| Terms and Conditions: |
(1) |
Only Hang Seng credit card principal card cardmember ("Cardmember") is allowed to apply for the Credit Card Interest-free Spending Instalment Plan ("Instalment Plan"). The Instalment Plan is not applicable to Supplementary Card, Renminbi Credit Card, Corporate Card, Commercial Card, e-Shopping MasterCard, Spending Card, USD Visa Gold Card and private label card. |
(2) |
The application for the Instalment Plan must be made within 30 days after the transaction date of the relevant credit card spending and EPS transaction, failing which Hang Seng Bank Limited ("Hang Seng") will not process the application. |
(3) |
To apply for the Instalment Plan for credit card spending, the relevant credit card should be issued in the Hong Kong Special Administrative Region, and the Instalment Plan is not applicable to cash advance, service charge, finance charge, cash instalment, transactions with low interest offer, purchases for casino chips and online bill payment for any banking and credit card services and for the transactions with other financial institutions. |
(4) |
The Instalment Plan amount shall be denominated in Hong Kong Dollars. All currency conversions (if necessary) shall be calculated at the rate of exchange determined by Hang Seng on the relevant date of conversion fixed by Hang Seng. |
(5) |
Cardmember shall present either the credit card sales slip(s) or credit card statement(s) or EPS receipt(s) to apply for the Instalment Plan. For application with credit card statement, Cardmember has to indicate by circling on the statement(s) the transaction(s) completed within the past 30 days to apply for the Instalment Plan. |
(6) |
Hang Seng shall be entitled to charge a handling fee for each monthly instalment at such rate(s) as Hang Seng may from time to time prescribe at its discretion. The handling fee is to be determined by Hang Seng from time to time for individual promotion. Without prejudice to the generality of the foregoing, if, in applying for the Instalment Plan, the Cardmember fails to provide any credit card slip(s), credit card statement(s) or EPS receipt(s) pursuant to Clause five, and if Hang Seng elects to approve the Instalment Plan application, Hang Seng shall be entitled to increase the rate of the handling fee to 0.80% per month. The annualised percentage rates for a handling fee of 0.5% per month is 11.46% (12 months instalment), 11.66% (18 months instalment) and 11.71% (24 months instalment). The annualised percentage rates for a handling fee of 0.80% per month is 18.71% (12 months instalment), 18.94% (18 months instalment) and 18.93% (24 months instalment). The calculations of the above annualised rates is based on the requirements of the Code of Banking Practice. |
(7) |
Upon approval of the Cardmember's application for the Instalment Plan, (a) Hang Seng will once-and-for-all credit the approved Instalment Plan amount to the designated Hong Kong Dollar current or savings account which is in the Cardmember's sole name and specified by the Cardmember in the Instalment Plan Application Form ("Bank Account"), or to the Hang Seng credit card account specified by the Cardmember in the Instalment Plan Application Form ("Credit Card Account") pursuant to Clause 10, as the case may be; The fund-receiving bank may charge a handling fee from the above designated Bank Account (except for accounts with Hang Seng); (b) Hang Seng will hold the credit limit of the Credit Card Account with an amount equivalent to the Instalment Plan amount and the total handling fee payable by the Cardmember to Hang Seng until the last instalment amount is settled; (c) Hang Seng will debit the Instalment Plan amount and the total handling fee from the Credit Card Account by 12, 18 or 24 consecutive monthly instalments, commencing from such date as Hang Seng may prescribe at its discretion. The first instalment amount will be debited from the Credit Card Account immediately or on the date that Hang Seng may prescribe at its discretion; and (d) Hang Seng will proportionally reduce the hold amount from the credit limit of the Credit Card Account every month after Hang Seng successfully debits the Credit Card Account with the instalment amount due. |
(8) |
The Bank Account must be a Hong Kong Dollar current or savings account in the Cardmember’s sole name. Joint account or company account is not acceptable. |
(9) |
In case the Cardmember requests (i) to cancel or amend the application for the Instalment Plan; or (ii) make prepayment in partial or full settlement of the outstanding balance of the Instalment Plan, Hang Seng will charge a handling fee of HKD300 each time and will debit it from the Credit Card Account. |
(10) |
