 (or +61 2 8225 0615 if you're calling from overseas).

    If the Fixed Payment Option is your only outstanding balance, then any additional payment will be allocated to it and there is no need to contact us.

  • Can I change the term of my Fixed Payment Option?
    Yes, you can change it to a shorter term if you wish to however this will change your Monthly Instalment repayment amount. Simply Contact UsContact Us here or call us on 13 24 84.
  • Can I cancel my Fixed Payment Option anytime?

    You can pay off your Fixed Payment Option at any time without early repayment fees. Simply Contact UsContact Us here or call us on 13 24 84.

  • Does a Fixed Payment Option earn Reward Points?

    Cash accessed from your credit card with a Fixed Payment Option will not earn rewards points.

Fixed Payment Option offers are subject to eligibility and only available if your account is and remains in good standing. Your Fixed Payment Option uses part of your existing credit limit. As you pay off your Fixed Payment Option, the amount you pay off will become available for you to use again as part of your credit limit at the standard Annual Percentage Rate applicable to your account. For the full terms and conditions of your Fixed Payment Option, please refer to the Credit Card Terms and Conditions and Other Important Information.