These Terms and Condition govern the use of the Card. It is important that you read these Terms and Conditions. By using the Card, you have agreed to be bound by these Terms and Conditions.

1.

Definitions

(I)

“ATM” means an automated teller machine or any card-operated machine or device whether belonging to the Bank or other participating financial institutions nominated from time to time by the Bank, which accepts the Card.

(II)

“Bank” means Standard Chartered Bank Philippines, its successors and its assignee.

(III)

“Card Account” means the credit card account opened by the purpose of entering all credits received and debits incurred by the Cardholder under these Terms and Conditions.

(IV)

“Card” means, as appropriate, a VISA and MasterCard credit card, issued by the Bank and includes the Primary Cardholder and any Supplementary Cardholders. When the context requires, the term shall also mean the numbers indicated on the Card.

(V)

“Cardholder” means an individual to whom a Card bearing the individual’s name is issued by the Bank and includes the Primary Cardholder and when the context requires, any Supplementary Cardholder.

(VI)

“Card Transaction” means the purchase of goods, services, benefits and/or reservations (including without limitation any reservation for air, ship, rail, motor or other transportation, or hotel or lodging or accommodation, whether or not utilized by the Cardholder) and/or the receipt of Cash Advances by the use of the Card, or PIN or by any other manner, including, without limitation, by mail, telephone or facsimile orders, regardless of whether a sales slip or receipt or other voucher or form is signed by the Cardholder.

(VII)

“Cash Advance” means any amount obtained from the Bank or any other financial institution for debit from the Card Account, by use of the Card or the PIN or by any manner authorized by the Cardholder.

(VIII)

“Charges” means the amounts payable by the Cardholder under these Terms and Conditions. The term includes without limitation, any amount from the use of the Card or PIN for all Card Transactions, interests, fees, finance charges, additional expenses, damages, legal costs and disbursements, and other non-refundable fees and applicable charges.

(IX)

 “Credit Limit” means the maximum debit balance permitted by the Bank for the Card Account for the Primary Cardholder and any Supplementary Cardholder. The Bank reserves the right to increase or decrease the Credit Limit upon verbal or written notice to the Cardholder.

(X)

 “Current Balance” means all amounts outstanding on a Card Account, including all amounts incurred by the use of the Cards (including Supplementary Cards) but not yet charged to the Statement of Account.

(XI)

“Deposit” means the cash deposit maintained with the Bank as security for the performance of the Cardholder’s obligation under these Terms and Conditions.

(XII)

”EZ Pay Installment Plan” shall have the meaning assigned to that term in Clause 6.

(XIII)

 “EZ Pay Installment” means the number of months within which the goods/services purchased must be paid in full, as chosen by the Cardholder on the purchase date.

(XIV)

 “Guarantee” means a guarantee issued by a financial institution acceptable to the Bank, in favor of the bank and in form, substance and amount satisfactory to the Bank, as security for the performance of the Cardholder’s obligations under these Terms and Conditions.

(XV)

 “Merchant” means any natural or juridical person or other establishments supplying goods and/or services who accepts the Card as a mode of payment or reservation by the Cardholder.

(XVI)

 “Minimum Amount Due” is computed by adding up the following or PhP200, whichever is higher:

(a) 5% of the total outstanding balance excluding any amount in excess of the Credit Limit and EZ Pay Installment due,

(b) Any amount in excess of your Credit Limit,

(c) Monthly EZ Pay Installment Due, and

(d) All past due amounts, if any.

(XVII)

 “Overpayment” means payment by the Cardholder is excess of the Current Balance.

(XVIII)

 “Payment Due Date” means the date specified in the Statement of Amount by which date, payment of the Statement Balance or any part thereof or the Minimum Amount Due is to be paid to the Bank.

(XIX)

 “PIN” means the personal identification number issued to the Cardholder to enable the Cardholder to use the Card through an ATM or by any manner authorized by the Cardholder.

(XX)

 “Primary Card” means the Card issued to a Primary Cardholder.

(XXI)

 “Primary Cardholder” means a Cardholder for whom the Card Account was first opened by the Bank other than a Supplementary Cardholder.

(XXII)

 “Security” means the Deposit and/or the Guarantee and/or the cheque submitted in accordance with Clause 5 (XVI).

