CIMB CREDIT CARDS
CARDMEMBER’S AGREEMENT
This Agreement contains the terms and conditions applicable to your Card(s)
and your Card Account(s). Please read them carefully before you sign or use
the Card(s).
When you read this Agreement, please note that the terms “you”, “your”
and “Cardmember” refer to the person(s) named on the Card(s). The terms
“we”, “our” and “us” refer to CIMB BANK BERHAD and its successors and
assigns. If you are the individual requesting us to issue the Card(s) to you,
you will be known as the “Principal Cardmember” and you will have an
account with us called the “Card Account”. If you have received this Card(s)
upon the request of a Principal Cardmember to be used in conjunction
with the Principal Cardmember’s Card Account, you will be known as the
“Supplementary Cardmember”, and the Card issued to you will be known
as a “Supplementary Card”.
1.
DEFINITIONS
In this Agreement:-
Billing Statement
means statement(s) from us of the amount charged or debited and/or paid to
the Card Account(s) of the Card(s) issued to the Principal Cardmember and
the Card(s) issued to the Supplementary Cardmember(s) stated therein. Each
such statement may be on paper or may be constituted by data stored in any
electronic medium or system, which may be transmitted through any computer
system or facsimile machine.
Card
means any card bearing the name VISA or Mastercard® and/or the service
mark of VISA or Mastercard issued by us pursuant to this Agreement and any
substitution, replacements or renewals thereof.
Card Account
in relation to any Card, means the account designated and maintained by us
in relation to that Card, provided that where only one account is designated
and maintained by us for all the Cards issued to the Principal Cardmember
and every Supplementary Cardmember, any reference to Card Account shall
mean that account.
Card Transaction
means any type of transaction effected by using the Card or any data contained
on or relating to the Card.
Cash Advance
means an advance, quasi cash transaction or payment in any currency made
through the use of the Card and/or the PIN, drawn against the Card Account
but shall not include any withdrawals from any other account with us.
Chargor*
means a provider of security under Clause 20, who may be a Cardmember
and/or a third party as approved by the Bank, and shall include the successors
in title and permitted assigns of the Chargor. Where there is more than one
person comprised in the expression “Chargor, all references to “Chargor” shall
be read as referring to all or (if the context so admits) any one or more of such
persons and all covenants, agreements, undertakings, terms, stipulations and
other provisions hereof shall be deemed to be made by and be binding on all
of them jointly and severally.
Deposits*
means moneys of whatever currency now or at any time hereafter standing to
the credit of all fixed deposit accounts now or from time to time hereafter held
in the name of Chargor with any of our branches in Singapore and anywhere
in the world (which shall include any renewals thereof whether by way of
extension, replacement or substitution) together with interest accrued or to be
accrued thereon, right of repayment and other rights and benefits accruing to
or arising in connection with them or any part of them and all additions thereto.
The term “Deposits” shall include any part or parts thereof.
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Overseas Transactions
means foreign currency transactions or transactions made outside Singapore
and/or processed by merchants outside of Singapore (including transactions
converted into Singapore Dollars via dynamic currency conversion).
Quasi Cash Transaction
means a transaction involving the sale of item(s) that are directly convertible to
cash including the purchase of chips, lottery tickets or other value usable for
gambling or gambling- related activities, the placing of a wager, the purchase
of traveller’s cheques, foreign currency, money orders, the use of a Card to
open or fund a deposit account, at a location other than a member financial
institution or transaction(s) in which a merchant accepts a Card for payment of
an existing debt, such as a private label card or vehicle loan.
Secured Obligations*
means all moneys and liabilities, present or future, primary or collateral, joint or
several, actual or contingent, which are now or shall at any time be or become
due, owing, payable or incurred to us on any account whatsoever (whether
in Singapore or elsewhere) (including the Card Account(s)) or in any manner
whatsoever including all interest, commission, costs, banking and other
charges and expenses (including legal and other professional fees) which we
may impose against the Cardmember as well before as after judgment and all
costs and expenses (including legal costs on a full indemnity basis) which we
may incur in enforcing or obtaining payment of the moneys due or liabilities
owing to us from the Cardmember, either alone or in conjunction as aforesaid,
or attempting so to do. The term “Secured Obligations” shall include any part
or parts thereof.
Specified Address
means any of the following:-
(i)
any of your addresses stated in the application for the Card and
any other address which you may notify us from time to time and
any other address which we may obtain from reliable sources as
determined by us; and
(ii)
any address from which any of your facsimile transmission or
electronic mail or purporting to be your facsimile transmission or
an electronic mail had been despatched to us.
(*Note: Only applicable where we require liabilities and obligations in connection
with the Card(s) to be secured by Charge Over Deposits)
Guardian
means a legal guardian [whether a parent or otherwise (as the case may be)] of
a Cardmember who is below 21 years old.
2.
USE OF CARD/PIN
2.1
RECEIPT OF CARD/PIN
Once your application for a Card is approved, we shall send the Card
to you and, upon your request, a Personal Identification Number (PIN)
to be used in conjunction with your Card. Upon receipt of your Card,
please sign on the Card immediately. You shall not disclose the PIN to
any other person and you should change the PIN from time to time for
security reasons.
2.2
CARD AND PIN FACILITIES
You shall not permit any other person to use the Card and/or PIN to make
any transactions. The services, functions and facilities available through
the Card or the use of the PIN of any Card shall be determined by us
from time to time. We may modify or vary any or all of such services,
functions and facilities or suspend or terminate the availability of any
or all of such services, functions and facilities without any prior notice.
2.3
CARD REMAINS OUR PROPERTY
The Card remains our property at all times. We may at our absolute
discretion request for the Card to be returned at any time, whereupon
you shall cut the Card across its microchip and magnetic strip and return
the Card, immediately to us.
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2.4
CARD AND PIN TERMS OF USE
The use of any Card or PIN as well as services, functions, facilities
and transactions available in connection with the Card shall be
subject to these terms and conditions (as may be varied, modified or
supplemented by us from time to time) and to the compliance with
such requirements, limitations and procedures as may be imposed by
VISA and/or Mastercard from time to time. Cash withdrawals from any
account with us shall be subject to the terms and conditions as may be
imposed by us with respect thereto.
2.5
LAWFUL USE OF THE CARD AND PIN
You shall not use the Card or PIN (whether to effect payment or
otherwise) in relation to any transaction or activity which is illegal or
prohibited under the law or constitutes a breach of public policy of the
country in which such transaction or activity is effected or takes place,
or which is illegal or prohibited under the law or constitutes a breach of
public policy of your country of residence.
3.
CREDIT LIMIT
3.1
CHARGES NOT TO EXCEED OVERALL CREDIT LIMIT
We may set an overall credit limit in respect of each Card Account.
The total charges incurred under each Card Account by the Principal
Cardmember and the Supplementary Cardmember(s) when added
together, must not exceed the credit limit set for each Card Account.
We may, where necessary, review and revise any of your credit limits
without notice. We may also refuse to authorise or approve any Card
Transaction even though the credit limit has not been and would not be
exceeded if such Card Transaction had been effected.
3.2
WHERE CHARGES EXCEED CREDIT LIMIT
We may choose to approve certain Card Transactions that would result
in the credit limit being exceeded. Notwithstanding any credit limit that
may be set or imposed, we may in our absolute discretion authorise or
allow any Card Transaction even though such transaction may exceed
or would as a consequence exceed the credit limit.
3.3
CHARGES TO CARD ACCOUNT
We may charge and debit the relevant Card Account (whether before or
after the termination of the use of any or all Cards) the amount of each
and every Card Transaction made or effected, whether by you or any
other person (whether with or without your knowledge or authority) and
notwithstanding:
(a)
that the balance due to us on the Card Account may as a
consequence of any such charge or debit exceed the Credit
Limit; and
(b)
that the Card Transaction was effected by the use of any Card or
the PIN of any Card after the loss or theft of that Card or disclosure
of the PIN in respect of that Card provided that no amount shall be
debited to the Card Account in respect of any Card Transaction
effected without your knowledge or authority after our Customer
Service Hotline has received your notice of the loss or theft of that
Card or the disclosure of the PIN of that Card.
4.
LOSS/THEFT OF CARD/DISCLOSURE OF PIN/ACCOUNT NUMBER
4.1
DUTY TO PREVENT LOSS/THEFT/FRAUD
You must keep your Card secure and ensure that your Card number and
PIN are not disclosed to any other person.
4.2
DUTY TO NOTIFY US
Should you discover that your Card is lost, stolen or used in an unauthorised
way, you shall notify us of the loss/theft or unauthorised use of such Card
by calling our Customer Service Hotline or by notifying us in writing to
CIMB Bank Berhad, 50 Raffles Place #09-01 Singapore Land Tower,
Singapore 048623. In certain circumstances, we may also require you to
make a police report accompanied by written confirmation of the loss/
theft/misuse/disclosure and any other information that we may require.
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4.3
LIABILITY FOR LOST/STOLEN CARDS
If a lost or stolen CIMB Credit Card is used for unauthorized transactions
prior to the Cardmember notifying CIMB Bank Berhad of the loss, the
Cardmember will only be subject to a maximum liability of S$100. This is
provided the Cardmember has informed CIMB Bank Berhad of the loss
immediately after being aware that his/her credit card has been lost or
stolen and he/she has not acted fraudulently, or with gross negligence.
In the case where a credit card is not lost or stolen, but the card details
were used for unauthorized transactions, the Cardmember will not be
held liable as long as the Cardmember has not acted fraudulently or with
gross negligence.
4.4
CARD RETRIEVED
Once the Card has been reported as lost or stolen, it must not be used
if subsequently retrieved. You shall cut such retrieved original Card
into pieces and return the same to us. Any Card that is thrown away or
surrendered or returned to us must be cut into pieces. You shall be liable
for any loss or damage arising from any failure to do so.
4.5
REPLACEMENT CARD
We may at our discretion issue a replacement Card upon such terms
and conditions as we may deem fit, and we reserve the right to charge
a replacement fee as set out at Clause 23 of this agreement from time
to time in respect of any lost or stolen Card. Such Card replacement fee
shall be debited to the Card Account and shall not be refundable for any
reason whatsoever.
4.6
3D SECURITY FEATURE ON INTERNET ACTIVATION
Mastercard SecureCode and Verified by Visa Services for Internet
Payment Transactions
In the event a Cardmember wishes to use the Card for internet payment
transactions, the Cardmember must first register for the Mastercard
SecureCode service or the Verified by Visa service (“Service”) as the
case may be at our website www.cimbsecuree-pay.com.sg (or such
other website which we may notify you from time to time). By registering
for the Service, the Cardmember shall be deemed to have agreed to
be bound by the terms and conditions governing the Service as set out
in the aforesaid website (which terms and conditions may be varied
from time to time and at any time by the Bank at its sole and absolute
discretion).
5.
PAYMENT
5.1
LIABILITY FOR TRANSACTIONS
You are liable for all Card Transactions and Cash Advances. In addition,
you shall be responsible for unauthorised transactions referred to in Clause
4.3 above. We shall send the Principal Cardmember a Billing Statement
on a monthly basis or other periodic basis listing the transactions incurred
by the Principal Cardmember and the Supplementary Cardmember(s),
where applicable, in respect of each Card Account(s).
