TERMS AND CONDITIONS

 

1. The Chinabank Transaction Conversion Program is a credit card facility that allows active principal Chinabank Credit Cardholders (Cardholder) of good credit standing to convert retail transactions to installment. ALL Chinabank credit cards may be used to avail of a Transaction Conversion EXCEPT for the following:

   - Chinabank Destinations World Dollar Mastercard

2. The Transaction Conversion program may be availed through any of the following options:

   - Fill out the Application for Credit Card Transaction Conversion Form and send via email to document_creditcards@chinabank.ph

   -  Customer Contact Center (24/7 Hotline): (02) 888-55-888

   -  Domestic Toll-Free Number (PLDT): 1-800-1888-5888

Chinabank may receive client inquiries, concerns or complaints through any of the available touchpoints mentioned above. Chinabank shall then conduct a comprehensive investigation in accordance with its established procedures and shall notify the Cardholder of its findings.

3. Available payment terms are as follows:

   - 3 months

   - 6 months

   - 9 months

   - 12 months

   - 18 months

   - 24 months

4. The minimum Transaction Conversion amount per single-receipt transaction shall be as follows:

   - ₱3,000.00 for 3 months

   - ₱5,000.00 for 6 and 9 months

   - ₱10,000.00 for 12 and 18 months

   - ₱20,000.00 for 24 months

The applicable monthly add-on rate shall be determined by Chinabank and may vary depending on the applicable offer or promotion.

5. For promotional offers implemented for a specific period, the applicable promo rate and the specific terms and conditions shall prevail only to the extent inconsistent with these Terms and Conditions.

6. Combining transactions to reach the required minimum amount to qualify for a Transaction Conversion is not allowed.

7. Cardholders may avail of multiple Transaction Conversions, provided that each transaction meets the applicable minimum amount requirement.

8. The approved Transaction Conversion amount, including the applicable interest, must be within the Cardholder’s available credit limit at the time of the application.

9. No processing fee shall be charged to the Cardholder for every Transaction Conversion application.

10. Approved Transaction Conversion applications shall not earn rewards points.

11. Application for Transaction Conversion must be received by Chinabank at least ten (10) banking days before the due date of the Statement of Account (SOA) reflecting the transaction being applied for the Transaction Conversion.

12. Only straight retail transactions posted within the last thirty (30) days at the time of the Transaction Conversion application or reflected in the Statement of Account (SOA) for the first time are eligible for the program. Transactions that have formed part of the Cardholder’s revolving balance are no longer eligible for conversion.

13. The card must be activated, current, not past due or delinquent. Overlimit, past due, and accounts with collection issues are not eligible for Transaction Conversion.

14. The following transactions are also excluded from the Transaction Conversion program:

   • Quasi-cash transactions (e.g. deposit/e-wallet accounts funding, gaming transactions, government transactions, etc.)

   • Installment transactions (e.g. Merchant Installment, Balance Transfer, Balance Conversion, Cash Installment, and Transaction Conversion)

   • Utilities (e.g. electricity, phone/mobile, internet, etc.)

   • ATM transactions (e.g. Cash Advance, payments, etc.)

   • Fees and Charges

   • Pre-terminated installment transactions

15. Foreign currency transactions converted to PHP using the Mastercard or Visa exchange rate on the transaction posting date are eligible for a Transaction Conversion.

16. The amount to be converted to installment must be the full amount of the transaction.

17. Chinabank retains its absolute right to approve or decline Cash Installment applications. Chinabank has no obligation to notify the Cardholder of the reason for the denial of an application.

18. The Transaction Conversion application shall be processed within three (3) business days from the date of Chinabank’s receipt of the complete application and documentary requirements.

19. The first monthly amortization of the approved Transaction Conversion amount shall be immediately posted to the Cardholder’s Statement of Account (SOA) upon approval of the application. Thereafter, the approved Transaction Conversion amount shall be posted in equal and successive monthly installments commencing on the Cardholder’s next billing date until the Transaction Conversion amount is paid in full.

20. In the event of pre-termination or cancellation of the Transaction Conversion prior to the completion of the payment term, a pre-termination fee equivalent to 5% of the remaining unpaid installment balance or ₱500, whichever is higher, shall be charged to the Cardholder. The outstanding unbilled portion of the principal amount plus the applicable pre-termination fee shall be billed as a regular straight transaction and posted in the next billing statement.

21. Failure to pay the minimum amount due for four (4) consecutive billing periods shall result in the cancellation of the Conversion Transaction installment and all remaining unpaid monthly installments, together with the outstanding balance and all applicable fees and charges, shall immediately become due and demandable.

22. Cardholders acknowledge their liability to Chinabank for every approved Transaction Conversion application, which shall form part of the Cardholder’s obligation to Chinabank.

23. Chinabank officers and rank-and-file employees are eligible to avail of the installment programs. However, related interests of Chinabank officers are not eligible. Chinabank directors, stockholders, and their related interests are also not eligible.

24. The use of the Chinabank credit card in connection with this Transaction Conversion program is subject to the Terms and Conditions governing the issuance and use of Chinabank credit cards.

25. By availing of the Transaction Conversion program, the Cardholder confirms having read, understood, and agreed to these Transaction Conversion program Terms and Conditions.

 

You may view the existing Terms and Conditions here.

 

*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/.