(XXIII)

 “Statement Balance” means the total debit balance (inclusive of all Charges) outstanding on the Card Account payable to the Bank according to the Bank’s records as of the date of the Statement of Account.

(XXIV)

 “Statement of Account” means the Bank’s monthly or other periodic statement sent to the Cardholder showing details of the Statement Balance.

(XXV)

 “Supplementary Card” means the Card issued to a Supplementary Cardholder.

(XXVI)

 “Supplementary Cardholder” means a person nominated by the Primary Cardholder and approved by the Bank for a supplementary card.

(XXVII)

Unless the context requires otherwise:

(a) Words denoting one gender shall include the other gender;

(b) Words denoting the singular shall include the plural and vise versa;

(c) Words importing persons shall include a sole proprietor, individual partnership firm, company, corporation or any other natural or legal person whatsoever.

2.

The Card

(I)

The Card is and at all times will be the property of the Bank and must be surrendered to the Bank immediately upon request of the Bank or its duly authorized agent.

(II)

 (a) The Card may either be (i) collected from the Bank by the Cardholder or an authorized representative designated by the Cardholder, or (ii) sent by post or courier to the address notified by the Cardholder to the Bank. Any loss in connection with delivery under (ii) above shall be for the account of the Cardholder.

(b) Upon receipt of the Card, the Cardholder shall sign the Card immediately and such signature and/or use of the Card will constitute conclusive evidence of the agreement of the Cardholder to be bound by these Terms and Conditions (notwithstanding any lack of notice on the part of the Bank of the Cardholder’s receipt of the Card).

In the event the Cardholder does not wish to be bound by these Terms and Conditions, the Cardholder shall cut the Card in half and return both halves to the Bank. Clause 10 hereof shall henceforth be operative.

The Card is not transferable and shall be used exclusively by the Cardholder. The Cardholder shall not allow the Card or the PIN to be used by any other person. The Cardholder shall not use or allow any person to use the Card as security or collateral for any purpose.

The Cardholder shall at all times ensure that the Card is kept in a safe place.

3.

Use of the Card

(I)

The Card may be used for Card Transactions:

(a) Within the Credit Limit, and

(b) Until the expiry date embossed on its face.

(II)

If the Cardholder loses or damages his Card or requires renewal, replacement or additional Cards, the Bank may at its discretion issue such Cards as the Cardholder may request.

(III)

The Cardholder undertakes to act in good faith at all times in relation to all dealings with the Bank.

(IV)

Notwithstanding any provisions to the contrary in these Terms and Conditions, the Bank shall be entitled to, at any time, without notice, for any cause (without obligation to disclose the reason therefor) and without liability towards the Cardholder, withdraw and restrict the Cardholder’s right to use the Card or refuse to authorize any Card Transaction.

(V)

The Cardholder shall and undertakes not to exceed the Credit Limit unless prior approval is obtained by the Cardholder from the Bank. Any Card Transaction that will result in the breach of the Credit Limit shall be paid in full. Furthermore, the Cardholder shall pay an overlimit charge of PhP500 for each Card Transaction in breach of the Credit Limit.

4.

Cash Advance

(I)

Subject to the Cash Advance limit that the Bank may impose from time to time and the discretion of the Bank, the Cardholder my obtain Cash Advance by the following means:

(a) Presenting the Card at any office of the Bank or any member institution of VISA International and MasterCard International together with acceptable evidence of his identity and signing the necessary transaction record. This is subject to the availability of such facility in such bank or member institution; and

(b) Use of the Card on any ATM, subject to the applicable daily withdrawal limit of the relevant ATM.

(II)

The Cardholder shall use his PIN when effecting a transaction through an ATM. The Cardholder shall not disclose the PIN to any other person.

(III)

The Bank’s record of any transaction effected in conjunction with a PIN shall be binding on the Cardholder as to its consequence.

(IV)

Finance charges shall be due on each Cash Advance from the date of the advance until its repayment in full. In addition, a fixed transaction fee equal to 3% of the Cash Advance or PhP300 (whichever is higher) will be levied on each Cash Advance and charged to the Card Account. The rate of the finance charge and the amount of the transaction fee shall be determined and may from time to time be changed, by the Bank.

(V)

The use of the Card in any gambling establishment shall be deemed by the Bank as a Cash Advance.

5.

Payment

(I)

The Cardholder agrees to pay to the Bank an annual fee at such amounts as may be prescribed by the Bank.

