CREDIT CARD MOST IMPORTANT TERMS & CONDITIONS

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1 CREDIT CARD MOST IMPORTANT TERMS & CONDITIONS

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3 MOST IMPORTANT TERMS & CONDITIONS a)fees and Charges Description of Charges ING Solaris Credit Card Joining Fee `500 `1,500 Annual Fee Add-on Card Fee Renewal Fee Interest Free Credit Period Minimum Amount Due (MAD) Finance & Overdue Charges on Revolving Credit & Cash Advances Cash Advance Charges Late Payment Charges Over-limit Charges Payment return Charges Fuel Surcharge Nil Nil Nil Up to 50 days ING Galaxia Credit Card 5% of total amount due (TAD)or such other amount as may be determined by ING Vysya Bank at its sole discretion. EMI amounts are added in full to MAD. Minimum ` % Monthly 35.40% Annually 2.50% of amount withdrawn or `300 whichever is higher ` % of over-limit amount subject to a minimum of ` % of Payment amount subject to minimum of ` % or `10 whichever is higher as levied by the acquiring bank. Waived for customers with a minimum transaction value of `400 and up to a maximum cumulative transaction value of `2500 in a billing cycle 1

4 Description of Charges Railway Surcharge Card Replacement Fee Transaction Dispute Processing Fee Foreign Currency Transaction Fee Service Tax, Education Cess & Other statutory levies Duplicate Statement (Beyond 3 Months) Pin Replacement Fee MasterCard Global Services EMI ING Solaris Credit Card ING Galaxia Credit Card 1.80% of transaction value for Internet transactions and 2.50% for other bookings. Cost of railway tickets will be recovered along with charges and taxes levied if any by the acquiring bank on actuals. `200 As per applicable MasterCard charges if the transaction dispute is not in cardholders favour. 3.50% markup over and above the currency conversion rate As applicable from time to time Applicable on all Fees, Interest and other Charges `100 `100 As per applicable MasterCard rates to be intimated to the cardholder when any service is requested for. Processing Fee: 1.50% Interest Charges per month: 1.50% Foreclosure Fee: 1.5% Tenures options: 3, 6, 9, 12 months Minimum transaction amount to convert for EMI: `5,000 2

5 I. Annual, Joining & Add-on fees: The annual, joining or add-on fees may vary for each Card Holder, and from offer to offer. The same is communicated to the Card Holder at the time of applying for the Credit Card. The above fees as applicable are billed to the Card account and are stated in the Card statement of the month in which it is charged. II. Cash Advance Fees The Card Holder can use the Card to access cash in an emergency from ATMs in India or abroad. A transaction fee of 2.5% (Minimum `300) would be levied on the amount withdrawn and would be billed to the Card Holder in the next statement. The transaction fee is subject to change at the discretion of ING Vysya Bank. All cash advances also carry a finance charge equal to charges on revolving credit (please refer schedule of charges) from the date of withdrawal until the date of full payment. The finance charge is subject to change at the discretion of ING Vysya Bank. Use of other Bank s ATMs may attract extra charges levied by them and to be paid by the Cardholder. III. Charges Charges and fees, as may be applicable from time to time, are payable by Card Holder for specific services provided by ING Vysya Bank to the Card Holder or for defaults committed by the Card Holder with reference to his Card account. ING Vysya Bank retains the right to alter any charges or fees from time to time or to introduce any new charges or fees, as it may deem appropriate, with due intimation to customer. Please check our website to know of the latest schedule of charges. Over-Limit Fee: Bank may approve certain transactions attempted by the Card Holder which can breach the 3

