Flexi Pay Terms and Conditions
- Only regular credit card account with no arrears is eligible and you shall specify in your application the purchase transaction which you wish to convert to the FlexiPay and the tenure of instalments under the FlexiPay.
- FlexiPay does not apply to the following:-
(i) cash advance; (ii) instalment amount payable under other programmes such as Balance Transfer,
Easy Payment Scheme, FlexiPay and Flexi-on-Balance;(iii) Annual fees; (iv) carry forward balances; and (v) any other charges by us as provided in our banking agreement. - The minimum amount of any purchase that will be eligible for conversion under FlexiPay is RM500 with a maximum amount of RM15,000 in a single receipt for the 6, 9, 12 and 18 months plan and this limit may be varied by us from time to time at our sole and absolute discretion.
- A purchase is eligible for conversion under this FlexiPay once the purchase has been debited to the your credit card account and / or recorded in the current statement forming part of the outstanding current balance due and has not passed its payment due date at the point of the conversion.
- The approval of your application will be subject to:-
(i) the status of your credit card account; (ii) the status of the transaction at the point of conversion; (iii) and in any other case, at our sole and absolute discretion. - You may participate more than once in the FlexiPay subject to your eligibility for the FlexiPay and our banking agreement.
- A private label account for the FlexiPay shall be posted by us in respect of your FlexiPay,bearing a serial number starting with 9458-xxxxxxxx-xxxx which shall be known as the PLC Account. The PLC Account will be combined with your existing credit card account.
- 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 card issued with or without a separate credit limit. Your PLC Account will be used to post the monthly instalment amount payable by you. No physical card or PIN will be issued.
- Upon approval of the application, we will debit your PLC Account with the monthly instalment payable, for the duration of the FlexiPay.
- A cancellation fee as set out in the tariff sheet will be levied and posted to your credit card account if you elect to pay the total outstanding balance due under the FlexiPay ahead of the agreed tenure. Outstanding balance shall mean the outstanding principal and Interest accrued. No fee will be levied if acceleration of the payment of the balance due under the FlexiPay is initiated by us without assigning any reason thereof.
- If you pay the minimum monthly instalment amount of 5% of the monthly instalment or RM50, whichever is higher, due on the payment due date as specified in the statement for payment or if the payment is not received by us in full or before the payment due date as specified in the aforesaid statement, then the prevailing finance charge of 18% p.a. shall be levied on the outstanding balance of the monthly instalment amount from the due date until the date of full settlement.
- In the event that there is an existing standing instruction (SI) to effect payment of your credit card account by utilising funds from your savings or current account with us, we shall also exercise the SI in respect of the PLC Account in accordance with the SI for payment of your credit card account with us.
- If your credit card is terminated, you shall settle all balances due under the FlexiPay upon termination. Otherwise the prevailing finance charge of up to 18% p.a. shall be levied on the outstanding balance which comprises of principal and interest.
- We are not liable for any inadequate, defective, damaged goods, unsatisfactory services or be concerned with any dispute between you and the suppliers and / or merchants of the aforesaid goods and services and we are hereby irrevocably authorised by you to continue to debit the monthly instalment to the your PLC Account regardless of any such dispute. You shall be responsible to satisfy yourself as to the state and condition of goods and / or services at the time of the purchase.
- Notwithstanding the range of effective interest rates as stated or anything contained herein or in the application, we are entitled to vary the interest rates up to a maximum rate of 18% per annum at any time based on our evaluation or review of your credit behaviour from time to time, whether in respect of your borrowings, whether solely or jointly and whether from us or any other parties. Such evaluation by us and our decision(s) to vary the interest rates shall be final and conclusive and we shall not be obliged to assign any reason whatsoever for such variation.