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FREQUENTLY ASKED QUESTIONS (FAQs)

0% INTEREST ON PURCHASES FOR UP TO 3 MONTHS* PROMOTION


What is the 0% on purchases credit card promotion about?
New First Citizens credit card customers will pay 0% interest on posted purchase transactions for up to 3 “months” (i.e. statement cycles) after the account is opened. The annual fee an all cards on new accounts is also waived for the first year.

What is the benefit of this 0% interest on purchases promotion?
The customer can enjoy more flexible finances and save money by making purchases now and paying $0 interest for up to 3 “months” (i.e. statement cycles).

What type of transactions qualify for the 0% interest rate?
ANY and EVERY purchase transaction, be it vacation planning expenses or any other possible purchase. It does not apply to cash advances or quasi cash / gambling transactions.

What is the time period for the promotion?
The promotion runs until April 30th 2017, meaning that applications must be received at the Credit Card Centre by April 30th 2017.
Qualifying accounts will be opened from March 13th 2017.

Does this promotion apply to all First Citizens credit cards?
VISA Signature, VISA Infinite, 2 in 1 and Business credit cards are excluded.

Does the 0% interest apply for calendar months?
No, it is being applied per statement cycle.

If the interest is 0%, must the customer make a payment then?
Yes, the payment must pay his credit card once there is an outstanding balances when the credit card statement is generated. The interest rate does not impact the need to make a payment towards the credit card in any way.  Click here for further details on how First Citizens credit cards operate.

What should the customer pay and by when?
The customer is required to make a payment as per usual, i.e. either (i) minimum payment (ii) full payment or (iii) any amount more than the minimum on or before the payment due date. Click here for further details on how First Citizens credit cards operate.

What happens if the customer does not make a payment?
The customer will progress into arrears in accordance with normal Bank policy.

Will the customer still benefit from 0% interest if the account goes into delinquency?
No, the benefit of 0% interest will not apply; the annual interest rate of 24% or 2% monthly will revert.

Does this 0% interest on purchases promotion for 3 months* apply to upgrades, renewals and replacement cards?
No. This promotion applies only to new credit card customers.

 

What are the statement cycles which give the 0% interest on purchases to the customers?
The statement cycles depend on the date that the account is opened as well as the statement date per card product.

See details below.

 

Card Type
Date account opened
Qualifying “Months” / Statement Cycles
VISA Tertiary
March 11th to April 10th
(1) March 11th to April 10th,
(2) April 11th to May 10th,
(3) May 11th to June 10th
(4) June 11th to July 10th
 
Date to pay  off full balance to avoid interest charges: July 30th 2017
April 11th to April 30th 
(1) April 11th to May 10th,
(2) May 11th to June 10th,
(3) June 11th to July 10th
(4) July 11th to Aug 10th
 
Date to pay  off full balance to avoid interest charges: August 30th 2017
VISA Classic, Pink, MasterCard Standard
March 14th to April 13th
(1) March 14th to April 13th,
(2) April 14th to May 13th,
(3) May 14th to June 13th
(4) June 14th to July 13th
 
Date to pay  off full balance to avoid interest charges: August 2nd 2017
April 14th to April  30th
(1) April 14th to May 13th,
(2) May 14th to June 13th,
(3) June 14th to July 13th
(4) July 14th to Aug 13th

Date to pay  off full balance to avoid interest charges: September 2nd 2017
VISA Gold, VISA Platinum and MasterCard Gold
March 17th to April 16th
(1) March 17th to April 16th,
(2) April 17th to May 16th,
(3) May 17th to June 16th
(4) June 17th to July 16th
 
Date to pay  off full balance to avoid interest charges: August  5th  2017
April 17th to April 30th
(1) April 17th to May 16th,
(2) May 17th to June 16th,
(3) June 17th to July 16th
(4) July 17th to Aug 14th
 
Date to pay  off full balance to avoid interest charges: September  5th  2017  

 
What happens after the promotional 0% interest on purchases statement cycles?
If the full balance at the end of the last qualifying statement cycle is not paid off in full by the relevant payment due date (See Q12), interest at the 2% rate will be applied. The 2% interest rate will apply to residual unpaid purchase transactions from the effective transaction date until it is paid off.

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