The minimum instalment amount is HKD5,000 and the maximum instalment amount is HKD25,000 or 100% of the credit limit of the cardholder's designated HSBC credit card account (whichever is lower) for each cash withdrawal / balance transfer transaction. The annualised percentage rate ("APR") for the monthly handling fee of HKD90 is as low as 7.62% (calculated based on the instalment amount of HKD25,000). APR is calculated according to the method set out in the relevant guidelines referred to in the Code of Banking Practice.
2.
Only applicable to applications of transferring the instalment amount from designated HSBC credit card account to cardholder's designated HSBC personal bank account, no documents are required.
Reference number: Y9-U8-CAMH1802/JUL
Terms and Conditions for HSBC Cash Credit Instalment Plan:
1.
The Cash Credit Instalment Plan ("instalment plan") offered by The Hongkong and Shanghai Banking Corporation Limited ("HSBC") applies to customers holding any Hong Kong Dollar personal primary credit card issued by HSBC in Hong Kong ("cardholder"). Combined additional and separate additional credit cards (including co-branded cards), business, corporate, purchasing, US dollar, Renminbi credit cards and private label cards will not be considered for participation in the instalment plan.
2.
By applying for the instalment plan in writing or by telephone, the cardholder is deemed to have accepted all terms and conditions set out below and the HSBC Credit Card Cardholder Agreement / iCAN Card Cardholder Agreement.
3.
Upon approval of the cardholder's application for the instalment plan, HSBC will hold the credit limit of the HSBC credit card account specified by the cardholder at the time of application ("designated card account") with an amount equivalent to the instalment plan amount approved by HSBC ("instalment amount") plus the total monthly handling fees applicable to the 6-month repayment period ("instalment period"). The cardholder's credit limit will be progressively restored with the amount of each monthly repayment towards the instalment plan to the extent that such monthly repayment is received by HSBC.
4.
For every approved cash withdrawal / balance transfer transaction, HSBC will levy a handling fee each month during the instalment period. The monthly handling fee is HKD90 regardless of the approved instalment amount (annualised percentage rate is as low as 7.62%, calculated based on an instalment amount of HKD25,000). The annualised percentage rate is calculated according to the method set out in the relevant guidelines referred to in the Code of Banking Practice. HSBC will debit the instalment amount and the total monthly handling fees to the designated card account through 6 consecutive monthly instalments. The repayment amount debited to the designated card account in each month ("repayment amount") is equal to the total instalment amount divided by 6 plus a monthly handling fee payable each month during the instalment period. The repayment amount will be debited to the designated card account as a purchase.
5.
The repayment amount for the first instalment will be debited to the designated card account upon approval of the cardholder's application for the instalment plan and will be shown in the first coming statement.
6.
The application deadline for the instalment plan is 31 December 2009. If a cardholder chooses to credit the instalment amount to his/her HSBC Hong Kong Dollar personal bank account, cardholder may apply for the instalment plan via the 24-hour promotional hotline on 8228 3188. If a cardholder chooses to credit the instalment amount to a Hong Kong Dollar credit card account or a Hong Kong Dollar personal bank account of other bank, the cardholder must submit the application in writing with relevant documents. The application form can be obtained via the 24-hour promotional hotline. Documents supplied, including the application form, will not be returned.
7.
The minimum instalment amount is HKD5,000 and the maximum instalment amount is HKD25,000 or 100% of the approved credit limit of the designated card account (whichever is lower) for each cash withdrawal/balance transfer transaction. The instalment amount and the total monthly handling fees shall not, when aggregated with the sum of the total outstanding balance (including all unbilled balances in the designated card account), exceed the approved credit limit of the designated card account.
8.
Applications to the instalment plan are subject to the usual credit assessments by HSBC. HSBC is entitled to approve or reject any application or grant a lower instalment amount than that requested without giving any reason. If the available withdrawal amount of the cardholder's designated card account is lower than the requested amount at the time of application processing, HSBC will process and approve the application based on the actual available credit limit of the cardholder's designated card account without prior notice to the cardholder.
9.