6 credit limit, as a service gesture. Please note that if the outstanding amount exceeds the credit limit, an overlimit fee of 2.50% of the over-limit amount (subject to a minimum of `700) will be levied. Over-limit status may also happen because of fees or interest charges levied to the card account. Charges for transaction in foreign currency: If a transaction is made in a currency other than Indian Rupees, that transaction will be converted into Indian Rupees. The conversion will take place on the date the transaction is settled with ING Vysya Bank, which may not be the same date on which the transaction was made. If the transaction is not in US Dollars, the conversion will be made through US Dollars, by converting the charged amount into US Dollars and then by converting the US Dollar amount into Indian Rupees. Unless a specific rate is required by applicable law, the conversion rate from US Dollar to Indian Rupees will be at the rates provided by VISA, MasterCard or AMEX, as the case may be, on the settlement date, increased by fees as applicable for a Foreign Currency Transaction. IV. Interest Free Period The interest free credit period could range from 20 to 50 days subject to the scheme applicable on the specific credit Card (please refer to the Schedule of Charges) and the submission of claims by the merchant. However, this is not applicable if the previous month s balance has not been cleared in full or if the Card Holder has availed of cash from ATM. Also this may vary as the payment due dates will be fixed for customer convenience and hence depending on the number of days in a particular month the interest free credit period could vary. Illustrative Example for calculation of Interest Free Period: Suppose the ING Vysya Bank Credit Card has an interest-free Credit Period of up to 50 days. This 4

7 means that a customer who has a billing date of 15th April can spend on his Card from 16th March to 15th April, his bill will be generated on 15th April end of day for all settled transactions and his Payment Due Date will be 4th May. Hence a purchase made on 15th April will have a credit period of 20 days, while a purchase made on 16th March will have a credit period of 50 days. This period will be free of interest only if all previous dues are paid in full and there is no unpaid balance carried over from previous months Limits. V. Finance Charges Finance charges are payable at the monthly percentage rate on all transactions from the date of transaction in the event of the Card Holder chooses not to pay his balance in full, and on all cash advances taken by the Card Holder, till they are paid back. Finance charges, if payable, are subject to levy of Service Taxes and are debited to the Card Holder s account till the outstanding on the Card is paid in full. - Finance charges on cash advances are applicable from the date of transaction until the payment is made in full. - When the customer carries forward any outstanding amount or avails of Cash Advance, a finance charge calculated by average Daily Balance Method, will apply to balances carried forward and to fresh billings. - If a Cardholder avails of the revolving credit facility of the ING Vysya Bank Credit Card and hence chooses to pay an amount less than the total amount due reflected in the monthly billing statement, the entire outstanding amount would attract finance charges and all new transactions 5

8 will also attract finance charges till such time as the previous outstanding amounts are repaid in full. - Late Payment charges will be applicable if Minimum Amount Due is not paid by the payment due date, Clear funds need to be credited to ING Vysya Bank Card account on or before the payment due date, to avoid Late Payment Charges. - Over limit charges are applicable on total outstanding exceeding the Credit Limit at the rate of 2.50% of the over limit amount subject to minimum of `700. The following illustration will indicate the method of calculating interest charges: In the table given below, it has been assumed that the Total Amount Due of the previous month statement has been paid by the payment due date and there is no outstanding amount. The statement date is 15th of every month and grace days for payment being 18 days. Given these assumptions, interest will be calculated as below: Transaction Purchase April 10, 2009 ` 4,000 Total Amount Due April 15, 2009 ` 4,000 Minimum Amount Due April 15, 2009 ` 100 Payment due date May 03, 2009 Purchase May 07, 2009 ` 800 Payment May 10, 2009 ` 3,500 On statement dated May 15, 2009, following interest charges will be levied: Calculation logic: (Amount * Interest Rate Per Annum) 6

