Managing cash flow during COVID-19

Supporting our customers by providing flexibility and cash flow management solutions during this uncertain time

At present, COVID-19 is creating a difficult situation for many Australians. We have a number of options available to help you manage your cash flow and create some breathing room during this uncertain and evolving time:

1. Reduce your repayments to the minimum amount

Did you know that you can reduce your monthly outgoings for a period of time if you need to, by only paying the Minimum Payment Due, as well as any Overdue Amount and any Overlimit Amount, by the Minimum Payment Due Date? You will accrue interest on your daily unpaid balance, however you won’t be charged any late fees. This may be a tactic to help you to manage your cash flow during the month.

This information is relevant for your:

  • Credit Card
  • Ready Credit

2. Set up an automatic payment so you don't miss your due date

There are a number of methods to avoid late fees on your account. You could set a recurring reminder in your phone or diary. Or you could set up a recurring payment to your account from your transaction account. Log in to the Citi Mobile® App or Citibank Online to set one up from your Citi account.

Alternatively, you could set up Citi Easi-Pay to automatically pay either your Closing Balance, or the Minimum Payment Due, plus any Overdue Amount and any Overlimit Amount, every month on the Minimum Payment Due Date from the bank account of your choice.

DOWNLOAD EASI-PAY FORM  UPLOAD COMPLETED FORM

This information is relevant for your:

  • Credit Card
  • Ready Credit
  • Personal Loan

3. Pay your Credit Card or Ready Credit balance off over time in smaller, fixed monthly payments

If you like to stay in control of your budget, you may be eligible for a Citi Instalment Plan, which allows you to break large payments - either individual transactions or your statement balance - into smaller, more manageable monthly repayments at a fixed rate over a set period of time that best suits you*. Log in to the Citi Mobile® App or Citibank Online to check your current offers.

 

*Citi Instalment Plans are defined in the Credit Card Terms and Conditions as a Fixed Payment Option. 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.

This information is relevant for your:

  • Credit Card
  • Ready Credit

4. Defer your repayments for up to 3 months

If your circumstances have changed due to COVID-19, we can help by allowing you to defer your repayments for up to three months on your Credit Card, Ready Credit, Personal Loan and/or Home Loan account(s). 


During the deferral period, you may make repayments at any time without impacting your deferral program - no payments are required, no late fees will be charged and your account will not be overdue, although you will continue to accrue interest on your outstanding balance. We will not report any missed payments to the credit bureau during the period of your payment deferral. For Credit Card and Ready Credit customers, you will be able to continue to spend on your card, provided you are up to date on your repayments at the point of applying for a deferral and you have an available credit limit.


At the end of your deferral period, we will provide you with options to support you as you transition back to regular repayments.


To apply, complete this simple online application form. In most circumstances, you will automatically qualify.

DEFER MY REPAYMENTS

This information is relevant for your:

  • Credit Card
  • Ready Credit
  • Personal Loan
  • Home Loan

Frequently asked questions

  • My financial difficulties extend beyond COVID-19. What do I do?

    If COVID-19 has impacted or exacerbated your situation, you are entitled to apply for the three month payment deferral for your Credit Card, Ready Credit, Personal Loan and/or Home Loan account(s).

    If you need more or different support, you can read about our Financial Hardship assistance here.

  • Can I claim on my Credit Card Insurance?

    If you have been paying for Credit Card Insurance, you may be eligible to make a claim, which you can lodge online. Your credit card statement will indicate any current credit card insurance policies you hold. Any credit card insurance policy wouldn't preclude you from applying for payment deferrals or financial hardship assistance if you require it. More information is available within our FAQs.

  • Will I be able to continue using my card if I apply for the payment deferral program?

    Provided you are up to date in your repayments at the point of applying for a deferral and you have an available credit limit, you will be able to continue to spend on your card during the payment deferral period.


    However, please note that there will be a period of up to 48 hours during which your credit card will be suspended from usage while your payment deferral is put in place. This does not apply to debit cards. This may also mean you have recurring payments from your credit card rejected during this time. 

  • Will my credit report be impacted by the payment deferral program?

    We will not report any missed payments to the credit bureau during the period of your payment deferral.

  • How will my existing Instalment Plan (or "Fixed Payment Option") be affected by a payment deferral application?

    Your Instalment Plan, or Fixed Payment Option (FPO), will effectively be paused for the duration of your approved payment deferral, meaning you will not be required to make any repayments. 


    Some more information you should know:

    • Any instalments that were due in the statement you receive prior to the commencement date of your deferral period, and which remain unpaid, will be added to your outstanding balance and interest will be charged at the applicable APR in accordance with your product Terms and Conditions. 
    • During the payment deferral period you will be charged interest at the applicable FPO rate on the outstanding principal component of your FPO balance.
    • This interest will appear on your first monthly statement after the deferral period ends, as a separate instalment plan with the same remaining term as your original FPO.
    • At the end of the payment deferral period, your monthly FPO payments will resume with the same number of remaining monthly instalments to be paid at the same amount. 
    • Please refer to your first statement after the payment deferral period for the new instalment amounts.


    For more information about your Fixed Payment Option, please refer to the Terms and Conditions.

  • Has the Citibank Dining Program been impacted by COVID-19?

    Yes, due to the varying dine-in restrictions applied to restaurants as a result of COVID-19 we have had to temporarily remove them from the program. The restaurants now featured on this website have confirmed their participation in the program and we will continue to add new restaurants as we confirm their participation.


If you have a question we haven't answered

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Lifeline

Lifeline provides Australians experiencing emotional distress with access to 24 hour crisis support and suicide prevention services.  Call Lifeline at any time on 13 11 14.

R U OK?

RUOK is a not-for-profit organisation helping inspire everyone to have regular, meaningful conversations to help anyone who might be struggling with life’s ups and downs.

National Debt Helpline

Financial counselling is a free, confidential service to assist people in financial difficulty. The National Debt Helpline website also has easy to follow, step-by-step guides for tackling debt problems.

Other situations creating financial difficulty

Citi has a longstanding Financial Hardship process, which supports customers in unique situations with personalised support. You can read more about Financial Hardship here.