| Terms & Conditions for Interest-free Cash Instalment Plan |
(1) |
Only Hang Seng credit card principal cardmember ("Cardmember") is allowed to apply for the Hang Seng Credit Card Interest-free Tax Instalment Plan (“Tax Instalment Plan”) and Cash Instalment Plan (“Cash Instalment Plan”) (collectively referred to as the "Instalment Plan"). |
(2) |
The Tax Instalment Plan is only applicable to the payment of salaries tax for the 2008/2009 tax year. |
(3) |
The name of the taxpayer specified on the tax bill shall be the same as that of the Cardmember and the taxpayer shall be the principal card cardmember. |
(4) |
Tax payment date will be subject to the approval status of Hang Seng Bank Limited ("Hang Seng"). Hang Seng will not be responsible for any late payment of tax arising from the relevant application. To avoid late payment of tax, please apply at least seven working days before the tax due date. |
(5) |
Cardmember hereby instructs and authorises Hang Seng upon approval of the Cardmember's application for the Instalment Plan to: (a) hold the credit limit of the Cardmember's Hang Seng Credit Card account specified in the Instalment Plan Application Form ("Credit Card Account") with an amount equivalent to the Instalment Plan amount and the total handling fee as Hang Seng may from time to time prescribe until the last instalment amount is settled; (b) debit the Instalment Plan amount and the total handling fee from the Credit Card Account by 6, 12 or 18 consecutive monthly instalment. 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. (c) proportionally reduce the hold amount from the credit limit of the Credit Card Account every month after successfully debiting the Credit Card Account with the instalment amount due; (d) make payment of the approved Tax Instalment Plan amount in one lump sum to the Inland Revenue Department; (e) once-and-for-all credit the approved Cash Instalment Plan amount to the designated bank account which is in the Cardmember's sole name and specifiedby the Cardmember. The fund-receiving bank may debit a handling fee from the said designated bank account (except for accounts with Hang Seng). |
(6) |
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 automatically debit it from the Credit Card Account. |
(7) |
The maximum Tax Instalment Plan amount will be subject to the total tax payment due of salaries tax for the 2008/2009 tax year. |
(8) |
Hang Seng will not accept the Instalment Plan application if: (a) the Tax Instalment Plan or the Cash Instalment Plan amount under the application hereof falls below HKD3,000; or (b) the Credit Card Account is in overdue status. |
(9) |
Hang Seng will pay the approved Tax Instalment Plan amount on a lump-sum basis directly to the Inland Revenue Department within three working days before the first instalment due date of tax bill. If the approved Tax Instalment Plan amount is lower than the total tax amount due, the Cardmember is required to pay the balance directly to the Inland Revenue Department. |
(10) |
The Cash Instalment Plan is only applicable to the Cardmember who has applied for the Tax Instalment Plan at the same time. Hang Seng will credit the approved Cash Instalment Plan amount to designated bank account of Cardmember immediately upon approval. |
(11) |
If the Cardmember applies for Tax Instalment Plan and the Cash Instalment Plan at the same time, Hang Seng will process the application for the Tax Instalment Plan first and then process the Cash Instalment Plan according to the credit limit of the Credit Card Account. The maximum Instalment Plan amount (plus the total handling fee) is subject to the available credit limit of the Credit Card Account.
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(12) |
The amount of the Cash Instalment Plan applied for shall not be higher than that of the Tax Instalment Plan amount. |
(13) |
Hang Seng reserves the right to accept or decline any application without giving any reason therefor. |
| (14) |
No finance charge is payable by the Cardmember who makes full repayment of the statement balance specified in the Cardmember’s credit card account statement on or before the payment due date of each month. If the Cardmember fails to make full repayment of the statement balance specified in the Cardmember’s credit card account statement on or before the payment due date of each month, the Cardmember shall pay a 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 and other charges 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. |
| (15) |
Hang Seng reserves the right to adjust the above-mentioned finance charge and handling fee from time to time. The exact handling fee charged to the Cardmember is the current published rate determined by Hang Seng upon application received. Notwithstanding the other 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) |
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 these Terms and Conditions or Cardholder Agreement;
(ii) Credit Card Account is delinquent and Cardmember fails to repay any 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 terms hereof, upon termination of the Credit Card Account or Instalment Plan for any reason, all outstanding of the instalment plan will become due and payable immediately and will be automatically debited from the Credit Card Account. |
| (17) |
It will take three working days to process the application upon received all required documents. If consideration of increasing credit limit is required due to insufficient available credit limit, it will take seven working days to process the application. Cardmember will be notified of the result by separate post. |
| (18) |
These Terms and Conditions 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. |
| (19) |
These Terms and Conditions shall be governed by and construed in accordance with the laws of the Hong Kong Special Administrative Region. |
| (20) |
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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