Balance Transfer Holiday PROGRAM- TERMS & CONDITIONS In consideration of First Gulf Bank PJSC (the Bank ) agreeing to make available the Program (as defined below) to the Cardholder at the Cardholder s request the Cardholder hereby agrees to the following terms and conditions: 1. Definitions 1.1 Under these Terms and Conditions, where the context so admits, the following expressions shall have the meaning herein designated unless otherwise distinguished: Cardholder means either the Primary Cardholder or the Supplementary Cardholder; Credit Card means the VISA or MASTERCARD Primary Card or the Supplementary Card issued by the Bank to the Cardholder including their renewed and/or Replacement Card; Credit Card Account means an account open in the books of the Bank to record all Transactions relating to the Credit Card; Credit Card Agreement means the Credit Card agreement along with its terms and conditions signed by the Cardholder which governs the use of the Credit Card; Credit Limit means the maximum debit balance permitted by the Bank and as notified to the Cardholder from time to time; Outstanding Balance means the total debit balance (inclusive of all charges which shall be debited to the Credit Card Account) outstanding on the Credit Card Account payable to the Bank according to the Bank's records on the date the Statement of Account is issued Program is a non installment Balance Transfer program where the Cardholder will not be charged 0% interest for up to 90 days, where the Cardholder can pay off the outstanding balance on his/her other bank s credit card (within the UAE) by debiting his/her First Gulf Bank Credit Card. Primary Cardholder means the person to whom a Primary Card is issued by the Bank; Primary Card means the primary Credit Card issued by the Bank to the Primary Cardholder; Statement of Account means the Bank s monthly or other periodic statement of account sent to the Cardholder showing particulars of the balance incurred by the such Cardholder, if any, and amounts payable to the Bank;
Supplementary Cardholder means the person to whom a Supplementary Card has been issued. Supplementary Card means the supplementary Credit Card issued by the Bank to the Supplementary Cardholder; Replacement Card means a further Credit Card issued to a Cardholder to replace an existing Card; Program Amount means the amount of the Program stated in the Request which has been approved by the Bank in accordance with these Terms and Conditions; Request means a request made by the Cardholder to the Bank to avail the Program in accordance with these Terms and Conditions; 1.2 Unless the context requires otherwise, the following rules shall apply: Reference to any person including the Cardholder, the Bank, any other persons and/or legal entities shall include the personal representatives, successors and/or assigns of the person. Reference to any person shall include any corporation, firm, partnership, society, association, statutory body and agency, whether local or foreign. The clauses and other headings herein are for ease of reference only and shall not affect the interpretation of any provision hereof. Reference to a statutory provision includes reference to any modification, consolidation or re-enactment of it for the time being in force, and all statutory instruments or orders made pursuant to it. Words importing the singular meaning shall where the context admits include the plural and vice-versa. Words for a gender include all genders. Where a word or phrase is defined, its other grammatical forms have a corresponding meaning. References to month shall mean references to a Gregorian month. 1.3 To the extent they relate to the subject matter of, and do not conflict with, these Terms and Conditions, the General Terms and Conditions of the Bank and Credit Card Agreement are incorporated herein by reference and the Cardholder hereby
confirms having received and read the General Terms and Conditions of the Bank and Credit Card Agreement that they are unconditionally accepted to form part of these Terms and Conditions. Words and expressions defined in the Bank s General Terms and Conditions and Credit Card Agreement shall unless the context otherwise requires, have the same meanings when used in these Terms and Conditions. 2. Eligibility 2.1 The Program is offered to certain Cardholders who meet the criteria determined by the Bank (Subject to its sole discretion) and to whom the Program has been communicated to by the Bank. 2.2 Subject to the Bank s sole discretion and upon receipt the Request, the Bank reserves the right to reject any Request without revealing the reasons for such refusal. 2.3 The Cardholder s name on the other bank credit cards should be the same as Primary Cardholder submitting the Request. 3. The Program Amount 3.1 The Bank shall have the right to determine the Program Amount at its sole discretion. 3.2 In all cases the Program Amount should not exceed the Credit Limit on Credit Card as on date of the submission the Request. 4. Billing and Repayment 4.1 The Program is not an installment plan. 4.2 The Program Amount will reflect in the next Statement of Account and will be added to the Outstanding Balance. 4.3 The Program Amount shall be subject to Clause 5 (Payments) of the Credit Card Agreement. 4.4 The repayment of the Program Amount should be on or before the third Statement of Account drop calculated from the date of approval of the Request by the Bank. 4.5 No payments towards the Program Amount will be requested on the first Statement of Account drop (calculated from the date of approval of the Request by the Bank) 4.6 After the drop of the second Statement of Account, any payment received will first be adjusted towards The Program Amount after deduction of the monthly minimum payment due.
