Following are MCB Credit Card Terms and
Conditions, subject to acceptance whereof the Card Members application
is accepted.
Definitions
”Application Instructions” means any request, instructions
or application made by the Card Member through, including but not limited
to, submission of an application on the format as prescribed by the Bank,
facsimile message, telephone call, email, electronic message sent via
cellular telephone and/or any other means of communication for issuance
of the card and/or for any facility(ies) / service(s) offered by the Bank
including but not restricted to Balance Transfer, availing installment
payments, payments to third parties or conducting/execution of any transaction
in relation to the arrangements made hereunder.
”Association” means Visa Association and/or
MasterCard Association or both as the case may be.
”ATM” ” means an automated teller machine
or any card-operated machine or device whether belonging to the bank or
other Participating Banks or financial institutions and refers to the
VISA/ Master Global ATM Network, or the affiliated networks thereof.
”Authorized Signatory” means the Card Member.
”Balance” means the total balance outstanding
on the Card Account according to the Bank’s records on the date
the Statement of Account is issued including all charges and liabilities.
”Balance Transfer” ” means the service
provided by the Bank to the Card Member and/or the Supplementary Card
Member to transfer to the Card Account his/ her outstanding with any other
bank.
”Bank” means MCB Bank Limited in Pakistan,
being a banking company under the Laws of Islamic Republic of Pakistan,
having registered office at MCB Building, F6/G6, Jinnah Avenue, Islamabad;
and Principal Office at 15 – D, Main Gulberg, Lahore; and includes
its branches and offices carrying on business in Pakistan.
”Card” means the applicable MCB Bank VISA
Chip issued by the bank to the Card Member and includes supplementary
and subsequently issued replacement Cards.
”Card Account” means the MCB Bank VISA Chip
Credit Card account opened by the Bank for the purpose of entering debits
incurred by or for the account of, and credits received by or for the
Card Member and Supplementary Card Members, if any, under these Terms
and Conditions and includes, without limitation, all debits incurred resulting
from any Cash Advance(s) and/or Charges and/or Liabilities arising out
of in connection with any Card Transaction or otherwise.
”Card Member”means the original person excluding
any Supplementary Card Member who is issued a Card and for whom the Card
Account is first opened by the Bank.
”Cash Advance” means any amount advanced
to the Card Member and/or Supplementary Card Member by the Bank or Participating
Bank or ATM displaying the scheme logo and whether in cash or other form
of payment.
”Card Transaction” means any Cash Advance
or the amount charged by the Bank or any Merchant for any goods, services,
benefits, or reservation obtained by the use of the Card or the Card numbers
or the PIN or the TIN or in other manner by the Card Member and/or Supplementary
Card Member, including without limitation, mail, facsimile orders or reservation
authorized or purported to have been authorized or made by the Card Member
and/or Supplementary Card Member, regardless of whether a sales or Cash
Advance or other voucher or form is signed by the Card Member..
”Charges” means the amount of all and any
purchases charged and all amounts payable by the Card Member and as applicable,
Supplementary Card Member, arising from the issue or use of the Card and/or
all and any purchases charged by use of the Card Member or the PIN or
the TIN and includes, without limitation, all Card Transactions and costs
and disbursements in connection therewith.
”Credit Limit” means the maximum outstanding
balance permitted by the Bank in the Card Account and, notified to the
Card Member from time to time.
”Expiry Date” means the date of expiry specified
by the Bank on the Card.
”Liabilities” means any or all amounts payable
whatsoever by the Card Member to the Bank pursuant hereto (other than
'Charges') including every type of exchange or other premium, fees, imports,
duties and levies of whatsoever kind and/or amounts such as minimum payment
fees, delayed payment fees, cash advance fees, stamp duties, excise or
other taxes on provision of advances or credit or finance or otherwise
and losses incurred or sustained by the Bank, if any, arising or resulting
from any governmental actions or policies which effectively prevent repayment
of foreign currency Charges of the Card Member and/or Supplementary Card
Member and further including, without limitation, fines, costs, expenses,
damages (liquidated or otherwise) and legal costs and disbursements charged
or incurred in connection with application and/or enforcement hereof.
”Merchant” means any retail and service outlets
that have entered into a written agreement to accept credit cards in the
payment or reservation of goods and services.
“Minimum Payment Amount” means either 5%
of the outstanding balance or minimum payment amount that the Bank may
specify in the applicable Statement of Account.
“Month” means calendar month.
“Participating Bank(s)” means any bank /
financial institution, which has or may, from time to time, enter in to
arrangements for accepting a Cash Advance or Card transaction
“Payment Due Date” means the date specified
in the Statement of Account by which date payment of the Current Balance
or at least the Minimum Payment Amount is to be made to the Bank. It is
however, clarified that since the Bank’s system does not support
holidays due to sighting of moon; therefore, Payment Due Date may fall
on a such a holiday, for which the Bank shall not be liable.
“PIN” means the Personal Identification Number
issued to the Card Member and the Supplementary Card Member (if applicable)
to enable Card use at an ATM and/or other authorized terminals, displaying
the scheme logo for a Cash Advance.
”TIN” means the Telephone Identification
Number issued to the Card Member and / or Supplementary Card Member (if
applicable) to authenticate, verify and enable the transactions / instructions
on the phone
“Rupee” means Pakistani Rupee for the purpose
of these Terms and Conditions.
”Schedule of Charges” means the document
prescribing service fee(s), charges and other fee(s) applicable to including
but not limited to the Card Members and the said schedule is also available
at the bank branches and website of the Bank. The Schedule of Charges
shall form a part of the Terms and Conditions and may be amended or modified
by the Bank at its sole discretion.
”Service Fee” means fee as determined by
the Bank and prescribed in the Schedule of Charges and payable by the
Card Member on the outstanding Liabilities and other amounts in relation
to the Card Account. The bank shall have a right to change the rate of
the Service Fee by giving a notice to the Card Member.
”Statement of Account” means the Bank's monthly
or other periodic statement of account sent to the Card Member showing
particulars of the Current Balance incurred by and/or for the account
of the Card Member and any Supplementary Card Member and payable to the
Bank
”Supplementary Card” means the Card issued
by the Bank to the Supplementary Card Member at the Request of the Card
Member.