5.2
PAYMENT OBLIGATIONS
(a)
You shall pay us the entire outstanding balance or at least, the
minimum payment (where applicable) specified in the Billing
Statement by the payment due date. If your Card Transactions
exceed your credit limit in any given month, you shall also pay all
amounts by which the credit limit has been exceeded.
(b)
If payment of the outstanding balance is not made in full by the
payment due date of any Billing Statement, an interest or finance
charge calculated at such rate per annum as we may determine
on a daily basis (subject to a minimum monthly charge of S$2.50
or such other sum as may be determined by us) shall be imposed
on such amounts as are due and owing. The interest or finance
charge shall apply from each transaction date until the date full
payment is made. No interest or finance charge will be imposed
if full payment of the outstanding balance is received by the
payment due date and there is no balance carried forward from
the previous Billing Statement.
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(c)
Interest accrued on the Card Account will be capitalised and
debited from the Card Account at the end of each calendar month
or on such other day or days that we may determine. All interest
or finance charges due under the Card Account shall be payable
as well after as before judgment at such rate(s) per annum as we
may determine from the payment due date, up to and including
the date of actual payment.
(d)
If you fail to make full payment (in the case where the outstanding
balance is S$50 and less) or at least the minimum payment (where
the outstanding balance exceeds S$50) specified in your Billing
Statement by the payment due date, you may also be liable for
late payment charge at such rate as we may determine.
(e)
Payment made through Internet Banking, GIRO, AXS or ATM
services after 5pm will be deemed to have been receive on our
next business day.
(f)
Payment should reach us at least 2 business days before the
payment due date for processing, excluding Saturdays, Sundays
and Public Holidays.
5.3
OTHER CHARGES
In addition to the above, you shall also be responsible where applicable
for the following charges (unless specifically waived by us) including but
not limited to:
(a)
a non-refundable annual service fee for the issue and renewal of
each Principal and Supplementary Card;
(b)
a processing fee for any bill or cheque tendered in payment to us
which is dishonoured for any reason whatsoever;
(c)
an administrative fee for the production of documents relating to
your Card;
(d)
an administrative fee for any replacement Card;
(e)
whereby any arrangement between you and any financial
institution (including us), any payment is to be made to us for
the credit of any Card Account, whether at regular intervals or
otherwise, a fee of such amount as we may determine for each
occasion when any payment to us is not effected (for any reason
whatsoever, including the insufficiency of funds or balance on
any account) at the time when such payment should have been
effected in accordance with such arrangement;
(f)
a charge for each reservation of goods, services or facilities
made or paid through the use of the Card which is subsequently
cancelled or not taken up. Such charge shall be at the rate
prescribed by the merchant with or through whom the reservation
was made or at such rate as we may determine; and
(g)
a service charge or administrative fee for any service or facility
provided by us or any action taken by us in carrying out any of
your instructions and/or requests relating to your Card Account,
whether such service or action is referred to or contemplated in
this Agreement or otherwise.
(h)
an administrative fee of 2% of the transaction amount (or such
other rates as we may determine from time to time) levied by us for
foreign currency transactions when you use the Card to purchase
goods, services or facilities in foreign currency and a fee of 1%
levied by Mastercard or Visa for all transactions:
i)
made in foreign currencies and/or
ii)
made in Singapore dollars but processed outside Singapore.
Foreign currency transactions will be billed in Singapore Dollars, the Card
Account currency. In this regard, transactions other than in US Dollars will
be converted into US Dollars first before they are converted into Singapore
Dollars (with the exception of Dynamic Currency Conversions). Each
conversion will be based on such rate as determined by the respective
card associations. The conversion rate is applied on the date of posting
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to the Card Account and may be different from the rate in effect on the
date of transaction. The foreign currency transactions charged to your
Credit Card will therefore reflect the cost incurred in Singapore Dollars
as converted, together with the charge imposed by the respective card
associations and an administrative fee which will be debited to your
Card Account.
5.4
CASH ADVANCE
In respect of each Cash Advance, we shall charge and debit the Card
Account (unless specifically waived by us) a Cash Advance fee equal to
or the greater of:
(i)
the amount equal to 6% of the amount of the Cash Advance or
such other rate as we may determine; and
(ii)
the sum of S$15.00 or such other sum as we may determine. An
interest or finance charge calculated at such rate per annum as
we may determine on a daily basis on the amount of the Cash
Advance and the Cash Advance fee (subject to a minimum of
S$2.50) from the date of the Cash Advance until the date on which
full payment is thereof made.
5.5
GOODS AND SERVICES TAX
You shall be responsible for all goods and services tax and all other
taxes that may be imposed on or payable in respect of any amount
required to be paid under this Agreement. We may debit the amount of
such tax to your Card Account.
6.
TERMINATION OF USE OF CARD AND CARD ACCOUNT
6.1
OUR RIGHT TO TERMINATE
We may suspend or terminate your Card and/or Card Account(s) at any
time without any prior notice for reasons we may deem fit at our absolute
discretion.
6.2
YOUR RIGHT TO TERMINATE
The use of any or all Cards may be terminated by the Principal
Cardmember and the use of any Card issued to any Supplementary
Cardmember may be terminated by that Supplementary Cardmember in
each case by giving written notice thereof to us at CIMB Bank Berhad,
50 Raffles Place #09-01 Singapore Land Tower, Singapore 048623.
6.3
OBLIGATIONS UPON TERMINATION
Upon the termination of your Card and/or your Card Account(s) for
whatever reason, you shall return the relevant Card to us cut in pieces.
Notwithstanding such termination, any use of the Card or the PIN of the
Card (whether or not by you) before it is returned to us shall be deemed
to be use of the Card or the PIN by you.
7.
LIABILITY OF CARDMEMBERS
7.1
LIABILITY OF PRINCIPAL CARDMEMBER
If you are the Principal Cardmember, you are liable for and must pay us
on first demand all outstanding balances (whether incurred by you or
any Supplementary Cardmember) on your Card Account(s), including all
sums and charges effected or debited to any and all Card Accounts in
accordance with this Agreement (whether before or after the termination
of the use of any Card or Cards). You are jointly and severally liable
with each Supplementary Cardmember for such part of the outstanding
balance in connection with his/her Supplementary Card.
7.2
LIABILITY OF SUPPLEMENTARY CARDMEMBERS
Each Supplementary Cardmember is liable for and must pay us on
demand for such part of the outstanding balance in connection with
his/her Supplementary Card, including all sums and charges debited by
us to any Card Account in accordance with this Agreement in respect
of Card Transactions effected by the use of the Card issued to that
Supplementary Cardmember and/or the PIN of such Card or the PIN
issued to that Supplementary Cardmember, including the amount of
all interest and other charges debited to the Card Accounts which are
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attributed to those Card Transactions or any of them, which remain
outstanding or unpaid.
7.3
LIABILITY OF EACH CARDMEMBER
Any invalidity, unenforceability, release or discharge of the liability of the
Principal Cardmember or any Supplementary Cardmember to us shall
not affect or discharge the liability of the other Cardmembers to us.
8.
EXCLUSIONS AND EXCEPTIONS
8.1
CARD AND PIN
We are not liable in any way:
(a)
should your Card or PIN be rejected by any merchant or any
terminal used to process Card Transactions or Cash Advances,
or if we refuse for any reason to authorise any Card Transaction or
Cash Advance;
(b)
for any malfunction, defect or error in any terminal used to process
Card Transactions or Cash Advances, or of other machines or
system of authorisation whether belonging to or operated by
us or other persons or the inability of any terminal, machine or
system to accurately, properly or promptly transmit, process or
store any data;
(c)
for any delay or inability on our part to perform any of our obligations
under this Agreement because of any electronic, mechanical
system, data processing or telecommunication defect or failure,
Act of God, civil disturbance or any event outside our control
or the control of any of our servants, agents, suppliers, service
providers or contractors;
(d)
for any damage to or loss or inability to retrieve any data or
information that may be stored in your Card or any microchip or
circuit or device in your Card or the corruption of any such data or
information, howsoever caused;
(e)
(i) for any loss, theft, use or misuse of the Card or disclosure of
your PIN and/or any breach of this Agreement; (ii) for any fraud
and/or forgery perpetrated on us or any merchant; (iii) for any
injury to your credit, character or reputation in relation to our
repossession of the Card or our request for the return of the Card
or your use of the Card;
(f)
for the interception by or disclosure to any person (whether unlawful
or otherwise) of any data or information relating to you, any Card
Transaction or your Card Account transmitted through or stored in
any electronic system or medium, howsoever caused; and/or
(g)
for any delay, inability or failure by us to perform any of our obligations
under or pursuant to this Agreement caused or contributed in any
way by any one or more of the events or occurrences set out in this
Clause.
8.2
PROBLEMS WITH GOODS AND SERVICES
We shall not be liable or responsible for the quantity, quality, merchantability,
fitness for purpose or any other aspect of the goods and services supplied
by a merchant to you or in respect of any contract or transaction entered
into by such merchant with you connected with the use of the Card.
Accordingly, we are not liable in any way should you encounter any
problems with the goods and services that you obtain through the use of
your Card. In spite of any non-delivery or non-performance or defects in
any such goods and services, you shall pay us the full amount shown in
the Billing Statement. If you have any complaint against or dispute with a
merchant, you shall resolve such complaint or dispute with such merchant
directly; we shall not be a party to such complaint or dispute.
8.3
DISCLOSURE OF INFORMATION
In the event that we and any of our officers, employees, agents, contractors
or service providers provide any wrong, untrue, inaccurate or erroneous
information to any person pursuant to clause 14 or otherwise, we and any
of our officers, employees, agents, contractors or service providers shall
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not be liable in any way for such misinformation, whether in defamation
or any other cause of action, or for any direct or consequential loss or
damage resulting therefrom.
9.
INSTALMENT PAYMENT PLAN
The term “iPP” means the Instalment Payment Plan, a scheme under
which a qualifying Cardmember can pay for his/her purchase of goods
and/or services from merchants approved by us in monthly instalment
payments:
If the Cardmember has applied to participate in iPP, Cardmember
authorises/agrees/undertakes with us as follows:
(a)
iPP is made available to any Cardmember whose Card Account
is regular (not in default) and whose Card Account has available
credit limit (excluding any temporary credit line increase) and
available instalment balance at the time of application.
(b)
Application for iPP shall be made via Phone or Participating
Merchants or such other method as may be prescribed by us from
time to time. The terms and conditions governing CIMB 0% i.Pay
Plan apply.
(c)
The Bank has the discretion to determine the size of each
instalment payment as long as the total instalment payments do
not exceed the purchase price.
(d)
Upon our approval of the Cardmember’s application for the iPP,
the credit limit of the relevant Cardmember will be reduced by
the aggregate amount of the outstanding iPP Monthly Instalments
due. As each iPP Monthly Instalment is repaid by the Cardmember,
the amount equivalent to the iPP Monthly Instalment so repaid
shall be restored to the Cardmember’s credit limit.
(e)
The iPP Monthly Instalment shall be billed to the Cardmember on
the next statement date following our approval of the application
and every month thereafter until full settlement of the iPP.
(f)
If any iPP Monthly Instalment and iPP Processing Fee (if any)
debited to the Cardmember’s Card Account is not received by
us in full when due, the Cardmember must pay us the applicable
finance charges, interest and fees on the outstanding amounts at
our prevailing rate in accordance with Clause 5.2 above.
