Revision to Credit Cardholder Agreement

Clause 16 (a) (i)

Upon receipt of the monthly Statement, the Cardholder shall pay on or before the Payment Due Date stated in the Statement, the Minimum Payment Due or up to the Current Balance. All unpaid balances and new Retail Transactions inclusive of Finance Charges imposed thereon in the manner set out in Clause 16(a)(ii) below and Late Payment Charges imposed on the Retail Transaction(s) thereon (if applicable) in the manner set out in Clause 17 hereof shall be carried forward to the next Statement or Statements and included in the Current Balance shown therein until full and final settlement of such unpaid balance.

Minimum Payment Due shall be:

i.    5% of the Current Balance plus any previous Minimum Payments Due or RM50.00, whichever is higher (or such other percentages or amount as may be determined by the Bank from time to time); or settlement of such unpaid balance.

ii.   where the Current Balance exceeds the Prescribed Credit Limit or the assigned credit limit, the amount in excess of the Prescribed Credit Limit or the assigned credit limit plus 5% of the Current Balance plus any previous Minimum Payment Due (or such other percentage or amount as may be determined by the Bank from time to time).

Clause 16 (a) (i)

Upon receipt of the monthly Statement, the Cardholder shall pay on or before the Payment Due Date stated in the Statement, the Minimum Payment Due or up to the Current Balance. All unpaid balances and new Retail Transactions inclusive of Finance Charges imposed thereon in the manner set out in Clause 16(a)(ii) below and Late Payment Charges imposed on the Retail Transaction(s) thereon (if applicable) in the manner set out in Clause 17 hereof shall be carried forward to the next Statement or Statements and included in the Current Balance shown therein until full and final settlement of such unpaid balance. 

Minimum Payment Due shall be:

i.     at least 5% of the total outstanding balance (refers to the total amount of Retail Transactions) (if any), Balance Transfer amount (if any) where the Balance Transfer plan is not on instalment basis, Cash Advance amount (if any), Finance Charges and fees (if any),

ii.    100% of Tax,

iii.   100% of all contracted monthly instalment (including monthly instalments for Auto Balance Conversion, Easy Payment Plan and other instalment plans available from time to time)

iv.  Any unpaid Minimum Payment Due from previous month’s statement, and,

v.    100% of any overlimit amount (refers to amount which exceeds the Prescribed Credit Limit or the Assigned Credit Limit)

or RM50; whichever is higher (or such other percentages or amount as may be determined by the Bank from time to time); or settlement of such unpaid balance.

Clause 16 (a) (ii)

Finance Charges are calculated on a daily basis and shall be computed based on:

i.    all new Retail Transactions, commencing on the date immediately following the Payment Due Date after the interest-free period of twenty (20) days (or such other period as may be prescribed by the Bank) from the Statement date provided the Current Balance of the Cardholder’s previous statement is fully paid by Payment Due Date, otherwise, interest will be calculated from respective Posting Dates. The interest imposed on Retail Transactions is known as Retail Interest;

ii.   the unpaid Retail Transaction(s) carried forward from previous Statement or Statements, commencing on the respective dates for the computation of Finance Charges thereon as set out in (i) above;

iii.  all Cash Advances, commencing on the date of the advance until repayment in full at the rate of 18% p.a. or at such rate as the Bank may at its sole discretion decide. The interest imposed on Cash Advance transaction is known as Cash Interest.

Clause 16 (a) (ii)

Finance Charges are imposed on all carried forward outstanding balances including Finance Charges and other fees and charges (except Late Payment Charges) and calculated on a daily basis.

Finance charges on Retail Transaction and Cash Advance shall be computed based on:

i.   all new Retail Transactions, commencing on the date immediately following the Payment Due Date after the interest-free period of twenty (20) days (or such other period as may be prescribed by the Bank) from the Statement date, provided the Current Balance of the Cardholder’s previous statement is fully paid by Payment Due Date, otherwise, interest will be calculated from respective Posting Dates. The interest imposed on Retail Transactions is known as Retail Interest;

ii.   the unpaid Retail Transaction(s) carried forward from previous Statement or Statements, commencing on the respective dates for the computation of Finance Charges thereon as set out in (i) above;

iii.  all Cash Advances, commencing on the date of the advance until repayment in full at the rate of 18% p.a. or at such rate as the Bank may at its sole discretion decide. The interest imposed on Cash Advance transaction is known as Cash Interest.

Clause 17 – Late Payment Charges

Notwithstanding Clause 16(a)(iii), if the Cardholder fails to make the total amount due (minimum payment, overdue and overlimit amount) by the Payment Due Date, a Late Payment Charge of a minimum of RM10 or 1% of the total outstanding balance (excluding Finance Charges) as at Statement date, whichever is higher, subject to a maximum of RM100.00, will be charged for each month so long as the Minimum Payment Due is not paid. The Late Payment Charges shall be treated as liquidated damages and not as penalty. Upon termination of the use of the Card, the Late Payment Charges will continue to be levied for each month both before and after judgement or order until full settlement thereof.

Clause 17 – Late Payment Charges

Notwithstanding Clause 16(a)(iii), if the Cardholder fails to pay the total Minimum Payment Due by the Payment Due Date, a Late Payment Charge of a minimum of RM10 or 1% of the total outstanding balance (excluding Finance Charges) as at Statement date, whichever is higher, subject to a maximum of RM100.00, will be charged for each month so long as the Minimum Payment Due is not paid. The Late Payment Charges shall be treated as liquidated damages and not as penalty.  Upon termination of the use of the Card, the Late Payment Charges will continue to be levied for each month both before and after judgement or order until full settlement thereof.

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.

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.

Cash Advance

1,065.00

1,000.00

15.00

50.00

1.50%

1,000.00*1.5%

= 15.00

1,065.00*1.5%

= 15.98

Monthly Installment

500.00

400.00

100.00

0.00

1.25%

400.00*1.25%

= 5.00

500.00*1.25%

= 6.25

Retail Transaction

202.50

200.00

2.50

0.00

1.25%

200.00*1.25%

= 2.50

202.50*1.25%

= 2.53

Annual Fee

195.00

0.00

0.00

195.00

1.25%

0*1.25%

= 0.00

195*1.25%

= 2.44

Total Finance Charges

22.50

27.20