The instalment amount will be eligible for Reward points. The Reward points will be credited to designated card account by 6 consecutive monthly instalments. The Reward points credited to the designated card account in each month is equal to the Reward points converted from the repayment amount.
10.
HSBC will credit or transfer the approved instalment amount in a lump sum to the bank account or credit card account specified by the cardholder at the time of application. The disbursement bank account must be a sole name Hong Kong Dollar account in the same name as the cardholder and the cardholder of the designated card account. Subject to its discretion, HSBC will on behalf of the cardholder issue a cheque or through the Clearing House Automated Transfer System (CHATS) transfer the approved instalment amount to such bank account or credit card account specified by the cardholder at the time of application.
11.
Only transfers from a Hong Kong credit card company and a Hong Kong Dollar credit card account held by the cardholder as primary cardholder will be accepted. Outstanding balance transfers originating from any HSBC credit card account will not be accepted. HSBC will not accept any application from a cardholder with a past due record in the current month on any credit card account.
12.
No cancellation will be accepted once the application for the instalment plan is approved by HSBC and before full payment of the instalment amount and all monthly handling fees plus any interest (if applicable).
13.
The cardholder may at any time during the instalment period repay the full instalment amount and all monthly handing fees plus any interest (if applicable), payable over the remainder of the instalment period but not yet charged to the designated card account, subject to payment of an administration fee of HKD300 to HSBC. The cardholder shall give HSBC at least 14 working days' written notice in advance of this intention to make early repayment. Once given, such notice will not be revocable without HSBC's prior consent. All paid monthly handling fees will not be refunded. Partial early repayment will not be accepted.
14.
No interest is payable by the cardholder who makes full repayment of the statement balance specified in the cardholder's designated card account statement on or before the payment due date of each month. For the cardholder who chooses to make partial repayment of the statement balance, the cardholder shall pay interest on all outstanding balances on the designated card account at the prevailing interest rate as stipulated in the HSBC's general bank tariffs or other notices provided by HSBC from time to time applicable to the designated card account.
15.
Notwithstanding anything contained in the HSBC Credit Card Cardholder Agreement/iCAN Card Cardholder Agreement, these terms and conditions or any other document, HSBC will at all times have the right at its sole discretion:
a.
at any time to charge the designated card account, the aggregate of all remaining instalment amounts and the total monthly handling fees chargeable throughout the instalment period where an application has been approved but not yet charged to the designated card account plus any interest (if applicable); and/or
b.
to demand immediate repayment of all sums payable pursuant to the instalment plan.
Without prejudice to HSBC's overriding right to demand for repayment of amounts owing to it at any time under this instalment plan, HSBC would be entitled to make such demand in the event that
i.
the designated card account is cancelled or terminated by the cardholder or HSBC for whatever reason;
ii.
the cardholder defaults in the payment of any amounts due under the HSBC Credit Card Cardholder Agreement/iCAN Card Cardholder Agreement or these terms and conditions;
iii.
the cardholder breaches any other provision of the HSBC Credit Card Cardholder Agreement/iCAN Card Cardholder Agreement or these terms and conditions;
iv.
a bankruptcy petition is presented in relation to the cardholder, or the cardholder is unable to pay his debts as they fall due; or
v.
the instalment plan is terminated or suspended by HSBC for whatever reason.
16.
The terms and conditions of the HSBC Credit Card Cardholder Agreement / iCAN Card Cardholder Agreement also apply to the instalment plan. In case of any discrepancy between these terms and conditions and the terms and conditions in the aforesaid Cardholder Agreements, these terms and conditions shall prevail.
17.
If approved, the instalment amount will normally be debited to the designated card account within 14 days from receipt of full documentation for processing. Prior to receipt from HSBC of a written confirmation of transfer of the approved instalment amount, the cardholder must continue to make repayment on such amount. HSBC will not be liable for any finance charge or other charges incurred by the cardholder in respect of his/her application to the instalment plan.
18.
HSBC reserves the right to amend the monthly handling fee charged for the instalment plan, the terms and conditions of the instalment plan or terminate / suspend the instalment plan and has the final decision on all matters and disputes.
19.
In the event of discrepancies or inconsistencies between the English version of these terms and conditions and the Chinese version, this English version shall prevail.
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