1.“VPBank/The Bank/Bank”: refers to Vietnam Prosperity Joint Stock Commercial Bank. VPBank covers its Branches and Transaction Offices.

2. “Service”: refers to the Timo Life credit card, an international unsecured credit card (hereinafter referred to as “Credit card”/ “Timo Life credit card”). The credit card has only the primary card without supplementary card.

3.“Timo channel/Timo”: refers to the digital banking channel of VPBank which the Timo member are enabled to perform banking transactions after they are identified, current account is opened and digital banking is registered as prescribed.

4.“Client/Timo Member/Member/Cardholder”: refers to a Personal Member of Timo whose information are specified at the CREDIT CARD APPLICATION CUM CONTRACT FORM

5.“Timo Application”/ “Application”: refers to Timo software programs that allow users to perform banking transactions provided by VPBank on the web browser or smart mobile devices.

6. “Application/ CREDIT CARD APPLICATION CUM CONTRACT FORM”: refers to the CREDIT CARD APPLICATION CUM CONTRACT FORM (For Personal Member of Timo) that the Client has signed and/or confirmed to open and use the Timo Life credit card issued by VPBank.

7.“Merchant”: refers to the institution and individual accepting payment for goods and services by Card under the Card Payment Contract signed with the Acquirer.

8.“ATM (Automated Teller Machine)”: refers to equipment that the Cardholder may use to transfer, deposit, withdraw, make payment for goods and service invoices, change PIN inquiry information on Card transaction or other services.

9. “POS (Card acceptance device at point of sale)”: refers to a card reader or terminal installed and used at the Merchants which the Cardholder may use the card to make payment for goods and services. POS can be installed at the branch and the transaction office of Acquirer to provide the cash for the Cardholder as agreed between Acquirer and Card Issuer.

10. “mPOS”: refers to a card reader or terminal installed and used at the Merchants which the Cardholder can use the card to make payment for goods and services.

11. “PIN”: refers to a security code initially issued by VPBank and then changed by Cardholder to use in the card transactions in accordance with the determined process.

12. “Minimum payment”: refers to the minimum amount to be paid by the Cardholder to VPBank after each Statement period. This minimum amount is complied with VPBank’s regulations from time to time.

13.“Due date”: refers to the final day of payment period which the outstanding principal, related interest and fees incurred during the statement period must be paid to VPBank, provided that the payment shall be, at least, equal to the Minimum Payment described in the Bank Statement. In the event that the due date is fallen on the non-business day/public holiday as prescribed by the laws and/or VPBank, the due date shall be the next Business Day.

14.“Business Day”: refers to VPBank’s actual working time from 8:00 to 17:00 from Mondays to Fridays and 8:00 – 12:00 on Saturdays, except for Sundays, public holidays as stipulated by VPBank and any days when VPBank is allowed or required to close as prescribed by the State competent authority or due to Force Majeure events.

15.“Credit Limit”: refers to maximum outstanding debt that the Cardholder may use during a Statement period.

16.“Credit term”: refers to the period which the Credit Limit is effective.

17.“Statement period”: refers to the interval between two consecutive statement dates.

18.“Statement date”: refers to the date specified by VPBank from time to time.

19.“Statement”: refers to a detailed list of transactions initiated by the Cardholder in the statement period. The statement, including expenditures, payments to goods, services, cash advance, interest and fee, is periodically delivered to the Cardholder after the statement date by VPBank.

20.“Installment payment”: refers to total amount of installment for each spending transaction (onsite or online payment for goods and services), cash withdrawal successfully registered by the Cardholder in the Timo Life credit card installment program.

21.“CVV/CVC”: refers to security code printed on the Card.

22.“MOTO”: refers to the method of card payment provided by the International Card Institution whereby payment may be made by calling or emailing to the Merchant.

23.“Contract”: refers to the Contract for credit card Issuance and Use, including the Application, Acceptance of VPBank and these General Terms and Conditions.