9 * (Number of Days Credit utilized / Total Number of days in the year) Interest 35.40% per annum for Galaxia Card a) Interest on `4000 for 30 days (from April 10 to May 09) = ` b) Interest on `500 for 6 days (from May 10 to May 15) = ` 2.91 c) Interest on `800 for 9 days (from May 07 to May 15) = ` 6.98 Total interest charged in the statement dated 15th May = ` NOTE: If you spend `1000 and you pay back exactly the minimum amount due every month, then it may result in repayment stretching over 6 years with consequent interest payment on the outstanding amount. Therefore, you should, whenever your cash flow allows pay back substantially more than your minimum due. This will also help open up your spending limit & improve your credit rating. b) Drawal Limits ING Vysya Bank at its sole discretion will determine the Card Holder s credit limit and cash withdrawal limit. (Add-on Card Holders share the same limit). These limits are communicated to the Card Holder at the time of Card delivery and in the monthly statements. The available credit limit at the time of the statement generation is provided as a part of the monthly statement. ING Vysya Bank will review the Card Holder account periodically, and it can increase or decrease the Card Holder credit limit based on its internal criteria. Card Holder seeking to have their credit limit increased 7

10 can do so by writing to the Bank and providing financial documents declaring their income. The Bank, at its sole discretion and based on such new documents provided, may increase the Credit Limit of the Card Holder. c) Billing I. Periodicity ING Vysya Bank will send the Card Holder a monthly statement showing the payments credited and the transactions debited to the Card Holder s Account since the last statement. The billing & payment dates will be on a fixed date every month and the exact date applicable will be communicated to the customer through the welcome letter. II. Mode of Sending The Bank will mail a statement of transactions in the Card account every month on a predetermined date, to the mailing address on record with the bank or to the registered id for sending e-statements. No statement will be issued if the balance outstanding is NIL and there has been no transaction conducted on the Card. III. Minimum amount payable ING Vysya Bank Credit Cards offer the Card Holder the facility of revolving credit. The Card Holder may choose to pay only the Minimum Amount Due printed on the statement. The balance outstanding can be carried forward to subsequent statements. The Card Holder can also choose to pay the Total Amount Due or any part of the amount above or equal to the Minimum Amount Due. Clear funds need to be credited to ING Vysya Bank Card account on or before payment due date to avoid Late Payment Charges & interest charges. Card Holders are advised to drop local cheques atleast 3-5 8

11 working days in advance of the Payment due date to ensure payment reflects on the Card account within the Payment due date. Any unpaid Minimum Amount Due of the previous statements & EMI s will be added to the Card Holder s current Minimum Amount due in addition to the outstanding exceeding the Card Holder s Credit Limit. Payments made towards the Card outstanding reversals or credit entries are acknowledged in subsequent statements. Payments received against the Card Holder s Card outstanding, will be adjusted against all taxes, interest & other charges, fees, EMI, cash advances and purchases & PLCC in that order. IV. Method of Payment Payments towards the Card account may be made in any of the following ways: By dropping the payment instrument (Cheque or draft) into any of the ING Vysya Bank Credit Card drop boxes placed in the ING Vysya Bank branches. The Cheque/Draft should be made payable to ING Vysya Bank Card Number xxxx xxxx xxxx xxxx. Please ensure that your write your mobile number & CIF on the back of the cheque. Also kindly note that we accept only local & at par cheques. In case the Card Holder has an ING Vysya Bank account, he can opt for a auto debit Instruction facility, where funds can be automatically transferred from the Card Holder s ING Vysya Bank account to the Card Holder s Card account on due date. The Card Holder s can choose to pay the Total Amount Due or the Minimum Amount Due as per their convenience. In case the Card Holder has a ING Vysya Bank account, he can make the Payment as per his convenience through Retail Internet Banking. 9

12 NEFT Payments can be made by entering IFSC: VYSA00CCARD & credit card number towards which the payment is being made. The following will be the time taken for crediting the payments received against the cardholders card account: Mode of Payment Time Taken (In Days) Cheque Payment 3 5 NEFT, Retail Internet 2 Banking, Auto Debit V. Billing Disputes resolution All the contents of the statement will be deemed to be correct and accepted if the Card Holder does not inform ING Vysya Bank of the discrepancies within 60 days of the Statement Date in writing. On receipt of such information, ING Vysya Bank may reverse the charge on temporary basis pending investigation. If on completion of subsequent investigations, the liability of such charges is to the Card Holder s account, the charge will be reinstated in a subsequent statement along with the applicable charges related to the process. VI. Contact Particulars: The Card Holder can contact ING Vysya Bank Credit Cards for making any enquiries through: (Toll Free) Rewards Helpline:

