Cash Installment Terms and Conditions
- Eligibility
Principal Chinabank Credit Cardholders in good credit standing* pre-selected by Chinabank (“Qualified Cardholders”) may avail of the Cash Installment Program (“Cash Installment”) wherein they can convert a percentage of their available credit limit into cash and pay it in fixed installments, subject to this Terms and Conditions. Qualified Cardholders will be contacted by Chinabank for the Cash Installment application.
Chinabank’s directors and stockholders and their related interest, and related interest of Chinabank employees are disqualified from availing Cash Installment.
- Program Mechanics
a. Application. The Qualified Cardholder has the responsibility to check the status of his/her Cash Installment application by contacting Chinabank. A Qualified Cardholder may request cancellation of his/her Cash Installment application no later than two (2) days from the submission of the application. Although Qualified Cardholders are pre-selected, Chinabank retains its absolute right to approve or deny Cash Installment applications. In case of denial of the application, Chinabank has no obligation to notify the cardholder of the reason thereof.
b. Cash Installment Amount. The minimum Cash Installment amount that should be availed is Ten Thousand Pesos (Php 10,000.00) per transaction. The Cash Installment amount shall be determined by Chinabank in its sole discretion, provided that the approved Cash Installment amount and computed interest amount shall be within the available credit limit.
c. Payment Terms. Cash Installment can be paid in 12, 24, or 36 month-terms.
d. Interest Rate. Applicable interest rate shall be determined by Chinabank at its sole discretion.
e. Crediting of Proceeds. The proceeds of Cash Installment availment will be credited to a bank account designated by the Qualified Cardholder and for this purpose, the Qualified Cardholder is deemed to have certified that the designated bank account belongs to him/her. In processing the Cash Installment availment, Chinabank will rely solely on the bank account details provided by the Qualified Cardholder. Crediting of proceeds may take five (5) to seven (7) business days counted from Chinabank’s approval of the Cash Installment availment.
f. Notification. Chinabank shall notify the Qualified Cardholder via SMS once the Cash Installment application has been approved and proceeds are credited to the Qualified Cardholder’s chosen bank account.
g. Billing. The Cash Installment shall be posted in equal and successive monthly installments commencing on the Qualified Cardholder’s next billing date until the Cash Installment balance is paid in full.
h. Pre-Termination Fee. In case of pre-termination of Cash Installment availment by the Qualified Cardholder, Chinabank shall impose a five percent (5%) handling fee based on the remaining unpaid installment amount or Five Hundred Pesos (Php 500), whichever is higher. The unpaid remaining total principal amount plus applicable fees shall be posted back as a regular straight transaction.
- Miscellaneous Provisions
a. Approved Cash Installment applications shall not be eligible to earn rewards points.
b. Terms and Conditions Governing the Issuance and Use of Chinabank Credit Cards are incorporated herein by reference.
- Financial Consumer Protection Assistance Mechanism
Chinabank may receive client inquiries or complaints via the following contact channels provided below. Upon receipt, Chinabank shall then conduct a comprehensive investigation in accordance with its established procedures and shall notify the Qualified Cardholder of its findings.
• Customer Contact Center 24/7 Hotline: (632) 888-55-888
• Domestic Toll Free: 1-800-1888-5888 (PLDT)
• Email: online@chinabank.ph
• Viber: +639178814263 (8:30AM - 5:30PM, Viber messages only)
Chinabank is regulated by the Bangko Sentral ng Pilipinas (BSP). Details of the BSP’s Consumer Assistance Mechanism are provided in www.bsp.gov.ph/.
- Agreement to Terms and Conditions
The Qualified Cardholder acknowledges that he/she has read, understood and agreed to be bound by the Terms and Conditions herein and the Terms and Conditions Governing the Issuance and Use of Chinabank Credit Cards.
*Cardholders in good credit standing are those whose accounts are active and current and not blocked, delinquent or past due, not under any collections repayment program or special installment, non-investigation due to suspected fraudulent activities, or those whose Credit Cards are not reported lost or stolen, and those who have not otherwise, violated any of the Terms and Conditions governing Chinabank Credit Cards.
