CIMB Bank Balance Conversion Programme Terms and Conditions as of 7 MAY 2018 Balance Conversion Programme 1. CIMB Bank Berhad (Company No. 13491-P) will be referred to as CIMB Bank. 2. The CIMB Balance Conversion Programme (the Programme ) is available to the principal Cardholder of CIMB Bank who has been contacted by CIMB Bank to participate in the Programme or who has expressed to CIMB Bank that they would like to participate in the Programme subject to these terms and conditions and the terms and conditions governing the use of CIMB Bank credit cards ( Cardholder Terms and Conditions ). Cardholder of CIMB Platinum Business Card, CIMB Partner Card (issued to partner s company agent) and credit card issued by CIMB Islamic Bank Berhad is not eligible to participate in the Programme. 3. The Programme allows Cardholders to convert their partial and/or entire Eligible Retail Balances (as defined in Clause 4 below) into a monthly instalment plan where the converted amount ( Balance Conversion Amount ) is to be repaid together with the applicable interest ( Balance Conversion Interest ) in monthly instalments over a selected /pre-determined payment period of 6, 12, 18, 24, 30 or 36 months ( Balance Conversion Tenure ). For avoidance of doubt, the conversion of Eligible Retail Balances of Supplementary Card(s) to the Programme is subject to the consent of the principal Cardholder being obtained either via short messaging system ( SMS ) or verbal communication on the phone. 4. The Programme is only applicable for outstanding retail balances that: (i) are charged to the Cardholder s CIMB Bank credit card(s) including the Supplementary Card(s); (ii) are not less than Ringgit Malaysia five hundred (RM500) per application; (iii) include local and overseas transactions, online transactions, bill payments; and (iv) exclude cash and cash based transactions, instalment amounts payable under other CIMB Bank programs including but not limited to CashLite and Balance Transfer, annual fees, goods and services tax (GST), past due amount and any other finance charges/interest/late payment charged by CIMB Bank under the Cardholder Terms and Conditions. (hereinafter defined as Eligible Retail Balances ). Balance Conversion Amount 5. The minimum Balance Conversion Amount under this Programme is Ringgit Malaysia Five Hundred (RM500) per application, subject to the available credit limit of the Cardholder s Card and must not exceed the available credit limit of the Cardholder s Card. 6. The Cardholder s confirmation via short messaging system ( SMS ) or verbal communication on the phone shall be deemed to be the Cardholder s offer to CIMB Bank to apply for the Programme at the Balance Conversion Amount, Balance Conversion Interest, Balance Conversion Monthly Payment (as defined in Clause 9) and Balance Conversion Tenure set out in the SMS from CIMB Bank or communicated over the phone. CIMB Bank is deemed to have accepted the Cardholder s offer to apply for the Programme when CIMB Bank notifies the Cardholder in writing, over the phone or electronically of the approved Balance Conversion Amount, Balance Conversion Tenure, Balance Conversion Monthly Payment and Balance Conversion Interest Rate under Clause 21 of these terms and conditions. 7. If the Cardholder requests for a variation of the Balance Conversion Amount, Balance Conversion Interest Rate, Balance Conversion Monthly Payment and/or Balance Conversion Tenure, CIMB Bank shall have the sole and absolute discretion to approve or reject the request. Any difference between the Balance Conversion Amount, Balance Conversion Interest Rate, Balance Conversion Monthly Payment or Balance Conversion Tenure applied for and the Balance Conversion Amount, Balance Conversion Interest Rate, Balance Conversion Monthly Payment or Balance Conversion Tenure finally approved by CIMB Bank shall not affect the validity and enforceability of these Terms and Conditions. Reference to Balance Conversion
Amount herein shall be construed as referring to the Balance Conversion Amount approved for the amount applied for or the Balance Conversion Amount approved for a different amount (as the case may be). 8. The Cardholder may apply for more than one Balance Conversion, subject to the Cardholder s eligibility for the Balance Conversion in accordance with the terms and conditions herein and subject to CIMB Bank s approval. Account 9. Upon CIMB Bank s approval of the Cardholder s application for the Programme, the approved Balance Conversion Amount will be converted into a fixed monthly instalment plan. The Cardholder s credit card account ( Account ) statement, which is the Account selected by the Cardholder for purpose of the Programme will reflect the principal portion and interest portion of the monthly instalment payment of the Balance Conversion ( Balance Conversion Monthly Payment ). The Balance Conversion Monthly Payment is calculated based on reducing balance repayment method as per Example 1 below. The amount payable to the Account each month will be the combined amount of the Balance Conversion Monthly Payment and any payment due on the credit card balances. Example 1: * The Balance Conversion Monthly Payment for the first month may vary due to rounding of the interest/principal amount 10. The Balance Conversion Monthly Payment will be billed to the Cardholder s Account commencing on the immediate next statement of account date following CIMB Bank s approval of the Cardholder s application for the Programme. 