”Supplementary Card Member”means the person
to whom the supplementary Card has been issued by the Bank, at the request
of the Card Member.
“Terms and Condition” means the terms and
conditions stated herein (and any modifications/variations made thereto
as per clause 14.1 below) and subject to which, the Card Member’s
application is accepted.
”Validity Date” means the validity date specified
by the Bank on the Card.
1. Collection / Activation of The Card
The Card may be collected by the Card Member or couriered
to the Card Member at the discretion of the Bank (pursuant to such conditions
as are or may be specified by the Bank). In the event of the Card being
sent by courier, the same will be at the sole risk of the Card Member.
All renewed and replaced Cards thereafter will be sent by courier to the
Card Member’s last intimated billing address, at the sole risk of
the Card Member.
1.1 The Card must be signed by the Card Member and/or
Supplementary Card Member(s) immediately on receipt thereof in the space
provided for signature..
1.2 In addition to card activation over the phone, the Bank may in its
sole discretion require the Card Member and/or Supplementary Card Member,
upon receiving the Card, to communicate agreement to activation thereof
in writing by signing and returning the attached slip.
1.3 The Card Member shall ensure that each Supplementary
Card Member reads and understands the Terms and Conditions hereunder (and
any changes to them) because the Card Member is liable for the Supplementary
Card Member’s use of the Supplementary Card and all charges incurred
thereby on the Card Account.
1.4 The Card Member shall be responsible for the safe
custody of the Card and shall ensure the same in case of the Supplementary
Card. Any loss, theft of the Card or handling of the Card by an unauthorized
person in any manner shall be the exclusive responsibility of the Card
Member under the Terms and Conditions and the Card Member shall be responsible
to pay for all Charges incurring due to the afore mentioned circumstances
except the Card Member/Supplementary Card Member has duly notified the
Bank immediately after loss, theft or handing of the Card to an unauthorized
person and the consequently the Card Account is closed/blocked by the
Bank.
2. Restriction in Use of the Card / Card Member
Particulars
2.1 The Card is not transferable and no person other
than Card Member (or any duly authorized Supplementary Card Member) is
permitted (and the Card Member will not permit any other person) to use
the Card for Charges and/or Card Transactions or for identification or
for any other purpose. The Card Member will not use the Card before or
after the Validity or Expiry Dates as embossed on the card.
2.2 The Card Member shall be exclusively liable for all
Charges and Liabilities (including the charges and liabilities of Supplementary
Card Members) and any other costs and expenses and it is agreed that the
Card may only be used by the Card Member (or any approved Supplementary
Card Member):
a) For Card Transaction authorized by the Bank
b) To obtain the facilities, benefits and services made available by the
Bank or any Merchant from time to time, and
c) Within the Credit Limit permitted by the Bank unless the Bank's prior
approval is obtained.
2.3 Notwithstanding that the Card Member's Credit Limit
has not been exhausted, the Bank in its absolute discretion shall have
the right, any time and without notice and without giving any reason and
without liability to the Card Member, the Supplementary Card Member or
any other party, to withdraw or restrict the Card Member's or Supplementary
Card Member's right to use the Card or to refuse to authorize any Card
Transaction.
2.4 The Card Member and Supplementary Card Member shall
respectively notify the Bank of any change or imminent change in any particulars
stated in the Card application form or other information provided to the
Bank (including any name change) and respectively agree to provide any
other information or particulars if requested by the Bank; at any time.
2.5 The Card shall at all times be and remain the property
of the Bank and the Card Member shall forthwith surrender the same if
so required by the Bank. Card Member agrees to be bound by all other Terms
and Conditions governing the use of facilities or benefits which may from
time to time be made available in connection with the Card, and any variations
or amendments thereto which the Bank may impose from time to time at its
discretion
2.6 Card Transactions are required to be authorized by
the Bank before they are accepted by a Merchant. The Bank may refuse authorization
for any Card Transaction without cause or prior notice, even if the Card
Account is not in default. The Bank will not be liable to the Card Member/Supplementary
Card Member or anyone else for any loss or damage resulting from the Bank’s
refusal to authorize a Card Transaction.
3. The Card Account
3.1 The Bank shall debit to the Card Account all Charges
and Liabilities and any other costs or expenses incurred by the Bank for
the account of the Card Member and Supplementary Card Member and all loss
or damage incurred or sustained by the Bank arising from or relating to
the issue or use of the Card (or any indemnity herein or otherwise given)
or a breach of these Terms and Conditions by the Card Member and/or Supplementary
Card Member.
3.2 The Bank shall convert the amount of all non-US Dollar Charges (excluding
any Rupee Charges) incurred or arising out of Card Transactions to US
Dollars at the rate of exchange applied by the Bank or international card
scheme for such purpose in accordance with the applicable rules or business
practice of the Bank, and the Card Member and Supplementary Card Member
waive any and all rights to dispute or question any rate of exchange so
applied by the Bank.
3.3 The Bank shall convert the amount of all original
and/or converted US Dollar Charges (i.e. non-US Dollar charges converted
into US Dollar Charges under clause 4.2) arising out of or relating to
Card Transactions and Charges of the Card Member and Supplementary Card
Member into Rupees at the rate of exchange specified for such purpose
in accordance with the applicable rules of the Bank or, in the absence
thereof, in accordance with the usual business practice of the Bank
3.4 The Card Member shall be exclusively liable to pay
all amounts debited to the Card Account by the Bank (as more particularly
specified in Clauses 4 and 5).