(II)

The Cardholder agrees to pay all Charges, including Charges on the Supplementary Card.

(III)

The Cardholder shall pay the Statement Balance not later than the Payment Due Date. If the Cardholder elects not to pay the entire Statement Balance, the Cardholder shall pay finance charges under Clause 5 (VI) and/or Clause (IV).

(IV)

The Cardholder shall pay the Minimum Amount Due not later than the Payment Due Date.

(V)

If the Cardholder fails to pay the Minimum Amount Due by the Payment Due Date, the cardholder shall pay a late payment charge at the rate of 7.5% of the Minimum Amount Due or PhP600, whichever is higher. Such unpaid amount (including any charges thereon) will be added to the next Statement of account’s Minimum Amount Due.

If the Minimum Amount Due is still not fully paid within 60 days after the Payment Due Date (when the Cardholder initially fails to pay the Minimum Amount Due), then;

(a) All Charges shall become due and demandable; and

(b) The Cardholder shall pay interest on the entire unpaid amount at the rate of 7.5%.

When allowed by law, if the Card Account is 90 days past due, the Cardholder shall pay additional late payment fee of PhP100, and PhP100 every 30 day period thereafter until payment is received in full.

(VI)

If the Cardholder pays to the Bank an amount that is less than the Statement Balance by the Payment Due Date or payment is made but after the Payment Due Date, a finance charge calculated on an average daily basis will be applied to the Statement Balance until payments are credited to the Card Account and thereafter on the reduced balance. This shall be equal to the aggregate of any unpaid outstanding charges which have been billed to the Card Account whether or not these have been reflected in the Statement of Account, less any credits on the Card. Effective May 15, 2004, the interest shall be 3.5% per month. However, the Bank may vary the interest rate for certain customer segments as it sees fit. The daily outstanding balance is multiplied by the applicable interest rate to arrive at the daily finance charge. At the end of the billing cycle, the daily finance charges are added up. This amount is reflected on Statement of Account as part of the charges.

(VII)

All payments received by the Bank from the Cardholder may be applied in the following order of payment or such other order of priority as the Bank may determine:

(a) Fees billed to the Card and shown on the previous Statement of Account, but not paid;

(b) Card Transactions billed to the Card and shown on the Statement of Account;

(c) Card Transactions billed to the Card but not shown on the Statement of Account.

(VIII)

The Bank shall be entitled at its sole discretion to vary the rate or method of calculation of the annual fees, handling charges, additional charges, finance charges, the Minimum Amount Due, late payment charges or any other charged. All payments made by the Cardholder shall be in the billing currency of the Card Account. Payment in any other currency shall not be allowed.

(IX)

Card Transaction in foreign currency are converted to Philippine Pesos based on Visa/MasterCard International rates on the day the item is posted on the Card Account and is subject to standard currency conversion processing fees.

(X)

The Cardholder shall pay a handling charge of PhP400 for the replacement of Card. This will be billed to the Card Account as soon as the request for replacement is received by the Bank.

(XI)

If in the course of a disputed Card Transaction, the Cardholder requests for the retrieval of sales slip, a sales slip retrieval fee of PhP200 will be charged for each sales slip that will be retrieved by the Bank in the event that the disputed Card Transaction is determined to be valid.

(XII)

The Cardholder shall also pay such additional charges as may be prescribed by the Bank from time to time for such additional services that the Cardholder may request and that the Bank may provide, including retrieving and providing copies of sales voucher and Cash Advance slips.

(XIII)

Without prejudice to the Bank’s right at any time to take the appropriate legal action, the bank may charge fees for any returned unpaid cheques drawn by the Cardholder in full or partial payment of any amount due under these Terms and Conditions.

(XIV)

The Cardholder hereby expressly agrees that it shall perform all its obligations in favor of the Bank whether arising from these Terms and Conditions or any other agreement, arrangement or facility extended by the Bank in favor of the Cardholder. In the event that the Cardholder fails to perform or shall commit a breach of, any such obligation, then the Bank may declare the whole outstanding balance on the Cardholder’s Card Account to be immediately due and payable and the provisions of Clause 10 hereof shall be applicable.

(XV)

Any payment by cheque deposit shall be applicable for collection and shall not have the effect of payment until the cheque has been cleared and the proceeds paid to and received by the Bank. Any cash payments may only be regarded as having been received by the Bank upon its credit to the Card Account.