24.“FATCA (Foreign Account Tax Compliance Act)”: refers to the Act ratified on 18/3/2010 by U.S Government that generally requires that foreign financial institutions report on the foreign assets held by their U.S. account holders or be subject to withholding tax with respect to any payment of US source income and proceeds from the sale of equity or debt instruments of US issuers. On 1st April 2016, the Joint-Governmental Agreement between the US Government of and Vietnamese Government on compliance with FATCA (IGA Agreement) was signed and took into effect since 7th July 2016.

25.“These General Terms & Conditions”: refers to the General Terms and Conditions for issuance and use of Timo Life credit card. The General Terms and Conditions (T&C) include stable terms released and generally applied to personal clients to issue and use Timo Life credit card at VPBank and publicly posted at the head office and/or on the website of Timo. If the Application is signed, the Client shall be deemed to accept these General T&C.

26.“Timo Care”: refers to the call center of Timo (by telephone number 18006788 or other number reported by Timo from time to time) to support the customer care and services as per request of the Cardholder.

Other capitalized terms uncovered herein shall be construed and interpreted in accordance with provisions in the Application, Services involved by the Client on basis of compliance with the relevant legal regulations.

1.    Rights of the Cardholder

a)    To use the Card to withdraw cash, make online payment for goods and services at the Merchants, on the interenet and/or to use other services offered by VPBank (if any) within the Card’s Credit Limit and Credit Term granted for consumable purposes of the Cardholder. The scope of Card is detailed at Article 5 herein. The transactions may be initiated within the Credit Limit till the final day of the granted Credit Term.

b)    To submit the reconciliation request and make complaints about Card-based transactions as stipulated by these T&C and the laws.

c)    To take back the full unused amount available at the Card set forth at Article 11 herein.

d)    To request VPBank to reissue the Card/PIN, suspend/terminate use of the Card, extend the Card, change the Credit Limit, change daily spending limit, deactivate/activate the online payment feature as prescribed by VPBank.

e)     To request VPBank close/unlock/temporarily lock to use the Card in accordance with VPBank’s regulations.

f)     To request VPBank to automatically debit the Cardholder’s current account opened at VPBank as registered by the Cardholder to pay for the outstanding balance on the Statement and fees as prescribed by VPBank.

g)     To receive the monthly Statement from VPBank.

h)     To participate in incentive programs offered to the Cardholder by VPBank and/or its partners if the conditions prescribed by VPBank and/or its partners from time to time are satisfied.

i)     To request VPBank to provide information on card transaction history, available limit of the Card and other card use-related information in accordance with Article 11 herein.

j)     To use the Card within the limit, including Credit Limit, payment limit, cash withdrawal limit and other limits during the Card is used in accordance with Article 5 herein.

k)    Other rights in accordance with the regulations of these General Terms and conditions, VPBank and the laws.

2.     Obligations of the Cardholder

a)     To fully and accurately provide, update and inform VPBank about changes in registration information upon Card application or during the Card is used. In the event that no notice is released by the Cardholder, if any risks or losses are arisen, the Cardholder shall take all responsibilities for errors, benefits or frauds during service use at his fault or caused by absence of true, complete, correct and timely information; take all risks, including arisen financial losses and costs due to the provided incorrect or inconsistent information.

b)     To secure the Card and keep confidential the Card related information, especially PIN during the Card is used in accordance with these General Terms and Conditions and the legal regulations. The Card is not transferrable.

c)     To register to receive the Card/PIN by post/express delivery. In this case, the Cardholder agrees and certifies that VPBank is deemed to successfully complete delivery of the Card/PIN to the Cardholder when the Card/PIN are sent to the address registered with VPBank. The Cardholder is also committed to all incurred risks because the Card/PIN is lost or taken advantage and/or risks caused by the Cardholder fails to directly sign or a forged signature is made to receive the Card/PIN in this manner.

d)     To accept and use the Card within the Credit Limit and Credit term granted by VPBank. In the event that the Cardholder uses excessive limit or VPBank can prove the transaction beyond the Credit Limit arisen from the concerned Card, then the Cardholder shall pay for arisen transactions in addition to the payable costs and otherwise (if any) as prescribed by VPBank when the Card’s issued limit is exceeded.