11. The Balance Conversion Monthly Payment forms part of the Cardholder s minimum payment due and will be reflected in the Cardholder s Statement. The Balance Conversion Monthly Payment shall be payable in full on or before the payment due date. If the Balance Conversion Monthly Payment is not paid in full by the payment due date of each month, a late payment charge of 1% on the outstanding balance of the Balance Conversion Monthly Payment (subject to a minimum of RM 10.00 and maximum of RM100.00) will be charged after the payment due date and such late payment charge shall be payable in full on the next payment due date stated in the Statement. 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. 12. In the event there is a dispute on the retail transactions which forms part of the Eligible Retail Balances after the Eligible Retail Balances have been converted to the Balance Conversion Amount under the Programme, the Balance Conversion
Amount will remain the same. Any dispute on the retail transactions under the Cardholder s credit card after the Cardholder s Balance Conversion application but before CIMB Bank s approval of the Balance Conversion may result in an approval of a lower Balance Conversion Amount than what the Cardholder has applied for. 13. The Balance Conversion Monthly Payment amount is fixed. Any pre-payment or excess payment will not reduce the outstanding principal amount or the subsequent Balance Conversion Monthly Payment and will only be treated by CIMB Bank as advance payment. Finance Charge 14. CIMB Bank shall impose finance charges of 18% per annum on any unpaid monies due and remaining unpaid to CIMB Bank under the Programme calculated on a daily balance basis and capitalized on each payment due date stated in the Statement. The said finance charges will be charged to the Cardholder s Account and calculated from the posting date in the Statement until full payment is received. Such finance charges accrued shall be payable in full on the next payment due date stated in the Statement. Credit Limit 15. The approved Balance Conversion Amount will form part of the total available credit limit for all the Cardholder s CIMB Bank credit card account(s), including his/her supplementary credit card account(s) and will go towards reducing the Cardholder s available credit card limit. At CIMB Bank s discretion, the available credit card limit will be progressively restored and made available for Cardholder s use by the amount of the principal portion of each Balance Conversion Monthly Payment paid and to the extent that actual payment is received by CIMB Bank. No Bonus Points or Cash Rebates 16. Transactions effected under this Programme will not be eligible for any bonus points or cash rebates. Cancellation & Full Repayment 17. For any cancellation of the Cardholder s participation in the Programme or early settlement of the outstanding balance under the Programme before the expiry of the Balance Conversion Tenure, the Cardholder must contact CIMB Bank s call centre and give CIMB Bank no less than thirty (30) days prior notice. The Cardholder is required to repay CIMB Bank the total outstanding balance of the Balance Conversion Amount (i.e. monthly instalments due including interest, late charges and finance charges) and the total principal amount of the Balance Conversion Amount owing under the Cardholder s Account for such cancellation or early settlement. Application via designated channels 18. The Cardholder s consent obtained via SMS or verbal communication on the phone will be deemed conclusive proof of the Cardholder s offer to apply for the Programme and accept the Balance Conversion Amount, Balance Conversion Interest Rate, Balance Conversion Monthly Payment and Balance Conversion Tenure upon these terms and conditions and the Cardholder Terms & Conditions. 19. After the Cardholder s offer to apply for the Programme, the Cardholder will not be able to change/alter the Balance Conversion Amount, Balance Conversion Tenure, Balance Conversion Interest and/or Balance Conversion Monthly Instalment once the Cardholder s application for the Programme is accepted and approved by CIMB Bank. Notification Letter and Short Message Service ( SMS ) 20. A notification via SMS and system generated letter will be sent by CIMB Bank to the Cardholder advising him/her that his/her application for the Programme has been approved. Where the application has been approved, the SMS and letter of notification would state the approved Balance Conversion Amount, the Balance Conversion Tenure, Balance Conversion