13 VII. Grievance redressal & escalation The following matrix allows the customer to raise complaints and escalate the complaint if the complaint is not addressed adequately. 1. First Level of escalation: Call us at: (Toll free) or Write to us at: Response: Within 7 Days from receipt of the complaint 2. Second Level of escalation: Write to us at ccu@ingvysyabank.com Log your request on our website at Response: Within 7 Days from receipt of the complaint 3. Third Level of escalation: Ms. Srividhya Shankar, Nodal Officer, ING Vysya Bank Ltd, ING Vysya House, 22 MG Road, Bangalore nodalofficer@ingvysyabank.com Contact No: Response: Within 7 Days from receipt of the complaint 4. Final Level of escalation: The details of the Banking Ombudsman Scheme as well as the contact details of the Ombudsman for your City or State is available on 11

14 ING Vysya Bank Credit Cards Internal Escalation Flow: Team Day Cross Sell Manager Credit Cards 1 Product Manager Credit Cards 2 Product Head Credit Cards 3 Business Head Credit Cards 4 Country Head Retail Assets 5 Day 0 being the date on which customer compliant is received by ING Vysya Bank. The time does not include time spent waiting for information from the customer VIII. Complete postal address ING Vysya Bank Limited, ING Vysya House, 22 M.G Road, Bangalore , Karnataka, India d) Default The total Outstanding on the Card account, together with the amount of any charges affected but not yet charged to the Card Account will become immediately due and payable in full to ING Vysya Bank on the occurrence of any of the following events which shall be deemed as an event of default:- - The cardholder fails to pay the amount due to the Bank within the stipulated period. - Cardholder becomes insolvent or there is any material adverse change in the financial condition of the cardholder which in bank s opinion affects the interest of the bank - Death of cardholder or total permanent disability 12

15 - Any Court grants a garnishee order - Any representation made by the card holder proves to be incorrect, misleading, false or incomplete including but not limited to income and /or identification paper/document forwarded to the bank, being proved incorrect, incomplete and or contain false /fraudulent information. - Cardholder generally does or omits to do anything which may prejudice Bank s right in terms of credit card terms & conditions or cause bank to suffer any loss/ damage - Any payment Instruments including cheques and / or ECS/ Standing instructions delivered to the Bank are not encashed / acted upon for any reason what so ever on presentation being made. - If cardholder is involved in or charged in criminal activities - In case of default in performance of any obligations under terms of any other loans / facilities provided by ING Vysya bank In the event of default, the Card Holder will be sent reminders from time to time for settlement of any outstanding on the Card account, by post, fax, telephone, , SMS messaging and/or engaging third parties to remind, follow up and collect dues. Any third party so appointed, shall adhere fully to the code of conduct on debt collection. All the charges incurred in respect of the above will be charged to the Cardholder s account and are to be borne by him. 13

16 I. Procedure including notice period for reporting a cardholder as defaulter: ING Vysya Bank will on a monthly basis share data on cardholders payment behavior to Credit Bureaus, the cardholder will be treated as a defaulter from the date the customer has missed making a payment for which demand has been made by the bank with sufficient notice for making the payment. II. Procedure for withdrawal of default report and the period within which it would be withdrawn after settlement of dues ING Vysya Bank on receipt of payment or settlement of dues by the customer will update the status of payment with Credit Bureaus in the monthly cycle of sharing/ updation of data with Credit Bureaus. The track of the customer will continue to show the default in Credit Bureaus as per their standard operating procedures, however the payment due will reflect as per the settlement/payment received from the customer/ cardholder. III. Recovery procedure in case of default The bank will contact the customer directly and through empanelled collection agencies for recovery of the dues from the cardholder. The bank will also in parallel initiate legal proceedings against such default depending on the stage and intensity of the default by the cardholder. The bank may also mark lien against any credit s the customer holds with the bank under any other facility with due notice to the cardholder. IV. Recovery of dues in case of death/ permanent incapacitance of cardholder The death or in-capacitance of a Card Holder, insolvency/ dissolution / bankruptcy / or winding up of a Corporate Body of a Card Holder shall automatically cancel the 14

