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EASTWEST BANK GOLD AND SILVER MASTERCARD
- DEFINITION OF TERMS
As used herein, the following terms shall have the following meanings:
"CARD" - Credit Cards issued by EastWest Bank.
"CARDHOLDER" - The person to whom or to whose use a Card is issued by the Issuer; the term shall likewise include the person to whom a Supplementary credit card is issued upon the application of the primary Cardholder.
"ISSUER" or EastWest Bank - The EastWest Banking Corporation, the institution that issued the card.
"CREDIT LIMIT" - The maximum outstanding balance of charges which the Cardholder and his/her Supplementary Cardholders are allowed to maintain at any given time.
"CASH ADVANCE" - any amount obtained by the use of the Card, the card number or, or in any manner authorized by the Cardholder, from East West Bank or any other bank or financial institutions for debit to the Card.
"CLOSING BALANCE" - The total debit/credit balance outstanding to the Card payable to EastWest Bank according to the Bank's records on the date statement of account is issued.
"FINANCE CHARGE" - The amount payable by the Cardholder representing cost of borrowing from or availing of the credit card line.
"LATE PAYMENT CHARGES" - The amount payable by the Cardholder for not/short paying card usages and charges on or before payment due date.
"MINIMUM AMOUNT DUE" - The minimum amount that the Cardholder is allowed to pay which is a percentage of the outstanding balance plus previous month's unpaid due amount and including installment amortization due and overlimit amount if any.
"PAYMENT DUE DATE" - The date specified in the statement of account by which date, payment of the closing balance, or the minimum amount, is due to be made to East West Bank.
- THE CARD
The Card issued is the sole property of EastWest Bank. It is non transferable and will be accepted at accredited merchants only when properly signed and presented by the Cardholder whose name and signature are indicated on the Card. The privileges of the Card may be terminated, withheld or suspended by the Issuer at any time and for whatever reason or cause without need of prior notice to the Cardholder. The Cardholder agrees to hold Issuer free and harmless from any claim for damages arising from such termination, withholding or suspension.
- CARD VALIDITY, EXPIRY AND RENEWAL
Unless earlier terminated or cancelled, the Card shall be valid worldwide from the date of issuance to the last calendar day of the month appearing on the face of the Card. In case the Card is not renewed, the whole obligation becomes due and demandable immediately.
- RESPONSIBILITY OF THE CARDHOLDER
The Cardholder shall be liable for all purchases and cash advances made through the use of the Card, including interests, fees, and other charges as provided herein, and hereby agrees to accept and pay for such availments without the necessity of proof of a signed charge slip. For cash advances, through any designated automated teller machines that accept the Card, the
Cardholder shall be assigned a Personal Identification Number (PIN) by the Issuer. The Cardholder shall, at all times, keep his/her PIN confidential and shall not, under any circumstance, disclose the same to any person or compromise its confidentiality. The Cardholder agrees that all cash advance shall be conclusively presumed to have been personally made or authorized by the Cardholder.
The Issuer may change the credit card number and/or expiry date when issuing a renewal or replacement card to the Cardholder. The Cardholder is solely responsible for communicating this change to any party with whom the Cardholder may have payment arrangements. The Issuer will not be responsible for any consequences from declining any transactions, whether submitted under the old card number or otherwise.
The Cardholder shall safely keep the Card and not use the Card after its expiry date, upon its cancellation, or suspension nor permit anyone to use the Card for any reason whatsoever.
- MEMBERSHIP FEE
The Cardholder shall pay the Issuer a membership fee as may be fixed by the Issuer. This may be paid on installment basis under payment terms as may be defined by the Issuer and chosen by the Cardholder. All paid membership fees are non-refundable even if the credit privileges are suspended or terminated, or if the Card is surrendered by the Cardholder before the expiry date. All remaining unpaid membership fees become due and demandable in case the card is cancelled or terminated or if the account becomes 60 days past due.
- OTHER FEES
The Cardholder shall pay the Issuer such other fees relating but not limited to the processing of cash payments that may be imposed by the issuer at its option. The amount of said fees may be revised from time to time as the Issuer deems necessary.