Monthly Instalment and Balance Conversion Interest. Where the application has been declined by CIMB Bank, a SMS will be sent out to the Cardholder. Right to Decide, Reject and Right to Set-off 21. CIMB Bank s decision on all matters relating to the Programme including but not limited to the eligibility of the Cardholder and/or approval and/or rejection of the application for the Programme shall be final and binding on all Cardholders and no appeal, dispute or correspondence will be entertained. 22. In the event CIMB Bank has approved the Cardholder s application for the Programme but finds out later that the Cardholder has breached any terms and/or conditions of these terms and conditions and/or the Cardholder Terms & Conditions or does not have enough credit limit under the Account, CIMB Bank reserves the right to revoke the approved Programme. 23. CIMB Bank has the right to set-off any credit balance in the Cardholder s account maintained with CIMB Bank against any outstanding balance in the Account and/or under the Programme by giving the Cardholder seven (7) calendar days prior notice in advance. Upon the issuance of the notice to the Cardholder, CIMB Bank may concurrently earmark any available funds in the Cardholder s account against the outstanding balance in the Account and/or under the Programme. Event of Default 24. If the Cardholder fails to make his Balance Conversion Monthly Payments for three (3) months consecutively regardless of whether an event of default has occurred, CIMB Bank shall be entitled at its absolute discretion at anytime to terminate the Programme made available to the Cardholder, whereupon all monies due and owing under the Programme comprising of the total outstanding Balance Conversion Monthly Payment and the total unbilled principal of the Balance Conversion Amount together with the applicable finance charges, accrued interests, late payment charges and balance of all other monies due and owing under the Cardholder s Account will be due and payable immediately, which CIMB Bank will be entitled to demand from the Cardholder in full. 25. Without prejudice to Clause 24, if the Cardholder is in breach of any terms and/or conditions of the Cardholder Terms and Conditions or these terms and conditions or in the event of termination of the Card for whatsoever reason, all monies due and owing under the Programme comprising of the total outstanding Balance Conversion Monthly Payment and the total unbilled principal of the Balance Conversion Amount together with the applicable finance charges, accrued interests and late payment charges will immediately become due and payable by the Cardholder. General Terms and Conditions 26. By applying for and/or participating in the Programme and/or upon the Cardholder s receipt or deemed receipt of these terms and conditions, the Cardholder is deemed to have read, understood and agreed to be bound by these terms and conditions and the decision of CIMB Bank. 27. CIMB Bank reserves the right to cancel, terminate or suspend the Programme with seven (7) days prior notice and CIMB Bank shall not be liable for any claim, losses or damages of the Cardholders as a result of the cancellation, termination or suspension by CIMB Bank. 28. 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 Cardholder twenty one (21) 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. At the sole and absolute discretion of the Bank, notification of the Amendment or any other communication or notice to the Cardholder may be effected by any one of the means of communication as set in the Cardholder Terms and Conditions. 29. The terms and conditions herein shall be governed by and construed in accordance with the laws of Malaysia.
30. The terms and conditions herein are in addition to and without prejudice to the terms and conditions stated in the Cardholder Terms & Conditions. In the event of any inconsistency or conflict between the terms and conditions herein and the terms and conditions in the Cardholder Terms & Conditions in relation to the Programme, the terms and conditions herein shall prevail and be conclusive to the extent of such inconsistency or conflict. 31. All expressions in these terms and conditions shall have the same meanings as set out in the Cardholder Terms and Conditions except where the context otherwise requires or where it is expressly stated to the contrary. 32. In the event of any inconsistency, conflict, ambiguity or discrepancy between the English text or the Bahasa Malaysia version of these Terms and Conditions, the English version shall prevail. Notwithstanding the aforementioned where request had been made by the Cardholder and noted and acknowledged by CIMB Bank in its records that the Bahasa Malaysia version of the terms and conditions shall govern the Cardholder s Account, then the Bahasa Malaysia version of the terms and conditions herein shall prevail. 33. CIMB Bank shall not be liable for any act, omission, delay or 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. 34. CIMB Bank shall not be liable to the Cardholder or any party for any loss or damage of whatsoever nature suffered by the Cardholder or any party (including but not limited to, loss of income, profits or goodwill, direct or indirect, incidental, consequential, exemplary, punitive or special damages of any party) howsoever arising, in relation to the participation or non-participation in the Programme unless the same is caused directly by CIMB Bank s wilful default or gross negligence. 35. For any assistance, the Cardholder may contact CIMB Bank at Customer Resolution Unit Address: Level 19, Menara Bumiputera Commerce No.11, Jalan Raja Laut, 50350 Kuala Lumpur Tel: 603-6204 7788 Fax: 603-2691 3248 cru@cimb.com 36. The Cardholder may contact the following: i. for redress Agensi Kaunseling dan Pengurusan Kredit (AKPK) Address: Tingkat 8, Maju Junction Mall 1001, Jalan Sultan Ismail 50250 Kuala Lumpur. Tel: 603-2616 7766 enquiry@akpk.org,my ii. for complaint Bank Negara Malaysia LINK or TELELINK Address: Block D, Bank Negara Malaysia Jalan Dato Onn 50480 Kuala Lumpur. Tel: 1-300-88-5465 Fax: 03-2174 1515 bnmtelelink@bnm.gov.my