Citibank’s Ready Credit (Redi-CashSM at Banco Popular)
Citibank’s Ready Credit product will convert to Banco Popular’s Redi-CashSM product. Redi-CashSM is an unsecured, rotating line of credit. You can only access Redi-CashSM through your checking account.
Benefits and details regarding Redi-CashSM
The new interest rate for your Redi-CashSM line of credit is a 14.45% fixed APR with no annual rate.
Relevant Terms
Redi-CashSM Banco Popular
Ready Credit
Citibank
Annual percentage rate (APR)
Fixed APR: 14.45%
Variable APR: Valid Prime Rate + margin
Default rate
Fixed APR: 19.95%
Variable APR: Prime Rate + margin + 2%
Annual rate
$0
$25
Method for calculating balance
Average daily balance
Average daily balance
Default fee
$25
$29
Returned check fee
$10
$10
Fee for returned checks cashed toward the line of credit
$15
-
Stop payment fee
$15
-
Credit limit
Your line of credit will be the same as the one you had with Citibank’s Ready Credit. Banco Popular offers lines of credit for Redi-CashSM ranging from $5,000 up to $100,000. If you’d like to increase the amount of your current line of credit, please contact TelePrestamo Popular at 787-724-3653. The amount is subject to credit approval.
Payments toward your line of credit
You can make additional payments toward the balance owed via:
1.Internet Banking – payments using our Internet Banking service via www.popular.com, 24 hours a day, 7 days a week. 2. TelePago Popular– Call 787-724-3659 for 24-hour assistance. 3.Send a check or money order to: Banco Popular
PO BOX 71375
SAN JUAN PR 00939-7077 4. Visit any one of our branches and fill out a “Payment to Reserve/Line of Credit” form.
If you have to make a payment on or after December 1, 2007 and you have not received your Banco Popular account statement, you can use your Citibank payment slip to pay your Banco Popular loan.
Direct payment or Auto Deduct
If when you first originated your Citibank loan you established a direct payment or Auto Deduct from a Citibank account, Banco Popular account, or from any other institution, you will continue receiving this service.
However, if you set up your payments as recurring payments via Citibank’s web site or via phone, it is important that you reprogram your payments. You can do so by contacting us at 787-724-3659, or 1-888-724-3659. You can also make payments yourself by using Banco Popular’s Internet Banking service via www.popular.com.
