If you have Citi credit cards, Citi Rewards or Citi Simplicity+ maybe, you may have been offered the Citi Speed Cash via a phone call. Yes, and it’s not just a single call.
I have also received these calls, I can no longer count, for this, but I haven’t availed it yet. So, I got curious and did a little digging in its terms and conditions.
Citibank Philippines, whose operations in the country have been acquired and controlled by Union Bank of the Philippines (UBP), offer two popular quick cash loans to its credit card holders — Citi Speed Cash and Citi Flexi Cash. Its Citi Personal Loan is also a good deal.
Quick Summary — Citi Speed Cash — ideal for emergency purposes and big cash spending — is all good and tempting to avail until you get to consider whether you really need it, explore the other better options, and compute for the actual interest and other fees to pay.
Citi Speed Cash — Basic Features
As marketed by Citibank Philippines, Citi Speed Cash comes with these basic features:
- Get Big Things Done in an Instant. You may cash out an amount up to your credit limit into your bank account in as fast as 60 seconds (i.e., if disbursed via a Citi deposit account and five to seven banking days through other banks).
- Cash on Your Terms. You may avail it anytime on your smartphone and repay with installment plans up to 60 months.
- Simple and Hassle-Free. It does not require any documents, but the application is still subject to credit evaluation and approval.
Citi Speed Cash — Frequently Asked Questions (FAQs)
If you want to know more about Citi Speed Cash, here are the frequently asked questions (FAQs) and the answers I’ve found in its terms and conditions:
What is Citi Speed Cash? Citi Speed Cash, also known as Call for Cash, is a special cash advance facility wherein select Citi cardholders of good credit standing may avail of a quick cash loan.
It is charged to the Citi credit card together with all applicable interest and other fees which may be repaid in monthly installments.
What is the difference between Citi Speed Cash and Citi Flexi Cash? While Citi Speed Cash allows you to finance big purchases payable in installments up to 60 months, Citi Flexi Cash allows you to get cash from your cash limit and pay only when you are ready, thus more flexible.
What is the difference between Citi Speed Cash and cash advance? Citi Speed Cash is payable in installments while a regular credit card cash advance does not have a fixed monthly installment.
How do I know if I qualify for a Citi Speed Cash? If you are a Citi cardholder and with an account in a good standing for a few months already, you may see a Citi Speed Cash quick link on the app interface together with the maximum loanable amount.
You may also receive occasional calls informing you about the offer. If not, you may also call Citibank customer hotline to inquire about this.
How do I apply for Citi Speed Cash? If you find out that you just qualify for it, you may simply click on the link on the app and follow the instructions provided.
You may also log in to your Citibank online account (web-based) and under Services > Card Services, look for Citi Speed Cash.
How much can I borrow with Citi Speed Cash? Based on my experience, Citi Speed Cash remains activated once the available credit limit is at least PHP10,000.
It is also the minimum amount you can borrow, while the maximum depends on your available credit limit and the approval of Citibank itself.
How will I know if my application is approved? You will receive a confirmation SMS to notify you of the successful transaction.
If you book online, a confirmation page will be displayed upon successful processing of your Citi Speed Cash request.
You may also check your outstanding Citi Speed Cash transactions by selecting Services > Card Services in your home page and clicking on PayLite Inquiry under PayLite.
How fast will I get the cash? While it is considered a quick cash loan, you will receive the cash in as fast as 60 seconds if disbursed through your Citibank deposit account itself once approved.
However, if your disbursement account is with another bank, expect the crediting within 5 to 7 banking days. This may be extended for an additional 1 to 3 business days if the Citi Speed Cash availment is over PHP200,000.
Is there any processing fee? Yes, there is. If your application is approved, you will be charged a non-refundable processing fee of PHP900 for each Citi Speed Cash transaction.
How much is the interest rate? Interest rates may vary depending on the amount and the term, but the converted monthly factor rate (last checked in March 2023 or maybe because of the promo) is 0.79% which translates to an annual effective interest rate ranging between 17% to 19%.
You may see the actual computations based on your chosen amount across 6 to 60 months terms on the app itself once you are qualified. Check it yourself to find out.
Will I earn reward points with Citi Speed Cash? Citi Speed Cash transactions will NOT earn any reward points, rebates, or miles.
When will the installment payments start? You will not pay it yet on the first billing month. The monthly installments due will be reflected on your second and succeeding statements of account after the approval date.
Can I pay off all remaining installments before the maturity? If you cancel your installment and want to pay all before the term ends, you may do so without a prepayment penalty.
In that case, you agree to pay in full the unpaid portion of the principal amount and the cancellation processing fee equivalent to four percent (4%) of the unbilled portion of the principal amount, plus accrued interest charges on the cancelled installment transaction.
What are other important things to know about Citi Speed Cash? Your Citi Speed Cash transactions will be billed to your Citi credit card account monthly similar to a normal retail purchase and subject to the usual interest charge if you pay less than the total amount due indicated on your current or previous monthly statement on or before the payment due date.