e)     To make payment to VPBank for all incurred card transactions (including transactions with or without signatures, PIN or with signature different from the one of the Cardholder at the Card’s reverse side) in accordance with the regulations on the Scope of Use and Payment Obligations of the Cardholder specified in Article 5 herein.

f)     Not to use the Card for any unlawful transactions for purposes of money laundering, terrorism financing, fraud, forgery and other actions. Be responsible to VPBank and the law for acts of money laundering, terrorism financing, fraud, forgery committed by the Cardholder and card transaction involving money laundering, terrorism financing, fraud, forgery and other actions.

g)    To be fully aware of and committed to risks where the Cardholder’s payment transactions are confiscated, sealed or suspended by any foreign organization or country (due to involving in factors of embargo, crime, terrorism, terrorism financing, money laundering, subjects applicable to court orders, overseas offices or other reasons).

h)   To make full and timely payment to VPBank for outstanding balance on the Statement released and delivered to the Cardholder by VPBank. Where the Cardholder fails to receive the Statement delivered by VPBank, full and timely payment of payable accounts must be still made to VPBank during the period.

i)      On a monthly basis, within the period from the statement date to the due date, the current account designated by the Cardholder shall be automatically debited to pay for the balance on the Statement as per pro-rata registered with VPBank. The Cardholder shall ensure this account always has the required balance for VPBank to debit during the abovementioned period. Otherwise, the Cardholder shall contact VPBank to pay for the rest and bear costs and interest incurred if any.

j)     To timely notify VPBank when errors or mistakes are found on his/her card account or the card account is found to be taken advantage of.

k)    To resolve Card-related disputes with the Merchant/paying bank/Card Institution without delaying the payment of statement on due date.

l)     To immediately and unconditionally refund to VPBank excessive amounts withdrawn by the Cardholder, withdrawal/payment beyond the Credit Limit, transactions incorrectly credited to the Cardholder’s account and other mistaken transactions which the Cardholder fails to prove his/her legal ownership. To allow VPBank to automatically debit these amounts without notice to the Cardholder (current account, Card Account, savings deposit account, term deposit account and other accounts) and deductions for other deposited assets at VPBank.

m)   To set signature specimen with a ball pen on the signature strip on the Card’s reverse side upon receipt of the Card. Upon performing transactions at the Merchant, the Cardholder shall sign payment receipts/vouchers with the same signatures as this signature specimen, except for transactions where signatures of the Cardholder are not required

n)     Not to use the Card declared to be lost or misplaced and return VPBank the concerned Card upon finding. 

o)    To make full and timely payment to VPBank for Card used-related principal, interest and fees, etc.

p)    The Cardholder assumes liability for fund use by issuing the Card with right purpose as prescribed herein and takes responsibility the laws and VPBank for its fund use.

q)    Where the Cardholder buys insurance products sold by VPBank as an insurance agent, VPBank is allowed to debit the Cardholder’s account to pay for premium payable to the insurer. This amount shall be treated as outstanding balance of the respective statement period.

r)     By signing the Application, the Cardholder agrees that the Cardholder’s request on registering any Services or Programs launched by VPBank in the manner of the Cardholder’s registration and participation via calling Timo Care, Timo Application, or any other electronic method implemented by VPBank shall be complied with VPBank’s regulations on Phone Banking, e-banking services via phone or internet, other e-banking services as specified in the General Terms and Conditions/General Terms and Conditions on e-banking services and/or relevant regulations applied for services and programs that are involved by the Cardholder.

s)     To activate the Card by the method deployed by VPBank as of card activation date. To comply with the terms and conditions specified herein and regulations on card issuance and use approved by VPBank, card institutions/associations and the laws. The Cardholder agrees that when the Timo Life credit card is requested to be activated, the Cardholder simultaneously activates the e-commerce payment function. The Cardholder thoroughly understands and accepts the Card use-related risks in e-commerce transactions and commits not to make any complains or claims against VPBank in case of incurred risks.

t)      To provide VPBank with all necessary information and documents at proper request of VPBank in order to comply with regulations on anti-money laundering, anti-terrorism financing, sanctions and embargoes.

