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Your Rewards (1)
OCBC Wing Hang
Enjoy 6 or 12-month interest-free installment on any purchases of HK$1,000 or above
OCBC Wing Hang Credit Card Interest-Free Instalment Loan Program Terms and Conditions
1. “OCBC Wing Hang Credit Card Interest-Free Instalment Loan Program” (“Instalment Program”) is only applicable to cardholders (collectively “Cardholders”, each “Cardholder”) of OCBC Wing Hang Credit Card/Co-branded Card issued by OCBC Wing Hang Bank Limited (“Bank”).
2. The Cardholder can apply for the Instalment Program to purchase goods and/or services (“Products”) from any merchant as designated by the Bank from time to time (“Merchant”).
3. The Instalment Program is an interest-free loan transaction. Upon approval of an application for the Instalment Program, the Bank will lend to the Cardholder an interest-free loan (“Loan”) of an amount equivalent to the sum of the total purchase price of the Products payable by the Cardholder to the Merchant. The Cardholder irrevocably authorizes and directs the Bank to transfer and pay the full Loan amount to the Merchant in one lump-sum for settlement of the said purchase price of the Products upon approval of the application for the Instalment Program. The Cardholder shall repay the Bank the Loan in full by equal monthly instalments in accordance with these Terms and Conditions. Each monthly instalment of the Loan (“Monthly Instalment Amount”) shall be calculated by dividing the Loan by the number of months constituting the repayment period as applied by the Cardholder and approved by the Bank. The Bank reserves the right to adjust the Monthly Instalment Amount to a round number and the repayment date. The number of monthly instalments, the Monthly Instalment Amount and the repayment period once approved cannot be changed without the Bank’s prior written consent. In any event, the Bank shall not accept the Cardholder’s application for the early repayment of the Loan.
4. The Bank shall have the sole and absolute right to accept or reject an application for the Instalment Program without giving any reasons therefor. The Bank is not and shall not be liable or responsible in any way for any loss or liability which the Cardholder may suffer or incur in consequence or arising out of the Bank’s decision of acceptance or rejection.
5. The application for the Instalment Loan Program cannot be withdrawn or changed once it has been approved. In any event, the Cardholder is required to repay the Loan in full to the Bank.
6. The Cardholder agrees and irrevocably authorizes the Bank to debit the Monthly Instalment Amount from the Cardholder’s designated OCBC Wing Hang Credit Card Account (“Card Account”) each and every month starting from the month prescribed by the Bank until the whole loan amount is repaid in full.
7. Each Monthly Instalment Amount will be charged to the Card Account and will be shown on the monthly statement. All provisions of the OCBC Wing Hang Credit Card Cardholders Agreement (“Agreement”) relating to payment, finance charges and other charges and fees shall apply. Any Monthly Instalment Amount not paid in full on or before the due date as specified in the statement will be subject to finance charges (and where applicable, late charge) in accordance with the Agreement. If full repayment of the statement balance specified in the statement is made on or before the due date of each month, no interest or finance charges will be charged. If the statement balance specified on the statement is not paid in full on or before the due date as specified therein, finance charges at the prevailing interest rate applicable to the Card Account (and where applicable, late charge) will be charged on all outstanding balance on the Card Account in accordance with the Agreement.
8. Upon approval of an application of the Instalment Program, the available credit limit of the Card Account shall be reduced by the Loan amount and shall be progressively restored as each Monthly Instalment Amount is paid and debited from the Card Account.
9. The Cardholder agrees and acknowledges that the Bank is not the provider of the Products, and makes no representation or guarantee and gives no warranty in connection with the Products, including without limitation as to its provision, quality, fitness, performance or any other matter concerning the Products. The Bank shall not be responsible or liable to the Cardholder or any third party for any matters relating to the Products. Without limiting the generality of the aforesaid, the Bank shall not be liable for any inadequate, defective or damaged Products or any non-delivery of the Products (or any part thereof). The respective Merchant is solely responsible for all obligations and liabilities in relation to the Products. Any disputes or complaints arising from or in connection with the Products (or any part thereof) shall be resolved directly with the Merchant by the Cardholder.