(XVI)

The Bank may at any time demand that the Cardholder make a Deposit or constitute a Guarantee, and/or issue an undated cheque in favor of the Bank for the amount which the Bank may require. The Cardholder, in such an event, will be deemed to have authorized the Bank to inset the date on the said cheque and to present it for payment on the inserted date against any amount due to the bank.

(XVII)

Non-receipt of a Statement of Account shall not be construed by the Cardholder to be sufficient reason for non-payment of dues in time.

(XVIII)

In case of refunds, the Bank will credit the Cardholder’s Card Account with the amount of any refund only upon receipt of a properly issued credit voucher from a Merchant.

(XIX)

In the event the Cardholder avails of any insurance package that the bank may offer, the insurance premiums will be automatically billed annually to the Cardholder’s Card Account every renewal period.

6.

EZ Pay Installment Plan

(I)

The Bank at its discretion may allow the purchase of selected goods and services from accredited Merchants in the Philippines charged to the Card (together with interest and other fees paid for by the Cardholder) on installment basis (the “EZ Pay Installment Plan” or “EZ Pay”).

(II)

Title to the goods purchased through EZ Pay, including any and all replacements and accessories thereto shall remain with the Bank until all Charges incurred in connection with such EZ Pay purchase shall have been paid in full, and the Cardholder shall exercise proper diligence in the use and maintenance of such goods. Further, until such payment, the Cardholder shall not alter, return, pledge, mortgage, sell, assign, pawn, lease or part with the possession of the goods without the prior written consent of the Bank.

7.

EZ Pay Installment Payment

(I)

Installment amounts due monthly from the EZ Pay Installment Plan shall form part of the Minimum Amount Due.

(II)

The EZ Pay installment due each month shall be equal to the total installment price divided by the EZ Pay Term.

For purposes of this, Clause 7 (II), “total installment price” means the selling price of the goods or services purchased through EZ Pay, multiplied by the EZ Pay interest rate and by the EZ Pay Term.

The EZ Pay Interest rate is determined and subject to change from time to time by the Bank. Successive periodic EZ Pay installment as indicated in the sales slip shall be billed to the Cardholder and shall commence on the date Cardholder’s Statement of Account and every month thereafter until total EZ Pay installment price is billed in full.

(III)

The unpaid balance of the purchase price (and not merely the monthly installments) of the goods and services purchased through EZ Pay shall be included in the computation of the available Credit Limit.

8.

Supplementary Card

(I)

The Bank may in its absolute discretion issue a Supplementary Card to a person nominated by the Cardholder and approved by the Bank. The Supplementary Card shall be subject to such Terms and Conditions which the Bank may deem necessary.

(II)

The Cardholder shall cause the Supplementary Cardholder to abide by the rules set by the Bank for the use of the Supplementary Card.

(III)

The Credit Limit assigned to the Primary Cardholder is inclusive of the Credit Limit of the Supplementary Cardholder. The Primary Cardholder and the Supplementary Cardholder shall not permit the total Charges incurred through their respective Cards to exceed the Credit Limit.

(IV)

The validity of the Supplementary Card is dependent on the validity of the Primary Card. The termination of the Supplementary Card for whatever reason shall not terminate the Primary card or the Primary Cardholder’s obligations to the Bank under these Terms and Conditions.

(V)

The undertakings, liabilities and the obligations of the Primary Cardholder to the Bank and the Bank’s rights herein shall not be affected in any way by any dispute or counterclaim the Primary Cardholder and the Supplementary Cardholder may have against each other.

(VI)

The Primary Cardholder shall be indemnify the Bank against any loss, damage, liability, costs and expenses whether legal or otherwise incurred by the Bank by reason of any legal disability or incapacity of the Supplementary Cardholder or any breach of these Terms and Conditions by the Supplementary Cardholder.

9.

Lost of Card and PIN

(I)

The Bank may issue a PIN for the Cardholder for use at any ATM and the Cardholder agrees that the PIN may be sent by post or courier to the Cardholder at the risk.

(II)

The Cardholder shall be fully liable for all Card Transactions made with the PIN whether such Card Transactions are effected with or without the knowledge of the Cardholder.

(III)

The Cardholder shall use all reasonable precautions to prevent the loss or theft of the card and shall not disclose the PIN to any person.

