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Payment
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| a. |
In
respect of each Card Account Statement, the following stated
therein shall be paid to Card Division at PBL’s Head Office
within the Payment Due Date: I) at least the aggregate of the
minimum payment(s) specified as such in the Card Account
Statement; and ii) the amount, if any, by which the Outstanding
Balances stated therein exceeds the credit limit in relation to
the Card Account(s) stated therein.
|
| b. |
If,
Outstanding Balance stated in Card account Statement is not paid
in full within the Payment Due Date stated therein, PBL may charge
and debit the Card Account calculated on a daily basis, subject to
a minimum monthly finance charge of 2.50% or such other sum as may
be determined from time to time by PBL without notice.
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| c. |
On
the amount of each and every charge stated in that Card Account
Statement as from the date when such charge was incurred or was
posted to the Card Account, as PBL may elect, to the billing date
stated in that Card Account Statement and ii) On the entire
Outstanding Balance from the billing date stated in that Card
Account Statement until full payment of the Outstanding Balance is
made. A charge in relation to any Card Transaction shall be deemed
to have been incurred on the Card Account on the date when that
Card Transaction was effected. |
| d. |
If
any amount required to be paid under Condition 7.1 hereof is not
paid in full by the Payment Due Date stated therein, PBL may
charge and debit the Card Account a late payment charge at such
rate or amount as PBL may from time to time determine without
notice. |
| e. |
Any
payment made by a Cardholder shall be applied in the following
order:
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|
|
| Priority |
Payment
applied for
|
| 1st |
Any over limit
amount
|
| 2nd |
Any overdue
amount
|
| 3rd |
Cash Advances
|
| 4th |
Service Charges
|
| 5th |
Fees
|
| 6th |
Purchases
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|
| f. |
In
respect of payment of Cardholder (Card Type-Gold/Silver
International) to PBL, charges shall be made by Bankers’ draft
payable in US$ or any other settlement mode acceptable to PBL. If
PBL decides to accept payment tendered in some other currency,
payment will not be credited in the Card Account. Charges incurred
in any currency other than US$ will be converted into US$ at rates
that will not be less favorable to Cardholder than the rate
arrived at by use of an inter bank rate in existence within 24
hours that PBL or any authorized Agent processes the Charge plus
1% of the converted amount. An official rate will be used where
required by law. Charges converted by common carriers shall be
billed at rates used by such carriers and where submitted to PBL
by such carriers in other than US$, shall be converted to US$ in
accordance with foregoing procedures PBL may charge the Card
Account for cost resulting for converting payments. |
|
Other Charges and Fees
|
| PBL
may charge and debit the Card relating to any Card
|
| a. |
An
annual service fee for the issue or renewal of the Card at such
rate as PBL may prescribe from time to time without notice and
such fee shall not be refundable in any event.
|
| b. |
Where
any cheque or Bankers' Draft drawn to the order of PBL by
Cardholder ( or pursuant to Cardholder's authorization ) is not honored
for the full amount thereon, PBL may assess a Service
Charge for each Cheque so dishonored or returned to reimburse PBL
for the cost and expenses of collection.
|
| c. |
An
administrative fee of such amount as PBL prescribe from time to
time without notice for the replacement of the card or for the
provision of any records, statements, sales drafts, credit
vouchers or other documents relating to the use of the Card or
Card Account and copies thereof at the request of any Cardholder.
|
| d. |
A
charge for each travel airline or hotel reservation made through
the use of the Card which is subsequently cancelled or not taken
up and such charge shall be at the rate prescribed by the Merchant
with or through whom the reservation was made or at such rate as
prescribed from time to time without notice; and
|
| e. |
Where
by any arrangement executed between any Cardholder and financial
institution, any payment is to be made to PBL for the credit of
any Card Account, whether at regular intervals or otherwise, a fee
of such amount as prescribed from time to time without notice for
each occasion when any payment to PBL is not effected at the time
when such payment should have been effected in accordance with
such arrangement.
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Application
Form for Prime Bank Master Card |
|
ATM |
