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EasyPay on Retail Balances Programme Terms and Conditions

By participating in the EasyPay on Retail Balances Programme (the “Programme”), Selected Cardholders agree to be bound by these terms and conditions.

Eligibility

  1. This Programme is exclusive to a principal cardholder of credit card(s) issued by Standard Chartered Bank (Singapore) Limited (the “Bank”) (each such card to be referred to as a “Card”) who has received (i) a Direct Mailer; (ii) an Electronic Direct Mailer; and/or (iii) an SMS (each a “Communication”) from the Bank about this Programme and which contains the URL to these terms and conditions and the link to the online application form for this Programme, or who is able to access the online application form for this Programme through a link that is found in the Bank’s mobile banking app (each such cardholder to be referred to as a “Selected Cardholder”).

Mechanics

  1. To participate in this Programme, a Selected Cardholder must submit an application. To submit an application, the Selected Cardholder must complete the online application form for this Programme, which he/she may access either through the link that is found in the Communication or through the link that is found in the Bank’s mobile banking app, before proceeding to accept the terms and conditions of the Programme and to submit the online application form for this Programme through the Bank’s mobile app or online banking. If the Selected Cardholder submits the online application form for this Programme using the link that is found in a Communication, the online application form for this Programme must be submitted within 14 calendar days from the date of the Communication or within such other time as the Bank may allow in its sole and absolute discretion.
  2. For the purposes of this Programme:
    1. an application fulfilling Clause 2 above shall be referred to as an “Online Submission”;
    2. The “EasyPay Retail Balance Amount” shall refer to:
      1. In the case of a Selected Cardholder’s first Online Submission, the sum total of all transactions which are stated on a Selected Cardholder’s latest credit card statement and which are charged to the Card with the card account number that is stated in this first Online Submission (“Online Submission Card”) and all transactions which are charged to the aforementioned Online Submission Card and posted to the account for the aforementioned Online Submission Card but are unbilled, all as of the date the Selected Cardholder submits an this first Online Submission, save for the Excluded Transactions that are specified at Clause 12 below.
      2. In the case the Online Submission is not a Selected Cardholder’s first Online Submission, the sum total of all transactions which are stated on a Selected Cardholder’s latest credit card statement and which are charged to the Card with the card account number that is stated in the aforementioned Online Submission (“Subsequent Online Submission Card”) and all transactions which are charged to the aforementioned Subsequent Online Submission Card and posted to the account for the aforementioned Subsequent Online Submission Card but are unbilled, all as of the date the Selected Cardholder submits the aforementioned Online Submission, save for the Excluded Transactions (defined at Clause 12 below) and Additional Excluded Transactions (defined at Clause 3(c) below).
    3. Additional Excluded Transactions” are transactions which are charged by the Bank to a Selected Cardholder’s Card account because of a prior Online Submission which has been approved by the Bank as of the date a Selected Cardholder submits the subsequent Online Submission.
  1. The EasyPay Retail Balance Amount and the relevant interest (to be calculated in the manner described in these terms) will be converted into monthly instalments.
  2. The EasyPay Retail Balance Amount will be credited to the Selected Cardholder’s credit card account on approval to adjust the outstanding statement balance. The related instalment amount (refer to Clauses 11 and 12 below) will subsequently be debited from the credit card account on the next statement date. The approval of the Selected Cardholder’s application is wholly subject to the Bank’s absolute discretion and all Selected Cardholders acknowledge that the Bank may decline a Selected Cardholder’s Online Submission without giving the Selected Cardholder any reason for doing so.
  3. Interest for the approved EasyPay Retail Balance Amount is calculated from the date the Selected Cardholder’s account is credited with the EasyPay Retail Balance Amount until the date of expiry of the Instalment Tenure (refer to Clause 10 below) as selected by the Selected Cardholder in the Online Submission.
  4. Interest is calculated on a front-end add-on method by multiplying the EasyPay Retail Balance Amount by the approved flat interest rate known as nominal interest rate for the full instalment tenor.
  5. The effective interest rate (“EIR”) indicated for the Selected Cardholder’s EasyPay Retail Balance Amount reflects the true cost of borrowing and takes into account the reducing balance method of interest calculation.
  6. Tenures available for repayment are 12, 24, 36, 48 or 60 months (each, an “Instalment Tenure”).
  7. Each instalment amount is calculated based on the sum of
    1.  the approved EasyPay Retail Balance Amount (“Principal Amount”); and
    2.  the applicable interest over the instalment tenor (“Interest Amount”), divided by the number of months of the Instalment Tenure.
  1. The Bank reserves the right to determine the proportion of the instalment amount for the repayment of the principal amount and the interest for each instalment amount. The Bank may apportion interest as follows:
    1. by applying the reducing balance method to determine the amount of interest attributed to each instalment; or
    2. by such other means and manner as the Bank may deem appropriate.
  1. For the purposes of the Programme, the following transactions are “Excluded Transactions”:
    1. any credit card funds transfer (as defined in the Bank’s Credit Card Terms);
    2. any instalment amount (as defined in the Bank’s Credit Card Terms) for a Credit Card Instalment Loan;
    3. any cash advance as defined in the Bank’s Credit Card Terms) on Card of a Selected Cardholder;
    4. Purchases via NETS;
    5. annual fees, cheque processing fees, administrative fees, cash advance fees, late payment charges and other miscellaneous fees and charges which are charged by the Bank;
    6. any amount charged to any of the Cards of a Selected Cardholder during the Programme Period that is subsequently cancelled, voided or reversed; and
    7. any other transactions, charges, fees or payments that the Bank may determine from time to time.