(g)
We may at our discretion and without notice to the Cardmember
debit the whole balance of the purchase price then outstanding to
the Cardmember’s Card Account at any time, in which case such
balance will be immediately due and payable by the Cardmember.
(h)
We may at our discretion impose an administrative fee at such
rate as we may determine if the iPP is terminated (whether
arising from the termination of Cardmember’s Card Account or
otherwise) or if the Cardmember makes a prepayment of any
amount under the iPP.
(i)
The Cardmember may participate more than once in the iPP
subject to the Cardmember’s eligibility for the iPP upon the terms
and conditions herein contained.
(j)
Each of the following events shall constitute an event of default;
where upon the occurrence of such event, all outstanding iPP
Processing Fee and/or iPP Monthly Instalments and all monies
due thereunder shall immediately become due and payable by
the Cardmember and without prejudice to our right to demand
payment of all or any part of the outstanding iPP Processing Fee
and/or iPP Monthly Instalments and the monies due thereunder,
we shall be entitled to exercise our remedies:
i.
if the Cardmember defaults in any of his/her obligations
stated therein or in connection with the Card and/or Card
Account;
ii.
if default is made in the payment of the iPP Processing Fee
and/or iPP Monthly Instalment or any sum due thereunder
or under the Card Account;
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iii.
if the iPP shall be terminated;
iv.
if terms and conditions herein or any part hereof shall at
any time for any reason cease to be in full force and effect
or valid or shall be declared void, repudiated or frustrated;
v.
if it becomes impossible or unlawful for us to make
available or continue to make available for the iPP facility
to the Cardmember;
vi.
if there shall occur any circumstances of any nature
which in our opinion may cause us to be unable to make
available or continue to make available the iPP facility to the
Cardmember; and
vii.
the Card is cancelled or the Card Account is terminated.
(k)
If it becomes more expensive for us to maintain the iPP by
reason of any change in law or regulations which give rise to new
or additional taxes, higher reserve requirement or similar acts
or a significant change in the monetary situation or economic
environment, the Cardmember agrees to bear such additional
costs for maintaining the iPP. For this purpose, we may at our
absolute discretion either bill the Cardmember for the additional
costs or correspondingly adjust the iPP Monthly Instalment
before the selected iPP Tenure expires.
(l)
The iPP is valid only up to the iPP Tenure or such other date as
we may extend. Nothing herein contained shall be construed as
imposing an obligation on us to extend the iPP Tenure and we
disclaim all liabilities in respect of any actions, claims, damages,
costs, charges and expenses, which the Cardmember may suffer,
sustain or incur by reason of his/her participation in the iPP.
(m)
We shall not be responsible for any inadequate, damaged
or defective merchandise or services, and we shall not be
concerned with any dispute between the Cardmember and
the merchants. The Cardmember must at all times pay the iPP
Monthly Instalments as prescribed by the term.
(n)
Regardless of whether an event of default has occurred, we shall
be entitled at our absolute discretion at any time without having to
assign any reason to the Cardmember to terminate the iPP facility
made available to the Cardmember where upon all outstanding
iPP Monthly Instalments together with the iPP Processing Fee
(if any) shall immediately become due and payable upon our
demand of the same by notice in writing to the Cardmember. All
such outstanding iPP Monthly Instalments together with the iPP
Processing Fee (if any) will be shown in the monthly statement
and the Cardmember shall pay the same in accordance with the
terms applicable to the Card and/or Card Account, in default of
which, we shall be entitled to exercise our rights thereunder.
(o)
We shall not be liable for any direct or indirect consequence, loss,
injury, claim or damage, suffered or incurred by the Cardmember
should the merchant(s), for any reason whatsoever (including
but not limited to, the closure of the merchant’s business), be
unable to provide, continue providing, or provide satisfactorily
the relevant goods and/or services to the Cardmember. Should
the aforesaid event occur, the Cardmember’s iPP with us and all
payment and contractual obligations and terms arising thereof
shall remain unaffected and unchanged.
(p)
We reserve the right to vary the terms and conditions hereto
contained at any time without prior notice to the Cardmember or
any reason whatsoever. The iPP facility may be replaced in whole
or in part by another programme at our absolute discretion.
(q)
Terms and conditions governing CIMB 0% i.Pay Plan apply.
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10.
CONCLUSIVENESS OF DOCUMENTS AND CERTIFICATES
10.1
CONCLUSIVE EVIDENCE
Our records
(including electronic, computer and microfilm stored
records) of all matters relating to the Card, the Card Account or any Card
Transaction and/or of your details (subject to your updates according to
our standard procedure), and any certificate from us stating your liability
to us as at any specified date shall be conclusive as to their accuracy
and authenticity and shall be binding on you for all purposes whatsoever.
10.2
SIGNATURE CONCLUSIVE
Without prejudice to clause 10.1, we shall be entitled to rely upon and to
treat any document relating to any Card Transaction with the signature
of any Cardmember as conclusive evidence that the Card Transaction as
therein stated or recorded was authorised and properly made or effected
by the relevant Cardmember.
10.3
BILLING STATEMENTS
We will send a Billing Statement to the Principal Cardmember on a monthly
or other periodic basis.
The Billing Statement shall be conclusive evidence of the state of the
Card Account unless you notify us in writing of any error or inaccuracy
in such Billing Statement within 14 days from the date when such Billing
Statement shall have been received or deemed received by you.
Each Billing Statement shall constitute conclusive evidence as against
all Cardmembers that every Card Transaction stated therein has been
effected by the Cardmember and every charge stated and every amount
debited therein has been validly and properly incurred or debited in the
amount stated therein save for such error or inaccuracy which you have
notified us in writing within the time prescribed herein.
Any Billing Statement given to or served on the Principal Cardmember
shall be deemed to have been given to and received by each and every
Supplementary Cardmember at the time when the Principal Cardmember
shall have received or is deemed to have received the same. We shall
not be required to send to any Supplementary Cardmember any Billing
Statement or any statement with respect to the Card Account of the
Card issued to that Supplementary Cardmember.
We may reverse or debit the Card Account, and make corresponding
adjustments to the Billing Statement, if:-
(a)
we need to correct any error or omission;
(b)
we are required to return funds to the payer;
(c)
we have not received cleared and unconditional funds in full or in
time; and
(d)
where we have reasonable grounds to do so for any other reason.
11.
APPROPRIATION OF PAYMENTS
Any and all payments made or sent by the Principal Cardmember or any
Supplementary Cardmember may be applied and appropriated by us in
such manner and order and to such Card Account(s) (whether relating to
the Card issued to that Cardmember or otherwise) and or with respect to
such Card Transaction(s) as we may select or determine notwithstanding
any specific appropriation by that Cardmember.
12.
REFUND OF EXCESS BALANCE
For any credit balance exceeding S$50,000 maintained in the Card
Account, we reserve the right to refund the excess balance without your
approval at our sole and absolute discretion. We will effect the refund of
the aforesaid excess balance by sending a cashier’s order to your last
registered address with us.
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13.
AMENDMENTS
13.1
AMENDMENTS TO THE AGREEMENT
We may at any time at our absolute discretion and upon written notice
to you, amend any one or more of the terms and conditions in this
Agreement. Such amendment(s) shall take effect from the date stated
in the notice, which in most instances, shall be no less than 30 days
from the date of the notice. If you do not accept such amendment(s),
you shall forthwith repay all monies owing under your Card Account,
discontinue use of the Card and instruct us to terminate the Card. Where
you continue to use the Card or if any monies remain outstanding under
your Card Account after such notification, you shall be deemed to have
agreed with and accepted such amendment(s).
13.2
RIGHT TO VARY CHARGES AND FEES
We may at any time at our absolute discretion and upon written notice
to you, vary the prevailing rate and/or amount of any charges or
fees payable by you as set out at Clause 23 of this agreement. Such
change(s) shall take effect from the date stated in the notice, which in
most instances, shall be no less than 30 days from the date of the notice.
13.3
NOTIFICATION OF CHANGES
We may notify you of any changes to the terms and conditions in this
Agreement by:-
(a)
publishing such changes in your Billing Statements;
(b)
displaying such changes at our branches or automated teller
machines;
(c)
posting such changes on our website;
(d)
electronic mail or letter;
(e)
publishing such changes in any newspapers; or
(f)
such other means of communication as we may determine.
Any notice of any change to this Agreement given to or served on a
Cardmember shall be deemed to have been given to and received by
every joint Cardmember(s) (and as the case may be, the Guardian) at the
time when the Cardmember shall have received or is deemed to have
received the same.
14.
USE AND DISCLOSURE OF INFORMATION
14.1
USE OF INFORMATION AND PARTIES TO WHOM DISCLOSURE MAY
BE MADE
(a)
You consent for us and any of our officers, employees, agents,
contractors or service providers to, whether before or after
termination of the Card or Card Account, use and disclose any
information relating to you (including particulars of your accounts,
details of the amounts owing and other credit background
information, whether obtained from any credit bureau from time
to time or otherwise) or your Card Transaction or Card Account
(“Information”) to:-
(i)
any third party as we and any of our officers, employees,
agents, contractors or service providers may deem fit
in absolute discretion, including but not limited to our
head offices, related companies, branches, agents,
correspondents, agencies or representative offices or
such contractors or service providers who may from time
to time be engaged to provide advice, administrative,
computer, data processing, telecommunications, debt
collection, credit reference, advertising, market research,
payment, transfer or other services in connection with the
management or operation of our business;
(ii)
any person authorised by you to operate the Card Account
or any security provider or guarantor;
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(iii)
any merchant, member of card association, credit reference
agency, rating agency, business partner, insurer or insurance
broker, direct or indirect provider of credit protection, bank
or financial institution;
(iv)
any credit bureau and/or its compliance committee and
for such credit bureau and/or its compliance committee to
disclose the Information to third party or parties, including
but not limited to its member banks or financial institutions;
(v)
any government agency, statutory board or authority in
Singapore or elsewhere; and
(vi)
any other person to whom we and any of our officers,
employees, agents, contractors or service providers consider
appropriate to make such disclosure.
(b)
The purposes for which the Information may be used or disclosed
shall be as we and any or our officers, employees, agents,
contractors or service providers may deem fit, including:
(i)
any operation and/or the outsourcing of such operation
relating to the provision of services and products by us
and any of our officers, employees, agents, contractors or
service providers (without limitation, the printing of credit
cards, the printing and/or mailing of statements of accounts
and other mailers, as well as the verification of your identity),
(ii)
the recovery of any amounts owed to us,
(iii)
the credit card approving process, the conduct of credit
checks and verification of ongoing credit worthiness,
(iv)
compliance with disclosure requirements under applicable
law,
(v)
any marketing or cross-marketing of services or products
(whether by us, our affiliates, business partners or related
companies), and
(vi)
any collaboration with merchants in respect of Card loyalty
benefits and promotion programs as well as for any operation
and/or outsourcing of any operation relating to merchant-
acquiring business.
14.2
CREDIT BUREAU
You agree that we and any of our officers, employees, agents, contractors
or service providers
(being iCIMB (MSC) Sdn Bhd and such other
contractors and service providers as we may notify you from time to
time) may from time to time obtain and exchange information about you
from any third party (whether a credit bureau or otherwise and wherever
situated), verify and use the information obtained and to further disclose
such obtained information to any third party for the purpose of assessing
your creditworthiness and such other purposes set out in clause 14.1(b).
