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Terms and Conditions - Balance Transfer via Internet Banking

Terms and Conditions governing Balance Transfer via Internet Banking

IMPORTANT NOTES

 

Transfers to Your EasiCredit Account (Applicable to EasiCredit Accountholders with annual income of S$30,000 and above)

 

Preferential interest rate of 0% p.a. for the stated promotional period will apply only to the Balance Transfer Amount (as defined in the Terms and Conditions). A one-time fee of the transferred amount, as stated in the application form, will be imposed and charged to and debited from your EasiCredit Account together with the approved transferred amount. Any fees and charges incurred for this Balance Transfer will be subject to the promotional interest rate. Prevailing interest rate of 17.95% p.a. will apply after the expiry of the promotional period. Please note that the interest is subject to compounding if the monthly interest charges are not repaid in full. Any payments made to your EasiCredit Account will be applied first to settle the balances subject to the lowest interest rates.

 

Transfers to Your Credit Card Account

 

Preferential interest rate of 0% p.a. for the stated promotional period will apply only to Balance Transfer Amount (as defined in the Terms and Conditions). A one-time fee of the transferred amount, as stated in the application form, will be imposed and charged to and debited together with the approved transferred amount. The promotional interest rate will also apply to any fees, interest and charges incurred. A payment of at least the minimum amount stated in each monthly Balance Transfer statement must be made by the payment due date stated. Prevailing interest rate of 24% p.a. will apply after the expiry of the promotional period and the interest is subject to compounding if the monthly interest charges are not repaid in full. Please note with effect from 01 June 2009, the prevailing interest rate of 24.96% p.a. will apply after the expiry of the promotional period.

 

Effective Interest Rate (EIR) calculation is based on an approved fund transfer amount of S$10,000, with 3% monthly repayment during the promotional period.

 

DECLARATION & AGREEMENT

By submitting this Application, I/we: -

(i) represent and warrant that all information provided by me/us in this application is true and complete and undertake to notify Oversea-Chinese Banking Corporation Limited (“OCBC Bank”) immediately of any change in such information;

(ii) confirm that I/we am/are not an undischarged bankrupt(s) and there has been no statutory demand served on me/us;

(iii) irrevocably and unconditionally consent for OCBC Bank and any officer (as defined in the Banking Act Cap. 19) (the “Banking Act”) of OCBC Bank to disclose any customer information whatsoever relating to me/us as OCBC Bank shall consider appropriate to any person to whom disclose is permitted or required by any statutory provision or law or to any other person wherever situate for any purpose whatsoever and it is hereby agreed that OCBC Bank and any officer of OCBC Bank may disclose the foregoing information to the fullest extent permitted by the Banking Act or any statutory provision or law. Without prejudice to the foregoing, I/we consent to such disclosure to any credit bureau or any other organisation or corporation set up for the purpose of collecting and providing information relating to the credit standing of persons, and to the disclosure by such credit bureau or other organisation or corporation to any member thereof, for the purposes of assessing my/our credit worthiness or for other purpose whatsoever;

(iv) understand and agree that I/we am/are applying for a Balance Transfer facility which is governed by (i) Terms and Conditions Governing EasiCredit Balance Transfer Facility or (ii) Terms and Conditions Governing Credit Card Balance Transfer Facility, whichever is applicable, and agree to be bound by the same;

(v) agree and hereby authorise OCBC Bank to make payment to my other card/credit line or deposit account(s) as stated in my/our Balance Transfer application upon OCBC Bank's approval; and

(vi) agree that OCBC Bank has the absolute discretion to decline my/our Balance Transfer application (in whole or part thereof) without giving any reason and to retain documents (if any) submitted as property of OCBC Bank.

TERMS AND CONDITIONS GOVERNING EASICREDIT BALANCE TRANSFER FACILITY

1. One or more transfers (the “Balance Transfer”) may be applied for under your Balance Transfer Facility of only:
(i) the outstanding balance(s); and/or
(ii) funds to be drawn from your EasiCredit Account,
in Singapore dollars (each and collectively, the “Applied Balance Transfer Amount”), subject to a minimum amount specified by OCBC, under and/or to any of your credit card/credit line or deposit account(s) (the “Other Card/Credit Line/Deposit Account(s)”) (whichever is applicable) held with (a) in the case of a credit card/credit line account, a bank or financial institution (other than OCBC) in Singapore acceptable to us, and (b) in the case of a deposit account, a bank or financial institution in Singapore acceptable to us, and charged to your EasiCredit Account.

2. No cancellation of a Balance Transfer application or change in the Applied Balance Transfer Amount will be allowed after submission of application.

3. Without prejudice to the rights and remedies of OCBC:
a) any Balance Transfer amount may be drawn from any credit balances available in your EasiCredit Account at point of debit; and/or
b) payments you make to your EasiCredit Account may be applied first to settle balances subject to any promotional interest rate, including transfer of balances, starting with the lowest promotional interest rate. Therefore any amount transferred from your EasiCredit Account may be repaid in full before the expiration of the relevant promotional period.