3.5 The Card Member hereby irrevocably authorizes and
empowers the Bank to open such Rupee and foreign currency account(s) as
the Bank may deem appropriate and the Card Member agrees, with respect
to any Rupee and/or foreign currency account opened by the Bank on his
or her behalf, that:
a) The Card Member will, upon receipt of the Statement
of Account, deposit such initial account opening foreign currency balance
as may be prescribed by the Bank from time to time.
b) No cheque books will be issued in respect thereof and the Card Member
will not beentitled to withdrawals of any credit balance therein but any
such credit balance (except to the extent of the initial account opening
deposit referred to in clause 6) will be applied to offset Card Member
outstanding during subsequent billing periods.
c) No profit or return of any type will be paid, or accrue upon, any credit
balances maintained in the Rupee and foreign currency account at any time.
d) The Bank may at any time in its discretion discharge its entire liability
with respect to any such account by mailing to the Card Member at the
address on file, its draft in the currency of the account(s) without recourse
to the Bank as drawer and payable to the order of the Card Member in the
amount of the existing credit balance in the account(s) deducting there
from the amounts of any claims that the Bank may have on such funds.
e) AII amounts standing to the credit of the foreign currency account
(less any sums owing to the Bank) are payable solely at the Bank, and
shall be governed by and subject to Laws in effect from time to time in
Pakistan. As used herein "Laws" include circulars, notifications,
regulations and orders of the State Bank of Pakistan. Any credit balances
in the account(s) are not insured by the Deposit Protection Scheme (“DPS”)
of UK nor by Federal Deposit Insurance Corporation (“FDIC”)
of the USA nor by any other corporation or company outside Pakistan.
3.6 All the account(s) opened by the Card Member shall
be governed by the Terms and Conditions hereof and the Schedule of Charges
and any subsequent amendments thereto.
3.7 The Card Member hereby irrevocably authorizes the
Bank to effect debit to the Rupee Credit Card Account of the Card Member
maintained with the Bank in order to purchase foreign currency notes or
other allowed instruments on behalf of the Card Member to effect remittance,
or to instruct money exchanger to effect such remittances on behalf of
the Card Member against payment of equivalent Rupee debited from Card
Member's account together with all applicable costs, as allowed by State
Bank of Pakistan, for settlement of the foreign currency dues/outstanding
balance of the Card Member. In this regard the Card Member irrevocably
authorizes the Bank to purchase or instruct to purchase foreign currency
(instruments/cash) from the authorized money changers or equivalent currency
exchange instruments as allowed by law and accordingly debit the relevant
local currency account of the Card Member (at the sole risk, cost and
expense of the Card Member) in order to recover all outstanding Rupee
and Non-Rupee charges and liabilities and all costs and expenses incurred
in connection therewith. The Card Member also irrevocably authorizes the
Bank to debit its Rupee account for a handling fee, which the bank deems
appropriate and may impose from time to time for such foreign currency
handling. This added Clause 3.7 will be in addition to, and not in derogation
of the existing Condition of Use. In case of any conflict between this
newly added Clause 4.6 and any other Clauses, this Clause 3.7 shall prevail
4. Payment
4.1 The Bank shall every month send a Statement of Account
to the Card Member and the Card Member shall pay at least the Minimum
Payment Amount stated therein by the Payment Due Date. In the event that
the Bank is unable to send a Statement of Account for any reason, the
obligations of the Card Member under these Terms and Conditions to the
Bank shall not cease and all applicable Charges and Liabilities and other
costs and expenses payable under these Terms and Conditions and in accordance
with the Schedule of Charges shall continue to accrue and for the purpose
of calculation and establishment of the date on which the payment is due,
the Bank may select a date each month as the Payment Due Date.
4.2 The Bank shall charge the Card Member and debit to
the Card Account a Chip Maintenance Fee as per the Schedule of Charges,
which may be varied by the Bank and notified to the Card Member. The Card
Member acknowledges that the Bank may vary the applicable charges in the
Schedule of Charges and notify the same to the Card Member in any manner
deemed fit and provided that the Card Member continues to use the Card
after receipt of such notification, it shall be deemed that the Card Member
has acknowledged, unconditionally agreed to and accepted the amended notified
Schedule of Charges.
4.3 If the Card Member effects full payment of the Current
Balance outstanding in the Card Account on or before the Payment Due Date
subject to collection of the required service fees and other fees for
Cash Advances payable under Clause 5.2 for the period covered by the relevant
Statement of Account, the Bank will not charge any service fees.
4.4 If the Card Member effects payment of any amount
less than the Current Balance then outstanding on or before the applicable
Payment Due Date, the Card Member agrees to pay a service fee of 3.08%
per month on the retail balance then outstanding in the Card Account until
the amount paid in full under fixed fee or if under the Variable APR fee
for retail transactions a service fee of 3.16% for the first month, 3.08%for
the second month, 3.00% for the third month, 2.91% for the fourth month,
2.83% for the fifth month, 2.75% for the sixth month, and then 2.75% as
long as full amount is not paid based on per transaction according to
date of transaction, to which on full payments the cycle will start again,
as detailed in the Statement of Account to which such payment relates.
The fixed rate and the variable rates described above reflect the current
rates applicable and the Bank reserves its unconditional right to change
/ modify these rates from time to time, which shall be notified to the
Card Member by the Bank.
4.5 If the Card Member fails to effect payment of at
least the Minimum Payment Amount on or before the applicable Payment Due
Date, in addition to outstanding amounts then due and payable, the Card
Member agrees to make payment of Rs.600 or 10% (or amount prescribed as
the Bank may specify from time to time) of the Minimum Payment Amount
whichever is greater. This will be in addition to all other charges applicable.
4.6 If the Card Member fails to pay the Minimum Payment
Amount in any previous Statement of Account by the Payment Due Date stated
therein, then and without prejudice to the Bank's rights and remedies,
the Card Member shall pay to the Bank, in addition to paying the applicable
Minimum Payment Amount for the Current Statement of Account, all arrears
in the Minimum Payment Amount payable for earlier periods, and any and
all delayed payments, Cash Advance or other fees relating thereto and
all other applicable costs and expenses by the Payment Due Date specified
in the Current Statement of Account. In the event the Card Member exceeds
the Credit Limit without the Bank's prior written approval, the Card Member
will pay, on demand such unauthorized excess over the Credit Limit together
with any costs and expenses in relation thereto.