u)     The Client commits all funds used to discharge Client’s contractual financial obligations are formed from legal sources and free from any violations to any applicable laws (including the provisions on money laundering and terrorism financing).

v)     Other obligations in accordance with the regulations of the T&C, VPBank, the laws and domestic/international Card Institutions that VPBank is a member from time to time

1.    Rights of the Bank

a)     To be exempted from liabilities in case data processing or communication system failure or for any reasons beyond the proper control of VPBank makes the Client’s Card or PIN unable to transact, causes losses, advantages or if VPBank Timo fails to send or sends but not but the Client fails to receive messages or notices related to Card’s account balance changes or other Card-related details due to system error, transmission error, technical error, problems of service provider/VPBank or for any other objective reasons; in other cases of Client’s faults.

b)    To be exempted from liabilities for: (i) any losses, theft, proper or improper use of the Card or disclosure of the Cardholder’s PIN and Card details (ii) Any acts of fraud or forgery incurred by VPBank due to the Client’s violations or faults (iii) Any harm to the Cardholder’s prestige, image and reputation related to VPBank recovery or request that the Cardholder should stop/suspend.

c)     To bear no responsibility for delivery and quality of goods and services paid by the Card. Not to involve in the dispute settlement between the Cardholder and the Merchant and to be entitled to debit the Card Account the value of goods and services whether or not goods and services have been delivered or carried out.

d)     To handle the Cardholder’s reconciliation and complaints under the method, documents, and reconciliation request submission time as prescribed by VPBank and the domestic/international card institution which VPBank is a member from time to time.

e)     To be held harmless in case complaints and reconciliation requests submitted by the Cardholder are not successfully handled by the paying bank/domestic/international card institutions under their provisions.

f)     To change the limit of Card use in accordance with the VPBank policies from time to time.

g)    To request the Cardholder to make full payment for Card-based expenditures, relevant interests and fees in the period not later than the due date.

h)    To perform remote debt reminder, including, but not limited to, the form of sending debt recovery notice, SMS direct call, etc. In case the Cardholder fails to make full payment for his payable obligations, debt recovery measures may be taken to request the Cardholder to fulfill the payment obligations under the Contract.

i)      If the Cardholder fails to make timely payment to VPBank as prescribed, VPBank is entitled to collect the debt from the Cardholder’s collaterals or other assets, including the deposit balance on any accounts opened at VPBank (term deposit, non-term deposits) and other Cardholder’s deposited assets at VPBank without the Cardholder’s signature/confirmation. If debt is collected from the Cardholder’s current account and/or savings account and/or term deposit account to pay the incurred debts, such deposits will be considered to be pre-maturely withdrawn and interest will be calculated in accordance with VPBank’s pre-mature withdrawal regulations at of deduction date. In that case, VPBank is released from liability for changing the Cardholder’s deposit term. In the event that foreign currency current account, savings account, and term deposit account, the exchange rate shall be transformed as released on conversion date by the Bank.

j)      VPBank may collect and verify any Cardholder-related information from any units that VPBank is deemed to be fit (including but not limited to any credit institutions or any other institutions or companies established for the purpose of assessing the credit rating for individuals and/or banks or credit institutions in Vietnam or elsewhere).

k)     To provide the authorized parties with information on the Cardholder, the Card Account for reconciliation, claims on the Card transactions in accordance with the laws and/or for other purposes as prescribed herein.

l)      To terminate the Cardholder’s use of the Card by cancelling or withdrawing the Card or closing/locking the Card on the system if the Cardholder violates conditions and terms of the Card use under these General Terms and Conditions and/or VPBank’s regulations, uses the forged Card or suspected Card.

m)    To use the information of the Cardholder, his/her credits, account balances, transactions, including all information from documents and recorded provided by the Cardholder; contracts and documents made and entered by and between the Cardholder and VPBank to offer to the credit information service providers and/or credit rating entities legally operating in Vietnam, or the competent authorities with information as prescribed by the law or related parties in cooperation with VPBank to develop and provide products and services.