10. Irrespective of whether the Cardholder has any claim against the Merchant (and/or any other third party) or whether any of the above mentioned disputes between the Cardholder and the Merchant (and/or any other third party) shall be resolved, or any closure or bankruptcy or winding up of the Merchant, the Cardholder undertakes to repay the Loan and all other sums and liabilities payable to the Bank pursuant to these Terms & Conditions and the Agreement in any event and agrees and irrevocably authorizes the Bank to continue to debit the Monthly Instalment Amounts from the Card Account until full repayment of the Loan.
11. Without prejudice to Clauses 9 and 10 hereof, the Bank shall not under any circumstances be liable to the Cardholder for any damages, loss or liability whatsoever or any consequential, incidental or special damages suffered or incurred by the Cardholder arising from or in connection with his/her use of the Products.
12. Where the Products acquired from the Merchant will be delivered/provided in stages on various future dates, the Cardholder understands and agrees that the full Loan amount will be transferred and paid to the Merchant pursuant to Clause 3 above. The Cardholder declares that he/she fully understands and accepts the risk of potential deferred or non-delivery and/or non-performance of the Products, including but not limited to the closure or bankruptcy or winding-up of the Merchant.
13. As the Instalment Program is an interest-free loan transaction and not a normal credit card transaction, the “Chargeback” right or any other similar protection under normal credit card transactions it not available and does not apply to the Instalment Program and/or the Loan. The Cardholder shall not claim for any compensation, loss or damages from the Bank.
14. Notwithstanding anything to the contrary contained in these Terms and Conditions, the Agreement or any other document, the Bank reserves the right to immediately terminate the Instalment Program at any time at its sole discretion without prior notice and demand immediate repayment of all sums payable under the Instalment Program (namely, the Loan or outstanding balance thereof, all accrued finance charges, handling fee of HK$150, and all other sums payable by the Cardholder under the Instalment Program, these Terms and Conditions and the Agreement), whereupon all such sums payable under the Instalment Program shall become due and payable immediately and be debited from the Card Account. Without prejudice to the generality of the foregoing and any other rights and remedies of the Bank and in addition thereto, the Bank shall be entitled to make such demand and effect such debit from the Card Account if any one of the following events occurs:
(i) there is any breach on the part of the Cardholder of any of these Terms and Conditions and/or the Agreement;
(ii) there is no available or insufficient credit limit in the Card Account to pay for a Monthly Instalment Amount when due;
(iii) there is any default in payment of any amounts due under the Instalment Program;
(iv) if the Card Account is cancelled by the Cardholder or suspended, cancelled or terminated by the Bank for any reason whatsoever;
(v) the Instalment Program shall be terminated or cancelled for any reason.
15. The Loan amount is eligible for the “Cash Rebate Reward Scheme”.
16. The Cardholder agrees and authorizes the Bank to release, use or exchange any information about the Cardholder to the Merchant for the purpose of verifying his/her personal information in relation to the Instalment Program. The Cardholder can request or amend his/her personal information at a reasonable handling fee as required by the Bank.
17. The Cardholder agrees to be bound by these Terms & Conditions (as may be amended by the Bank from time to time). The Bank reserves the right to terminate, cancel or suspend at any time the Instalment Program and/or to amend or revise these Terms & Conditions without prior notice.
18. The Bank has absolute discretion to determine any matter in connection with the Instalment Program. In case of any disputes, the Bank’s decision shall be final and conclusive and binding on the Cardholder.
19. These Terms and Conditions shall be in addition to and in conjunction with the terms and conditions of the Agreement. In case of any conflict or discrepancy between these Terms and Conditions and the Agreement, these Terms and Conditions shall prevail in relation to the Instalment Program to the extent of the conflict or discrepancy.
20. The Chinese version of these Terms and Conditions is for reference only. In case of any conflict or inconsistency between the Chinese and the English versions of these Terms and Conditions, the English version shall prevail.
21. The Instalment Program and these Terms and Conditions are governed by and construed in accordance with the laws of Hong Kong Special Administrative Region.