- SUPPLEMENTARY CARDS
The Cardholder may apply for Supplementary card(s) by submitting the Supplementary card application signed by the Primary Cardholder and his/her appointed Supplementary cardholder(s). The use of Supplementary cards shall be governed by this Agreement. Any reference to Card issued to Cardholder shall also apply to the Supplementary Card(s). Cardholder shall be liable for all purchases and cash advances made, including all charges incurred through the use of the Supplementary card(s).
- ACCREDITED MERCHANTS
Issuer has an Agreement with MasterCard whereby the Card shall be honored at all MasterCard accredited merchants worldwide at all times. However, Issuer shall not be liable to the Cardholder, if for any reason, the Merchant or MasterCard does not honor the Card. The Cardholder agrees to hold issuer free and harmless from any and all claims for damages as a result of any accredited merchant or MasterCard to honor the Card.
- CO-OBLIGOR
The Cardholder shall provide upon request an acceptable Co-Obligor. The Co-Obligor shall be jointly and severally liable with the Cardholder and his/her Supplementary Cardholders to pay the Issuer all obligations and charges made through the use of the Card.
The Co-Obligor shall notify the Cardholder and Issuer in writing of its intention to withdraw as the Cardholder's Co-Obligor and may be discharged subject to the condition that the Co-Obligor continues to be liable for all amounts unpaid and outstanding as of thirty (30) days from receipt by Issuer of such written notice. Failure by the Cardholder to immediately furnish a new Co-Obligor acceptable to Issuer may result in an automatic termination or suspension of Cardholder's privileges.
- LOSS OF THE CARD
In case of loss or theft of the Card, the Cardholder shall immediately report such fact to Issuer, giving details of the place, date and circumstances of the incident and the last purchase(s) made prior to the lost or theft. The Cardholder shall not be liable for all purchases or cash advances made with the Card after the loss of the Card has been reported. All unauthorized transactions made before reporting the loss of the Card shall be the Cardholder's liability. A reasonable fee shall be charged to the Cardholder to cover replacement of the Card(s) and the costs in disseminating information about the loss or theft.
- USE OF THE CREDIT LIMIT
Upon approval of the Cardholder's application, a Credit Limit expressed in local currency (Philippine peso) and inclusive of the cash advance limit, shall be assigned to the Cardholder that represents the maximum outstanding balance that the Cardholder and his/her Supplementary cardholder(s) are allowed at any give time. Issuer reserves the right to decline any transaction and/or suspend the credit card privileges of the Cardholder and his/her Supplementary Cardholder(s) without prior notice if the Credit Limit will be or has been exceeded. The Issuer thus may demand payment immediately for the amount in excess of the Credit Limit or all amounts outstanding. The Cardholder agrees to track his/her balance and not exceed the approved credit limit.
- LIMITATIONS
The Card may not be used for the purchase of items/goods the importation into the Philippines of which is subject to the provisions of Circular No. 1348 and all other circulars, laws, rules and regulations pertaining to importation. The Cardholder agrees and warrants that the proceeds of his/her cash advance availments shall not be used for foreign investments or the payment of foreign loans in violation of CB Circular No. 1353.
- CARD DELIVERY
The Cardholder authorizes the Issuer or its official courier to release the Card, in the absence of the Cardholder, to any member of the Cardholder's household upon the presentation of an identification card with picture or any manner acceptable to the bank. Household members refer to father, mother, parents-in-law, spouse, brother, sister, son or daughter aged 18 years and above and household.
The cardholder agrees to hold Issuer free and harmless form any liability whatsoever for delivering the Card as authorized herein.
- MONTHLY STATEMENT AND PAYMENT OF CHARGES
monthly statement of account will be furnished to Cardholder that may be sent by mail or courier to the Cardholder's billing address. Cardholder shall examine the statement and immediately report errors on the statement no later than 20 days from date of statement, otherwise, Cardholder shall be deemed to have accepted the correctness of the statement. Cardholder agrees to pay late payment charges for any unpaid amount due at a rate specified by the Issuer. If the Payment Due Date falls on a Saturday, Sunday or holiday, the payment shall be due the working day prior to the Due Date. However, notwithstanding the absence or lack of proof of service of the statement of account upon the Cardholder, the latter shall pay any and all charges made through the Card immediately.