4.7 All payments to be made by the Card Member shall be in Rupee. Accordingly
for non-Rupee Charges payable by the Card Member, the Card Member hereby
irrevocably authorizes the Bank to effect debit to the foreign currency
account of the Card Member maintained for this purpose with the Bank and
to appropriate the proceeds therein and/or to take such further action
whatsoever as the Bank deems appropriate or necessary to fund such account
for and on behalf of the Card Member by way of purchase or foreign currency
from authorized money changers and/or foreign exchange bearer certificates
and or equivalent currency exchange instruments as allowed by law and
accordingly debit the relevant local currency account of the Card Member
opened pursuant to Clause 3.5 or otherwise (at the sole risk cost and
expense of the Card Member) in order to recover all outstanding non-Rupee
Charges and Liabilities and all costs and expenses incurred in connection
therewith. In the event the Government of Pakistan declines to permit
continued convertibility of Rupee currency through the services of authorized
money changers by way of foreign exchange bearer certificates at any time,
the Card Member agrees to make payment to the Bank in Rupees of all non-Rupee
Charges converted at such rate of exchange as the Bank shall specify for
this purpose.
4.8 The Bank shall charge the Card Member and debit to
the Card Account a handling fee of Rs.600/- or such other sums as the
Bank may impose from time to time, if any cheque or other payment order
issued by the Card Member or Supplementary Card Member or any other party
to the Bank in order to make payments for current or other Statement of
Account is not honored for payment for any reason whatsoever. However,
payment of handling fee by the Card Member will not discharge him/her
from the liability under the law for dishonoring of the cheque issued
by him/her as provided for in clause 4.15.
4.9 All payments received by the Bank from the Card Member
may be applied in and towards payment of unpaid fees, Cash Advances, Charges,
Liabilities and other costs and expenses in previous or current Statement
of Account in such order of priority as the Bank may deem fit.
4.10 The Bank's right against the Card Member shall not
be determined, affected or prejudiced by, and all amounts payable to the
Bank, actual or contingent, shall immediately become due or payable upon
the death, insolvency or insanity of the Card Member and/or Supplementary
Card Member, and the Card Member and/or Supplementary Card Member shall
immediately cease to be valid, and their heirs, executors, receivers,
etc., shall return to the Bank all Cards cut into half and make full payment
as required to the Bank.
4.11 The Bank shall be entitled at its absolute discretion,
to demand return of the Card and/or immediate payment of all amounts outstanding
under the Card Account at any time without giving any reason or notice
and without any liability to the Bank.
4.12 The Bank shall only credit the Card Account with
a refund in respect of a Card Transaction in accordance with its usual
practice if and when the Bank receives such refund in Pakistan. Any refund,
payment or credit to the Card Account shall not be remitted to the Card
Member unless otherwise decided by the Bank but shall be applied towards
the reduction of the Card Member’s Charges or other Liabilities
incurred and debited to the Card Account.
4.13 In the event of an attachment order over the Card
Member's assets being issued, insolvency or death, or upon demand by the
Bank or any reason whatsoever, or in the case of breach of these conditions,
the Card Member shall settle his/her debit balances immediately. This
commitment shall bind heirs and successors without any objection or challenge.
4.14 In the event payment for purchase of a foreign airline
ticket is made through card the amount billed by the airline is treated
as a foreign currency transaction. The transaction amount, billed by the
airline in foreign currency, will be subject to all applicable rules and
procedures of the Bank for conversion of foreign currency into rupees,
based on the exchange rate being used by the Bank at the time of the conversion.
4.15 Notwithstanding anything contained in these Terms
and Conditions the following will constitute a dishonored payment:
a) The Bank receives a cheque, draft or other payment
instrument from or for the Card Member which is not honoured in full;
or
b) The Card Member makes payment to the Bank through the accounts as provided
in clause 4.5 above and the said debit is not honoured in full due to
insufficient funds.
For each dishonored payment, the Card Member must pay
to the Bank:
a) The dishonored amount;
b) Dishonored payment/return cheque fee as may be determined by the bank
from time to time and notified to the Card Member. The payment of dishonored
payment/return cheque fee by the Card Member shall not discharge him/her
from the liability under the law for the dishonored cheque(s) issued by
him/her;
c) The Bank’s reasonable collection costs and legal fees that are
reasonably incurred by the Bank, as permitted by law.
If a Card Member feels any query regarding any amount
payable by him, as notified to the Card Member by the Bank, the Card Member
should contact the Bank in writing within 3 days of such a notification.
Any such query shall be responded by the Bank within 5 working days, from
the date of receipt of the query.
4.16 The Card Member acknowledges that the Bank may vary
the applicable charges in the Schedule of Charges and notify the same
to the Card Member in any manner deemed fit and provided that the Card
Member continues to use the Card after receipt of such notification, it
shall be deemed that the Card Member has acknowledged, unconditionally
agreed to and accepted the amended notified Schedule of Charges.
5. Cash Advance
5.1 If the Bank so approves, the Card Member may use the Card to obtain
Cash Advance up to the maximum cash advance limit decided by the Bank,
from time to time, at participating bank counters or ATMs.
5.2 The Bank shall charge service fee on each Cash Advance
from the date of each Cash Advance until the date of full payment at the
rate of 3.08% (VISA) as financial charges per month or such other rate
as the Bank may determine from time to time. In addition, the Card Member
shall also be liable to pay a Cash Advance fee of Rs.500 per transaction
(or amount advised by the Bank from time to time) obtained from the Bank
or other participating banks or financial institutions or ATMs, which
accept the card.
6. Security
6.1 The Card Member hereby hypothecates to the Bank as
continuing security for any and all Charges and Liabilities and other
amounts outstanding and payable by the Card Member to the Bank there under
all present and future household goods owned by the Card Member including,
without limitation, all consumer durables and household furniture and
fittings of every type and description, household and office appliances,
equipment such as Air conditioner, TV, VCR, Refrigerator, Computers, Cars,
Vehicles, Cash, Shares and other valuables etc. (hypothecated property)
and the Card Member further agrees that the Bank or any representative
or agent thereof has the right without further notice to enter the premises
of the Card Member, in the event of non-payment by the Card Member of
any and all Charges and/or Liabilities and/or amounts payable to the Bank
pursuant to these Terms and Conditions, and repossess the hypothecated
property and, without any further notice to the Card Member, to effect
sale of the same by private agreement or public auction, for such amount
or amounts and at such price or prices as the Bank, in its sole discretion,
shall deem satisfactory. The Card Member agrees to pay to the Bank all
the cost and expenses incurred in connection with the enforcement of hypothecation
and shall be liable to the Bank for the balance if the proceeds of sale
will be deficient to satisfy the entire dues of the Bank. The Card Member
hereby indemnifies the Bank from any and all losses, claims and damages
arising out of or in connection with any Bank repossession and/or sale
of the hypothecated property.