4. OCBC reserves the right to reject an application for a Balance Transfer in its entirety and/or approve only part of an Applied Balance Transfer Amount (the “Balance Transfer Amount”), whether it would result in the available credit limit of your EasiCredit Account being exceeded, at its absolute discretion and without assigning any reason therefor.

5. In the event that a Balance Transfer Amount (together with any processing and/or other fees payable in connection therewith) results in the Approved Limit of your EasiCredit Account being exceeded, you will be charged interest on such excess sum at such rate(s) prevailing for your EasiCredit Account.

6. OCBC may, on its approval of each Balance Transfer, debit the Balance Transfer Amount (together with any processing and/or other fees payable in connection therewith) from your EasiCredit Account on the date of the approval letter issued by OCBC or such later date as determined by OCBC.

7. You shall be fully liable to OCBC for any and all amounts charged to and/or debited from your EasiCredit Account. Each Balance Transfer Amount (together with any processing and/or other fees payable in connection therewith) charged to and debited from your EasiCredit Account will be treated in the same manner as your Instruction under the OCBC Terms and Conditions Governing Personal Line of Credit Accounts and will be reflected in the monthly Statement of Account issued by OCBC to you for your EasiCredit Account and payable by you in accordance with the OCBC Terms and Conditions Governing Personal Line of Credit Accounts.

8. The promotional interest rate applicable to your Balance Transfer application shall only apply to such Balance Transfer Amount and not to any other amounts (including without limitation any processing and/or other fees payable in connection with any Balance Transfer) outstanding in your EasiCredit Account. Such promotional rate(s) will expire at the end of the applicable promotional tenure, The prevailing rate applicable to your EasiCredit Account will apply thereafter. The foregoing shall not affect or prejudice any other charges imposed at the prevailing rates on sums remaining unpaid (including the minimum monthly repayment) under your EasiCredit Account.

9. OCBC may at any time vary the interest rate chargeable, the basis of calculation of interest, fees and charges in connection with each Balance Transfer in OCBC's sole discretion without any notice and without giving any reason therefor.

10. You shall continue to make payment to your Other Card/Credit Line/Deposit Account(s) until you have received confirmation that such Other Card/Credit Line/Deposit Account(s) has/have been successfully credited. OCBC shall not be liable for any overdue payment, charges, fees or interest, losses or damages that may be incurred thereby. In addition, any charges, fees, interest or losses incurred by OCBC in connection with your BalanceTransfer application, including without limitation, any fees and charges howsoever imposed by the bank or financial institutions of your Other Card/Credit Line/Deposit Account(s) shall be borne solely by you.

11. OCBC Terms and Conditions Governing Personal Line of Credit Accounts shall also apply to the Balance Transfer Facility. In the event of inconsistency between these terms stated herein and the OCBC Terms and Conditions Governing Personal Line of Credit Accounts, the OCBC Terms and Conditions Governing Personal Line of Credit Accounts shall prevail.

 

TERMS AND CONDITIONS GOVERNING CREDIT CARD BALANCE TRANSFER FACILITY

These terms and conditions and any other rules, procedures or instructions which we may from to time issue (the "Terms and Conditions") shall apply to the OCBC Balance Transfer Facility (the "Facility"). By applying for the Facility, you acknowledge that you have read and understood these Terms and Conditions and agree to be bound by them.

All terms and references used in these Terms and Conditions and which are defined or construed in the OCBC Cardmembers Agreement but are not defined or construed in these Terms and Conditions shall have the same meaning and construction in these terms and conditions.

These Terms and Conditions are to be read together with the OCBC Cardmembers Agreement (as amended, modified and supplemented from time to time). In the event of any conflict or inconsistency between these terms and conditions and the OCBC Cardmembers Agreement, these terms and conditions shall prevail in so far as they relate to the Facility.

 

1. DEFINITIONS

When you read these Terms and Conditions, bear in mind that "you" and "your" means the person who has applied and been granted the Facility by us. The words "we", "our" and "us" refers to Oversea-Chinese Banking Corporation Limited and its successors and assigns.

 

2. ELIGIBILITY

The Facility is open to any principal cardmember of a VISA or MasterCard Credit Card issued by us whose Card Account is in good standing as determined by us.

 

3. APPLICATION FOR TRANSFER

3.1 You may apply for a transfer (the "Balance Transfer") to the Balance Transfer Account (as defined below) of:

(a) the outstanding balance(s) in Singapore dollars under any of your credit card/credit line account(s) (the “Other Card/Credit Line Account(s)”) held with a bank or financial institution (other than us) in Singapore acceptable to us; and/or

(b) funds to be drawn from your Balance Transfer Account to a bank account that you maintain with a bank or financial institution in Singapore acceptable to us (“Other Bank Account”),

(each, an “Applied Balance Transfer Amount”), and in each case subject to a minimum amount specified by us.