- CALCULATION OF FINANCE AND OTHER CHARGES
At every billing cycle, Cardholder shall have the option to pay the Closing Balance in full, the Minimum Amount Due or any amount in between. If the Cardholder pays the Closing Balance in full on or before payment due date, no finance charge shall be imposed. However, if the Cardholder does not pay the Closing Balance in full, the Cardholder shall be deemed as availing against his/her credit line with the Issuer and agrees to pay finance and other charges. The finance charges at the Issuer's prevailing rates will be levied to the Cardholder's opening balance, and all new transactions posted within the statement period, accrued from the transactions' posting dates in case of retail purchases, until the end of the current statement period. In case of cash advance transactions, finance charge shall be computed starting from date of availment only if previous outstanding balance is not paid in full. No finance charge shall be computed on cash advance transactions if outstanding balances are paid in full. Any amount unpaid as of the payment due date shall be deemed payable on the next payment due date unless the Cardholder opts to re-avail of his/her credit line for the next billing cycle by paying an amount less than the Closing Balance but not less than the Minimum Amount Due.
- DELINQUENCY
Once the Cardholder fails to pay at least the Minimum Amount Due on a Payment Due Date, the account will be considered delinquent. In the event of any future delinquency, the Cardholder agrees to pay an accelerated Minimum Amount Due corresponding to the number of days delinquent or the full outstanding balance. The Cardholder also authorizes the Issuer to report and/or include hi name in the negative listings of any credit bureau or institution.
- EVENT OF DEFAULT
In case of default in any of the Cardholder's obligation on one or more Cards or any of his credit obligations with the Bank, the Bank may, as its sole option or discretion and without need of further notice, cancel the Cardholder's credit cards and/or other credit facilities or, revoke the right of the Cardholder to use all or any of his Cards or other credit facilities with the Bank.
- TAX ON CREDIT CARD FEES AND CHARGES
All tax liability or assessment, if any, is imposed by law on the usage of the credit card shall be for the account of the Cardholder. Such tax liability or assessment will be billed accordingly.
- SUSPENSION, CANCELLATION, WITHDRAWAL OR TERMINATION
Issuer may at its exclusive option and without prior notice to the Cardholder, suspend, cancel and withdraw or terminate any card issued and/or its privileges for whatever reason. If collection of any unpaid or past due amount is referred to a collection agency and/or enforced through court action, the Cardholder agrees to pay the costs of collection and/or a percentage (%) of attorney's fees based on unpaid balance (including all finance and penalty charges), in addition to whatever damages incurred by the Issuer. Venue shall be in the proper courts of Metro Manila or at the option of the Issuer.
The Cardholder may at anytime, terminate the Agreement by a written notice to Issuer subject to immediate payment or settlement of any and all obligations incurred in connection with the issuance of the Card/s. Should Cardholder choose to revolve, membership fee charges shall apply and will be pro-rated until such time that the outstanding balance is paid in full.
- AUTO-DEBIT ARRANGEMENT
Cardholder may opt to authorize in writing to Issuer to charge the amount due on his/her credit card account against the Cardholder's deposit account or any funds with East West Bank by means of an automatic debit system.
As an inducement to Issuer's grant to Cardholder of the use of the Card, Cardholder hereby agrees to Issuer effective upon Cardholder failure to pay upon demand his/her obligations arising from Cardholder's use of the Card(s), any or all monies, securities, and things of value which are now or may hereafter be in the hands of Issuer on deposit or otherwise to the credit of or belonging to the Cardholder, and Issuer is hereby authorized to sell at public or private sale such securities or things of value and to apply the proceeds such sale to such obligation. In the absence of securities or things of value or if the Cardholder's outstanding balance exceeds the proceeds of sale, Cardholder hereby agrees to assign to Issuer any deposit Cardholder may have with any bank or financial institution, to the extent of Cardholder's obligation to Issuer and for this purpose, Cardholder hereby consents to any inquiry by or disclosure to Issuer, its duly authorized representative or legal counsel as to any deposit Cardholder may have with any bank or financial institution.
