TERMS AND CONDITIONS GOVERNING THE ISSUANCE AND USE OF BANK OF COMMERCE CREDIT CARD

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1 TERMS AND CONDITIONS GOVERNING THE ISSUANCE AND USE OF BANK OF COMMERCE CREDIT CARD The Cardholder; by signing and/or using the BANK OF COMMERCE Credit Card, the Cardholder will be deemed to have received, read and agreed to these Terms and Conditions governing the issuance and use of the Credit Card or any renewal thereof. The Card- refers to all BANK OF COMMERCE Credit Cards, including Supplementary Card/s issued by the Bank. The Card shall remain valid until the last day of the month shown on the Credit Card, unless otherwise suspended or terminated. Delivery - The Bank s official courier is authorized to deliver the Card to the Cardholder or in his/her absence any member of the household, representative or third party allowed by the Bank under its existing delivery policy. The Bank shall be held free and harmless from any claim, loss or liability whatsoever arising from the delivery of the Card to authorized representatives. Activation - Activation of the Card is subject to Bank s policy and procedures. The Bank reserves the right to decline the Cardholder s Card activation request without any obligation to disclose the reason therefor. The Bank shall be held free and harmless for any claim arising from non-activation of the Card. Responsibility of the Cardholder The Cardholder can use his/her Card for any permitted purpose including: paying for goods and services, whether the Cardholder buys in person, over the phone, on the Internet or by mail order; Obtaining cash advances over the counter at any of Bank of Commerce branches, or at any banking machine (ATM) which provides this feature, following the Bank s policies and procedures; The Cardholder may not use his/her Credit Card for any illegal, improper or unlawful purpose. The Bank also reserves the right to prevent the Cardholder s Credit Card from being used for certain types of transactions as determined by the Bank, including transactions connected to Internet gambling. The Cardholder shall be liable to the Bank for all transactions charged to the Card, including interest, fees and other charges made in the Philippines or abroad. When the Cardholder or his/her Supplementary/ies use the Card for a transaction, the Bank is lending the Cardholder the amount of and his/her Supplementary/ies purchase or cash advance, as the case may be. The Cardholder is liable for and must repay all amounts owing on the Cardholder s Account. The total the Cardholder owes includes all purchases, cash advances, interest and fees. All of those amounts will be shown on the Cardholder s monthly Statement of Account.

2 Credit Limit - It is the Bank s discretion to determine the Cardholder s Credit Limit including any decrease or increase. The Cardholder s initial or current credit limit appears in the information box accompanying the Cardholder s Credit Card. Credit Limit is the maximum amount of combined charges, which shall include purchases, cash advances, interest and fees, that can be made on the Card by the Cardholder and his/her Supplementary/ies at anytime. The charges must not exceed the credit limit; otherwise all succeeding usage will be declined or rejected. Card Payment The Cardholder may pay for the charges on the Card in cash or check directly with the Bank s branches or other authorized payment centers on or before the Payment Due Date indicated in the Statement of Account without necessity of demand. When the Payment Due Date stated on the Statement of Account falls on a Saturday, Sunday or a Holiday, the balance will be due on the immediately preceding business day. Payment by check shall be considered made after the prescribed clearing period. Total Amount Due - The Total Amount Due as shown in the monthly Statement of Account represents the sum of the charges including interest and penalties, if any, that the Cardholder owes to the Bank. The Minimum Amount Due as stated in the Statement of Account is composed of (a) a percentage of the Total Statement Balance, (b) any monthly installment amortization, (c) any over limit amount, (d) any past due amount or Php500 whichever is higher. The Cardholder shall have the option to pay the Total Amount Due, the Minimum Amount Due or any amount in between the Total Amount Due and Minimum Amount Due. Should the Cardholder pay less than the Total Amount Due, the Cardholder shall be charged with Finance Charge. Should the Cardholder pay less than the Minimum Amount Due, the account will be considered past due, and the applicable Late Payment Fee and Finance Charge shall be imposed. Application of Payment Payments made to the Cardholder s Card will be applied in the following order: 1. Cash Advance Interest 2. Retail Interest 3. Cash Advance Service Charges 4. Retail Service Charge 5. Annual Fees 6. Others Fees 7. Cash Advance Balance 8. Current Retail Balance Cash Advance is a feature of the Card by which the Cardholder can withdraw cash by using the Card and Cash Advance PIN. A Cash Advance Fee will be imposed for each Cash Advance transaction. Cash Advance may be availed up to the set limit assigned by the Bank, which is a percentage of the Card s approved credit limit.