4.7 5% of the Program Amount will be included in the monthly minimum payment due from the second Statement of Account drop calculated from the date of approval of the Request by the Bank. No interest will be charged on the Program Amount in the event that the Cardholder makes such payments by the requested due date of the second Statement of Account 4.8 Any default in repayment of the Program Amount before the third Statement of Account Drop shall accrue interest (at a rate determined by the Bank) from the date of posting of the Program Amount and shall be charged on the fourth Statement of Account Drop. 4.9 In addition, after the third Statement of Account drop, regular retail interest will apply and be charged in accordance with the Bank s schedule of charges. 4.10 No interest will be reversed once charged. 5. Acceptance of Telephonic Instructions 5.1 The Cardholder authorizes the Bank to accept telephonic Request whenever the Bank receives a telephone call from a person who identifies himself/herself as being the Cardholder. 5.2 The Cardholder agrees that the confirmation by the caller of the Cardholder s identity, by provision of the personal details required by the Bank, will be sufficient evidence for the Bank to identify the caller and to act upon his/her instructions. 5.3 The Cardholder hereby consents to the recording of such telephone calls by the Bank and accepts such recordings as evidence before a court of Law or any other legal proceedings with regards to the Program. 5.4 Without prejudice to Clause 5.1 above, the Cardholder authorizes the Bank to accept instructions and/or Request by a letter, internet, IVR, SMS, facsimile, or any other channel introduced by the Bank from time to time. 5.5 The Cardholder agrees that the Bank s records pertaining to the Program will be final and binding. 6. Indemnity 6.1 The Cardholder agrees to defend, indemnify and hold harmless the Bank on demand from and against any and all losses, actions, claims, proceedings, judgments, fines, damages, fees, costs and expenses (including legal fees) together with any sales or other taxes (regardless when the same are made or incurred) (a) which may at any time be suffered or incurred (directly or indirectly) as a result of or connected with the preservation and/or enforcement of any of the rights of the Bank
under these Terms and Conditions ; (b) which arise out of any act or omission on the Cardholder ; and/or (c) which arise out of any wrongful, misleading or other such information provided by the Cardholder to the Bank. Such expenses shall include without limitation any internal management and administrative costs of the Bank. 7. Exclusion of Liability 7.1 The Bank shall not be in breach of these Terms and Conditions or otherwise liable to the Cardholder for any delay, non-performance, non-occurrence or failure with respect to the promotion, which is due to an event of Force Majeure. In such an event, the Bank may cancel, modify, suspend or terminate the Program and these Terms and Conditions and the Bank s obligation to the Cardholder is automatically discharged without liability to the Bank and necessity of the Bank to provide notice to the Cardholder. For the purposes of these Terms and Conditions, Force Majeure means a circumstance beyond the reasonable control of the Bank including amongst other things, strikes or other industrial disputes, acts and/or regulations of any governmental or supra national bodies or authorities in any jurisdiction (including without limitation any charges to laws which could hinder, delay, restrict or prohibit the promotion) or any transport, port or air disruption, Acts of God; hurricane, tornado, or other weather conditions; labor strike, lockout or other industrial disturbance or; war, riot, sabotage, act of public enemy or threat of any of the foregoing; terrorist act or gang violence or threat of any of the foregoing; flood or other natural disaster. 8. Governing Law and Jurisdiction 8.1 These Terms and Conditions shall be governed by and construed in all respects in accordance with the laws of the UAE. 8.2 The Cardholder irrevocably agrees for the benefit of the Bank that the courts of the UAE shall have jurisdiction to hear and determine any suit, action or proceeding, and to settle any disputes which may arise out of or in connection with these Terms and Conditions and, for such purposes, irrevocably submits to the jurisdiction of such courts. 8.3 The Cardholder irrevocably waives any objection which it might now or hereafter have to the courts referred to in this Clause being nominated as the forum to hear and determine any suit, action or proceeding and to settle any disputes which may arise out of or in connection with these Terms and Conditions and agrees not to claim that any such court is not a convenient or appropriate forum. 8.4 Submission to the jurisdiction of the courts referred to in this Clause shall not limit the right of the Bank to take proceedings against the Cardholder in any other court of competent jurisdiction nor shall the taking of proceedings in any one or more
jurisdictions preclude the taking of proceedings in any other jurisdiction, whether concurrently or not. 9. Miscellaneous 8.1 The Cardholder undertakes to sign such further documents as may be requested by the Bank from time to time in connection with these Terms and Conditions. 8.2 All fees and charges pursuant to or in connection with these Terms and Conditions are non-refundable. 8.3 The rights and remedies herein provided are cumulative and not exclusive of any rights or remedies provided by law. 10. Assignment The Cardholder shall not be entitled to assign or transfer all or any of its rights, benefits and obligations under these Terms and Conditions. The Bank may at any time assign all or any of its rights and benefits under these Terms and Conditions and may disclose to any actual or potential assignee or to any person who may otherwise enter into contractual relations with the Bank in relation hereto such information about the Cardholder as the Bank considers appropriate. 11. Waiver If the Bank does not at any time exercise the full implementation of any clause or obligation set out in this Terms and Conditions, or if the Bank delays the implementation thereof, the same shall not be considered to be a waiver of its right or abandonment of the full implementation at a subsequent time. 12. Variation of Terms a. The Bank may from time to time with or without giving prior written notice to the Cardholder change these Terms and Conditions at its sole discretion. Notwithstanding the foregoing, the Bank reserves the right to terminate the Program without prior notice. b. If at any time dispute arises in connection with either the Program or these Terms and Conditions, the Bank s decision in connection with the same shall be final and binding The Card member acknowledges that he/she has read the entire Terms and Conditions and accepts to be bound by them. The Card member also agrees that his/her usage of the Program establishes his/her consent to these Terms and Conditions.