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Flexipay and Flexipay Plus

This programme is for principal cardholders whom we invite. It is a programme which allows a cardholder who makes large purchases using a credit card to pay in instalments at lower interest rates as compared to the normally applicable interest rates.

  1. Only credit card accounts in good standing are eligible. You must specify in your application the purchase transaction which you wish to convert to the FlexiPay/Flexipay Plus and the instalments period under the FlexiPay/Flexipay Plus.
  2. The following are not eligible for FlexiPay/Flexipay Plus: cash advance; instalment amounts payable under other programmes such as balance transfer, EPS, Cash-on-Call (Previously Cheque-On Call)/Cash-on-Call Plus (Previously Cheque-on-Call Plus) and Flexi-On Balance; annual fees; carry forward balances; and any other charges which we impose as provided in our banking agreement.
  3. The minimum amount of any purchase that will be eligible for conversion under FlexiPay/Flexipay Plus is RM500.
  4. A purchase is eligible for conversion under FlexiPay/Flexipay Plus if: it has been debited to your credit card account, it has been recorded as part of the current outstanding balance due in the current statement, and it has not passed its payment due date at the point of the application.
  5. The approval of your application will be subject to: the status of your credit card account; and the status of the transaction at the point of conversion.
  6. You may participate more than once in the FlexiPay/Flexipay Plus subject to these terms.
  7. We will open a PLC account for the FlexiPay/Flexipay Plus in respect of your FlexiPay/Flexipay Plus, bearing a serial number starting with 9458-xxxx-xxxx-xxxx. The PLC account will be combined with your existing credit card account.
  8. The existing credit limit approved for your credit card account remains unchanged and will be shared with this PLC account jointly with all other supplementary cards issued. Your PLC account will be used to indicate the monthly instalment amount payable by you. No physical card or PIN will be issued.
  9. On approval of the application, we will debit your PLC account with the instalment payable each month throughout the duration of the FlexiPay/Flexipay Plus.
  10. If you choose to settle the FlexiPay/Flexipay Plus in full ahead of the agreed term for accounts opened before the 27th of September 2021, you must still pay the total outstanding balance. The outstanding balance is the remaining monthly instalments (comprising outstanding principal and interest) payable for the entire term as originally agreed.
  11. If you choose to settle the FlexiPay/Flexipay Plus in full ahead of the agreed term for accounts opened after the 27th of September 2021, you must still pay in full the remaining outstanding principal and the interest accrued up to the next 3 statement dates.
  12. For FlexiPay if you pay only the minimum payment amount of 5% of the monthly instalment due or RM50 (whichever is higher) on the payment due date specified in the statement, or we do not receive the payment in full on or before the payment due date specified in the statement, then we will levy the prevailing finance charge on the outstanding balance of the monthly instalment amount from the posting date until the date of full settlement.
  13. For FlexiPay Plus you must pay the full amount of the monthly instalment due to the PLC account each month but if: we do not receive the payment in full on or before the payment due date specified in the statement, then we will levy the prevailing finance charge on the outstanding balance of the monthly instalment amount from the posting date until the date of full settlement.
  14. The interest under FlexiPay Plus will be calculated based on the actual number of days from the date of approval of the application to the next immediate statement cycle date. The first month’s interest of this instalment plan will be calculated based on the effective interest rate and pro-rated on a 365-day or 366-day basis in a leap year from the approval date to the next immediate statement cycle date and will be reflected (together with any fees or charges) in the next immediate monthly statement. Thereafter, the first monthly instalment (comprising principal and interest) payable will be reflected in the subsequent statement. The subsequent monthly instalment shall be a fixed amount and consists of both principal and interest where the interest component of each monthly instalment is computed whereby the effective interest rate will times outstanding principal amount divided by the tenure (effective interest rate x outstanding principal amount ÷ tenure = monthly interest).
  15. If there is an existing standing instruction to pay your credit card account by using funds from your savings or current account with us, payments under that standing instruction will include payments to the PLC account.
  16. If your credit card is terminated, you must settle all balances due under the FlexiPay/Flexipay Plus upon termination according to the stipulation set out in section 10 and 11. If you fail to do so, the prevailing finance charge will be levied on the outstanding balance.
  17. We are not liable for any inadequate, defective, or damaged goods, unsatisfactory services paid for under FlexiPay, nor will we be concerned with any dispute between you and the suppliers and / or merchants of those goods and services. You authorise us to continue to debit the monthly instalment to your PLC account regardless of any such dispute. This authorisation cannot be revoked. You are responsible to satisfy yourself as to the state and condition of goods and / or services at the time of the purchase.
  18. Regardless of the range of effective interest rates as stated here or in the application, we are entitled to vary the interest rates at any time based on our evaluation or review of your credit behaviour, including in respect of all your borrowings, whether alone or jointly with other persons, and whether from us or any other parties. We shall notify you if we do this.