3 Cash Advance amount availed will be subject to prevailing Finance Charge and related fees such as Cash Advance Fee and/or Cash Advance Service Fee Cash Advance PIN Upon activation of the Card, the Bank shall send a Cash Advance PIN to the Cardholder s billing address for the use of the credit card s Cash Advance feature. Cardholder agrees that all Cash Advances using the Card shall be conclusively presumed to have been personally made or authorized by the Cardholder. The Cardholder shall keep the Cash Advance PIN strictly confidential and shall not disclose the same to any other person. The Cardholder shall be liable for all losses that he/she may incur from use of the Cash Advance feature using the Cash Advance PIN, whether the same was with his/her knowledge, authorization or consent. Supplementary Cardholder shall also be issued a Cash Advance PIN/s. The Cardholder is liable for all Cash Advance transactions of the Supplementary Cardholders. Card Suspension and Card Blocking The Bank shall have the right to suspend and block the Card without prior notice to the Cardholder for whatever reason, including but not limited to (1) possible fraud (2) suspicious / questionable transaction or (3) failure to pay at least the Minimum Payment Due on Payment Due Date. Lost or Stolen Credit Card -In case of loss or theft of the Card, Cardholder should immediately report the loss by calling the Customer Care Hotline giving details of the place, date, time and circumstances of the incident and the last purchase(s) made prior to the loss or theft of the Card. The Cardholder shall be fully liable for all transactions made prior to reporting of loss or theft of the Card to the Customer Care Hotline. Once the Cardholder has reported that the Card has been lost, stolen or misused, The Bank will block the Card to prevent unauthorized use. Miscellaneous and Other Fees Finance Charge - If Cardholder fails to pay Total Amount Due in full on or before Payment Due Date, Finance Charge will be imposed. The Finance Charge is based on Average Daily Balance (ADB) computed from transaction date for Cash Advance, credits/payments and retail transactions/monthly installments/fees until the next cycle cut-off. Any finance charge due but unpaid shall form part of the total outstanding balance and will continue to earn finance charges. Annual Membership Fee - The Cardholder shall pay the Bank an annual membership fee, in such amounts as may be fixed by the Bank, to entitle the Cardholder to the privileges of membership and the use of the Card. All fees paid upon suspension or cancellations are non-reimbursable. Over limit Fee - If the Cardholder exceeds the Credit Limit by Statement Cut-off date, an over limit fee will be billed to the Cardholder s account. Late Payment Fee - If the Cardholder fails to pay at least the Minimum Amount Due on or before the Payment Due Date, the Bank will impose a fee equivalent to a percentage of the Minimum Amount Due. The late payment fee is a percentage of the Minimum Amount Due.

4 Cash Advance Service Fee a service fee will be charged for every cash advance transaction made through ATM (Automated Teller Machine) or over-the-counter. Installment Interest - These are charges made on installment payment transactions. The Bank shall determine the rates and available monthly terms thereof. Installment Pre-Termination Fee - These are charges upon pre-termination of any installment transactions. Foreign Exchange Conversion Rate - Assessment fee plus service fee of the converted amount will be charged by MASTERCARD and the Bank, and shall be imposed at the sole and absolute discretion of the Bank and may be subject to change. Returned Check Fee - a fee will be charged for every check returned plus applicable actual bank charges shall be imposed. Replacement Fee - a fee to be charged for each replacement card request. Retrieval Fee- may be charged for the retrieval of any charge slip or sales invoice copy. Other Fees and Charges The Cardholder agrees to pay any other fees and charges that the Bank may impose. Statement of Account - Every month, Cardholder s Statement of Account will be sent to the Cardholder s last known or updated Billing Address or his/her address if enrolled in the Bank s e-statement facilities. The Statement of Account shall be considered received by the Cardholder if it is successfully sent to these addresses. The Statement of Account is deemed accurate unless the Bank receives a written dispute within 30 days from the Cardholder s receipt of the Statement of Account. During the investigation process, the Cardholder need not pay disputed amount/s however; the Cardholder must pay all undisputed transactions and charges on the Statement of Account to avoid interest and Late Payment Fee. Non-receipt of the Statement of Account does not lessen the Cardholder s obligation to pay the amount due on the Card. In case of failure to receive Statement of Account within 7-10 days from the Statement cut-off date, the Cardholder may call the Customer Service Helpdesk to report the delay in the delivery of the Statement and request for a copy of a Statement Special Promotional Offers - From time to time, the Bank may offer new products, promotions, benefits, privileges followed by specific terms which the Cardholder will be notified about by mail/ /sms/by telephone or other communication channel. Rewards- The Cardholder will earn points based on purchase activity and usage of the Card according to the Bank s set point earnings scale. Other Points as may be authorized by the Bank from time-to-time for special programs, promotions or transactions that may be offered for limited time periods and for which additional terms and conditions may apply. Supplementary Card - Any reference to the Card issued to the Cardholder also applies to the Supplementary Card, unless otherwise indicated. The Cardholder shall be made liable for all purchases, cash advances, fees and charges incurred using the Supplementary Card.