(IV)

In the event that the Card is lost or stolen or the PIN is disclosed to any other person, the Cardholder shall notify the Bank of the loss, theft or disclosure together with the particulars thereof. The Cardholder shall also notify the Police of the country or jurisdiction where such loss or theft or disclosure occurred. Any transactions incurred prior to the report of the loss shall be for the Cardholder’s Account.

(V)

The Cardholder shall be and remain fully liable to make payment to the Bank for any debit to the Card Account arising from any Card Transactions, Cash Advances or ATM transactions effected through the use of the Card by any person whether with or without the knowledge or authority of the Cardholder.

(VI)

The Bank may at its absolute discretion issue a replacement for any lost or stolen Card or a new PIN on these Terms and Conditions or such other terms and conditions that the Bank may deem fit.

(VII)

In the event that the lost or stolen Card is recovered by the Cardholder, he shall immediately cut it in half and return it to the Bank without using it. The Cardholder shall not use the PIN after the Cardholder has reported its disclosure to another person.

10.

Termination

(I)

The Bank may at any time terminate these Terms and Condition, recall any Card and terminate its use without prior notice to the Cardholder. Upon such recall, the Cardholder shall immediately cut the Card in half, return it to the Bank and make full payment of all Charges and liabilities to the Bank.

(II)

Notwithstanding the provisions of Clause 5 hereof, the Current Balance shall be due and payable immediately upon demand by the Bank.

(III)

The Cardholder may at any time notify the Bank of his intention to close the Card Account and terminate the use of all Cards. The Card Account shall be closed only after full payment of all charges and liabilities under the Card Account.

(IV)

The termination of the Supplementary Card shall not affect the liability of the Cardholder, who shall continue to be liable to the Bank for all Charges and other liabilities for the use of the Supplementary Card prior to its termination.

(V)

The use of the Card shall be terminated by the Bank without notice upon the death, bankruptcy or insolvency of the Cardholder or when the whereabouts of the Cardholder becomes unknown to the Bank due to any cause not attributable to the Bank.

(VI)

The Cardholder and/or his estate will be responsible for setting off outstanding balances on the Card Account and shall keep the Bank indemnified for all costs, (including legal fees and charges) and expenses incurred in recovering such outstanding balances.

(VII)

The Bank shall not be liable to refund the annual membership fee or any part thereof in the event of the termination of the Card Account.

(VIII)

The Bank reserves the right to retain any Security held by it for a period of at least 45 days following the cancellation or return of the Card to the Bank whether the cancellation is initiated by the Cardholder or the Bank or following the termination of these Terms and Conditions.

11.

Exclusion from Liability

The Bank shall be under no liability to the Cardholder in respect to any loss or damage arising directly or indirectly from:

(I)

Any loss or damage howsoever incurred or suffered by the Cardholder by reason of the Bank or a Merchant or other financial institution or any ATM or other party refusing to allow a Card Transaction or refusing to accept the Card or the PIN or refusing to provide Cash Advance up to the Credit Limit or at all;

(II)

Refusal of any Merchant or member institution of Visa International and MasterCard International to honor or accept the Card;

(III)

Any defect or deficiency in the goods or services supplied to the Cardholder by any Merchant or where applicable, for any breach or non-performance by a Merchant of a Card Transaction;

(IV)

The Malfunction of any ATM or disruption of communication systems;

(V)

The exercise by the Bank of its right to demand and procure the surrender of the Card prior to its expiry date, whether such demand and surrender are made and/or procured by the Bank or by any other person or ATM;

(VI)

The exercise by the Bank of its right to terminate any Card or the Card Account pursuant to Clause 10;

(VII)

Any injury to the credit character and reputation of the Cardholder arising from the repossession of the Card, any request for the return of the Card, or the refusal of any person to honor or accept the Card;

(VIII)

Any misstatement, misrepresentation, error or omission in any details disclosed by the Bank pursuant to Clause 12;

(IX)

Any dispute between the Cardholder and any Merchant or financial institutions or any other person. The Cardholder’s liability to the Bank shall not in any way be affected by such dispute or any counterclaim or right of set-off which the Cardholder may have against such Merchant or financial institution or person;

(X)

Any loss or damage that may be incurred or suffered by the Cardholder due to the acts or omissions of service providers engaged by the Bank.

12.

