- What is the available Instalment Credit Amount pre-printed on the direct marketing materials/application form? Is it equal to the final approval amount?
ANSWER: The available Instalment Credit amount indicates the amount of Instalment Credit available and such amount is derived with reference to, where applicable, the available credit limit plus the amount eligible for Credit Limit Increase of the designated credit card (“Designated Credit Card(s)”). The approval of the Instalment Credit Amount is subject to the current status of the credit card account during the period when such application is being considered by the Bank. The Bank has the sole discretion to determine the Instalment Credit Amount to be approved, reject the application and/or increase the credit limit.
- Can the Instalment Credit Amount be used for the repayment of the credit card outstanding balance of any of the Standard Chartered Credit Card or MANHATTAN Credit Card under the same Cardholder?
ANSWER: No. According to the policy adopted by the Bank, the approved Instalment Credit Amount cannot be used for the repayment of the credit card outstanding balance of any of the Standard Chartered Credit Card or MANHATTAN Credit Card. If the Instalment Credit Amount is used to repay the card outstanding balance, the Bank reserves the right to terminate the promotional offer and the Instalment Credit Amount would be treated as Cash advance.
- Can I repay my Instalment Credit Amount in full early at any time?
ANSWER: After the 7 calendar days from the first instalment posted, no alteration of the Instalment Credit arrangement or cancellation of the application will be accepted. If you choose to repay early at any time during the Instalment Period or the designated Credit Card Account participating in the Program is cancelled due to whatever reason, all remaining Instalment Credit Amount and monthly handling fee of the remaining period must be repaid immediately. In addition, an administration fee equivalent to 1% of the Instalment Credit Amount or HK$300, whichever is higher, will be debited from the Instalment Credit account.
For example, assuming the Instalment Credit Amount is HK$10,000 and is granted to you with 0.25% monthly handling fee and a 48-month instalment period. If you repay the Instalment Credit Amount outstanding after the 30th month, you shall be liable to pay the Instalment Credit Amount outstanding <HK$10,000 / 48 x (48-30) = HK$3,750> and monthly handling fee for the remaining period <HK$10,000 x 0.25% x (48-30) = HK$450>, plus an administration fee of HK$10,000 x 1% = HK$100, or HK$300 whichever is higher = HK$300. The above example is for indication purposes only.
- Does the Instalment Credit affect my credit card limit or spending?
ANSWER: The Instalment Credit program converts your un-used credit card limit into cash. Customer can enjoy the financial flexibility to fulfill your daily needs by making use of any of the credit limit. The credit limit of your Credit Card will be restored with reference to the monthly repayment made.
- How do I know the monthly repayment amount?
ANSWER: The monthly repayment amount (Including monthly handling fee and Instalment Credit Amount) will be printed on the confirmation letter. The calculation of each monthly repayment is calculated by dividing the Instalment Credit Amount by the number of instalment period, plus the monthly handling fee. The instalment amount for each month will be shown on your credit card statement accordingly.
- What is the consequence for late payment?
ANSWER: As you wish, you may follow the minimum payment amount of credit card statement to fulfill the minimum payment requirement. For example if you do not have any retail purchase or other fees and charges in your credit card statement, your minimum payment will
be the monthly principal plus monthly handling fee or minimum payment: HK$180, whichever amount is higher.
The finance charge for cash advance under banking agreement will apply if the Statement Balance for the month shown in the Statement is not paid in full on or before the Payment Due Date specified in the Statement. For example:
- Instalment Credit Amount: HK$120,000;
- Instalment period: 12 months;
- Monthly handling fee: 1% of the Instalment Credit Amount;
- The Designated Credit Card does not have other Voluntary Charges such as cash advances or retail purchases,
the Statement Balance (Minimum Payment Due) for the month will be equal to the sum of monthly instalment and the monthly handling
fee = HK$120,000 / 12 + HK$120,000 x 1% = HK$11,200. If the Statement Balance (Minimum Payment Due) is not paid in full on or before the Payment Due Date, in addition to the finance charge for cash advance on the outstanding Statement Balance for the month, you shall also be liable to pay a default charge and a late charge on the outstanding Statement Balance for the month. The above example is for indication purposes only. Please refer to the banking agreement for details of finance charge, default charge and late charge.
- Will my credit card limit be increased when applying Instalment Credit Program?
ANSWER: If you do not have sufficient credit limit in the Designated Credit Card, the Bank may, subject to your consent, increase your credit limit of the Designated Credit Card and/or perform Line Transfer subject to credit status checking of respective credit card accounts upon your request. The Line Transfer amount should be in the multiple of HK$1,000. If Line Transfer or credit limit increase is performed, regardless of the approval status of the Instalment Credit application, the credit limit of the Designated Credit Card(s) cannot be resumed automatically to their original credit limit upon the confirmation of Line Transfer or credit limit increase. After
approval of Instalment Credit Amount, the new credit limit of your Designated Credit Card(s) will be stated in approval confirmation letter.
- What are the details of 7-day Service Pledge?
ANSWER: 1. The 7-day Service Pledge may be applicable to you if your application for Instalment Credit is successful and subsequently
repay the Instalment Credit amount outstanding in full within 7 calendar days after the post date of the Instalment Credit amount.
2. Any application for the 7-day Service Pledge has to be made through our Customer Service Hotline at 2886 4111 by you personally. Subject to our sole discretion for approving of such application, provided that you repay the Instalment Credit amount in full within 7 calendar days from the first instalment posted, we agree to waive the monthly handling fee of the remaining instalment period, the administration fee equivalent to 1% of the Instalment Credit amount or HK$300, whichever is higher, and the one-off application fee where applicable.
3. Application for the 7-day Service Pledge may only be made once per Instalment Credit amount approved.
4. The Bank reserves the right to alter or terminate the above offers and amend any of the above terms and conditions from time to time. For any and all matters or disputes regarding the above, the Bank’s decision shall be final and binding.