17 Card issued to the Card Holder as well as any Add-on Card Holder. The Card Account would also be liable to be suspended on instructions from any government / regulatory body. All amounts outstanding on the Card Account shall we deemed to have immediately become due on death or in-capacitance, insolvency, bankruptcy, winding up or instruction from government / regulatory bodies, as the case may be, and Bank shall be entitled to recover the same in accordance with the relevant laws in force without prejudice to the obligation of the Card Holder to forth with pay all outstanding amounts. The bank will contact the customer or kith and kin of the customer directly and through empanelled collection agencies for recovery of the dues from the cardholder. The bank will also in parallel initiate legal proceedings against such default depending on the stage and intensity of the default by the cardholder. The bank may also mark lien against any credit s the customer holds with the bank under any other facility with due notice to the cardholder. V. Available insurance cover for card holder and date of activation of policy ING Vysya Bank does not offer any free Insurance cover to the cardholder, the cardholder is free to opt for any insurance cover from any insurance service provider as per his individual needs/requirements. VI. Right of Lien The bank, at any time and without notice, will have lien and right to set-off on all monies belonging to the Card Holder and/or add on Card Holder standing to their credit in any account/custody of the bank, if upon demand by the bank, the balance amount on the Card account is not repaid within the prescribed time. 15

18 e) Termination/Revocation of the Card Membership The Card Holder may terminate the Card membership at any time by writing to ING Vysya Bank at the following address: Manager, ING Vysya Bank Credit Cards, ING Vysya Bank Limited, Credit Card Operations, No. 69, Ramaiah Complex, Roopena Agrahara, Hosur Road, Bangalore along with the confirmation of destruction of the Card. All the Cards including the addon cards will be terminated basis the written request. Termination will be effective only after the Cardholder destroys the Card completely and in such a manner that the same cannot be reused and the destruction of the Card is confirmed to the Bank in writing and payment of all amounts outstanding to the Card account. The Cardholder shall continue to be liable for all the dues incurred in respect of the transactions in the Card till such termination and also for misuse of the Card at a later date due to non-destruction or incomplete destruction of the Card. No annual, joining or renewal fees shall be refunded on a pro-rata basis. In case the Bank notices unusual and abnormal transaction patterns in the use of the Card, the Bank will try to establish contact with the customer/ Cardholder on the registered phone number of the customer available on its records to verify the bonafideness of the Card transaction. Failure on the part of the Bank to establish contact with the customer, the Bank may restrict / terminate the use of the Card without any further notice, if the Bank reasonably believes it necessary in the interest of the Cardholder and / or for security reasons. ING Vysya Bank can suspend the facility on the Credit Card, if the Card Holder defaults on payment due or exceeds the credit limit extended. The Credit Card must not be used after the validity of the Credit Card terms & conditions has ended or if the Card account is suspended. 16

19 In such a situation, the Card Holder must (subject to any default or other notice required by law) immediately pay ING Vysya Bank the total outstanding Balance on the Account. This includes all amounts due to ING Vysya Bank under the Agreement, including all transactions and otheramounts not yet charged to the Account. The Card will not be considered as closed until the Card Holder has paid all such due amounts. f) Loss/theft/misuse of Card The Card Holder must notify the 24-Hour Call center immediately if the Primary or any Additional credit card is misplaced, lost, stolen, mutilated, not received when due or if he/she suspects that the Credit Card is being used without Card Holder s permission. Once a Card is reported lost, it should not, under any circumstance be used if found by the Card Holder subsequently. As the Add-On Card is an extended facility given on the primary Card Account, the Add- On Card is rendered invalid when the primary Card is reported lost. Similarly, if the Add-On Card is reported lost, the primary Card Account and other Add-on Cards are invalidated. The Bank is not liable or responsible for any transactions incurred on the Card account prior to time of reporting of the loss of the Card, and the Card Holder will be wholly liable for the same. After the receipt of proper notification of the loss by the Bank, the Card Holder s subsequent liability is zero. In addition to notifying ING Vysya Bank about the loss or theft of the Card, the Card Holder must report any theft of Cards to the Police, lodge an FIR and provide acknowledged copy of police complaint. The Card Holder will be liable for all losses in case of misuse of the Card by someone who obtained the PIN or the Card with the consent of Card Holder or an Additional Card Holder. If the Card Holder has acted fraudulently the Card Holder will be liable for all losses. If the Card Holder acts without 17

