Article 1. Definitions

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.

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Article 2. Rights and obligations of the Cardholder

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

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Article 3. Rights and obligations of the Bank

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.

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Article 4. Security measures

  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.
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Article 5. Scope and Credit Limit of the Card

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.

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Article 6. Interest rate, method of interest calculation and interest collection

1.     Interest rate and method of credit card interest calculation:

a)     The interest rate applicable to the credit card’s outstanding balance under the Contract shall be complied with interest rate schedule released by VPBank from time to time, which shall be publicly published on Timo website and Timo Application. Depending on each type of credit card, the interest rate can be adjusted in accordance with the market, monetary policy and interest rate of the State Bank of Vietnam (SBV). The adjusted interest rate is calculated with following formula: Adjusted interest rate is equal to (=) Applicable interest rate as of adjustment date plus (+) specific interest rate (released on VPBank’s official website by VPBank from time to time). The Cardholder is notified as prescribed in case the applicable interest rate is adjusted. The specific interest rate stated on the statement is delivered to the Cardholder.

b)     The method of interest calculation for due interest, overdue interest on principal shall be described as follows:

(i)      Interest is calculated on a one-year basis by 365 days. The interest of a statement period is calculated as follows:

 

Interest amount  =

∑ (Actual balance  x  Number of days maintaining actual balance x Interest rate)

365

 

        Where:

–    Actual balance: Refers to the balance as of the final interest day of the due principal outstanding balance, overdue principal outstanding balance that the Cardholder has to pay to VPBank is used to calculate the interest as agreed in the Contract and the regulations of the laws;

–     Number of days maintaining actual balance: Refers to the number of days that the actual balance at the end of each day is not changed;

–     Interest rate: Refers to due interest rate, overdue interest rate as specified in the Contract and related documents. Interest rate is calculated by % on a yearly basis by 365 days and by the method of “calculating the first day, leaving the last day of the interest period”.

–    Interest period and time for determining balance for interest calculation: The interest period shall be determined since the date of facility disbursement till the end of the consecutive day before all outstanding balances are successfully paid to VPBank and balance for interest calculation is calculated at the end of each day during the interest period where, the date of facility disbursement is determined as follows:

✓   For cash withdrawal transactions: The withdrawal date is updated to VPBank’s card management system;

✓   For payment transaction of goods and services: The payment date of goods and services is posted to VPBank’s card management system.

(ii)  If the term since the Cardholder receives the facility disbursement until the amount disbursed by VPBank is paid is less than one day, the Parties agree that the interest period and the number of days maintaining actual balance for interest calculation purposes is one (01) day, the actual balance is the balance at the end of the day in the interest period or the balance as of loan repayment date whichever comes first.

c)     The due interest rate as specified at Item a) Clause 1 of this Article shall be applied to calculate interest in accordance with interest calculation method as prescribed at Item b) Clause 1 of this Article, which is equal to the interest rate of the corresponding year (convertible interest rate) under the applicable interest method:

(i)  The interest period is determined from the following day when the loan is disbursed until the end of the day that all outstanding balances are successfully paid to VPBank; and

(ii)  The actual balance for interest calculation is the opening balance of interest date

For purpose of clarification, this convertible interest rate is not applied to calculate interest under the interest calculation method as stipulated in Item b, Clause 1 of this Article.

2.     Interest collection cases:

a)   Where cash withdrawal or cash advance is initiated by the Cardholder: The Cardholder shall bear interest on the amount withdrawn/advanced and withdrawal fees (if any) until all debts are paid to VPBank. The interest from the transaction date to the first statement date shall be shown on the statement of the same period. If the Cardholder fails to pay or pays part of the outstanding balance withdrawn/advanced in the period (including interest and fee), the remaining outstanding balance (principal, interest, and fee) shall be assumed to apply interest as prescribed herein until it is fully paid and it shall be shown on the Statement of the next period.

b)  Where payment transactions of goods and services is conducted by the Cardholder:

(i)  If full outstanding balance on the statement (including the balance of the previous period, balance of cash withdrawal and payment for goods, services, interest, fee of such statement period) is paid before or on due date, VPBank will not collect interest on the entire payment transaction of goods and services in such statement period;

(ii)  If the Cardholder fails to pay or pay only a part of the outstanding balance at the end of the statement period (including the balance of the previous period, balance of cash withdrawal and payment for goods, services, interest, and fee of such statement period) or make loan repayment which is at least the Minimum Payment, interest shall be charged on all payment transactions for goods and services in the statement period, unpaid transactions/outstanding remaining balance will continue to be charged until it is paid and will be reflected in the next statement period.

c)  Reconciliation transaction: Interest for reconciliation transactions unpaid by the Cardholder shall also be calculated on the principle of cash advance/withdrawal transactions and payment transactions for goods and services as specified at Items a), b) of this Clause and the interest calculation method as prescribed at Item b) Clause 1 of this Article. Interest shall be refunded to the Cardholder for the transactions with correct complaint and reconciliation.

3.     Overdue interest rate and default fees:

a)    If the Cardholder fails to make Minimum Payment within 60 working days since the due date, the unpaid Minimum Payment shall be applied with default fee and overdue interest of 150% of applicable term interest rate. The remaining outstanding balance after deducting the Minimum Payment is still applied with the applicable term interest rate.

b)    If the Cardholder fails to make full Minimum Payment upon 60 days since the first due date, the whole unpaid outstanding balance shall be applied with overdue interest rate of 150% of the applicable term interest rate.

c)     Additionally, VPBank shall be further paid with default fee as prescribed by VPBank from time to time.