You also agree that a credit bureau may use and further disclose to other
third parties, information about you obtained from us and any of our
officers, employees, agents, contractors or service providers (being iCIMB
(MSC) Sdn Bhd and such other contractors and service providers as we
may notify you from time to time). Without prejudice to the generality of
the foregoing, you authorise:
(i)
us and any of our officers, employees, agents, contractors or
service providers (being iCIMB (MSC) Sdn Bhd and such other
contractors and service providers as we may notify you from time
to time) to carry out the credit card approving process, to perform
credit checks with any party including any credit bureau from time
to time, to obtain information relating to you (including particulars
of your accounts, details of the amounts owing and other credit
background information) from any source including any credit
bureau and consent to such source (including any credit bureau)
disclosing information about you to us and any of our officers,
employees, agents, contractors or service providers (being iCIMB
(MSC) Sdn Bhd and such other contractors and service providers
as we may notify you from time to time),
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(ii)
us and any of our officers, employees, agents, contractors or service
providers (being iCIMB (MSC) Sdn Bhd and such other contractors
and service providers as we may notify you from time to time) to use
and disclose information about you (without limitation, to further
disclose such information about you that we may obtain from a
credit bureau) to any third party, including any credit bureau, its
members or subscribers and/or compliance committees including
its member banks or financial institutions, and
(iii)
any credit bureau to disclose information about you obtained
from us and any of our officers, employees, agents, contractors
or service providers (being iCIMB (MSC) Sdn Bhd and such other
contractors and service providers as we may notify you from
time to time) to its members or subscribers and/or compliance
committees including its member banks or financial institutions.
14.3
WRITTEN PERMISSION
You agree that where your written permission is required by law or
otherwise for any disclosure by us and any of our officers, employees,
agents, contractors or service providers, the signing of the Card
application form and/or the signing of the Card and/or the usage of the
Card shall constitute and be deemed to be sufficient written permission
for such disclosure.
Our authority, the authority of our officers, employees, agents, contractors
or service providers as well as the authority of any credit bureau, to
disclose such information pursuant to clause
14 shall survive the
termination to this Agreement.
14.4
ADDITIONAL RIGHTS
Our rights under this Clause shall be in additional and without prejudice
to other rights of disclosures available pursuant to the Banking Act,
Chapter 19 of Singapore (as may be amended or substituted from time
to time) or any other statutory provision and in law and nothing herein is
to be construed as limiting any of these other rights.
15.
SET OFF AND CONSOLIDATION
15.1
EXTENT OF OUR RIGHTS
We may at any time and without prior notice or demand combine or
consolidate any and all account(s) maintained by you with us (whether
matured or not) and regardless of where your accounts are located or
whether your accounts are held in your sole name or jointly with others
and/or set off or transfer any sum standing to the credit in any or all such
account(s) in or towards the discharge or payment of any and all sums
due to us from you under any Card Account or under this Agreement
notwithstanding that:
(a)
the use of the Card or the Card Account has not been terminated;
and/or
(b)
the balance then in our favour under the Card Account does not
exceed the credit limit.
15.2
SET OFF AND CONSOLIDATION INVOLVING FOREIGN CURRENCIES
Where any set off or consolidation undertaken by us involves the
conversion of one currency to another, we shall make the necessary
conversion at our prevailing currency exchange rate.
16.
COMMUNICATIONS AND SERVICE OF DOCUMENTS
16.1
COMMUNICATIONS AND SERVICE
Any Card (whether issued pursuant to an application or issued as renewal
or replacement of any Card) and all Billing Statements, notices (including
notification of any PIN assigned to any Card or any Cardmember and of
any amendments to this Agreement) or demands from us or any document
relating to or by which any legal proceedings against any Cardmember
is commenced by us may be sent to or served on any Cardmember by
leaving it at or by posting it to or dispatching it by facsimile transmission,
electronic mail or through the internet to the Specified Address of that
Cardmember.
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Any such Card, statement, notice, demand or document so left at or
sent or despatched to any Cardmember shall be effective and deemed
to have been received by that Cardmember:
(a)
when it was left at the Specified Address, if left thereat;
(b)
on the day immediately following the date of despatch, if posted; or
(c)
immediately on despatch if sent by facsimile transmission, electronic
mail or through the internet,
notwithstanding that it is not received by that Cardmember or returned
undelivered.
16.2
COMMUNICATION INVOLVING SUPPLEMENTARY CARDMEMBERS
Any notice of any amendment to this Agreement that we send to the
Principal Cardmember shall be deemed to have been sent to and
received by the Supplementary Cardmember and Guardian (as the case
may be) at the same time when the Principal Cardmember shall have
received or is deemed to have received the same.
16.3
COMMUNICATION VIA SMS
We may send the Cardmember any marketing or promotional materials
or any other communication (including but not limited to information,
cards, postcards, mailers, letters, any other documents or items) (i) by
short message services (SMS) to the last known handphone number of
the Cardmember as reflected in our records, (ii) by electronic mail to
the last known email address of the Cardmember as reflected in our
records, (iii) by facsimile transmission to the last known facsimile number
of the Cardmember as reflected in our records, (iv) by ordinary pre-paid
or personal delivery to the last known address of the Cardmember as
reflected in our records.
The Cardmember agrees that we or any of our officers, employees, agents,
contractors or service providers we may also send the Cardmember by
SMS or by electronic mail or any other form of electronic means to the
last known handphone number or electronic mail address as reflected in
our records, the Card Account details including personal particulars, the
outstanding balances, the payment due dates, reminders on any missed
payments, alerts on any suspicious Card Account activities, payment
amounts and history, iPP details (if applicable), or any other information
as we and any of our officers, employees, agents, contractors or service
providers may in sole and absolute discretion think fit to disclose through
such means. The Cardmember acknowledges, agrees and consents
that Cardmember information or Card Account information may be
disclosed, whether inadvertently or otherwise and whether authorised or
otherwise, to any third party, who may have, or gain access in any way
whatsoever to such sms, email, facsimile or postal transmission sent by
us and any of our officers, employees, agents, contractors or service
providers to the Cardmember.
For your convenience, we have made SMS the mode of communication.
Thus, for you to receive these alerts, it is important that you provide
us with your updated contact information. In addition, for the security
of your account, should there be a loss of your mobile phone, please
update us accordingly so that we can temporarily suspend the
Transaction Alert service.
17.
CASH REBATES
Where applicable, Cardmember shall be entitled to a Cash Rebate
which will be credited to the Principal Cardmember’s Card Account on
a monthly basis. In this regard, certain Card Transactions will not be
eligible for Cash Rebates. Such ineligible Card Transactions include but
are not limited to cash advances, gambling-related transactions, quasi
cash transactions and purchases of merchandises or services from any
other bank or financial institution. Upon termination of the Card for any
reason whatsoever, Cash Rebates which are not credited to the Card
Account as of the date, will be automatically forfeited and shall not be
transferable to any other Card Account of the Cardmember. We reserve
the right to modify, change or terminate the terms and conditions
applicable to Cash Rebates at any time.
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18.
PAYPASS/PAYWAVE
Mastercard/Visa with “PayPass/payWave” Feature
(a)
Where any Mastercard/Visa that we issue incorporates the PayPass/
payWave feature (“PayPass/payWave Card”), the Cardmember
acknowledges that such PayPass/payWave Card may be utilised
to pay for goods and services for amounts not exceeding S$100
per transaction, or such other amount which we may specify from
time to time by tapping or waving the PayPass/payWave Card at
a “PayPass/payWave” contactless reader/terminal (“Contactless
Transactions”).
(b)
Contactless Transactions may be processed and the Cardmember’s
Mastercard/Visa Account debited with the Contactless Transaction
amount without requiring the:
• PayPass/payWave Card to be swiped at a magnetic strip
reader;
• PayPass/payWave Card’s chip to be read by a chip terminal; or
• Cardmember’s signature to authorise the transaction.
By accepting the PayPass/payWave Card and using it in any
manner whatsoever (including using it in the conventional manner
of swiping the same at a magnetic strip reader or at a chip reader
or otherwise) the Cardmember undertakes to use the PayPass/
payWave Card in accordance with and agrees to be bound by the
terms and conditions herein contained.
(c)
Without prejudice to the foregoing, the Cardmember undertakes to
be liable for all Contactless Transactions incurred using the PayPass/
payWave Card and posted to the Cardmember’s Mastercard/Visa
account regardless of whether or not the Contactless Transactions
were properly authorised by the Cardmember. In this regard the
Cardmember acknowledges the ease of which unauthorized
Contactless Transactions may be carried out and accepts the risk
of unauthorised Contactless Transactions.
19.
MISCELLANEOUS
19.1
INDEMNITY
You shall indemnify and keep us fully indemnified against all claims,
demands, action, proceedings, losses, damages, costs and expenses
of any nature (including legal costs on an indemnity basis) incurred,
suffered or sustained by us, directly or indirectly, by reason of or in
connection with this Agreement, including but not limited to:-
(a)
breach of any provision of this Agreement on your part; and/or
(b)
the enforcement or protection of our rights and remedies against
you under this Agreement, or in obtaining or seeking to obtain
payment of all or any part of the monies hereby agreed to be paid
by you; and/or
(c)
any change in any law, regulation or official directive which may
have an effect on this Agreement.
19.2
REFERENCES TO SINGAPORE DOLLARS
All references to dollars and “$” in this Agreement shall mean Singapore
Dollars notwithstanding that the billing currency of the Card Account
may be a currency other than Singapore Dollars, in which event the
equivalent in such other currency shall apply at such rate or rates of
exchange as we may determine. We may charge all sums payable to
us under this Agreement to the relevant Card Account in the applicable
billing currency. Charges incurred in any currency other than the billing
currency and any payment received by us in any currency other than
the billing currency shall be converted by us at such rate or rates of
exchange as we may determine from time to time.
19.3
INSTRUCTIONS FROM YOU
Any request of or instruction to us shall be in writing and shall be signed
by the Cardmember provided that we may but shall not be obliged
15
to accept and act on any instruction or request by telex, facsimile
transmission or through the telephone which our officer or employee
attending to such instruction or request believes to have been given
or made or authorised by the Cardmember. Notwithstanding that such
instruction or request may not have been given or made or authorised by
the relevant Cardmember and notwithstanding any fraud that may exist
in relation thereto, we shall not be liable for any loss or damage suffered
as a consequence of our acting on or acceding to any such instruction
or request. Each Cardmember shall provide us with written notice of
any change in that Cardmember’s particulars to CIMB Bank Berhad, 50
Raffles Place #09-01 Singapore Land Tower, Singapore 048623.
19.4
OUR ACCEPTANCE OF INSTRUCTIONS FOR PERIODIC PAYMENTS
Neither our acceptance or approval of any instruction or arrangement for
any monthly or periodic payment of any charge of any person by monthly
or periodic deduction effected on any Card Account or in respect of
any monthly or periodic Card Transaction nor our execution of any such
deduction in respect of any month or period shall impose upon us, any
obligation to effect such deduction in respect of each and every month
or period and we shall not be liable for any loss or damage suffered or
incurred as a consequence of any failure by us to effect any deduction
or Card Transaction in respect of any one or more month(s) or period(s).