3.2 A Balance Transfer can only be made to a receiving account denominated in Singapore dollars.

3.3 We reserve the right to reject an application for a Balance Transfer in its entirety and/or approve only part of an Applied Balance Transfer Amount (such approved amount shall be referred to as the "Balance Transfer Amount") at our absolute discretion and without assigning any reason therefor.

3.4 All Balance Transfer applications shall be irrevocable on and after the date of the relevant approval letter issued by us (the "Approval Letter").

 

4. BALANCE TRANSFER ACCOUNT

4.1 We may, on our approval of each Balance Transfer application, open an account in your name (the "Balance Transfer Account") and charge and debit the Balance Transfer Amount to/from such Balance Transfer Account on the date of the Approval Letter or such later date as determined by us.

4.2 In respect of each Balance Transfer, we shall charge and debit the relevant Balance Transfer Account an interest or finance charge calculated:

a. during the promotional tenure (the "Tenure") specified in the application for such Balance Transfer, at the applicable annual interest rate at the time of such transfer as stated in its application or any other rate determined by us from time to time at our sole discretion (the "Promotional Balance Transfer Rate"); and

b. after the Tenure, at the prescribed rate applicable to your Card Account(s),

on a daily basis on such outstanding Balance Transfer Amount from the date such Balance Transfer is charged and debited to/from such Balance Transfer Account until the date of payment thereof is made in full.

4.3 You shall be fully liable to us for any and all amounts charged to and/or debited from your Balance Transfer Account(s).

4.4 For the avoidance of doubt, the Promotional Balance Transfer Rate is not applicable to any existing or subsequent charge(s) in relation to Card Transaction(s) incurred or posted to your Card Account. OCBC$ under the OCBC Rewards Programme, Robinsons$ under the Robinsons Rewards Programme, NTUC Linkpoints under the NTUC Loyalty Rewards Programme and any other loyalty or reward points under any other loyalty or reward programmes will not be awarded for Balance Transfers.

 

5. LIABILITY TO MAKE PAYMENTS

5.1 If approved, the Balance Transfer Amount shall be credited directly into the account stated in the Balance Transfer application form maintained by you.

5.2 You shall continue to make payments on any Other Card/Credit Line Account(s) or Other Bank Account(s) for which you have made a Balance Transfer application until the relevant Other Card/Credit Line Account(s) or Other Bank Account(s) is/are successfully credited. We shall not be liable for any overdue payment or interest or any other fees costs expenses whatsoever and howsoever incurred on such Other Card/Credit Line Account(s) or Other Bank Account(s).

 

6. TREATMENT OF BALANCE TRANSFER AMOUNT

Each Balance Transfer Amount charged to and debited from any Balance Transfer Account(s) will be treated in the same manner as a charge arising from a Card Transaction in respect of a Card Account under the OCBC Cardmembers Agreement and will be reflected in your monthly statement issued by us for your Balance Transfer Account(s) and payable by you in accordance with the terms of the OCBC Cardmembers Agreement and these Terms and Conditions.

 

7. REDUCTION OF CREDIT LIMIT OF CARD ACCOUNT

The Credit Limit of your Card Account shall be reduced by an amount equivalent to the total outstanding Balance Transfers in your Balance Transfer Account(s) from time to time. Notwithstanding the foregoing, you shall pay us on demand the amount, if any, by which the aggregate of the outstanding balance on your Card Account and the total outstanding Balance Transfers exceeds the Credit Limit of your Card Account.

 

8. FEES

A non-refundable processing fee on the Balance Transfer Amount at a rate as determined by us at our discretion will be charged to and debited from the Balance Transfer Account (regardless whether the Facility is terminated at any time by you or us) for each successful Balance Transfer.

 

9. TERMINATION

Notwithstanding anything in these Terms and Conditions, we reserve the right to terminate the Facility and any Balance Transfer Account(s) without prior notice and without assigning reason therefor and you shall forthwith on demand repay all monies owing under the affected Balance Transfer Account(s).

 

10. VARIATION OF INTEREST RATES

We may vary the interest rate chargeable and the basis of calculation of interest at any time in our sole discretion without any notice and without giving any reason therefor.

 

11. AMENDMENTS

11.1 We may at any time at our absolute discretion and upon written notice to you, change any one or more of these Terms and Conditions. Such change(s) shall take effect from the date stated in the notice, which in most instances, shall be no less than 30 days from the date of the notice.

11.2 If you do not accept such change(s), you shall forthwith repay to us all monies owing under your Balance Transfer Account(s). Where you continue to participate in the Facility or if any Balance Transfer remains outstanding after such notification, you shall be deemed to have agreed with and accepted such change(s).