- AUTHORIZATION AND INDEMNITY FOR TELEPHONE, TELEX AND FACSIMILE INSTRUCTIONS
The Cardholder authorizes the Issuer to rely upon and act in accordance with any notice, instruction or other communication which may from time to time be purport to be, given by telephone, telex, facsimile or other electronic means by the Cardholder or on his/her behalf (the "Instructions") which the Issuer believes, in good faith, to have been made by the Cardholder or upon his instructions or for his benefit. Issuer however, reserves the right to require instructions to be contained or sent in a particular form before it may decide to act thereon.
Issuer shall be entitled to treat the instructions as fully authorized by and binding upon the Cardholder, and Issuer shall be entitled to take such steps in connection with or on reliance upon the instruction as the Issuer may consider appropriate, whether the instructions include instructions to pay money or otherwise to debit or credit any account, or relate to the disposition of any money, securities or documents.
In consideration of the Issuer acting in accordance with the terms of this authorization and indemnity the Cardholder hereby irrevocably undertakes to indemnify the Issuer and to keep the Issuer indemnified against all losses, claims, actions, proceedings, demands, damages, costs and expenses incurred or sustained by the Issuer or whatever nature and howsoever arising out of or in connection with the instructions. This authorization and indemnity shall remain in full force and effect until the Issuer receives from Cardholder a written notice terminating the same save that such authorization and indemnity in respect of any act performed in accordance with its terms prior to such termination.
- CHANGE OF STATUS
The Cardholder agrees to notify the Issuer in writing in case of any change in civil status.
- CHANGE OF TELEPHONE NUMBER/S AND ADDRESS
The Cardholder shall immediately notify the Issuer in case of any change in his/her residence, office or mailing address and/or telephone number/s. The billing address shall always be within Metro Manila and the Issuer's prevailing geographic scope of coverage. In case the chosen billing address is not accessible through mail or delivery, the Issuer shall have the option to use Cardholder's other addresses.
- DISCLOSURE OF INFORMATION
Cardholder consents to the disclosure of his account to any of the Issuer's subsidiaries or affiliates or third party, other credit card companies, financial institutions or credit information/investigation company and the Cardholder shall hold the bank free and harmless from any liability that may arise from such disclosure.
- ASSIGNMENT AND WAIVER
Cardholder agrees to the assignment or transfer of part or all of the Bank's rights and/or obligations under the card without the need to notify Cardholder.
- LIMITATION OF LIABILITY
In the event of any action which the Cardholder may file against Issuer for any cause whatsoever, Cardholder agrees that Issuer's liability shall not exceed the amount of P1,000.00 or the damages actually provided to have been suffered by the Cardholder, whichever is lesser.
- SEPARABILITY CLAUSE
The enforceability and validity of this Agreement, in whole or in part, shall not be affected by the unenforceability or invalidity, whether temporary or permanent, of any particular provision of this Agreement because of restrictive laws, regulations, or judicial or administrative determinations obtained during any period of this Agreement or for any other cause.
- NON-WAIVER OF RIGHTS
No failure or delay on the part of the Issuer in exercising any right or power hereunder shall operate as a waiver thereof nor shall any partial or single of any such right or power preclude any other right or power there under. No waiver by Issuer of any of its right or powers under this Agreement shall be deemed to have been made unless expressed in writing and signed by its duly authorized representative(s).
- AMENDMENTS
Issuer may, without prior notice, at any time and for whatever reason it may deem proper, amend, revise or modify the terms and conditions hereof, and any such amendment shall bind the Cardholder upon receipt of notice thereof, unless the Cardholder objects by manifesting his intention to terminate his membership in writing and surrendering his Card(s) within fifteen (15) days from receipt of notice of amendment. Failure to notify Issuer of Cardholder's termination of his membership within fifteen (15) days from effectivity of the amendment or change shall be construed as acceptance by the Cardholder thereof.
- BINDING EFFECT
The terms and conditions herein provided shall bind the parties herein, their heirs, executors and administrators, as well as their successors and assigns. Cardholder confirms to have read and understood the statements above as evidenced by his/her signature on the Card and /or charge/sales slip.
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