Fees & Interest Charges

  1. The Bank reserves the right to vary, without reason, the interest rate (whether nominal, flat or effective or otherwise) and the basis of calculation of interest at any time during the Instalment Tenure. This interest rate is only applicable for the EasyPay Retail Balance Amount.
  2. The EasyPay on Retail Balances application is subject to a zero or a nominal processing fee. The EasyPay Retail Balance Amount is subject to an EIR, which will be indicated on the Selected Cardholder’s Programme approval letter. This letter indicating the instalment amount and EIR will be sent to the Selected Cardholder by mail or such other method as deemed fit by the Bank.
  3. The Bank will bill the credit card account for the instalments, which include the Principal Amount and Interest Amount (as defined in Clause 11 above) for the selected Instalment Tenure.
  4. The available credit limit of the Selected Cardholder’s credit card will be reduced by the full approved Principal Amount once the Selected Cardholder’s application is approved.
  5. As and when the Selected Cardholder repays his/her monthly billed instalments, the available credit card limit will be adjusted subsequently by the payment amount towards the principal component of the instalment.
  6. Instalment for the EasyPay Retail Balance Amount will be included in your minimum amount due on every credit card statement till the end of the Instalment Tenure.
  7. Unless otherwise stated, this EasyPay Programme is not applicable for any cash advance, quasi cash, Credit Card Funds Transfer and 0% instalment plan transactions, and such other Programmes and transactions as the Bank may determine from time to time.

General

  1. The Bank may vary, modify, add, delete or otherwise revise any of the terms and conditions governing the Programme and/or terminate, withdraw, extend, suspend, or shorten the Programme at any time in the Bank’s sole discretion, with or without prior notice or reason.
  2. By participating in the Programme, you consent to the use of your personal data for marketing purposes, including but not limited to the use of your telephone number and email address to contact you about products and Programmes offered by the Bank from time to time via telephone, SMS or electronic direct mail. Such consent will supersede any prior choices made by you. Such consent will also prevail even if you are Selected or subsequently register your contact information with the national Do Not Call Registry.
  3. The Bank is not responsible for any failure or delay in the transmission of the transactions by any party including but not limited to Mastercard/Visa acquiring merchants, merchant establishments, any telecommunication provider, any internet service provider or website.
  4. The Bank reserves the right to determine in its sole and absolute discretion all matters arising out of or in connection with the Programme, including your eligibility for the Programme. Unless otherwise stated, this Programme is not valid with other offers, discounts, rebates, privileges or Programme.
  5. The Bank’s determination of all matters relating to this Programme shall be final and binding and no correspondence will be entertained.
  6. A person who is not a party to these EasyPay on Retail Balances Programme Terms and Conditions has no rights under the Contracts (Rights of Third Parties) Act (Cap. 53B) to enforce any of these EasyPay on Retail Balances Programme Terms and Conditions.
  7. The EasyPay on Retail Balances Programme Terms and Conditions are to be read in conjunction with the Bank’s Customer Terms, the Credit Card Terms and any other product terms that may be applicable in conjunction with the Programme (collectively, the “Other Terms”).
  8. In the event of any inconsistency between these terms and the Other Terms, these EasyPay on Retail Balances Programme Terms and Conditions prevail only to the extent of such inconsistency.
  9. These EasyPay on Retail Balances Programme Terms and Conditions and any dispute or claim arising out of or in connection with these EasyPay on Retail Balances Programme Terms and Conditions, shall be governed by and are to be construed in accordance with, the laws of the Republic of Singapore and you agree to submit to the exclusive jurisdiction of the courts of the Republic of Singapore. All information is correct as at the time of publication.