19.5
DELAY OR FAILURE TO EXERCISE RIGHTS
No forbearance or failure or delay by us in exercising any right, power or
remedy is to be deemed a waiver or partial waiver thereof on our part;
and no waiver by us of any breach of this Agreement on your part is to
be considered a waiver of any subsequent breach of the same or any
provision of this Agreement. We shall be considered to have waived our
rights only if we specifically notify you of such a waiver in writing.
19.6
ADDITIONAL BENEFITS, SERVICES OR PROGRAMMES
We may provide at our sole discretion, any programme, scheme or plan
from time to time with respect to the use or the promotion of the use
of Cards (the “Programme”). Such additional services where provided,
do not form part of our legal relationship with you. Those additional
services, benefits or programmes may be subject to their own terms
and conditions. If you intend to derive any privilege or benefit conferred
or offered under, you shall before ordering or making any purchase from
any merchant involved or participating in the Programme, inform that
merchant of your intention and present the Card to that merchant. We
may at any time and from time to time without prior notice and without
assigning any reason:
(a)
amend, modify, vary or withdraw the terms and conditions of any
Programme and/or any privilege or benefit offered or conferred
under any Programme;
(b)
suspend or terminate any Programme;
(c)
restrict or exclude any merchant from participation or continuing
to participate in any Programme.
Any privilege or benefit to be obtained from or conferred by any merchant
under any Programme may be unavailable, suspended or withdrawn
by that merchant at any time for any reason and whether temporarily
or otherwise. We shall not be liable for any refusal of any merchant to
extend or confer any privilege or benefit under any Programme for any
reason whatsoever.
19.7
ARRANGEMENTS WITH FINANCIAL INSTITUTIONS
Upon any arrangement made between any Cardmember and any
financial institution, any payment may be made to us for the credit of
any Card Account, whether at regular intervals or otherwise. If that
Card Account is terminated and another Card Account is established
in replacement thereof, the arrangement shall subsist and continue in
relation to the Card Account that has replaced the original Card Account
as from the date when the first Billing Statement with respect to the
replaced Card Account is sent to the Principal Cardmember or any
Supplementary Cardmember.
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19.8
GOVERNING LAW
This Agreement is subject to Singapore law and you hereby irrevocably
submit to the non-exclusive jurisdiction of the courts of Singapore.
A person who is not a party to this Agreement has no right under
the Contracts (Rights of Third Parties) Act (Cap. 53B) or otherwise
to enforce any term of this Agreement. Notwithstanding any term of
this Agreement, the consent of any third party is not required to vary,
release or compromise any liability or terminate any of the terms of this
Agreement.
19.9
OTHER VERSIONS OF THIS AGREEMENT / THE CARD APPLICATION
FORM
In the event of any inconsistency between different versions of this
Agreement, the English version shall prevail. This Agreement will
also prevail if there is any inconsistency with the terms of the Card
application form.
20.
CHARGE OVER DEPOSITS
(Only applicable where we require the liabilities and obligations in
connection with the Card(s) to be secured by Charge Over Deposits)
Where we require, it is a condition to the issuance of the Card and the
opening of the Card Account that valid Charge(s) (as defined herein) are
obtained. The following provisions of this Clause 20 will be applicable
to the Charge.
20.1
CHARGE AGREEMENT
In consideration of our agreement to grant and/or continue to give credit
or afford credit facilities or other financial accommodation to such an
extent and for so long as we may think fit to the Cardmember, Chargor
as legal and beneficial owner hereby charges by way of first fixed charge
(“Charge”) in our favour all its right, title and interest to the Deposits
as continuing security for the payment and discharge on demand and/
or satisfaction of the Secured Obligations to the extent that we shall
be afforded a full, complete and unlimited indemnity in respect thereof
notwithstanding any rule of law or equity to the contrary. The Charge
shall not be discharged or released until the Card Account(s) is/are
closed and all the Secured Obligations are validly and legally discharged.
20.2
UNDERTAKINGS
Chargor hereby undertakes and agrees with us as follows:
(a)
that so long as any part of the Secured Obligations shall remain
outstanding, Chargor is not entitled and shall not, except with our
consent in writing, withdraw any sum from the Deposits whether
of principal sum or interest thereof, or take any action whatsoever
to recover the same, or transfer or assign or otherwise deal with
or dispose of, or charge, or mortgage, or encumber, or grant or
suffer to arise any third party rights in or over, the Deposits or any
part thereof except in our favour;
(b)
Chargor shall immediately on our request execute and sign
all such documents as we may require from time to time in
connection with the security created by Clause 20.1, and without
limiting the foregoing do or procure to be done all such other
acts and things as may be necessary to perfect our rights,
interest and title to or security in, or for disposing of (in the
manner aforesaid), the Deposits;
(c)
in addition to any lien, right of set-off or other rights which we
may have, we shall be entitled at any time and without notice to
Chargor to combine and consolidate all or any of its accounts
(including the Deposits or liability with any other accounts or
liability of Chargor whether solely or jointly with any other person
or persons) may have with us in Singapore and anywhere in the
world and to set-off or transfer any sum standing in one place or
more of such accounts towards the satisfaction of the Secured
Obligations notwithstanding that the credit balances on such
17
accounts and liability on any other accounts may not be expressed
in the same currency and we are hereby authorised to effect any
necessary conversion at such rate as we determine in our sole
and absolute discretion, such determination to be conclusive and
binding on Chargor.
20.3
AUTHORITY
Chargor hereby irrevocably authorises us, without prior notice to Chargor
and without restriction:
(a)
to renew, withdraw or otherwise deal with the Deposits or any
part thereof from time to time at our sole and absolute discretion
without liability for any loss, cost or expense which Chargor may
sustain as a result thereof. Chargor hereby confirm its instructions
to us to renew from time to time the Deposits on maturity and
undertake that, so long as any moneys or liabilities are outstanding
or owing to us, Chargor shall not revoke or alter the instructions
herein given without our consent and Chargor hereby confirms
and agrees that on any renewal, the interest on the Deposits shall
be at such rate we determine to be the rate prevailing on the
relevant date.
(b)
to set-off and appropriate the Deposits, irrespective of the
terms on which they are held (including Clause 20.4 below),
notwithstanding that any fixed deposit has not matured or any of
the special conditions applicable to the Deposits have not been
satisfied, in or towards the satisfaction of the Secured Obligations.
We may purchase with the Deposits such sum in such currencies
as may be required to enable us to effect any such application,
and at such rate of exchange as we determine to be prevailing
at the relevant time, such determination to be conclusive and
binding on Chargor.
20.4
MATURITY OF DEPOSITS
Without prejudice to Clauses 20.1, 20.2 and 20.3 above, we shall hold
the Deposits on the terms that (except with our prior written consent) the
Deposits shall mature on the earlier of:
(a)
the date on which we ascertain to our satisfaction that (i) we
have no liabilities to make available credit facilities or other
accommodation under the Card Account(s) or otherwise; and (ii)
the Secured Obligations have been satisfied and discharged; and
(b)
the date on which the amount of any actual liability comprising all
or part of the Secured Obligations has been fully satisfied to our
satisfaction (as determined in our sole and absolute discretion)
provided always that if at any such date we have any liabilities
under Clause 20.4(a)(i) or Chargor has any liabilities to us, only
such portion of the Deposits equivalent to such amount as we
shall not require to secure the said outstanding liabilities shall
mature (and the balance thereof shall continue to be subject to
all the provisions of Clause 20), to the intent that at such time
as the Deposits (or such portion thereof) shall mature, Chargor
acknowledges that we may exercise in relation thereto any rights
of consolidation, combination, set-off or other right to which we
may be entitled under this Agreement, any other agreement, at
law, in equity or otherwise and may (upon such liabilities becoming
due) debit the whole or any part of such liabilities against the
Deposits.
20.5
RELEASE OF DEPOSITS
At any time after the Deposits or any part thereof shall have matured,
subject to Clause 20.4 above and to the rights of any person entitled
thereto in priority to Chargor, Chargor may at its cost and request
require us to pay to Chargor such part of the Deposits that has matured
but which has not been applied as aforesaid and release the same from
any security purported to be created hereby and until such time, we
shall be entitled to withhold payment of the Deposits, or any part thereof
which has not matured, from Chargor.
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20.6
INCONSISTENCY
In the event of any inconsistency between the terms hereof and any
other terms on which the Deposits or any part thereof are held by us
including the existence of any fixed or scheduled maturity on the
Deposits or any part thereof, the terms of this Agreement shall prevail
and, without prejudice to the generality of the foregoing, we shall not
be precluded or obliged to delay the exercise of our rights under this
Agreement or otherwise until the expiry of any fixed period or scheduled
maturity relating to the Deposits or any part thereof and we may
unilaterally terminate such fixed period or scheduled maturity at any
time and adjust interest payable by us (if any and subject to the terms
hereof) accordingly. If at any time prior to our releasing the Deposits
from the security hereby constituted any part of the Deposits would
but for this Clause constitute a time deposit, it shall not mature except
in accordance with the terms of Clause 20 and we shall be entitled to
withhold the same as if it had been successively re-deposited with us
subject to the terms of Clause 20 for such period and on such terms
as we determine in our absolute discretion without the need for any
concurrence by Chargor.
20.7
WAIVER OF DEFENCES
(a)
We may, at all times, without in any way affecting the security
hereby created:
(i)
increase, decrease, extend, renew or re-structure all or any of
the loans, advances, credit or banking facilities or any other
accommodation granted or given under the Card Account(s)
or to Cardmember or otherwise from time to time (including
any increase in Credit Limit) whether solely or jointly with any
other person or persons (in partnership or otherwise) and
whether beyond the said limit or otherwise or vary any terms
and conditions thereof with or without notice to Chargor;
(ii)
deal with, exchange, vary, release, realise, modify or
abstain from perfecting or enforcing any collateral security
or guarantee or rights which we may now or hereafter have
from or against Chargor or any other person;
(iii)
grant to Chargor or any other person any time, indulgence,
forbearance or concession or make any other arrangement,
variation or release with Chargor, or any principal debtor or
any person or any guarantor (irrespective of whether such
persons are jointly liable with Chargor) in respect of the
Secured Obligations or in any way affecting or concerning
them or any of them or in respect of any other security for
the Secured Obligations;
(iv)
compound with, discharge, release or vary the liabilities or
accept or vary any compromise, arrangement or settlement
with Chargor or any other person;
(v)
renew any credit facilities in any manner and compound with,
accept composition from and make other arrangements
with, Chargor or any person liable to us in respect of any
bills, notes, instruments or other securities or guarantees
held or to be held by us for the Secured Obligations or any
part thereof.
