New credit card protection for Citibank members

Now, Citibank cardmembers need not worry when faced with this situation. CreditGuard, an insurance coverage specially packaged for Citibank Cardmembers, will pay for your Citibank credit card bills when you can’t. This plan provides the cardmember valuable coverage designed to ease the financial strain of finding money to pay for your credit card bills in the event of death, temporary or permanent disablement. CreditGuard is underwritten by CMG Life Insurance Co., Inc.

If you are unable to work temporarily due to an accident or illness, CreditGuard can help you make your minimum monthly payments to your credit card for up to six months, keeping your account current and protecting you credit rating. More importantly, in the event of your total disablement or death, CreditGuard can pay off your total outstanding balance up to your credit limit or a maximum of P600,000.

Citibank cardmembers can avail of this coverage for a very minimal monthly premium – 36 centavos for every 100 pesos of the total outstanding balance. So, for a monthly outstanding card balance of P25,000, you will only pay P90. If you do not use your credit card and have no outstanding balance, no premiums will be charged.

Knowing the importance of CreditGuard and the peace of mind that it can provide to its cardmembers and their families Citibank will be automatically enrolling qualified Citibank cardmembers to this coverage in batches.

To allow the cardmember to experience the benefit of CreditGuard, the first three months of coverage will be free of charge. Citibank will also pay for the open-time upfront documentary stamp tax (DST). Thus, Citibank cardmembers can enjoy the convenience of being covered without the hassle of filling out forms or answering health statements. Certain policy exclusions will apply, details of which are found in the Certificate of Coverage that will be given to the qualified cardmembers.