20 reasonable care, the Card Holder may be liable for all losses incurred. ING Vysya Bank may, without referring to the Card Holder or any additional Card Holder, give the police or other relevant authorities any information that ING Vysya Bank consider relevant about the loss, theft or misuse of a Card or PIN. g) Disclosure The Card Holder acknowledges that as per existing business practices, the Bank is authorised to disclose from time to time any information relating to the Credit Card(s), to any credit bureau (Existing or Future) without any notice to the customer. The Credit Information Bureau India Ltd. (CIBIL) is an initiative of the Government of India and Reserve Bank of India to improve the functionality and stability of the financial system. All banks and financial institutions participating in this initiative are required to share customer data with CIBIL / credit bureaus and this information is being provided in the terms of the Credit Information Companies Regulation Act, In view of this we wish to inform the Card Holder that the bank is authorised to disclose any information relating to Credit Card(s) default by the customer to CIBIL and to any other credit bureau (Existing and Future) in case the Card is overdue, with due notice. Any fresh/updation of data on receipt of payments towards overdue Card accounts will reflect in CIBIL/other credit bureaus within a period of 60 days from the date of receipt of payment by the bank. We also wish to inform the Card Holder that the bank will, at its own discretion, record specific conversations between the Card Holder and the representative of the Bank, in cases of grievance related conversation or payments-recovery-related conversations or any other conversation, that the Bank may deem fit. The Card Holder, hereby unconditionally 18

21 and irrevocably authorizes ING Vysya Bank to disclose, from time to time, any information relating to the card including but not limited to personal details such as name, address, mobile number, any default or payments to credit information bureaus, government, income tax department, financial institutions, associate/s of ING Vysya Bank and to any third party engaged by ING Vysya Bank for the purposes such as, administrative, marketing, verification, recovery or follow up of card dues etc. The Bank may also use the information provided by the Cardholder for marketing their products via telemarketing channels / calls or direct mail or any other channel of communication deemed fit by the Bank. The Cardholder expressly recognizes and accepts that the Bank shall, without prejudice to its right to perform such activities itself or through its officers or employees, be entitled and have full power and authority to appoint one or more third parties as the Bank may select and to delegate to such third party all or any of its functions, rights and powers under the Cardholder terms & conditions relating to operations and administration of the Credit Card including the right and authority to collect and receive on behalf of the Bank from the Cardholder any payments and other amounts due from the Cardholder under the Cardholder terms and conditions and to perform and execute all lawful acts, deeds, matters and things connected therewith and incidental thereto including sending notices, contacting the Cardholder, receiving cash / cheques / drafts / mandates from the Cardholder and giving valid and effectual receipts and discharge to the Cardholder. For the purpose aforesaid, the Bank shall be entitled to disclose to such third parties all necessary or relevant information pertaining to the Cardholder and the Credit Card and the Cardholder hereby consents to such 19

22 disclosure by the Bank. Notwithstanding the above, in the event of any default by the Cardholder, the Cardholder expressly accepts and authorizes the Bank (and/or any such third party as the Bank may select) to contact third parties (including the family members of the Cardholder) and disclose all necessary or relevant information pertaining to the Cardholder and the Credit Card and the Cardholder hereby consents to such disclosure by the Bank (and/or any such third party as the Bank may select). November

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