(b)
Chargor hereby declares that the Charge shall not be discharged or
affected and shall continue in full force and effect notwithstanding:
(i)
any legal limitation on, or insufficiency in the borrowing powers
of or disability or incapacity of, or other fact or circumstance
relating to, Cardmember, Chargor or any other person;
(ii)
any irregularity, unenforceability illegality or invalidity of
any obligation of Cardmember, Chargor or any other
person under, or any defect or informality of, any collateral
security or document to the intent that this security shall
remain in full force and effect and Clause 20 shall be
construed accordingly as if there were no such irregularity,
unenforceability, illegality, invalidity, defect or informality;
19
(iii)
our failure to take any security agreed to be taken by us;
(iv)
any amalgamation, reconstruction, consolidation or
otherwise which may be made in the constitution of the
company by which our business may for the time being
be carried on or sale of all or any part of our undertaking
and assets to another company (whether the company or
companies with which we amalgamate with or the company
to which we transfer all or any of our assets either on a
reconstruction or sale as aforesaid shall or shall not differ
in their or its objects, character and construction from us),
it being your intent that the Charge shall remain valid and
effectual for all purposes and the benefit of the Charge and
all rights conferred upon us hereby may be assigned to
and enforced by any such company or companies, person
or persons and proceeded on in the same manner to all
intents and purposes as if such company or companies,
person or persons had been named herein instead;
(v)
(where Chargor is an unincorporated body, committee or
trustee) the retirement, death, change, accession or addition
to Chargor but shall enure and be available for all intents and
purposes as if the person or persons constituting such body
committee or trustee had been the person or persons whose
obligations were originally secured;
(vi)
(where Chargor is a partnership firm) any change in the
constitution of Chargor whether by retirement, expulsion,
death or bankruptcy of any member thereof or admission of
any partner or partners or otherwise or any change in the
style or name of the firm but shall enure and be available for
all intents and purposes as if the resulting firm or concern
had been the one whose obligations were originally secured;
(vii)
any winding-up (whether voluntary or compulsory) or any
defect, informality or insufficiency of Chargor’s borrowing
powers;
(viii)
the death, insanity, bankruptcy or any other disability of
Chargor.
(c)
We are at liberty without affecting our rights hereunder at any time
and from time to time at our absolute discretion to vary or agree
to vary the terms hereof or of the Secured Obligations or any of
them or make any other arrangements with any one or more of the
Chargors, and no such variation or arrangement shall prejudice or
in any way affect our rights against and the terms hereof in respect
of the other Chargors.
(d)
The terms hereof shall not be avoided or invalidated by reason
of the Charge or any other agreement given in respect of the
Secured Obligations being invalid or unenforceable In respect of
any one of the Chargors.
20.8
CONTINUING SECURITY
Chargor hereby declares and agrees that:
(a)
the security hereby created shall be a continuing security and shall
continue to be valid and binding for all purposes notwithstanding
any intermediate payment of the whole or part of the Secured
Obligations or settlement of any account or fluctuation in the
amount for the time being owing by to us and notwithstanding the
closing of any account with us which is subsequently reopened or
the subsequent opening of any account by Cardmember and/or
Chargor (either alone or jointly and/or severally with others) or any
other matter or thing whatsoever and shall extend to cover all or
any sum(s) of money which shall for the time being constitute the
balance due under the Card Account(s) or otherwise;
(b)
Chargor’s obligations under Clause 20 are cumulative and are
in addition to and without prejudice to any collateral or other
securities, indemnity or guarantee which we may now or hereafter
20
hold nor shall such collateral or other securities, indemnity or
guarantee or any other rights, powers and remedies given to us by
virtue any statute or rule of law or equity or any lien to which we may
be otherwise entitled (including any security, indemnity, guarantee,
charge or lien prior to the date of the Charge or the Deposits) or
the liability of any person not party thereto for all or any part of the
Secured Obligations be in any way prejudiced or affected by the
Charge. We may apply all moneys received from Chargor or any
person liable to pay the same to any account or item of account or
any transaction to which the same may be applicable;
(c)
we may in our absolute discretion credit all moneys received,
covered or realised by us under the Charge (including the proceeds
of any conversion of currencies) to any suspense or impersonal
account and hold such moneys in such account for so long as we
shall think fit (with interest accruing thereon at such rate, if any, as
we may deem fit) pending their application from time to time (as
we shall be entitled to do in our absolute discretion) in or towards
the discharge of any of the Secured Obligations;
(d)
for the purpose of discharging the Secured Obligations, we
may convert any moneys from their existing currency into such
other currency/currencies as we may think fit at such rate as we
determine in our sole and absolute discretion such determination
to be conclusive and binding on Chargor. If any sum due from the
Chargor under a Charge or otherwise has to be converted from
one currency into another for any reason whatsoever, the Chargor
shall indemnify us on a full indemnity basis from any cost, loss or
liability incurred by us as a result of such conversion;
(e)
where the banking accommodation, facilities and/or services
provided constitute or include any guarantee given or other
contingent liability undertaken or arranged by us for Chargor,
we shall be entitled to make payment to the beneficiary of such
guarantee or other contingent liability on demand and to have
immediate recourse to the Deposits for all amounts so paid
without being responsible in any way to ascertain or confirm that
the amount demanded is in fact a debt or obligation of Chargor
legally due and payable to such beneficiary, and notwithstanding
any notification from Chargor or otherwise that liability for such
debt or obligation is disputed or that legal or other proceedings
may have been commenced in relation thereto;
(f)
our rights hereunder are cumulative and may be exercised as
often as we deem appropriate and are in addition to our rights
under the general law or under any other agreement or document;
(g)
all moneys received from or on account of Chargor or from any
other person or from the realisation of any security or otherwise
for the purpose of being applied in reduction of the Secured
Obligations shall be treated for all purposes as payments in gross
and not as appropriated or attributable to any specific part or
item of the Secured Obligations even if appropriated thereto by
the person otherwise entitled so to appropriate. All guarantees,
indemnities or other securities now or at any time held by us for or
in respect of account(s) of Chargor shall be treated as securities
for the said general balance thereof;
(h)
we shall not be bound to exhaust our recourse to, or our remedies
under, any collateral security or other guarantee we may hold prior
to enforcing the security under Clause 20; and
(i)
all costs charges and expenses incurred in the exercise of our
rights or in connection with the execution of or otherwise in
relation to the Charge or in connection with the perfection or
enforcement of the security hereby constituted or any other
security held by us for the Secured Obligations or any guarantee
to us in respect thereof, shall be reimbursed to us on demand on
a full indemnity basis together with interest from the date of the
same being incurred to the date of payment at such rate or rates
as we may determine and pending such reimbursement shall be
added to the Secured Obligations.
21
20.9
NEW ACCOUNT
If the Charge shall for any cause whatsoever cease to be binding as a
continuing security or we shall at any time receive notice of any mortgage,
assignment, charge or other interest affecting the whole or any part of the
Deposits, we may without prejudice to our rights under the Charge open
a fresh account or accounts and continue any existing account(s) in the
name of Chargor and may appropriate to any such fresh account(s) in the
name of Chargor any moneys hereafter paid in, transferred to, received
or realised for the credit of Chargor without being under any obligation
to apply the said moneys or any part of them in discharge of the Secured
Obligations or Chargor’s liabilities to us, and if we shall fail to open such
fresh account(s), it shall be deemed that we have done so with the effect
that the said moneys (in the absence of express appropriation by notice in
writing to Chargor) shall not operate to reduce the Secured Obligation or
Chargor’s liabilities to us and shall be treated as having been credited to
such new account(s) in the name of Chargor and shall not affect our rights
under the Charge at the time the Charge so ceases to be a continuing
security or from the date of receipt of such notice.
20.10 REPRESENTATIONS AND WARRANTIES
(a)
Chargor hereby confirms represents and warrants that:
(i)
Chargor is and will remain the sole lawful and beneficial
owner of the Deposits which are and will remain free from
any mortgage, lien, charge or other security interest save
the Charge created in our favour;
(ii)
Chargor has full power, capacity and authority to create
security over the Deposits in our favour under the terms
of Clause 20 and that all necessary action has been taken,
and all necessary consents have been obtained which are
required to authorise Chargor to charge the Deposits and
to enter into, execute, deliver and perform the transactions
contemplated in Clause 20;
(iii)
the provisions hereto constitute valid, legal and binding
obligations on the part of Chargor;
(iv)
save for registration and/or other formalities required to
perfect and protect our interest in, and priority to, the
security created by the Charge (which Chargor shall affect
and evidence of which shall be given to us) no filing,
registration, recording and notarisation of the Charge is
necessary or desirable to ensure the validity, enforceability
or priority in any relevant jurisdiction of the obligations of
Chargor and our rights under the Charge.
(b)
Chargor acknowledges that we have granted/will grant/will continue
to grant the credit facilities under the Card Account(s) in reliance
upon the representations and warranties contained in this Clause.
20.11 RECOURSE
(a)
If Chargor fails to pay or discharge any part of the Secured
Obligations, when due or Chargor is in default under any of
the terms of this Agreement, or Chargor is unable or admits to
being unable to pay its debts as they become due, or Chargor
is subject to any proceedings in or analogous to insolvency,
bankruptcy or liquidation or if legal process is applied for levied
or enforced against the Deposits or any of the other assets of
Chargor, then the security hereby constituted shall become
immediately enforceable (without any restrictions as to the giving
of notice or otherwise) and we may at our absolute discretion
without demand, notice, legal process or any other action at any
time thereafter appropriate or apply the Deposits in or towards
discharge of the Secured Obligations without being liable for any
loss. Notwithstanding any provisions contained in this or any
other document the Secured Obligations shall be deemed to have
become due and payable within the meaning of Section 24 of the
Conveyancing and Law of Property Act Chapter 61 of Singapore
immediately on the execution of the agreement to the Charge.
22
The restriction on the right to consolidate securities contained in
Section 21 of the Conveyancing and Law of Property Act Chapter
61 of Singapore or any other relevant Act, Ordinance or Regulation
in Singapore or the appropriate jurisdiction of the Deposits (or any
part thereof) shall not apply to the Charge.
(b)
If the Charge is provided by two or more persons it shall be
binding on the Chargors jointly and severally.
(c)
So long as any Secured Obligations or Chargors’ liabilities remain
outstanding, a Chargor shall not exercise any right of subrogation
or contribution or any other right or remedy which the Chargor
may have in respect thereof and without our prior written consent
prove in the liquidation or bankruptcy of the Cardmember or
any one of the Chargors in competition with us but to the extent
that any of the Chargors does so prove then such Chargor shall
account to us for the proceeds of any such proof immediately
upon receipt.
20.12 ASSIGNMENT
We may assign or otherwise dispose our rights and interests under
any Charge without the consent of, or notice to, the Chargor(s) and
pursuant thereto we are hereby irrevocably authorised to disclose to any
party such information about the Chargor(s)(including particulars of the
Deposits) as we shall consider appropriate. A Chargor may not assign or
transfer any of its rights, benefits or obligations under a Charge without
our prior consent in writing.
20.13 CONCLUSIVE EVIDENCE, AMENDMENTS, USE AND
DISCLOSURE OF INFORMATION, COMMUNICATIONS AND
SERVICE OF DOCUMENTS
The provisions of Clauses 8.3, 10, 13.3, 14 and 16 of this Agreement
shall apply to Chargor (who is a third party), where appropriate and
with such modifications as necessary. In addition, we may at any time
at our absolute discretion and upon written notice to Chargor, amend
any one or more of the terms and conditions of this Agreement. Such
amendment(s) shall take effect from the date stated in the notice, which in
most instances, shall be no less than 30 days from the date of the notice.
20.14 INTERPRETATION
Terms defined in Clause 1 shall have the same meaning when used in
connection with the Charge.