6.2 The Card Member hereby assumes full liabilities as
principal debtor for all amounts due and payable to the Bank by the Supplementary
Card Member including all types of Charges and Liabilities and all other
costs and expenses payable by the Supplementary Card Member to the Bank.
6.3 The Card Member authorizes the Bank to act on the
verbal instructions communicated to an authorized representative of the
bank over the telephone. The Bank reserves the absolute right to verify
the identity of the Card Member over the telephone. The Card Member will
be liable for any and all transactions made after the standard verification
by the Bank's authorized representative. The Card Member also agrees that
his entire telephone conversation with the authorized representative may
be recorded at the discretion of the Bank for any particular purpose.
7. Supplementary Card
7.1 The Bank may issue a Supplementary Card to person(s)
nominated by the Card Member and approved by the Bank. If a Card is issued
to the Supplementary Card Member, the Card Member shall be exclusively
liable to the Bank as principal debtor for all Charges and Liabilities
and other costs and expenses incurred or payable by the Basic Card Member
and/or the Supplementary Card Member. The Credit Limit assigned to the
Card Member is inclusive of the Credit Limit of the Supplementary Card
Member, and the Card Member and the Supplementary Card Member shall not
permit the total of the Charges incurred under or through their respective
cards to exceed the said Credit Limit.
7.2 Any payment made by the Card Member to the Bank shall
be allocated towards reduction of the debit balance in the Card Account
in accordance with Clause 5.5 but the Card Member shall continue to remain
liable for any outstanding post-payment debit balance, if any, in the
Card Account.
7.3 The Card Member shall ensure that each Supplementary
Card Member reads and understands all the charges and Terms and Conditions
hereunder (and any changes to them). It is however, clarified that principally
the Card Member is liable for the Supplementary Card Member’s use
of the supplementary Card, in accordance with these terms and conditions;
and all charges incurred on the Card Account shall be principal liability
of the Card Member.
8. PIN
8.1 The Bank may issue a PIN to the Card Member and/or
Supplementary Card Member for use at any bank counter or ATM, which will
accept the Card. The Card Member agrees that:
8.2 The PIN may be sent by post and/or in any other way
at the discretion of the Bank to the Card Member and/or Supplementary
Card Member at his/her risk.
8.3 The Card Member and/or Supplementary Card Member
understand and agree that he/she shall not disclose the PIN to any person
and shall take every reasonable precaution to prevent disclosure of the
PIN to any person; and
8.4 Subject to Clause 10.2 the Card Member shall be fully
liable to the Bank for all Card Transactions made with the PIN whether
with or without the knowledge of the Card Member.
9. TIN
9.1 The Bank may issue a TIN to the Card Member and/or
Supplementary Card Member which may be substituted by the Card Member.
The Card Member fully agrees that:
9.2 The TIN may be sent by post to the Card Member and/or Supplementary
Card Member or through any other means as the Bank may consider appropriate
at the Card Member and/or Supplementary Card Member's risk.
9.3 The security of TIN is complete responsibility of
the Card Member and/or Supplementary Card Member and the Card Member and/or
Supplementary Card Member shall not knowingly and/or unknowingly disclose
the TIN to any person and shall take all precaution to prevent disclosure
of the TIN to any person in any way; and
9.4 Subject to clause 10.2 the Card Member shall be fully liable to the
Bank for all Card transactions made with the TIN whether with or without
the knowledge of the Card Member and/or Supplementary Card Member.
9.5 The Bank has no obligation for establishing/verifying
the identity/authority of any person or determining the validity of any
transaction as long as where the person giving such instructions purportedly
in the Card Member's and/or Supplementary Card Member name provides the
Bank with the TIN and the Bank shall not be liable for any acts done in
pursuance of such telephonic instructions, regardless of the circumstances
prevailing at the time of such instructions, the nature of the agreement
and banking agreement. The Card Member and the Supplementary Card Member
hereby indemnify and release the Bank from any and all liability and agree
not to make any claim against the Bank or bring any action against the
Bank for honoring or allowing any actions or transactions where the person
giving such instruction provides the TIN assigned to the Card Member and/or
Supplementary Card Member online transactions. The Card Member / Supplementary
Card Member agree to reimburse the Bank for any losses it suffers or any
damages, injuries, costs or expenses it incurs, including attorney's fees,
as a result of the Bank's honoring or allowing transactions on the account
where the TIN was used.
10. Loss of Card/ Disclosure of PIN or TIN
10.1 The Card Member and the Supplementary Card Member
shall not allow the PIN/TIN to be disclosed to and/or misused by anyone.
If the Card is lost or stolen or the PIN/TIN is disclosed to any third
party, the Card Member and/or Supplementary Card Member shall immediately
notify the said loss, theft or disclosure with all material particulars
including Card numbers and/or PIN/TIN to the Bank. Within three days of
such notification to the Bank, the Card Member shall send to the Bank
a written confirmation of the loss, theft or disclosure together with
such particulars thereof, including copy of relevant police report, as
may be required by the Bank.
10.2 The Card Member agrees that the Bank has the right
to recover all authorized charges and/or Cash Advances provided, however,
that the Card Member is not liable for any authorized Card Transaction
made subsequent to reporting of such loss, theft or disclosure of PIN/TIN
if there is due notification by the Card Member of such loss, theft or
disclosure to the Bank as specified herein above on the condition that
such loss, theft or disclosure is not due to the negligence or default
of the Card Member and/or the Supplementary Card Member and the terms
of Clauses 10.1 and 10.3 have been satisfied by the Card Member.
