CAPITULO X. LA EXPERIENCIA CURATIVA 1. La iniciación
QUINTO CHAKRA: VISHUDHA
1. The Balance Transfer-on-EMI facility allows an HSBC Credit Cardholder (You) to avail of the Balance Transfer facility on his/her HSBC Credit Card (Card) and repay the same in Equated Monthly Instalments (EMI).
2. The minimum amount that can be transferred from any other bank credit card account to the Cardholder’s HSBC Credit Card is `3,000.
3. The Cardholders can choose from multiple tenure options from 6 months, 12 months, 18 months and 24 months.
4. The Equated Monthly Instalment (EMI) amount will be billed to the credit card every month on your statement date.
Balance Transfer transaction will block the available credit limit on the Cardholder’s credit card upto the amount of Balance Transfer-on-EMI availed including applicable charges and Service Tax.
5. The maximum amount that can be transferred from other bank credit cards to the Cardholder’s HSBC Credit Card is upto 90% of the credit limit on the Cardholder’s HSBC Credit Card subject to available balance as on the date of approval of the Cardholder’s application. If the amount to be transferred to the HSBC Credit Card exceeds 90%
of the credit limit on the date of acceptance by HSBC, HSBC will not be able to process the request and the same will be intimated to the customer.
6. During the Balance Transfer term, the balance transferred will also be included for computing the minimum payment due, as mentioned in the credit card statement from HSBC.
7. Minimum amount due: The Balance Transfer EMI due for the month is included as part of the minimum amount due appearing in the Cardholder’s monthly statement. The minimum amount due appearing on the Cardholder’s monthly statement is calculated as a percentage of the total outstanding retail balance + monthly EMI due on Balance Transfer on-EMI. Non-payment of the entire total payment due on the credit card by the payment due date will result in the levy of standard credit card interest rates on the balance outstanding. If only minimum amount due (as defined above) is paid, the standard credit card interest rates will be levied on the balance outstanding. However, if
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such partial payments do not cover the amount of EMI for the month, standard finance charges (including late payment fee) will be levied also.
As an illustration:
• Balance Transfer-on-EMI = `1,000
• Other outstanding balances = `2,000
• Total closing balance for the month = `3,000
• Minimum payment instruction = 5% of outstanding retail balance + EMI due on BT
• Minimum payment due = (5% x `2,000) + `1,000 = `1,100 Scenario I:
• Amount paid = `1,200
• Amount outstanding = Total payment due – Amount paid = `1,800 Finance charges at the applicable rate will apply on `1,800 in the next
billing cycle.
Scenario II:
• Amount paid = `3,000
• Amount outstanding = 0 No finance charges will apply.
8. Please note that the payment made will be apportioned as per the payment hierarchy. In case the amount paid does not clear the EMI amount (partly or fully), the remaining EMI amount will be added in the next month’s Minimum Amount Due along with standard interest rate charged on the said amount.
9. Kindly note that according to the new payment hierarchy effective from 5 August 2013, the payments will first be apportioned to the extent of minimum payment due, first by the following ‘ plans’ i.e. EMI, Cash advances, Purchase outstanding and Balance Transfer in descending order of interest rates, and within a given ‘plan’, the payment will be allocated in a predefined order of (1) service charges, (2) Finance charges, (3) Late payment charges, (4) Annual fee and (5) Other fees.
10. The Cardholder can transfer outstanding balance from one or more other bank credit cards under the same or different Balance Transfer options, within this limit.
11. HSBC reserves the right to decline or reduce the amount of any Balance Transfer request.
12. You can transfer balances from more than one other bank credit under the same of different Balance Transfer options, within this limit. The Balance Transfer transaction will block the available credit limit on the Cardholder’s credit card upto the amount of Balance Transfer on-EMI availed including applicable charges and service tax.
13. Upon completion of the ‘Balance Transfer term’, if applicable, balance amount is merged with the other outstanding on the credit card and interest will be charged as per regular rate applicable, as communicated to the Cardholder from time to time. To avail of the Balance Transfer facility, HSBC may request the Cardholder to submit a copy of his/her latest other bank credit card statement.
14. The other bank card from which the balance is to be transferred to the HSBC Credit Card must be non-delinquent and current. HSBC will conduct a ‘dummy authorisation for `1,000’ on the other bank credit card.
If the authorisation is successful, Balance Transfer transaction will be approved subject to regular Balance Transfer approval conditions. HSBC shall send the demand draft favouring the other credit card account for the approved transfer amount to the Cardholder’s mailing address.
15. The Cardholder should continue to make payments on the Cardholder’s other bank credit card until the Cardholder receives confirmation in a subsequent HSBC Credit Card statement that the account with the other issuer has been credited.
16. In the event Cardholder transfers different amounts under different Balance Transfer options, the repayment will be allocated to the Balance Transfers in decreasing order of the interest rates, i.e. the repayment will be apportioned first to the highest interest Balance Transfer.
17. In case Cardholder has availed of two or more separate Balance Transfers of the same tenure, the repayment will be allocated in the same sequence that the Balance Transfers have been applied for.
18. Any outstanding balance at the end of the Balance Transfer term, if applicable, cannot be transferred to another Balance Transfer option being offered by HSBC at that time.
19. HSBC shall not be held liable for the service charges or late payment charges debited to your other bank credit card account due to decline or delay in execution of your Balance Transfer request.
20. This facility cannot be availed of to transfer balance from another HSBC Credit Card.
21. In case Cardholder wants to apply for two Balance Transfers on the same other bank credit card, the subsequent request will be processed only 8 days after the previous Balance Transfer request.
22. The entire balance outstanding on the credit card (including any balances transferred) will become payable immediately upon closure of the credit card whether such closure is initiated by the Bank or by the Cardholder.
23. The Bank reserves the right at anytime without previous notice to add, alter, modify, change or vary all or any of these terms and conditions or to replace, wholly or in part, this scheme by another scheme, whether
similar to this scheme or not, or to withdraw it altogether. HSBC may at its discretion iscontinue the Balance Transfer facility at anytime during the pendency of the facility, foreclose the loan and debit the entire outstanding amount to the credit card.