20.15 GOVERNING LAW
The Charge is subject to Singapore law and Chargor (who is a third
party) hereby irrevocably submits to the non-exclusive jurisdiction of the
courts of Singapore.
21.
OTHER VERSIONS OF THIS AGREEMENT/THE CARD APPLICATION
FORM
In the event of any inconsistency between different versions of this
Agreement, the English version shall prevail. This Agreement will also prevail
if there is any inconsistency with the terms of the Card application form.
22.
CARDMEMBER BELOW 21 YEARS OLD - GUARANTEE BY GUARDIAN
Unless waived by the Bank, it is a condition to the issuance of the Card
and the opening of the Card Account that a valid guarantee has been
obtained from the Guardian in the case where a Cardmember is below
21 years old on the date that the Bank notifies the Cardmember that his/
her Card application has been approved. The following provisions of this
Clause 22 will be applicable to the guarantee.
22.1 GUARANTEE AND INDEMNITY BY GUARDIAN
(a)
In consideration of our agreeing to issue the Card to the Cardmember
as well as to open the Card Account, the Guardian unconditionally
and irrevocably:
23
(i)
guarantees the due and punctual payment by the
Cardmember of all outstanding balances accruing to
the Card Account and all other payment obligations in
connection with this Agreement;
(ii)
guarantees the performance by the Cardmember of all other
liabilities or obligations arising from and/or in relation to the
use of the Card and in connection with this Agreement;
(iii)
undertakes that whenever the Cardmember does not pay
any amount when due under or in connection with the Card
Account or this Agreement, the Guardian shall immediately
on our demand pay that amount as if the Guardian was the
principal debtor;
(iv)
undertakes to indemnify us immediately upon our demand
against any cost, loss or liability that we suffer if any
obligation guaranteed (or anything which would have been
an obligation if not unenforceable, invalid or illegal) is or
becomes unenforceable, invalid or illegal. The amount of
the cost, loss or liability shall be equal to the amount which
we would otherwise have been entitled to recover.
(b)
The Guardian waives any right that it may have of first requiring
us to proceed or enforce any other rights or security or claim
payment from any person before claiming from the Guardian. In
this regard, the Guardian agrees that we shall be entitled to make
demands under this clause from time to time irrespective of:
(i)
whether any steps or proceedings are being or have been
taken against the Cardmember; or
(ii)
whether any steps or proceedings are being or have been
taken to enforce any other security, guarantee or indemnity.
(c)
The amount owing by the Guardian to us under this clause at any
time shall be a separate and independent debt from the amount
owing to any other party. We shall have the right to protect and
enforce our rights arising out of this clause and it shall not be
necessary for any other party to be joined as an additional party in
any proceedings for this purpose.
22.2
PRINCIPAL DEBTOR
(a)
As between the Guardian and us but without affecting the
Cardmember’s obligations, the Guardian shall be liable for the
outstanding balance accruing under the Card Account as if he/
she were the sole principal debtor and not merely a surety.
(b)
The Guardian’s obligations under this clause shall not be discharged,
nor shall his/her liability be affected, by an act, omission, matter
or thing which, but for this provision, would reduce, release or
prejudice any of his/her obligations under this clause including:
(i)
any time, indulgence, concession, waiver, forbearance or
consent at any time given to the Cardmember or any other
person;
(ii)
any amendment (however fundamental) or supplement to any
other provision of this Agreement or any other agreement,
security, guarantee, indemnity, right, remedy or lien;
(iii)
the making or absence of any demand on the Cardmember
or any other person for payment as well as the enforcement
or absence of enforcement of this Agreement or any other
agreement, security, guarantee, indemnity, right, remedy or
lien;
(iv)
the existence of, or the taking, variation, compromise,
exchange, renewal or release of, or the refusal or neglect
to perfect, execute, take up or enforce, any rights against,
guarantee, indemnity, remedy, lien or security over assets
of, the Cardmember, the Guardian or any other person;
24
(v)
the insolvency or bankruptcy of the Cardmember or any other
person (or the commencement of any of the foregoing); or
(vi)
the illegality, invalidity or unenforceability of, or any defect
in any provision of, this Agreement or any other agreement,
security, guarantee, indemnity, right, remedy or lien or any
of the obligations of the Cardmember or any other party
thereunder;
(vii)
the release of the Cardmember or any other person under
the terms of any composition or arrangement with any
creditor of the Cardmember or any such person;
(viii)
any incapacity of the Cardmember, the Guardian or any
other person; or
(ix)
any increase, decrease, extension, renewal or re-structure
in any manner whatsoever of the credit limit applicable to
the Card or of this Agreement.
22.3
OBLIGATIONS CONTINUING
(a)
This guarantee is a continuing guarantee and will extend to the
ultimate balance of sums payable by the Cardmember in connection
with the Card Account or in connection with this Agreement (even in
respect of charges and liabilities incurred by the Cardmember after
he/she has attained the age of 21) and/or by the Guardian under
this clause, regardless of any intermediate payment or discharge in
whole or in part.
(b)
The obligations of the Guardian under this Agreement are and will
remain in full force and effect by way of continuing security until
we have irrevocably received or recovered all outstanding sums
due and owing to us. Furthermore, the obligations of the Guardian
are additional to, and not instead of, any other agreement,
security, guarantee, indemnity, right, remedy or lien at anytime
existing in favour of any person, whether from the Cardmember
or otherwise, and may be enforced without first having recourse
to the Cardmember, any other person or any other agreement,
security, guarantee or indemnity.
22.4
EXERCISE OF GUARDIAN’S RIGHTS
The Guardian undertakes that until all amounts which may be or become
payable in connection with the use of the Card, the Card Account or in
connection with this Agreement have been irrevocably paid in full:
(a)
any right of the Guardian (i) to be indemnified by the Cardmember
or (ii) to claim any contribution from any other guarantor of or
provider of security for the Cardmember’s obligations or (iii) to
take the benefit of (in whole or in part and whether by way of
subrogation or otherwise) our rights under this Agreement or (iv)
to enforce any security or other guarantee or indemnity, shall be
exercised and enforced by the Guardian only in such manner and
on such terms as we may require; and
(b)
any amount received or recovered by the Guardian (i) as a result
of any exercise of any such right or (ii) in the bankruptcy of the
Cardmember shall be held in trust for us and immediately paid to us.
22.5
REINSTATEMENT IN THE EVENT OF AVOIDANCE OF PAYMENTS
The Guardian shall on demand indemnify us immediately against our
funding or other cost, loss, expense or liability sustained or incurred by us
if any payment by the Cardmember and/or the Guardian or any discharge
given by us (whether in respect of the obligations of the Cardmember
and/or the Guardian or any security for those obligations or otherwise)
is avoided or reduced for any reason including as a result of insolvency,
breach of fiduciary or statutory duties. In this regard, the liability of
the Guardian shall continue as if the payment, discharge, avoidance
or reduction had not occurred; and we shall be entitled to recover the
value or amount of that security or payment from the Guardian, as if the
payment, discharge, avoidance or reduction had not occurred.
25
22.6
INDEMNITY
As separate, independent and alternative stipulations, the Guardian
unconditionally and irrevocably agrees:
(a)
that any part of the outstanding balance which, although expressed
to be payable by the Cardmember to us under or in connection
with the use of the Card or this Agreement, is for any reason
(whether or not now existing and whether or not now known or
becoming known to any party to this agreement) not recoverable
from the Guardian on the basis of a guarantee shall nevertheless be
recoverable from the Guardian as if he/she were the sole principal
debtor and shall be paid by the Guardian to us on demand;
(b)
as a primary obligation to indemnify us against any loss suffered
by us as a result of any sum expressed to be payable by the
Cardmember under or in connection with the use of this Card
or this Agreement not being paid by the time, on the date and
otherwise in the manner specified in this Agreement or any
payment obligation of the Cardmember under this Agreement
being or becoming void, voidable or unenforceable for any reason
(whether or not now existing and whether or not now known or
becoming known to any party to this Agreement), the amount
of that loss being the amount expressed to be payable by the
Cardmember in respect of the relevant sum; and
(c)
to indemnify and keep us fully indemnified against all claims,
demands, action, proceedings, losses, damages, costs and
expenses of any nature (including legal costs on an indemnity
basis) incurred, suffered or sustained by us, directly or indirectly, by
reason of or in connection with this Agreement, any indebtedness
of the cardmember or any amounts due and/or owing from the
cardmember to us or in our favour, or the guarantee, including but
not limited to:-
(i)
breach of any provision of this Agreement or the guarantee;
and/or
(ii)
the enforcement or protection of our rights and remedies
under this Agreement or the guarantee, or in obtaining or
seeking to obtain payment of all or any part of the monies
agreed to be paid under this Agreement or the guarantee;
and/or
(iii)
any change in any law, regulation or official directive which
may have an effect on this Agreement or the guarantee.
22.7
CONCLUSIVE EVIDENCE, AMENDMENTS, USE AND DISCLOSURE
OF INFORMATION, COMMUNICATIONS AND SERVICE OF
DOCUMENTS
The provisions of clauses 8.3, 10, 13.3, 14 and 16 of this Agreement shall
apply to the Guardian, where appropriate and with such modifications
as necessary. In addition, we may at any time at our absolute
discretion and upon written notice to you, amend any one or more of
the terms and conditions in this Agreement. Such amendment(s) shall
take effect from the date stated in the notice, which in most instances,
shall be no less than 30 days from the date of the notice.
22.8
INTERPRETATION
Terms defined in Clause 1 shall have the same meaning when used in
connection with the guarantee by the Guardian.
22.9
GOVERNING LAW
The guarantee by the Guardian is subject to Singapore law and the
Guardian hereby irrevocably submits to the non-exclusive jurisdiction of
the courts of Singapore.
26
23.
PRODUCT HIGHLIGHT SHEET
CIMB CREDIT CARD/CASHLITE/
PRODUCT NAME
DEBT CONSOLIDATION PLAN
23 days from statement date if bills are paid in full by
Interest-free period
the payment due date each month and there is no
balance carried forward from the previous statement.
CIMB Visa Infinite/Signature and CIMB World/
Platinum Mastercard/CIMB CashLite/Debt
Consolidation Plan
2.125% per month (effective interest rate 25.5%
p.a. subject to compounding if the charges are not
repaid in full) on the transaction amount, chargeable
on a daily basis from the date of posting until receipt
of full payment (minimum charge of S$2.50).
If the minimum payment is not received in full by the
payment due date of any Billing Statement, finance
charges will be levied at the rate of 2.333% per
month (effective interest rate of 28% p.a. subject
to compounding) chargeable on a daily basis, on
such amounts as are due and owing (subject to a
minimum monthly charge of S$2.50 or such other
sum as may be determined by the Bank). The
finance charges will revert back to the effective
interest rate of
25.5% when minimum payment
is received in full by the payment due date. Any
adjustment or reinstatement of interest rate shall
take effect from the date of such Billing Statement
Interest on
immediately following the payment due date of a
purchases
relevant Billing Statement.
(where applicable)
CIMB AWSM Card
2.25% per month (effective interest rate 27% p.a.
subject to compounding if the charges are not
repaid in full) on the transaction amount, chargeable
on a daily basis from the date of posting until receipt
of full payment (minimum charge of S$2.50).