The maximum Instalment Plan amount together with the total handling fee shall not exceed the available credit limit of the Credit Card Account. Notwithstanding the foregoing, if all the sales slip(s) and the credit card statement(s) provided by the Cardmember pursuant to Clause 5 are concerned with the transactions conducted through the Credit Card Account, and if Hang Seng elects to approve the Instalment Plan application, Hang Seng shall be entitled to credit the approved Instalment Plan amount (which may be less than the one specified by the Cardmember in the Instalment Plan Application Form) to the Credit Card Account, instead of the Bank Account. |
(11) |
Hang Seng will not accept the following Instalment Plan applications: (a) the amount of the Instalment Plan applied is less than HKD1,500; or (b) the Credit Card Account is in overdue status. |
(12) |
Hang Seng reserves the right to accept or decline any application without giving any reason therefor. |
(13) |
No finance charge is payable by the Cardmember under the Instalment Plan. Notwithstanding the foregoing, if the Cardmember fails to make full repayment of the statement balance specified in the Credit Card Account statement on or before the payment due date, the Cardmember shall pay finance charge on all outstanding balance on the Credit Card Account pursuant to the relevant Hang Seng credit card cardmember agreement ("Cardmember Agreement") governing the use of the Credit Card Account. The Cardmember shall pay a finance charge on any monthly instalment amount due but unpaid at the prevailing interest rate applicable to the Credit Card Account from the post date of such monthly instalment. |
(14) |
Hang Seng reserves the right to revise the above-mentioned finance charge and handling fee from time to time. The exact handling fee charged to Cardmember is the current published rate determined by Hang Seng upon application received. |
(15) |
Notwithstanding any provisions in these Terms and Conditions, Hang Seng shall be entitled at any time with notice to the Cardmember, (a) suspend or terminate the Instalment Plan; and/or (b) revise or add further provisions to these Terms and Conditions. |
(16) |
It will take four working days to process the application subject to receipt of sales slips/credit card statements by Hang Seng. If consideration of increasing credit limit is required, it will take eight working days to process the application. The Cardmember will be notified of the result by separate post. |
(17) |
Hang Seng reserves the right to cancel or terminate Instalment Plan at any time (including but not limited to below conditions) with reasonable notice and demand Cardmember to repay all outstanding of Instalment Plan immediately (i.e. all unpaid outstanding principle, handling fee and other charges of the Instalment Plan) :
| (i) |
Cardmember breaches any of this Terms and Conditions or Cardmember Agreement; |
| (ii) |
Credit Card Account is delinquent or Cardmember fails to repay debt upon demand by Hang Seng; |
| (iii) |
Credit Card Account or Instamlent Plan is cancelled by Cardmember or terminated by Hang Seng, or on the Cardmember's bankruptcy or death. |
Notwithstanding any reasons, upon termination of the Credit Card Account or Instalment Plan, all outstanding of the instalment plan will become due and payable immediately and will be automatically debited from the Credit Card Account.
|
(18) |
Hang Seng Credit Card Cash Dollars ("Cash Dollars") will be credited to the Credit Card Account monthly after Hang Seng has successfully debited the instalment amount due from the Cardmember's Credit Card Account. Use of Cash Dollars is subject to the terms and conditions for Hang Seng Credit Card Membership Rewards Programme. For details, please call our 24-hour Hang Seng Credit Card Marketing Enquiry Hotline 2998 6868. |
(19) |
The credit card sales slips, EPS receipts and credit card statements provided by Cardmembers are only used for the application for the Instalment Plan. For any dispute regarding the spending transactions, Cardmembers shall resolve with the relevant merchant directly. Under any circumstance, Cardmembers should repay the full amount of Instalment Plan and the handling fee to Hang Seng. |
| (20) |
These Terms and Conditons shall form part of the Cardmember Agreement and shall be construed accordingly. In case of any inconsistency between these Terms and Conditions and the Cardmember Agreement, these Terms and Conditions shall prevail. |
| (21) |
These Terms and Conditions shall be governed and construed in accordance with the laws of the Hong Kong Special Administrative Region. |
| (22) |
In case of any inconsistency between the English version and the Chinese version of these Terms and Conditions, the English version shall prevail. |
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