Disclosure of Information

(I)

The Cardholder irrevocably authorizes and permits the Bank to disclose and furnish such information that it deems fit concerning the Cardholder and his affairs including but not limited to these Terms and Conditions to the Bank’s associates, branches, assignees, regulators, agents, affiliates, insurers or other parties.

(II)

The Bank shall have the right to check the credit standing of the Cardholder at any time the Bank deems fit without notice or the consent of the Cardholder.

(III)

The Bank will safeguard according to strict standards of security and confidentiality, any information that our Cardholder will share with us. The Bank will always maintain control over the confidentiality of our customer information. The Bank may however; share appropriate information about the Cardholder to reputable companies whose products and services may interest the Cardholder, unless the Cardholder indicated his preference to be excluded from such disclosure in the manner reasonably prescribed by the Bank from time to time.

(IV)

The Cardholder agrees that any and all telephone communications between the Cardholder and the Bank or Bank’s service provider may be recorded at the option of the Bank or such service provider. The Cardholder further acknowledges and agrees that such recordings may thereinafter be used by the Bank or any third party for any lawful purpose, including use of the same as evidence in any judicial, administrative or other proceeding.

13.

Indemnity

The Cardholder undertakes and agrees to indemnify the Bank against any loss, damage, liability, costs and expenses whether legal or otherwise which the Bank may incur by reason of these Terms and Conditions or any breach hereof or the enforcement of the Bank’s rights as herein provided. All costs and expenses in such regard may be debited from the Card Account and shall be payable by the Cardholder to the Bank.

14.

Right to Set-off

(I)

In addition to any general right to set-off or other rights conferred by law to the Bank, the Cardholder agrees that the Bank may in its absolute discretion at any time and without notice, combine and consolidate all or any accounts held either individually or jointly, of the Cardholder with the Bank of whatever description and wherever located and whether in the Philippine Pesos or in any other currency, and/or set-off or transfer any sum outstanding to the credit of any such accounts including a joint account with a Supplementary Cardholder in or towards discharge of all sums due to the Bank under any accounts of the Cardholder with the Bank of whatever description or wherever located and whether in Philippine Pesos or any other currency, and the Cardholder hereby authorizes the Bank to set-off any such consolidation, combination, set-off or transfer. Where the accounts are in another currency, the Bank shall be authorized to use such prevailing exchange rates as it may determine in its absolute discretion.

(II)

For any reason that the Bank deems fit, the Bank shall have the right to keep (for such period as it may deem prudent) such monies, received, recovered or realized hereunder or under any Security to the credit of the Cardholder without any immediate obligation on the part of the Bank to apply the same or any thereof in or towards the discharge of the sums due and owing to the Bank.

15.

Delinquency

In the event that the Cardholder fails to pay the Minimum Amount Due on the Payment Due Date, then (without prejudice and in addition to, the other provisions of these Terms and Conditions):

(I)

The Card Account will be considered “delinquent”;

(II)

The Bank shall be authorized to report and/or include the Cardholder’s name to the negative listings of any credit bureau or institution;

(III)

The right to use the Card shall be revoked and the Cardholder shall be liable to pay late payment penalty as applicable.

16.

Attorney’s Fees, Governing Law and Venue

The Cardholder shall indemnify the Bank against all fees and expenses, including but not limited to collection agency fees, attorney’s fees, costs of suit and litigation, incurred by the Bank in connection with the enforcement of its rights under these Terms and Conditions.

17.

Notices

(I)

The Cardholder shall promptly notify the Bank in writing of:

(a) Any changes in his employment or business,

(b) Any changes in his office or residential address, or

(c) Any intension of the Cardholder to be away from the Philippines for more than one month.

(II)

If the Cardholder intends to be away from the Philippines for more than one month, the Cardholder shall settle the Card Account at least 7 days prior to departure.

(III)

If the Cardholder leaves the Philippines to take up residence elsewhere, both the Primary and the Supplementary Cards shall be returned to the Bank at least 14 days prior to the Cardholder’s departure and the use of the Card and Supplementary Cards shall be deemed to be terminated and Clause 10 shall apply.

(IV)

Instructions, requests and other correspondences and documents sent (or purportedly sent) by the Cardholder to the Bank through facsimile communications shall be considered valid and binding on the Cardholder and the Bank may act upon instructions conveyed through this method. The Bank shall be entitled to (but not bound) to take such steps in connection with or in reliance upon such communication as the Bank may in good faith consider appropriate. The Bank may use copies of facsimile transmission as evidence in ay court of law.