If the minimum payment is not received in full by the
payment due date of any Billing Statement, finance
charges will be levied at the rate of 2.333% per
month (effective interest rate of 28% p.a. subject
to compounding) chargeable on a daily basis, on
such amounts as are due and owing (subject to a
minimum monthly charge of S$2.50 or such other
sum as may be determined by the Bank). The
finance charges will revert back to the effective
interest rate of 27% p.a. when minimum payment
is received in full by the payment due date. Any
adjustment or reinstatement of interest rate shall
take effect from the date of such Billing Statement
immediately following the payment due date of a
relevant Billing Statement.
2.333% per month (effective interest rate 28% p.a.
subject to compounding on the amount withdrawn
Interest on cash
and the Cash Advance fee) chargeable on a daily
advances
basis from the date of withdrawal until receipt of
full payment (minimum charge of S$2.50).
27
CIMB Credit Cards
3% of the outstanding balance or S$50
whichever is higher, except CIMB AWSM Card
where the minimum monthly payment will be 3%
of the outstanding balance or S$15 whichever
is higher, plus any outstanding overdue amount
from previous statement.
CIMB CashLite/Debt Consolidation Plan
Minimum monthly
Monthly instalment payable must be paid in full
payment
together with any outstanding overdue amount from
the previous statement. The monthly instalments
mentioned above does not apply to minimum
payment provisions applicable to normal credit card
transactions. If any monthly instalments becomes
overdue, interest and late payment charges will be
levied on such overdue instalment as well as other
overdue amounts in your CIMB Credit Card account
in accordance with the Cardmember’s agreement.
S$100 for all CIMB Credit Cards/CIMB CashLite/
Debt Consolidation Plan, except CIMB AWSM
Card where late payment charge is S$80, if (i) full
payment of the outstanding balance (where the
Late payment
outstanding balance is S$50 or less) is not received
charges
by the payment due date; or (ii) if the minimum
payment (where the outstanding balance exceeds
S$50) specified in the statement is not received by
the payment due date.
Principal Cardmember
Nil.
Annual
Supplementary Cardmember
membership fee
S$75 per annum (N/A for CIMB AWSM Card).
1st year annual fee waiver for up to 2 supplementary
cards.
6% of the amount withdrawn (minimum charge of
Cash advance fee
S$15).
CIMB CashLite/Debt Consolidation Plan
Early termination
fee
3% of outstanding principal amount or $250,
whichever is higher.
A fee of 1% is levied by Mastercard or Visa for all
transactions:
i) made in foreign currencies and/or
ii) made in Singapore dollars but processed outside
Fees for foreign
Singapore.
currency and
cross-border
Administrative fee of 2% is a service charge levied
transactions
by CIMB Bank Berhad for transactions in foreign
currencies
(The administration fee for CIMB
Platinum Mastercard and CIMB Visa Signature
will be waived and credited as cash rebate in the
following statement month).
Dynamic currency
1%.
conversion fee
Fees charged for
For each occasion that the credit limit is exceeded,
accounts in excess
S$50 or 5% of the excess amount, whichever is
of approved limit
higher.
Replacement card
S$20 per card.
Unsuccessful
S$40 for any returned cheque and S$10 for any
payment service
rejected Interbank Giro payment.
charge
28
Monthly
E-Statement: Nil
statement fee
Hardcopy Statement: S$1 per month.
Request for
S$5 per monthly statement. For retrieval of
retrieval of card
statements that are more than 3 months old, a fee
statement
of S$10 per copy applies.
Request for sales
S$5 per copy.
draft
All payments that are received will be first applied
to the outstanding balance that attracts the
Payment hierarchy
highest interest rate, and then to the next highest
interest bearing balance, and so on.
S$100 (For details, refer to clause 9 of ABS Guide
Lost/stolen card
on ‘What You Should Know About Credit Cards’ at
liability
www.cimbbank.com.sg/abs)
There may be circumstance in which you have to pay other fees. Please
refer to the CIMB Credit Cards Cardmember’s Agreement for the full list of
terms and conditions.
For customers with a CIMB Debt Consolidation Plan, please refer to the
Terms and Conditions Governing Debt Consolidation Facility and the
Additional Terms and Conditions.
24.
PERSONAL DATA PROTECTION ACT (PDPA) 2012
24.1
To process, administer and/or manage your relationship and/or account
with CIMB Bank Berhad (the “Bank”), and to provide you with the services
and products of the Bank, the Bank will necessarily need to collect, use,
disclose and/or process your personal data or personal information about
you, including your transactions, your financial conditions, and your
account/facilities information.
24.2
Your personal information will be collected, used, disclosed and/or
processed by the Bank for one or more of the following purposes:
(a)
processing your enquiries and application for account opening,
credit, services and products by the Bank, as well as services and
products by other external providers provided through the Bank;
(b)
providing you with the services and products of the Bank, as well
as services and products by other external providers provided
through the Bank;
(c)
administering and/or managing your relationship and/or account(s)
with the Bank;
(d)
carrying out your instructions or responding to any enquiries by
you;
(e)
carrying out due diligence or other screening activities (including
background checks) in accordance with legal or regulatory
obligations or risk management procedures (including but not
limited to those designed to combat financial crime, “know-your
customer”, anti-money laundering, counter-terrorist financing or
anti-bribery), that may be required by law or that may have been
put in place by the Bank;
(f)
dealing in any matters relating to the services and/or products which
you are entitled to under this Agreement (including the printing
of credit cards and the printing and mailing of correspondence,
statements, invoices, confirmations, advices, information, reports
or notices to you, which could involve disclosure of certain personal
data about you to bring about delivery of the same as well as on the
external cover of envelopes/mail packages);
(g)
the recovery of any and all amounts owed to the Bank;
(h)
the process of reviewing and approving credit and approving
29
the account(s), and the conduct of initial and anticipatory credit
checks and assessments, relevant checks, ongoing assessment
and verification of ongoing credit worthiness and standing;
(i)
preventing, detecting and investigating fraud, misconduct, any
unlawful action or omission, whether relating to your application
or any other matter relating to your account(s), and whether or not
there is any suspicion of the aforementioned;
(j)
managing the Bank’s infrastructure and business operations, and
complying with policies and procedures that may be required by
law or that may have been put in place by the Bank, including those
relating to auditing, finance and accounting, billing and collections
IT systems, data and website hosting, training, testing, business
continuity, and records, document and print management;
(k)
security and/or verification and in this regard, the Bank may put
in place measures to achieve the aforesaid such as closed-circuit
television (CCTV) systems on the Bank premises, which would/
may capture your image and speech when you are on the Bank
premises; audio recordings of your instructions or conversations
over the telephone or during face to face communications with the
Bank’s staff;
(l)
if consented by you via your registration or participation in any
contest, lucky draw, campaign, promotion, event, survey or
questionnaire, to administer and provide you with such activities.
Some of these activities have additional terms and conditions, which
could contain additional information about how we use and disclose
your personal data, so we suggest that you read these carefully;
(m)
complying with applicable law in administering and managing
your relationship with the Bank; and/or
(n)
if consented by you in the application form(s), account opening
document(s) and/or other methods of consent notification, provide
for the dispatch of marketing information relating to banking,
financial or investment services or products offered by the Bank
and the Bank’s affiliates, business partners and related companies.
(whether by the Bank, the Bank’s affiliates, business partners or
related companies) which the Bank thinks is of benefit or interest
to you via your consented method(s) of communication.
(collectively, the “Purposes”)
24.3
In carrying out one or more of the above Purposes, the Bank may
need to disclose your personal data to certain third parties, whether
located within or outside Singapore, as such third parties would then be
processing your personal data for one or more of the above Purposes.
You hereby acknowledge and agree that your personal data will/may
be disclosed by the Bank to the following third parties (whether located
within or outside Singapore) for one or more of the above Purposes and
for the said third parties to subsequently process your personal data for
or more of the above Purposes:
(a)
the Bank’s Group Companies (including CIMB Bank Berhad and
all other related corporations and subsidiaries of CIMB Group
Holdings Bhd) and between each of them;
(b)
to the Bank’s (or the Bank’s Group Companies’) third party service
providers or agents including but not limited to those who provides
administrative, telecommunications, computer, payment or
securities clearing or other services to the Bank in connection with
the operation of its business, mailing houses, telecommunication
companies, marketing agents, call centres, data processing
companies and information technology companies;
(c)
any valuer, credit reference agency, rating agency, business
partner, insurer/takaful provider or insurance/takaful broker,
direct or indirect provider of credit protection, card association,
bank or financial institution, and, in the event of default, to debt
collection agencies;
30
(d)
any fund management companies, private equity companies and
managers, other financial companies (e.g. for structuring/provision
of services), external asset managers, service providers
(e.g. alternative investment service providers) and financial service
providers;
(e)
any external services or products provider that is providing services
or products through the Bank;
(f)
any credit bureau and/or its compliance committee and for such
credit bureau and/or its compliance committee to disclose the
personal information to third party or parties, including but not
limited to its member banks or financial institutions;
(g)
to the Bank’s auditors and professional advisors including its
solicitors;
(h)
any person to whom the Bank is under an obligation to make
disclosure under the requirements of any law binding on the Bank
or any of the Bank’s branches or under and for the purposes of any
guidelines issued by regulatory or other authorities with which the
Bank or any of the Bank’s branches are expected to comply with;
(i)
any person to whom disclosure is permitted or required by any
statutory provision or law;
(j)
any permitted assigns;
(k)
the Bank’s successors in title; and/or
(l)
to any local or foreign regulatory body, government agency,
statutory board, ministry, departments or other government
bodies and/or its officials.
24.4
If you do not wish for the Bank to use your personal data or disclose
your personal data for any of the above Purposes, you may withdraw your
consent at any time by written notice to the Bank, pursuant to the Personal
Data Protection Act 2012, however, depending on the circumstances
and the nature/extent of your withdrawal, your withdrawal of consent
may result in the Bank’s inability to provide you with the services and
products and hence may result in the termination of your relationship and/
or account(s) with the Bank or other consequences of a legal nature which
may arise by virtue of your legal relationship with the Bank.
24.5
To the extent that the applicable law allows, you may request access
to, and correction of, your personal information. You acknowledge
that some personal information may be exempt from such access and
correction rights in accordance with local personal data protection
laws. You may wish to contact the Bank at dpo@cimb.com should you
wish to request such access to, and/or correction of, your personal
information. Kindly note that we will also be charging you a reasonable
fee for the handling and processing of your requests to access and/or
correct your personal data.
24.6
For the avoidance of doubt, in the event that Singapore personal data
protection law permits an organization such as the Bank to collect, use
or disclose your personal data without your consent, such permission
granted by the law shall continue to apply.
24.7
You agree that where your written permission is required by law or
otherwise for any such disclosure by the Bank, the signing of the
application form(s), account opening document(s), personal data consent
form and/or other methods of consent notification, as well as in any other
manner permitted by law shall constitute and be deemed to be sufficient
written permission for such disclosure.
24.8
The Bank’s rights under this clause shall be in addition to and without
prejudice to the Bank’s other rights of disclosures available pursuant
to the Banking Act, Chapter 19 of Singapore (as may be amended or
revised from time to time) or any other statutory provision and in law and
nothing herein is to be construed as limiting any of these other rights.
31
As of 18 July 2018
CIMB Bank Berhad (13491-P)
WP_CA180718