CIMB CashLite Terms and Conditions

Transcription

1 CIMB CashLite Terms and Conditions CashLite Terms and Conditions (Updated 21 st August 2013)Page 1

2 CashLite Terms and Conditions CashLite Programme 1. The CashLite Programme (the Programme ) is offered to the principal credit card Cardmembers of CIMB Bank Berhad ( CIMB Bank ) subject to these terms and conditions. All CIMB Bank Supplementary cards, Business Cards and CIMB Bank Islamic Cards are not eligible for the Programme. 2. The CashLite Amount ( CashLite Amount ) hereby refers to the amount that the Cardmember can withdraw from their credit card via the Programme. 3. The Programme is only open to Cardmembers who have been contacted over the phone by CIMB Bank. Minimum and Maximum CashLite Limit 4. Each application is subject to the available credit limit on the Cardmember s credit card. CIMB Bank will not approve any CashLite amount requested by the Cardmembers if the Cardmembers available credit limit is insufficient. CIMB Bank may also reject any application for the CashLite Amount at their discretion without having to give the Cardmembers any reason for their rejection. 5. The minimum CashLite amount that can be applied for is RM1,000. Separate CashLite Account 6. Upon approval of the Cardmember s application for the Programme a virtual credit card account with 16-digit account number ( CashLite Account ) will be created for the purpose of the approved CashLite Amount. The Cardmember will receive a separate statement with details of his/her approved CashLite Amount (including the tenure, applicable interest rate and the monthly installment amount payable ( Monthly Payment )). The amount of the Monthly Payment will depend on the approved CashLite Amount and type of plan applied for by the Cardmember. 7. Each Monthly Payment shall be charged to the Cardmember s CashLite Account. The Monthly Payment will be reflected in the Cardmembers CIMB CashLite statement and shall be payable in full. If the Monthly Payment is not paid in full by the due date of each month, a late payment charge of 1% on the outstanding balance of this fixed Monthly Payment (subject to a minimum of RM and maximum of RM100.00) will be charged after the due date and such late payment charge shall be payable in full on the following statement due date. The late payment charge is imposed by way of liquidated damages and not as a penalty and shall be payable before, as well as after any court order or judgment. The repayment method is calculated based on Rule 78 method. Finance Charge CashLite Terms and Conditions (Updated 21 st August 2013)Page 2

3 8. In accordance with the Bank Negara Malaysia guidelines, CIMB Bank may impose finance charges on the outstanding balance of the fixed Monthly Payment charged to the Cardmembers CashLite account subject to the current maximum rates of 18% per annum (depending on the payment behavior as stated in Bank Negara guidelines) should the Cardmember fail to settle the outstanding balance of the fixed Monthly Payment on the due date and such finance charges accrued shall be payable in full on the following statement due date. Credit Limit 9. Upon approval of the Cardmembers application, the Cardmember s available combined credit limit will be provisionally reduced by blocking out an amount equivalent to the approved CashLite Amount, total interest andinterbank transfer ( IBG ) of RM 2 if the Cardmember request to have the CashLite amount disbursed to the Cardmembers other bank s account, but will be progressively restored (at CIMB Bank s sole and absolute discretion) by the amount of each Monthly Payment as each Monthly Payment is paid and to the extent that actual payment is received by CIMB Bank. 10. The approved CashLite Amount will form part of the total available credit limit for all the Cardmember s CIMB Bank credit card account(s), including his/her supplementary credit card account(s). There will be no increase in the available credit limit whether equivalent to the approved CashLite Amount or otherwise. Right to reject 11. This Programme is valid for such period as CIMB Bank may determine in its absolute discretion. Each application is subject to the approval of CIMB Bank in its absolute discretion. CIMB Bank reserves the rights to reject any application in its entirety and/or approve only part of the requested CashLite Amount at its absolute discretion without having to give any reason. 12. In the event CIMB Bank offers the Programme to a Cardmember via phone but finds out later that the Cardmember had breached the terms and conditions of their credit card ( Card Agreement ) or does not have enough credit limit, CIMB Bank reserves the right to revoke the offer made and to recall the CashLite Amount granted. Cancellation & Early Settlement 13. In the event a Cardmember wishes to cancel the CashLite application, the Cardmember must call CIMB s Card Call Centre within 24 hours from the time the application for the CashLite is made by the Cardmember over the phone. 14. To cancel or early settlement by the Cardmembers of their CashLite Account before the expiry of the subscribed plan, the Cardmembers must contact CIMB Bank s call centre and give CIMB Bank no less than thirty (30) days prior notice. The Cardmembers are required to repay CIMB Bank the total outstanding balance and the total unbilled principal under the CashLite Account for such cancellation or early settlement. Notification Letter CashLite Terms and Conditions (Updated 21 st August 2013)Page 3