10.3 Any lost or stolen Cards subsequently recovered
by the Card Member shall immediately be returned to the Bank without further
use. The Card Member shall not use the PIN/TIN after reporting any third
party disclosure thereof to the Bank.
10.4 The Bank may in its absolute discretion, issue a
replacement Card for any lost or stolen Card on these Terms and Conditions
or such other Terms and Conditions as the Bank may deem fit.
10.5 The Card is not transferable and no person other
than the Card Member (or any duly authorized Supplementary Card Member)
is permitted (and the Card Member will not permit any other person) to
use the Card for Charges and/or Card Transactions or identification or
for any other purpose whatsoever. The Card Member shall not be entitled
to use the Card before the start of validity term or after the expiry
date. Notwithstanding anything stated in this clause, if the Card or any
supplementary Card is used/misused by a person who acquired possession
of it with the Card Member's consent, the Card Member will be solely liable
for all losses incurred as a result (including any withdrawal made without
the authority of the Card Member or of the Supplementary Card Member).
11. Insurance
11.1 The Card Member hereby agrees that once the Card Member provides
his/her consent to obtaining Credit Security Insurance and any other insurance
policies/insurance packages offered by the Bank to the Card Member after
being explained by the Bank the details relating/applicable thereto, the
Card Member shall be bound by the terms of the insurance policies /insurance
packages pertaining to them, which shall not be challenged by the Card
Member. The Card Member may be provided with a copy of the insurance policies/insurance
packages at the request of the Card Member by the Bank. The rates applicable
to the insurance policies/insurance packages offered by the Bank to the
Card Member are stipulated in the Schedule of Charges provided to the
Card Member, which may be revised/changed/modified by the Bank from time
to time and notified to the Card Member. The categories of insurance/cover
which may be provided by the Bank to the Card Member comprise of the following
(the terms of which and the source of which may be changed/varied/modified
by the Bank and notified to the Card Member from time to time):
(a) Credit Security Insurance
(b) Travel Insurance
(c) Common Carrier Accidental Insurance
(d) Life Insurance
(e) Education Insurance
(f) Personal Accidental Insurance
(g) Wallet Protection *
11.2 Eligibility
All MCB Visa Basic Card members whose ages are less than 60 years are
eligible to be covered under the above insurance policies. However, for
those enrolled prior to their 60th birthday can renew their coverage up
to their 65th birthday. At age 65 years, insurance cover shall cease and
no benefit will be payable. No insurance will be effective if the Card
member has already attained the age of 60 years at the time of enrollment.
The benefits under these packages shall be offered only to the MCB Visa
Basic Card members and not to the Supplementary Card members (except in
case of Wallet Protection where both basic and supplementary card members
are covered).
* No maximum age eligibility criteria applicable.
The Bank is entitled at any time and without prior notice or liability
to the Card member to cancel the insurance coverage if the eligibility
criteria, specified herein, is not met.
12. Termination
12.1 The Card Member may at any time, inform the Bank
of his/her intention to close the Card Account and to terminate the use
of all Cards by giving prior notice in writing and returning all Cards
cut into half to the Bank. The Card Account shall be closed only after
the receipt by the Bank of all Cards cut in half and after full payment
to the Bank of all Charges and Liabilities and all costs and expenses
in relation to the Card Account.
12.2 The Card Member may at any time terminate the use
of any Supplementary Card by giving notice in writing and returning the
relevant Supplementary Card cut into half to the Bank. In such event,
the Card Member shall continue to remain liable to the Bank for all Charges
and Liabilities and all other costs and expenses in relation thereto in
accordance with these Terms and Conditions, except for the charges and
liabilities incurred by the Card Member and other Supplementary Card Member
(if any) after the Bank's receipt of the cut Supplementary Card. All Cards
issued to or collected by the Card Member or any Supplementary Card Member
remains the property of the Bank at all times. The Bank may at any time,
recall and cancel all or any Card(s) without assigning any reason, with
or without giving any prior notice to the Card Member or Supplementary
Card Member. The Card Member and the Supplementary Card Member shall immediately
after such recall and cancellation, return such Card(s) cut in half to
the Bank and make full payment of all Charges and Liabilities and all
other costs and expenses in relation thereto to the Bank.
12.3 If the use of all or any Card(s) is terminated under
Clause 12.1 or Clause 12.2, all charges and liabilities of the Card Member
and/or Supplementary Card Member whether actual or contingent shall become
immediately due and payable to the Bank.
The Card Member shall be fully liable to the Bank for all charges and
liabilities until the Bank's receipt of all Card(s) cut in half and full
payment from the Card Member and/or the Supplementary Card Member for
all outstanding charges and liabilities and other costs and expenses in
connection therewith. The Bank shall not be liable to refund the annual
membership fees or any part thereof to the Card Member in the event of
the termination of use of the Card(s) and the relevant Card Account(s).
12.4 The Card Member shall terminate the Card and Card
Account according to the provisions of this clause 12 in case he/she does
not agree to any of the Terms and Conditions subject to the condition
that all amounts accrued, due and payable till the time of such termination
shall be paid to the Bank by Card Member before such termination. However,
continuation of use of the Card in any manner shall be deemed that the
Card Member agrees and accepts the Terms and Conditions and shall remain
responsible to fulfill his/her obligations hereunder.
12.5 Without prejudice to the rights of the Bank under
the Terms and Conditions and applicable laws if the Card is cancelled/
terminated due to any default by the Card Member in that event the unredeemed
reward points shall also be terminated.
12.5.1 If cardholder is current in card payment but delinquent
in any other facility availed from MCB (e.g. Auto Loan, Personal Loan,
Mortgage Loan & Business Sarmaya), bank reserves the rights to block
the utilization of credit card on account of cross product delinquency.
