Revision to the Credit Cardholder Agreement

Clause 13 – Overseas Transactions

Card transactions effected in currencies other than Ringgit Malaysia will be converted at the foreign exchange rate and spread, if any, as determined by Visa International and/or MasterCard International on the day of conversion, plus up to 1% mark-up imposed by the Bank.

Transactions in Ringgit Malaysia shall be debited into the Cardholder’s account with any administration fees imposed by Visa International and/or MasterCard International.

Clause 13 – Overseas Transactions

Card transactions effected in currencies other than Ringgit Malaysia will be converted into Ringgit Malaysia on the date it is processed by Visa International and/or MasterCard International at the foreign exchange rate determined by Visa International and/or MasterCard International. The following additional fees will be charged on the conversion:

  i.    1% transaction fee charged by Visa International and/or Mastercard International; and

 ii.   a maximum of 1% foreign exchange conversion fee imposed by the Bank. This 1% foreign exchange conversion mark-up imposed by the Bank is not applicable to I’m Credit Card.

Cardholder shall comply with the Notices on Foreign Exchange Administration Rules issued by Bank Negara Malaysia (BNM) in respect of any transactions, including overseas transactions, as made available in BNM’s website. Cardholder shall be responsible for any violation or non-compliance of such regulations and any amendment thereto.

Transactions in Ringgit Malaysia shall be debited into the Cardholder’s account with any administration fees imposed by Visa International and/or MasterCard International.

Clause 14 (a), (b), (c) & (d) – Statement of Account

Clause 14 (a)

  i.    A Statement for the MasterCard and/or Visa Card Account will be sent to the Cardholder once a month or at such other intervals as the Bank may deem fit to the last known address of the Cardholder in the Bank’s records and it is hereby agreed that such Statement shall be deemed to have been received by the Cardholder within forty eight (48) hours from the date of posting.

 ii.   Upon receipt of the Statement, the Cardholder is deemed to have examined all entries in the Statement.

iii.    The Cardholder hereby expressly covenants undertakes with the Bank that it shall be his/her duty to report in writing to the Bank any error in the Statement within fourteen (14) days from the date the Cardholder receives or is deemed to have received the Statement.

iv.   If the Cardholder for any reason whatsoever does not within the aforesaid fourteen (14) days notify the Bank in writing of any error in the Statement then the Cardholder shall be deemed to have accepted the entries contained therein made up to the date of the last entry in the Statement as correct and as final and conclusive evidence of the entries contained therein and the Statement shall be considered conclusive and binding as against the Cardholder and his/her legal representatives and successors and the Cardholder shall therefore be precluded from making any claims against the Bank by alleging that the Statement contains any error.

Clause 14 (a), (b), (c) & (d) – Statement of Account

Clause 14 (a)

  i.    A Statement for the MasterCard and/or Visa Card Account will be sent to the Cardholder electronically and/or in such manner as the Bank determines, on a periodic basis to the last known mailing address (physical or electronic) of the Cardholder in the Bank’s records. It is hereby agreed that such Statement shall be deemed to have been received by the Cardholder within forty eight (48) hours (for Statement of Account sent via post) and within twenty-four (24) hours (for Statement of Account sent via e-mail) from the date of posting.

 ii.   Upon receipt of the Statement, the Cardholder is deemed to have examined all entries in the Statement.

iii.    The Cardholder hereby expressly covenants undertakes with the Bank that it shall be his/her duty to report in writing to the Bank any error in the Statement within fourteen (14) days from the date the Cardholder receives or is deemed to have received the Statement.

iv.   If the Cardholder for any reason whatsoever does not within the aforesaid fourteen (14) days notify the Bank in writing of any error in the Statement then the Cardholder shall be deemed to have accepted the entries contained therein made up to the date of the last entry in the Statement as correct and as final and conclusive evidence of the entries contained therein and the Statement shall be considered conclusive and binding as against the Cardholder and his/her legal representatives and successors and the Cardholder shall therefore be precluded from making any claims against the Bank by alleging that the Statement contains any error.

Clause 19 – Application of Payment

All payments to the Bank must be made in the Billing Currency. Payments by the Cardholder to the Bank shall not be considered to have been made until the relevant funds have been received for value by the Bank. All payments by cheques must include inland exchange commission where applicable. Failure to include such inland exchange commission shall entitle the Bank to debit the Cardholder’s MasterCard and/or Visa Card Account or exercise its right of set-off under Clause 23 hereof as the Bank deems fit. Payments made by the Cardholder to the Bank whether by direct debit to the Cardholder’s Other Accounts or otherwise will be applied/allocated by the Bank to settle items attracting the highest interest rate first, and followed by items with the lower interest rate. Payment received will be applied in the following order of settlement: (a) tax; (b) outstanding finance charges; (c) outstanding principal balance; and (d) fees and charges.