n)     To temporarily lock, extract, close (the Cardholder’s current account, Card Account, savings deposit account, term deposit account and other accounts) opened at VPBank, other deposits, other deposited assets at VPBank or prepare the receipt order, requesting the credit institutions to open the account for the Cardholder to extract money to VPBank to make: (i) payment of due and overdue debts, interests, and other financial obligations during the Card use; (ii) payment and compensation of the Cardholder’s due and overdue debts, interests and other financial obligations at VPBank and handle other cases as agreed by the Cardholder and VPBank.

o)     To notify the Cardholder about the concerned products, services, promotions, risk warnings during launching the Service, and other notices on Service Use in the manner that Timo channel deems to be appropriate (including but not limited to sending SMS, emails, notices on the website, etc.) with unlimited quantity and time.

p)     To actively decide application and non-application of incentives (accumulative points, refunds, accumulative points for miles, etc.) for the Cardholders in accordance with VPBank’s regulations from time to time.

q)     To amend and/or adjust any terms and conditions hereof from time to time that VPBank deems appropriate at its sole discretion. The mode of sending and receiving notices on amending and supplementing the General Terms and Conditions between VPBank and the Cardholder shall be complied with Article 17 herein. The Cardholder is considered to accept all contents of the amendment and adjustment according to VPBank’s notice if the Cardholder continues using VPBank Services.

r)     Other rights in accordance with the T&C and the laws.

2.     Obligations of the Bank

a)     To respect the Cardholder’s rights and benefits prescribed herein.

b)     To make timely and fully payment orders after legality and validity of the payment orders are successfully checked and controlled.

c)     To keep confidential the Cardholder’s Card information as specified herein.

d)     To compensate for actual damages arising out of the VPBank’s violations to the regulations on supplying services as prescribed in these T&C and the laws.

e)     Other obligations as prescribed by these T&C and the laws.

  1. VPBank agrees to offer loans to the Client in accordance with its financial capability and personal reputation without loan securities.
  2. The Client agrees that if any event occurs which, at sole discretion of VPBank, is likely to affect or potentially affect the Client’s loan repayment capability or cause the Client dissatisfy with the conditions on issuance and use of unsecured Credit Card as prescribed by VPBank during the validity of Credit Limit, within 15 working days since date of VPBank’s request, the Client shall mortgage, pledge or deposit its assets or the third party’s assets for VPBank. Such mortgaged, pledged and/or deposited assets must have sufficient value (at VPBank’s valuation) to cover the entire payment obligation of principal, interest and other costs incurred by the Client to VPBank. Such assets must be approved by VPBank. All expenses on fulfilling loan security procedures (notarization, security transaction registration, etc.) as prescribed by the laws shall be borne by the Client. If the Client fails to perform or improperly performs the obligation to supplement collaterals and/or arranges other security measures in accordance with this provision within the aforesaid timeframe, VPBank may terminate the Credit Limit, request the Cardholder to make pre-mature loan repayment, temporarily lock or close, invalidate and withdraw the card of the Cardholder as prescribed herein.

1.      Scope of the Card and payment obligations of the Cardholder:

a)     The Card may be used to withdraw cash at CDMs/ATMs/POSs of VPBank and ATMs/POSs in the coalition of NAPAS, and at CDMs/ATMs/POSs with the symbol of an international card institution (for international cards) or withdraw by other methods offered by VPBank from time to time, to pay for goods and services at the Merchants, via Internet, email, telephone, etc., and use other services offered by VPBank and other banks directly or indirectly associated with VPBank through one or more intermediary organizations.

