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Terms and Conditions

Flexi On Purchase

Terms and Conditions

1. Selected holders of any principal Standard Chartered Bank Malaysia Berhad (“the Bank”) Card(s) (“Cardholders”) invited by the Bank may apply.
2. Only regular account(s) with no arrears are eligible.
3. The Cardholder shall specify in his / her application form the purchase transaction which the Cardholder wishes to convert to the FlexiPay and the tenure of instalments under the FlexiPay. The FlexiPay does not apply to the following:-
   

   (i)	cash advance;
   (ii)	instalment amount payable under other programmes of the Bank such as Balance Transfer, Easy Payment Scheme and this FlexiPay;
   (iii)	annual fees;
   (iv)	carry forward balances; and
   (v)	any other charges by the Bank as provided in the Bank’s credit card agreement with the Cardholder.

4. The minimum amount of any purchase that will be eligible for conversion under this FlexiPay is RM500 with a maximum amount of RM15,000 in a single receipt for the 6, 9, 12, 18 and 24 months plan and this limit may be varied by the Bank from time to time at the Bank’s sole and absolute discretion.
5. A purchase is eligible for conversion under this FlexiPay once the purchase has been debited to the Cardholder’s 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.
6. The approval of the Cardholder’s application will be subject to:-
   

   (i)	the status of the Cardholder’s credit card account
   (ii)	the status of the transaction at the point of conversion; and
   (iii)	in any other case, at the Bank’s sole and absolute discretion.

7. All applications received must be duly completed and signed, and sent to the Bank via facsimile or post or any other method as may be prescribed by the Bank from time to time at its sole and absolute discretion.
8. The Cardholder shall not dispute the contents of the faxed copy received by the Bank which shall be deemed as original application and the Cardholder shall produce the original to the Bank upon the Bank’s request for the same.
9. The Cardholder will be notified of approval of his / her FlexiPay application in writing within seven (7) business days from the date the Bank receives the Cardholder’s FlexiPay application form duly signed and completed by the Cardholder. The Cardholder’s signature on the application form serves as an acceptance by the Cardholder of the terms and conditions of the Bank’s FlexiPay and the Bank’s credit card agreement with the Cardholder. The Bank reserves the right to reject applications without giving any reason thereof.
10. The Cardholder may participate more than once in the FlexiPay subject to the Cardholder’s eligibility for the FlexiPay and all other terms and conditions herein contained.
11. A special account for the FlexiPay shall be posted by the Bank in respect of the Cardholder’s FlexiPay, bearing a serial number starting with 9458-xxxx-xxxx-xxxx which shall be known as the MPS-PLC Account. The MPS-PLC Account will be combined with the Cardholder’s existing credit card account. The existing credit limit approved for the Cardholder’s credit card account remains unchanged and will be shared with this MPS-PLC Account jointly with all other supplementary cards issued with or without a separate credit limit. The Cardholder’s MPS-PLC Account will be used to post the monthly instalment amount payable by the Cardholder to the Bank. No physical card or PIN will be issued.
12. Upon approval of the application, the Bank will debit the Cardholder’s MPS-PLC Account with the monthly instalment payable, for the duration of the FlexiPay.
13. A fee of RM30 (“Cancellation Fee”) will be levied and posted to the account of the Cardholder in the event the Cardholder shall 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 the Bank without assigning any reason thereof.
14. In the event the Cardholder pays 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 the Bank 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.
15. The Bank reserves the right to terminate the Cardholder’s FlexiPay without prior notice to the Cardholder and without attributing any reason thereof.
16. If the Cardholder’s credit card is terminated for any reason whatsoever, the Cardholder shall forthwith 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.
17. Actual calculation of effective interest rate will be based on the FlexiPay tenure chosen by the Cardholder as follows:-
    

    (i)	15.25% (6 months):	(ii)	15.90% (9 months);	(iii)	16.20% (12 months);
    (iv)	16.40% (18 months);	(v)	16.41% (24 months).

18. The Bank shall not be liable for any inadequate, defective, damaged goods, unsatisfactory services or be concerned with any dispute between the Cardholder and the suppliers and / or merchants of the aforesaid goods and services and the Bank is hereby irrevocably authorised by the Cardholder to continue to debit the monthly instalment to the Cardholder’s MPS-PLC Account regardless of any such dispute. The Cardholder shall be responsible to satisfy himself / herself as to the state and condition of goods and / or services at the time of the purchase.
19. These terms and conditions are in addition to the Bank’s credit card agreement with the Cardholder which regulates the provision of credit card facility by the Bank to the Cardholder. In the event of inconsistency between the terms and conditions herein contained and the aforesaid credit card agreement, these terms and conditions shall prevail insofar as they apply to this FlexiPay.
20. Notwithstanding the range of effective interest rates as stated or anything contained herein or in any application form, the Bank shall be entitled to vary the interest rates up to a maximum rate of
    18% per annum at any time based on the Bank’s evaluation or review of the Cardholder’s credit
    behaviour from time to time, whether in respect of all borrowings of the Cardholder, whether solely or jointly and whether from the Bank or any other parties. Such evaluation by the Bank and its decision(s) to vary the interest rates shall be final and conclusive and the Bank shall not be obliged to assign any reason whatsoever for such variation.
21. The Bank reserves the right to alter these terms and conditions or withdraw the FlexiPay scheme altogether without prior notice.

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