Clause 19 – Application of Payment

All payments to the Bank must be made in the Billing Currency. Payments by the Cardholder to the Bank shall not be considered to have been made until the relevant funds have been received for value by the Bank. All payments by cheques must include inland exchange commission where applicable. Failure to include such inland exchange commission shall entitle the Bank to debit the Cardholder’s MasterCard and/or Visa Card Account or exercise its right of set-off under Clause 23 hereof as the Bank deems fit. Payments made by the Cardholder to the Bank whether by direct debit to the Cardholder’s Other Accounts or otherwise will be applied/allocated by the Bank to settle items attracting the highest interest rate first, and followed by items with the lower interest rate. Payment received will be applied in the following order of settlement: (a) tax; (b) outstanding finance charges; (c) outstanding principal balance; and (d) fees and charges.

Further, notwithstanding any other clauses in this Agreement, the Cardholder agrees that the Bank shall at all times have the right with or without notice to the Cardholder, to apply/allocate/transfer any or all payment(s) made by the Cardholder for the Card(s) towards satisfaction of any sum due to the Bank in respect of the Cardholder’s Other Accounts whether in whole or in part and the payment will be applied to the Cardholder’s Other Accounts in the order of settlement set out in this Clause 19.

Clause 34 (a) & (b) – Service

Clause 34 (a)

The Cardholder hereby irrevocably consents to the service of any notice under this Agreement or any court process by registered post to the address stated in this Agreement or to the last known address of the Cardholder in the Bank’s record and such service shall be deemed effective two (2) days after posting. Service of court process may also be effected by any other manner permitted by the law.

Clause 34 (b)

The Cardholder must promptly notify the Bank in writing or via phone banking of any changes in employment or business or address (office and/or residential) or if the Cardholder intends to be absent from Malaysia for more than 60 days and the information must be true and complete.

Clause 34 (a) & (b) – Service

Clause 34 (a)

The Cardholder hereby irrevocably consents to the service of any notice and/or reminders under this Agreement by normal post to the address stated in the Card application form or to the last known address of the Cardholder in the Bank’s record, or through electronic means as provided in Clause 38 below, and such service shall be deemed effective two (2) days after posting / effective twenty-four (24) hours after sent electronically. Service of court process shall be effected by registered post and/or any other manner permitted or required by the law.

Clause 34 (b)

The Cardholder must promptly notify the Bank in writing or via phone banking of any changes in employment or business or address (office and/or residential) or if the Cardholder intends to be absent from Malaysia for more than 60 days and the information must be true and complete.

Clause 38 – SMS Reminder

The Bank shall be entitled to at any time at the Bank’s absolute discretion send the Cardholder reminders in respect of the amount of the Current Balance, Minimum Payment Due and the Payment Due Date each month (“Reminder”), via short messaging system (“SMS”) through the Cardholder’s mobile phone (if supported by the Cardholder’s phone operator) subject to the relevant terms and charges of the phone operator. The receipt of each Reminder may be delayed or prevented by factor(s) affecting the relevant service provider(s) or phone operator(s) or currency market(s) or other factors. The Bank does not guarantee the delivery, non-delivery nor accuracy of the contents of each Reminder and shall not be held liable to the Cardholders or any third party for losses or damages arising thereof. The Bank is entitled to vary or discontinue the Reminder to the Cardholder at the absolute discretion of the Bank.

Clause 38 – Reminders / Notices

The Bank shall be entitled to at any time at the Bank’s absolute discretion send the Cardholder reminders and/or notices in respect of the amount of the Current Balance (including interests), Minimum Payment Due and the Payment Due Date each month (“Reminder”), via:

  i.       short messaging system (“SMS”) through the Cardholder’s mobile phone (if supported by the Cardholder’s phone operator) subject to the relevant terms and charges of the phone operator, or any other means of electronic communication deemed fit by the Bank. The receipt of each Reminder may be delayed or prevented by factor(s) affecting the relevant service provider(s) or phone operator(s) or currency market(s) or other factors. The Bank does not guarantee the delivery, non-delivery nor accuracy of the contents of each Reminder and shall not be held liable to the Cardholders or any third party for losses or damages arising thereof;

 ii.   electronic mail to the Cardholder’s designated email address or last known email address in the Bank’s record.

The Bank is entitled to vary or discontinue the Reminder to the Cardholder at the absolute discretion of the Bank.