13. Exemption: Exclusion
13.1 The Bank is not liable for any loss or damage how-so-ever
incurred or suffered by the Card Member or Supplementary Card Member by
reason of the Bank or a Merchant or any ATM or other party refusing to
allow a Card Transaction or accept the Card or the Card numbers of the
Card Member, the PIN or to extend or provide Cash Advance up to the Credit
limit, the Bank's failure and/or delay in carrying out any instructions
communicated to the Bank under online transaction facility on the phone
using the TIN or at all, the TIN and/or in connection with carrying out
or failure or delay in carrying out any of the Card Member's instructions
under these Terms and Conditions.
13.2 The Bank is not liable in any way for the quality,
quantity, sufficiency, acceptability of goods and/or services reserved
or purchased by the use of the Card or Card numbers or for any surcharge
(additional amount) charged by the Merchant or for any other breach or
non-performance of any Card Transaction by a Merchant. In the event of
any dispute between the Card Member and the Bank or any Merchant or any
other person the Card Member's liability to the Bank shall not in any
way be affected or reduced or suspended by such dispute or any other counter
claim or right of set-off which the Card Member may have against such
Merchant or other person.
13.3 The Bank is not liable in any way to the Card Member
or Supplementary Card Member for any loss or damage of whatever nature
due to or arising from any disruption or failure or defect in any ATM
or other machine or communication system or facilities or data processing
system or transmission links or due to or from any industrial or other
dispute or any other thing or cause beyond the control of the Bank.
13.4 The Bank is not liable/responsible in respect of
any issues/ complaints/ demands/ claims/ loss and/ or damage related to/in
connection with all or any benefits/services/rewards offered to the Card
Member by the Bank on behalf of and based on the representations made
by the co-partner of the Bank in any co brand credit card arrangement
that the Bank may have entered into and which is being offered by the
Bank to the cardholder.
13.5 The Card Member and the Supplementary Card Member
hereby confirm that the Charges and Card Transactions executed and paid
pursuant to these Terms and Conditions are and will continue to be in
accordance with all applicable laws, regulations, rules, circulars, and
directives as may be amended from time to time governing the use of credit
cards for the time being in force in Pakistan and further hereby indemnify
the Bank from any fines, losses, and/or damages incurred or suffered by
the Bank in the event of contravention of such laws, regulations, rules,
circulars and/or directives by the Card Member and/or Supplementary Card
Member at any time.
14. Variation of Terms
14.1 The Bank may from time to time and at any time change
any of these Terms and Conditions including, without limitation the terms
of payment, percentage rates, charges and fees, and shall accordingly
notify the Card Member by inclusion in the Statement of Account or otherwise.
Such changes shall be effective from any date specified by the Bank for
such modification or if contained in the Statement of Account, from the
date of the Statement of Account.
14.2 Retention by the Card Member of the Card after the
Card Member's receipt of any changes in these Terms and Conditions pursuant
to Clause 14.1 shall constitute notice of the Card Member's acceptance
of such amended Terms and Conditions without reservation. In the event
of Card Member non-acceptance of such Terms and Conditions as amended,
the Card Member must immediately terminate the use of the Card in accordance
with Clause 12.1 and 12.2 otherwise the changed Terms and Conditions will
continue to apply.
15. Disclosure
15.1 The Card Member hereby irrevocably authorizes the
Bank to disclose information relating to the Card Account, the use of
the Card, the particulars and financial affairs of the Card Member to
any Merchant, bank, financial institution, or any of the Bank's branches
and related or affiliated concerns or any member of the International
VISA/MasterCard network or to any person or concern or authority as the
Bank may, in its sole discretion, deem appropriate and/or if instructed
by government agencies/departments, regulatory body and court orders under
the law.
15.2 Additionally, the Card Member consents to the Bank
disclosing information regarding the Card Member's account to any other
company within the MCB Bank Group Worldwide for such purpose or purposes
as the Bank in it's sole discretion requires.
16. Notices
16.1 All Cards, PINs, TINs, notices, Statements of Account,
demands or any other communications under these Terms and Conditions (here
in after collectively called "Communications") may be delivered
personally or by courier or be sent by ordinary post to the last known
billing or other address of the Card Member and such Communications shall
be deemed to have been served on the Card Member on the day of delivery,
if delivered by hand and on the next business day after posting, if sent
by courier or by ordinary post and/or otherwise as provided hereunder.
All Communications under these Terms and Conditions sent to the Card Member
shall be deemed to be Communications sent also to the Supplementary Card
Member.
16.2 Any notice to be given by the Card Member to the
Bank under these Terms and Conditions shall be given by registered post/courier/by
hand with acknowledgment due.
16.3 Notwithstanding the aforesaid, the Bank shall be
entitled at its absolute discretion to rely and act on any notices, requests
or instructions which are or purport to be from or given on behalf of
the Card Member (whether or not they are genuine or given with the Card
Member’s consent or authority) and which are given orally or otherwise
communicated to the Bank other than as provided for aforesaid, and action
on the Bank’s part pursuant to such notices, requests or instructions
shall be binding on the Card Member and the Bank shall not be liable for
any loss or damage incurred or suffered or sustained by any Card Member
as a result of such action.
16.4 The Bank shall be entitled, with 7 days prior Notice,
to demand return of the Card and/or immediate payment of all amounts outstanding
under the Card Account, in case of, including but not limited to, breach
or violation of any of the Credit Card Terms; Default in payment of outstanding
dues in context of the Credit Card or in context of any other banking
facility being availed by the Customer; any adverse change in the Customer
Profile/employment; abuse of the Credit Card; any other reasons which
in the absolute judgment of the Bank would necessitate return of the Card;
and / or in case of any change in local / international laws or any change
in the Bank’s or Sate Bank’s policy that warrant to demand
the return of Card by customer. “
17. Indemnity
The Card Member undertakes and agrees to indemnify the
Bank and hold it harmless against any loss, damage, liability, cost and
expense, whether legal or otherwise, which the Bank may incur by reason
of these Terms and Conditions or any breach thereof or the enforcement
of the Bank's rights as herein provided (including any loss incurred or
suffered by the Bank in the event of any governmental restrictions imposed
on payment by the Card Member in foreign currency by way of cash or through
foreign exchange bearer certificates or otherwise). Accordingly, all costs
and expenses, including legal costs and disbursements of every expense
incurred by the Bank in enforcing or seeking to enforce or applying these
Terms and Conditions or otherwise, shall be debited to the Card Account
and shall be paid as Liabilities by the Card Member.