5 Any purchase, cash advances, fees or charges made using the Supplementary Card is the liability of the Primary Cardholder whether or not the Primary Cardholder consented to the same. Accredited Merchants - An agreement has been made with MASTERCARD whereby the Card shall be honored in all accredited merchants worldwide. However, in such case that the Card is not honored or accepted by any local or foreign merchant, bank, financial institution or person for any reason notwithstanding the availability of credit, the Bank is not liable, unless the non-acceptance is due to its negligence or willful default. The Bank is not responsible for any defective product or service purchased through the Card, any complaints regarding purchases or services made using the Card shall be directed to the concerned merchant. Installment - The Cardholder may avail of the installment promotions at selected merchant establishments, with monthly payment options. The Bank shall determine the rates and available monthly terms thereof. Automatic Debit Arrangement - The Cardholder may enroll in the Automatic Debit Arrangement (ADA) facility to authorize the Bank to deduct the Minimum Payment Due or Total Statement Balance on each monthly Statement of Account against the Cardholder s Current or Savings deposit account maintained with the Bank. Delinquency - The Bank shall have the right to include the names of the Cardholders Supplementary Cardholder/s with delinquent accounts in the negative listings of any credit information bureau. Authorization and limitation of Transaction/s - Transactions may be declined if these will cause the Cardholder to exceed the available credit limit. However, notwithstanding the availability of credit under the account, and for any reason, including but not limited to security and risk considerations, the Bank reserves the right to: (a) limit the amount and/or number of transactions in a given period; (b) decline authorization of any transaction. The Cardholder holds the Bank free from any liability for such refusal to authorize or for limiting the amount and/or number of the Cardholder s transactions. Expiry and Renewal - Unless earlier terminated, voluntarily cancelled or returned by the Cardholder, the Card shall be valid from the date of issuance and expire on the last day of the month indicated in the Card. Renewal of the Card shall be solely within for the discretion of the Bank. Establishments shall no longer honor expired cards. Cancellation and Termination The Bank has the right to cancel the Card for the Cardholder s failure to comply with the terms and conditions governing the use of the Card without need of prior notice. All privileges granted hereunder to the Cardholder shall be automatically terminated and all the entire outstanding balance of the Cardholder including all penalties, fees and interest shall immediately become due and demandable without the necessity of demand which Cardholder hereof expressly waives. Update of Cardholder Information - The Cardholder shall notify the Bank of any changes in name, address, contact number or such data previously indicated in the Card Application. The Bank shall not be responsible for any liabilities, damages or consequences that may arise due to Cardholder s inability to receive Statement of Account as a result of the