(V)

The Cardholder will automatically be enrolled in the services provided by the Bank. However, the Bank reserves the right to require enrollment in such services as it may deem fit. The Cardholder may also send requests and instructions through short messaging system (SMS or text), Interactive Voice Response System (IVRS), electronic mail or other electronic means using such procedures that the Bank may prescribe from time to time. The Cardholder shall hold the Bank free and harmless from any claim in connection with any such requests and instructions.

(VI)

The Cards, the PIN, all Statements of Account, any demands or any other communications contemplated under these Terms and Conditions may be delivered personally or sent by ordinary post to the last known billing or other address of the Cardholder and such communications shall be deemed to have been received by the Cardholder on the day of delivery if delivered by hand and on the next business day after posting, if sent by post or courier.

(VII)

All communication under these Terms and Conditions sent to the Primary Cardholder or the Supplementary Cardholder shall be deemed to be sent to both.

18.

Overpayment

(I)

The Cardholder may request the Bank in writing for a refund of any Overpayment as reflected in the Statement of Account, subject to a refund fee of PhP500.

(II)

If a Card Account is closed or cancelled and an Overpayment remains unclaimed for more than one month after the date of closure or cancellation, the Bank will charge a maintenance cost of PhP50 per month against the Card Account, provided that the aggregate amount of maintenance cost shall not be more than that the amount of Overpayment.

(III)

The amount of refund will be equivalent to Overpayment net of all related Charges.

19.

General Provisions

(I)

The Bank shall be entitled to appoint an agent to collect all sums due to the Bank from the Cardholder under these Terms and Conditions.

(II)

The Bank shall be entitled at any time without the conformity of the Cardholder to assign the whole or any part of its rights or obligations herein.

(III)

The Cardholder undertakes to sign such further document as may be requested by the Bank from time to time.

(IV)

The rights and remedies herein provided are cumulative and not exclusive of any rights or remedies provided by the law.

(V)

These Terms and Conditions are binding upon the Cardholder and he shall not assign his obligations herein to any person.

(VI)

Each of these Terms and Conditions shall be separable and distinct from one another and if at any time any one or more of such Terms and Conditions is or becomes invalid, illegal or unenforceable, the validity, legality or the enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

(VII)

The Bank may at any time waive, either unconditionally or otherwise, any of these Terms and Conditions or any default or breach of the Cardholder, provided that such waiver is given in writing by the Bank and save as aforesaid no condoning or excluding of and no neglect or forbearance on the part of the Bank of any default or breach of any of these Terms and Conditions shall operate as waiver of the Bank’s right and powers. Any waiver shall operate only as a waiver of the particular matter to which it relates and shall not operate as a waiver or release of any of these Terms and Conditions.

(VIII)

In connections with the special discounts/offers made by respective Merchants, the Bank does not hold out any warranty or make any representation on the availability, delivery, quality, design specifications or otherwise set out in respect of these offers.

20.

Variation of terms

(I)

The Bank may from time to time change these Terms and Conditions. Subject to the requirements of statute, notice of any change will be provided to the Cardholder through the Statements of Account, publication, or such other reasonable means as may be determined by the Bank. Such changes shall be effective on the date specified by the Bank and shall apply to all unpaid finance charges, fees, Cash Advances, costs and Card Transactions.

(II)

Retention or use of the Card after the effective date of any such change shall be deemed to constitute acceptance by the Cardholder of the changes without reservation. If the Cardholder does not accept the change, the Cardholder must terminate the use of the Card by giving prior written notice to the Bank and returning the Card, cut in half, to the Bank prior to the effective date of the change. Clause 10 shall henceforth be operative.

(III)

The Bank may from time to time undertake marketing and sales promotions for which separate terms and conditions or promotional mechanics shall be developed and which shall be in effect during the period specified by the Bank. It is understood that such terms and conditions are supplementary to these Terms and Conditions.

21.

Governing Law

These Terms and Conditions are governed by and shall be construed in accordance with the laws of the Republic of the Philippines. The Cardholder agrees that any legal actions, suit or proceeding shall be instituted at the competent court in Makati City, to the exclusion of all other venues, the Cardholder hereby waiving all such other venues.