The Bank shall provide the Card Member with all the facilities
which are or may from time to time become part of the Bank’s telephone
banking facilities in respect of all Accounts which are or may hereafter
be opened, with the Bank in which the Card Member may have single signatory
authorization.
In consideration of the Bank’s acceptance of oral
instructions from the Card Member over the telephone in connection with
such facilities as may from time to time form part of the Bank’s
telephone banking facilities, the Card Member agrees and undertakes not
to deny the veracity or genuineness of any such oral instructions. The
Card Member further agrees not to make any claim against the Bank as a
consequence of, or in respect of, the provision by the Bank to the Card
Member of any of the Bank’s telephone banking facilities. The Card
Member agrees that the Bank may debit any of the Card Member account(s)
with the Bank for all costs, Charges or other amounts which may be incurred
as a consequence of, or in respect of, the provision by the Bank to the
Card Member of any Bank’s telephone banking facilities. The Card
Member agrees that the Bank may ignore or suspend action on any oral instruction
received from the Card Member if the Bank, in its absolute discretion,
deems it appropriate to do so. The Card Member understands and accepts
that compliance by the Bank with such oral instructions shall be subject
to the internal policies of the Bank which may be amended from time to
time.
The Card Member hereby confirms that all account(s) opened by the Card
Member by using the Bank’s telephone banking facility shall be governed
by the Terms and Conditions governing the Card Member’s existing
account(s) with the Bank.
18. Right of set-off
18.1 The Bank may at any time and without notice or liability
in any way to the Card Member or Supplementary Card Member combine or
consolidate any one or all accounts of the Card Member and/or Supplementary
Card Member with the Bank or any affiliate or subsidiary (whether current
or deposit or of any other nature in whatever currency and whether in
Pakistan or elsewhere) and/or set-off or apply any money standing to the
credit of any one or all of such account in or towards satisfaction of
the outstanding balance of the Card Account. Where such combination consolidation
and/or set-off requires the conversion of one currency into another, the
Bank shall be entitled to effect such conversion at such rate of exchange
prevailing on the day of such combination, consolidation and/or set-off
as the Bank may apply in accordance with the Bank's usual practice in
such connection and all exchange risks, losses, premiums, commissions
and other Bank charges shall be borne by the Card Member.
18.2 The Bank's right against the Card Member and/or
Supplementary Card Member shall not be determined, affected, or prejudiced
by, and all amounts payable to the Bank, actual or contingent or joint
or several, shall immediately become due and payable upon the death of
the Card Member and/or Supplementary Card Member.
The Bank's right to set-off and all transactions authorized
by the Card Member and/or Supplementary Card Member before their death
shall continue to subsist till the Bank is informed in writing about such
death. Upon receiving this information the Credit Card and the Credit
Card account will be blocked for new transactions after receiving this
notice.
The Bank will not be obliged to allow any operation or
withdrawal except on the production of a succession certificate or other
court order, from a court of competent jurisdiction. The legal heirs will
be notified of a debt balance and should agree to the required adjustments
before release of the funds in their favor by the Bank.
19. Waiver
The Bank may at any time waive either unconditionally
or otherwise any of these Terms and Conditions or any default or breach
of the Card Member provided that such waiver is given in writing by the
Bank and save as aforesaid, no condoning or excusing 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 a waiver of the Bank's
rights and powers and no waivers shall be inferred from or implied by
anything done or not done by the Bank unless expressed in writing by the
Bank. Any waiver shall operate only as waiver of the particular matter
to which it relates and shall not operate as a waiver of subsequent breach
in any of these Terms and Conditions.
20. Full Force and Effects
These Terms and Conditions shall remain in full force
and effect until the Bank acknowledges receipt of all Cards cut in half
and full payment of all Card Member and Supplementary Card Member Charges
and Liabilities and other costs and expenses relating thereto.
21. Severance
Each of these Terms and Conditions shall be severable
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 enforceability of the remaining provision shall
not in any way be affected or impaired thereby.
22. Taxes & Other Government Levies/Duties
The Card Member and Supplementary Card Member(s) agree
to reimburse the Bank for payment of any stamp duties and/or excise or
other similar taxes or levies payable in connection with any advances,
finances or credit provided by the Bank to the Card Member or any Supplementary
Card Member.
23. Assignments/Transfer of Interest
The Card Member and Supplementary Card Member hereby
agrees that the Bank may, in its sole discretion, assign, discount or
otherwise transfer part or all of its interest herein (and/or in any goods
hypothecated by the Card Member and Supplementary Card Member pursuant
hereto) to any third party for such consideration or otherwise as the
Bank deems appropriate.
24. Renewal of card
The Bank may issue a new Card or Cards automatically
unless instructed otherwise and also that the Bank reserves the right
not to reissue a card or renew the Card. The Card Member shall continue
to remain bound by these conditions and any amendment thereto.
25. Governing law
These Terms and Conditions are governed by and shall
be construed in accordance with the laws of Pakistan and the Card Member
and Supplementary Card Member hereby submit to the Jurisdiction of the
Courts established.
26. Privacy Policy
Except as provided in Clause 15 above, the Bank will
treat the Card Members personal information as private and confidential
(even after Card Account has been terminated). Nothing about the Card
Member’s relationship with the Bank or the Card Member’s name
and address will be disclosed to anyone, including other subsidiaries
or affiliates of the Bank, other than in accordance with the terms set
out below:
a) Where the Bank (or any third party acting on the Bank’s
behalf) are legally compelled to do so; or
b) Where there is a duty to the public to disclose;
c) Where the Bank’s interests require disclosure; or
d) Where disclosure is made at the Card Member’s request or with
the Card Member’s consent.
e) Where for the purpose of credit reporting, verification and risk management,
the Bank exchanges information about the Card Members with any institution
it deems fit.
f) Where the Bank for promotion of its products and or its affiliates
use the information of the Card Member for promotional purposes.
*All rates mentioned are subject to change.
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