4 15. A system generated letter of notification will be sent to the Cardmember advising him/her whether his/her application under the Programme has been approved or declined. Where the application has been approved, the letter of notification would state the approved CashLite Amount, the tenure and interest charged. Disbursement 16. Upon approval of the Cardmembers application (whether in whole or in part), CIMB Bank will credit the approved CashLite Amount in Malaysia Ringgit denomination into a Malaysia bank account held by the Cardmembers as specified in the Cardmembers application obtained via phone. The account given cannot be a joint-named account. 17. For crediting of approved CashLite Amount to the Cardmember s other bank account by IBG, a cost of RM2 per transaction shall be paid by the Cardmember. CIMB Bank reserves the right to charge RM2 for every subsequent IBG due to invalid and/or inaccurate IBG details given by the Cardmember. The IBG charges will be charged to the Cardmembers CashLite account. Approved CashLite Amount will be credited to the Cardmember s CIMB Bank Saving/Current account or the Cardmember s other bank account within 7 working days from the day application is received through phone. No Bonus Points or Cash Rebates 18. Transactions in connection to this Programme are not eligible for any Bonus Points or cash rebates. Event of default 19. If a Cardmember fails to pay the minimum payment for 3 months consecutively regardless of whether an event of default has occurred, CIMB Bank shall be entitled at its absolute discretion at anytime, with prior notice to the Cardmember to terminate the Programme made available to the Cardmember, where upon all monies due and owing under the Cardmembers CashLite facility comprising of the total outstanding CashLite monthly installment and the total unbilled principal of the CashLite together with the applicable finance charges or interests and balance of all other monies due and owing under the Cardmembers CashLite account will be due and payable immediately, which CIMB Bank will be entitled to demand from the Cardmembers in full. CIMB Bank shall be entitled to exercise its rights under the Card Agreement. Application 20. The Cardmember s consent obtained via phone call will be deemed conclusive proof of the Cardmember s instruction to apply for the Programme and accept the approved CashLite Amount upon these terms and conditions and the terms and conditions of the Card Agreement. Right to amend, Malaysia law & Card Agreement 21. CIMB Bank reserves the right at its sole and absolute discretion to vary, amend, delete or add to any of these terms and conditions herein at anytime by giving the Cardmember twenty one (21) CashLite Terms and Conditions (Updated 21 st August 2013)Page 4

5 days prior notice and the duly amended terms and conditions shall become effective on such date as CIMB Bank may determine and specify in the notice. 22. The terms and conditions herein shall be governed by and construed in accordance with the laws of Malaysia. 23. The terms and conditions herein are in addition to and without prejudice to the terms and conditions stated in the Card Agreement. In the event of a conflict between the terms and conditions herein and the terms and conditions in the Card Agreement in relation to the Programme, the terms and conditions herein shall prevail and be conclusive. 24. CIMB Bank shall not be liable for any default in respect of the Programme due to any act of God, war, riot, strike, lockout, industrial action, fire, flood, drought, storm, technical or system failures or any event beyond the reasonable control of CIMB Bank. 25. For any assistance, Cardmember may contact CIMB Bank through its Call Centre at CashLite Terms and Conditions (Updated 21 st August 2013)Page 5