Usual late charges will apply if you pay less than the minimum amount due on or before the payment due date.
Therefore, Citi Speed Cash transaction may take more than the scheduled term to pay off in full if only the minimum amount due is paid.
Citi Speed Cash — Review
While this is not a sponsored post, just like most of the review articles on this blog, and I don’t usually earn commissions unless indicated in a disclaimer, you can always take this as an honest and fair review of Citi Speed Cash:
Whether for emergency purposes or big cash spending, Citi Speed Cash can be a good option for Citi cardholders, and the top reasons are:
 It is a quick cash loan. It may not be available in as fast as 24 hours in most cases, just like those offered through quick cash loan apps, but the 5 to 7 days of processing is still remarkable.
Other Redditors however say that it doesn’t really take that long. One even said that a Citi Speed Cash application on Friday made it possible for the cash to get credited on Monday.
 It doesn’t require additional income documents. That’s right! Your credit card account with Citibank and good credit standing may be enough for the card issuer to approve your Citi Speed Cash.
It is sometimes a hassle gathering the latest income documents such as pay slips and ITRs, especially if your HRD is not that cooperative, or if there have been recent changes in your employment.
 It is all flexible. You decide for yourself how much you will borrow from the available limit based on your need. You don’t have to go for the maximum though.
Equally, you may also decide about the repayment terms, and the options ranging from 6 to 60 months offer an incredible flexibility.
 It is repaid in installments. Almost everyone loves paying in installments as it is in most cases, more manageable than in lump sum, especially in times of financial struggles.
Also, these installments are billed just like a normal purchase, and that means, you may just pay the minimum amount due and not necessarily the entire monthly installment amount if you don’t have the capacity yet. But you must be particular of the interest charges.
 It is way better than a credit card cash advance. Citi Speed Cash is payable in installments while a regular credit card cash advance does not have a fixed monthly installment.
Its interest rate is also lower than the regular finance charge rates for a cash advance. But if don’t pay the monthly installment in full, you may be charged double interest rates, i.e., one for the original Citi Speed Cash and another for the regular finance charge.
 Its interest rate is lower than most quick cash loans. Not only with extremely short repayment terms, but quick cash loans available via mobile apps also come with higher interest rates on daily, weekly, and monthly bases.
You may also need additional income documents with these loan apps, and there’s a high chance for you to get badgered if you fail to make on-time payments.
You just can’t have it all, and you may find Citi Speed Cash not the best option yet because of these disadvantages:
 It may not be available for new Citi credit cardholders. If you’ve just got approved last week or a few months ago, Citi Speed Cash may not yet be available for you.
You may not have developed a good credit standing yet, and you may just need more months to qualify.
In my experience, it was only made available on the app after at least six months. I even had to phone Citibank for other installment conversions during the first few months.
 It is primarily based on your available credit limit. You may just need a higher amount for something urgent or important, but your available credit limit may not be enough.
When your credit limit falls below PHP10,000, you may not qualify for a Citi Speed Cash.
Also, if you’re trying to borrow over PHP200,000, processing and approval time may be harder or may take some time. You may consider getting a Citi Personal Loan instead.
 You may end up paying higher interest if you pay only the minimum. As already explained, you may take the burden of two interest rates if you will pay just part of the monthly installment added to the minimum due on your statement.
It is thus important that you also consider your repayment capacity, and whether there are other options such as loans from family and friends which may save you from paying interests.
 Its processing fee is high, especially if you’re borrowing just a small amount. If you’re trying to take a Citi Speed Cash amounting to PHP50,000 to PHP100,000+, the processing fee of PHP900 may just be negligible.
However, if it’s just PHP10,000 or PHP20,000, then I don’t think it still is. Anyway, banks and other quick cash lenders really charge processing and even other documentary fees.
 If you pre-terminate or pay off the entire loan before its maturity, you still have to pay the fees. Although it’s not termed as a prepayment penalty, rather cancellation processing fee, it still comes as high as 4% of the unbilled portion of the principal amount.
You’re not also spared from paying the accrued interest charges on the cancelled installment transaction. Depending on your situation, it may just be better to pay it off based on the term contract.
 It may be just tempting to avail. Its flexible loan amount, payment terms, and low interest charges make it tempting to avail, not to mention the extreme accessibility in just a few clicks or taps.
You may not know that such big purchase you have in your mind may also be fulfilled by just making a regular swipe of your credit card. Plus, you may enjoy an installment for zero interest and with the same payment terms.
In the end, Citi Speed Cash — ideal for emergency purposes and big cash spending — is all good and tempting to avail until you get to consider whether you really need it, explore other better options, and compute for the actual interest and other fees to pay.
How to Get Personal Loans in the Philippines [Guide for Filipino Borrowers]. This article provides a comprehensive guide to getting personal loans which covers secured and unsecured loans, the top 10 loan providers in the Philippines, and additional tips.
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