6 Cardholder s failure to advise the Bank of any change in Billing Address, Contact Information or other Cardholder Information. Failure or refusal to update Cardholder Information may be alleged as an indication of bad faith on the part of the Cardholder in the event that a collection case is filed by the Bank. Electronic Communications - the Bank may provide any document relating to the Cardholder s Card electronically, over the Internet and through . For legal purposes, documents sent electronically shall be considered in writing and to have been signed and/or delivered by the Bank. The Bank may rely upon and treat as duly authorized and binding on you any electronically authenticated document that the Bank receives from the Cardholder or which appears to have been sent by the Cardholder. When communicating with the Bank by electronic means, the Cardholder may be instructed to comply with certain security protocols established by the Bank. These security measures are intended to protect the Bank and the Cardholder, and the Cardholder must take all reasonable steps to prevent unauthorized access. Recording of Calls The Cardholder authorizes the Bank to record, store, replay all telephone calls that the Cardholder make to the Bank and receives from the Bank. The Cardholders authorize the Bank to use such recordings as evidence in any judicial or administrative proceeding. Amendments - The Bank has the right to amend this Agreement at any time.. Any amendments will be communicated to the Cardholder through the different communication channels. If the Cardholder objects, the Cardholder can terminate the membership by giving written notice to the Bank and surrendering the Card within 15 days from the receipt of notice of amendment. Failure to notify the Bank of Cardholder s intention to terminate his/her membership shall be construed as acceptance by the Cardholder of the amendments to this Agreement. Compliance - The Cardholder agrees to fully abide by (i) the terms and conditions governing the usage of the Card, (ii) laws, and regulations and BSP Circulars relevant to credit cards and credit accommodations and (iii) the provisions of Republic Act 8484 governing the use of the Credit Card and other access devices in commercial transactions. Disclosure of Information The Cardholder agrees that the Bank may share/disclose without need of notice, all information relating to the Cardholder s account and credit standing to develop offers for products and services, to to assist in providing information about a product or service, to consider Cardholder s request for a product or service, to enable the Bank to provide a product or service, or to assist in arrangements with third parties (such as merchant partners) in relation to the promotion or provision of a product or service. Such disclosure or exchange of information shall not be the basis of any claim against the Bank or the parties to whom the Bank makes the disclosure. The Bank may disclose any information or data regarding the Card, Account and Card transactions upon orders of courts or requests of competent government offices or agencies authorized by law. The Cardholder gives permission for the Bank to request information and to make necessary inquiries from third parties in connection with any updates, re-issuance or extensions of the Card. Default In case of default in Cardholder s obligations as provided herein, the Card shall be automatically terminated, cancelled and shall revoke Cardholder s rights to use the card and declare all unpaid balances and any unposted transactions to be immediately due and

7 demandable, including interest/ fees and charges as applicable. The Cardholder shall be considered in default if (a) the Cardholder fails to pay any of his/her obligations on his/her Credit Card (b) fails to observe the any of the terms and conditions governing the issuance and use of the Bank s Credit Card (c) any information, statement, or representation in this application proves to have been incorrect, misleading or fraudulent. Attorney s Fees and Venue - Should the Bank be constrained to hire a lawyer or a collection agency due to Cardholder s default or breach of any of the obligations provided herein, the Cardholder agrees to pay the Bank attorney s fees equivalent to 5% of the unpaid balance but in no case less than Php10,000, and additional amount equivalent to 25% of the unpaid balance exclusive of litigation expenses and judicial costs as liquidated damages. Venue of all suits directly or indirectly arising from the relationship between the Bank and the Cardholder or his Supplementary Cardholder/s, shall be in the proper courts of Mandaluyong or in other courts at the option of the Bank. Limitation of Liability In the event of any action arising from this Agreement or any incident thereto relative to the use or dishonor of the Credit Card which Cardholder may file against the Bank, the Bank s liability will not exceed One Thousand Pesos (Php1,000), or the amount of the damages actually proved to have been suffered by the Cardholder, whichever is lower. Free and Harmless Clause - The Cardholder and Supplementary Cardholder/s agree to indemnify and hold the Bank free and harmless from any and all claims, liabilities, damages suits or causes of action of whatever nature now or hereafter arising from or in connection with his/her Credit Card transactions, except those arising from the fraud or negligence of the Bank. Separability Clause should any provisions of this Agreement be declared unconstitutional, invalid or unenforceable by a court of competent jurisdiction, such declaration shall effect in any manner whatsoever the constitutionality, validity or enforceability of other provisions of this Agreement. Right of Set-off upon default of the Cardholder in the payment of card purchases and/or related interest charges, penalties or fees, any money, deposit or other property of any kind whatsoever of the Cardholder in the custody of the Bank, in transit or in its possession, may without notice, be applied at its sole discretion, to the full or partial payment of the Cardholder s and/or Supplementary Cardholder/s credit card obligations. The Cardholder irrevocably constitute/s and appoint/s the Bank as attorney-in-fact with full power and authority for the Cardholder s name and behalf but without the necessity of prior notice, apply monies, deposits or other property of any kind whatsoever, to the payment of indebtedness of the Cardholder. Revision of Terms and Conditions The Bank may, from time to time, change amend, revise, modify or supplement these Terms and Conditions for whatever reason it may deem proper through notices in its Statement of Account, publication, or such other reasonable means as may be determined by the Bank.