     The Cardholder agrees that upon card payment transactions, depending on each card transaction and requirements/provisions of VPBank and/or the International Card Institution and/or by the Merchant in accordance with the regulations of the law and International Card Institution, card transactions may be authenticated using one of following methods, including but not limited to:

–             The Card and Cardholder present at the Merchant; and/or

–             Signature of the Cardholder on the card transaction invoice; or

–             Entering the PIN upon transaction; or

–             Card details (Card name/Card number/CVV/CVC codes, etc.) provided via email, telephone, internet, etc.; or

–             Calls from Client to VPBank call center; or

–             Any other authentication method registered with VPBank by the Cardholder; or

–             Any other authentication method specified by VPBank, International Card Institutions and the Merchants.

b)     The Cardholder is fully aware and understands that when the card payment transactions are initiated for which the Card and/or Cardholder is not present in person at the Merchant or VPBank’ headquarter (e.g. MOTO transaction, online payment transaction, phone call transactions etc.,) and when the Cardholder fails to keep confidential card details, his Card may be taken advantage for payment transactions which in-person presence of the Card and/or Cardholder is not required at the Merchant. By signing this Application, such risks are fully acknowledged and accepted by the Cardholder.

c)     The Cardholder assumes liability for paying VPBank Timo for all transactions incurred and authenticated by any method mentioned in point (a) above. The Cardholder agrees that the Statement delivered by VPBank will be the evidence, confirming transactions, costs, and interest (if any) and debits and credits in the Statement are true and valid. The Cardholder shall make payment for all transactions, costs and interest shown on the Bank Statement in accordance with the deadline in the Bank Statement, except for VPBank’s faults.

d)     Upon successful activation of the Card, the Cardholder is permitted to use the Card’s online payment features. In the event that such features are not required, the Cardholder will contact with Timo channel to deactivate such features.

2.     Credit Limit of the Card and Credit Limit change:

a)    The Card is used within the use limits. The use limits include Card Credit Limit, payment limit, cash withdrawal limit and other limits as prescribed by VPBank.

b)     Cardholder’s use of loan is accepted within the Credit Limit to perform permitted card transactions as prescribed herein.

c)     By activating the Card, the Cardholder is considered to receive full notice on Credit Limit and Credit Term from VPBank and have accepted the Credit Limit and Credit Term granted by VPBank. Such Credit Limit is also shown in the monthly Statement delivered to the Cardholder as prescribed by VPBank.

d)     VPBank has the right to periodically review under VPBank’s regulations or irregularly review and re-evaluate the Credit Limit and the Credit Term issued to the Cardholder under the Contract. VPBank is entitled to adjust and terminate the Credit Limit and/or the Credit Term in accordance with VPBank’s review and evaluation results. In this case, the Cardholder shall be informed by the method that VPBank considers to be reasonable and suitable with these General Terms and Conditions. The Cardholder agrees and undertakes to perform the Contract.

e)     In case the Cardholder is issued with multiple Credit Limits with various cards, the Cardholder may (i) request VPBank to change (increase or decrease) Credit Limit between Credit Limits within the total limit of the issued Credit Limit; (ii) request VPBank to allow the Cardholder to use the Credit Limit associated with that Card or any other Credit Limit available at VPBank. The method of request, conditions and procedures to fulfill the requests as described in this Clause are complied with VPBank’s regulations from time to time.

f)     Upon the expiry of the Credit Limit, the Credit Limit shall be reassessed as prescribed by VPBank. The Cardholder shall be issued with the new Credit Limit equal to the previous one if conditions are satisfied as prescribed by VPBank. VPBank is entitled to request the Cardholder to provide additional documents to evaluate the Credit Limit where necessary. By signing this Application, the Cardholder agrees to request VPBank to re-valuate and consider to issue a new Credit Limit to the Cardholder.

g)    Within the Credit Limit validity, a request on changing Credit Limit, Daily Cash Limit of the Card, etc., may be submitted to VPBank Timo and VPBank’s regulations on changing Credit Limit must be complied. The Cardholder is considered to agree with the changed Credit Limit if the Card use is assumed without any notice, complaint or grievance to VPBank. In case VPBank receives a request on Credit Limit change, Daily limit … via Timo Care or directly at the VPBank service facilities after the Cardholder is verified as stipulated by VPBank and relevant limits have been changed at the request, the Cardholder agrees to take complete responsibility to VPBank for the proposed new limit and any risks (if any).

h)     Depending on the VPBank’s policy from time to time, card use limits may be changed by VPBank. In this case, the Cardholder shall be informed by one of several modes specified herein.