4.    The Client agrees that all timely unpaid fees, penalties (if any) incurred during Credit Card is used by the Cardholder shall be included in the Credit Card’s outstanding balance. The interest rate applied to this outstanding balance shall be complied with this Article.

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Article 7. Fee schedule

1.     During the Card is used, the Cardholder assumes liability for paying to VPBank any fees specified in VPBank’s card fee schedule as prescribed by the laws, including but not limited to:

a)     Card issuance fee: refers to fee that shall be paid upon registration of Card issuance, including: the first issuance fee, reissuance fee.

b)     Annual fee: refers to fee that shall be annually paid by the Cardholder during the Card use.

c)     Fee to change card type: refers to fee that shall be paid by the Cardholder upon registration to change the Card type.

d)     Fee of international card transaction: refers to incurred fees when non-VND transaction is initiated.

e)     Duplicate statement fee: refers to fee that shall be paid by the Cardholder when the Bank is required to issue the statement for transaction(s)

f)     Reconciliation fee: refers to fee that shall be paid by the Cardholder incorrect or inaccurate reconciliation request is made on performed card transactions.

g)     Fee of handling ATM-based card transaction: refers to fee that shall be paid by the Cardholder to make transactions at ATM.

h)     Fee of changing card status: refers to fee that shall be paid by the Cardholder to request to open/lock the ATM Card.

i)      Service fee or administrative fee for any Card Account-related requests, services or added utilities provided or performed by VPBank at the request of the Cardholder.

j)      Other fees are complied with the laws and specified at VPBank’s Card Service Fee Schedule.

2.     The Fee Schedule is specified by VPBank and publicly posted on Timo official website and Timo Application and/or at VPBank transaction outlets from time to time.

3.     In case the Fee Schedule is changed, a notice shall be delivered to the Cardholder by one of methods as prescribed herein. Fee changes shall be valid and enforceable to the Cardholder upon 07 working days since notice is released by Timo channel and full payment shall be made to VPBank under new Fee Schedule.

4.     Depending on the VPBank’s policy from time to time, the Cardholder may be entitled to one or some fees when the Card is opened or during a certain period of time during the Card use. Upon the expiry of the preferential terms or when the conditions for incentives are not satisfied by the Cardholder, the fee shall be collected in accordance with the normal fee schedule and the Cardholder is responsible for paying the service fee to VPBank.

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Article 8. Payment and repayment

1.     The Cardholder is responsible for payments of:

a)     Transactions arising on the Cardholder’s Card Account with signature and PIN required or not or to be authenticated in other forms as prescribed by the International Card Institutions, VPBank and by laws as specified at Article 5 herein. On a monthly basis, the Monthly Statement shall be prepared and sent to the Cardholder via email registered on the Application which lists all transactions initiated by the Cardholder (including primary and supplementary Cardholder) arising in the statement period according to transaction dates posted in VPBank’s system, transactions on the Statement which have been converted into VND at exchange rate released by the international card institutions or VPBank as of date shall be posted in VPBank system. Where the Cardholder’s non-VND transaction is conducted, fee of international card transaction or other fees shall be charged as prescribed by VPBank from time to time.

b)     The Cardholder is obligated to make full payment for principal, interest, fees, penalties and other financial obligations mentioned in the monthly Statement delivered by VPBank.

c)     Upon receipt of the Statement, the Cardholder shall check and make payment to VPBank of the amount equal at least to the Minimum payment as shown in the Statement and/or within the term notified by Timo channel by one of some methods prescribed herein (due date).

d)     Where the Cardholder fails to receive the monthly Statement for any reason beyond the proper control of VPBank, the Cardholder shall still make concern payments in the period and notify Timo channel to check and find the root causes.

e)     The Cardholder is committed to making unconditional payment for all transactions listed in the Statement.

2.     The Cardholder shall notify VPBank in writing or via Timo Care Call Center or other channels regulated by VPBank regarding the card transaction-related complaints within the term as prescribed in these T&C and VPBank’s regulations from time to time. If no complaint is received by VPBank beyond such period, the Cardholder shall be implicitly considered to have agreed with all transactions and accruals shown in the Statement. VPBank shall have no responsibility to settle card transaction-related complaints and grievances from the Cardholder beyond such period.

3.     Method of payment: The Cardholder may make payment for obligations incurred on the Statement by one of the following methods: (i) in cash at the Bank; (ii) by automatic debiting the current account by VPBank; (iii) by transfer from current account opened at VPBank or other banks. The outstanding balance may be early paid by the Cardholder.

4.     The Cardholder’s payments for the Statement shall be applied with priority order as prescribed by VPBank.

5.     In the event that Card Account is transferred with the amount greater than that to be paid as specified in the periodic Statement, the Client agrees that the remaining amount after VPBank’s debt collection will be managed and used to pay off the outstanding balance of the next statement period, which will not be entitled to interest.

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Article 9. Reissuance, renewal, rejection and recovery of the Card

1.     Reissuance and renewal of the Card:

a)     The Cardholder may request VPBank to reissue the Card in the event of lost/stolen Card, Card expiry, change of Card type or request on new Card issuance in replacement of old or damaged card … and/or renewal of the Card when the Card expires.

b)     When VPBank’s conditions are required by VPBank, VPBank will consider to reissue or renew the Card to the Cardholder. Fees of Card renewal and reissuance shall be borne by the Cardholder.

2.     Recovery of the Card: The Card shall be recovered in the following cases:

a)         Forged card.

b)         Unauthorized card.

c)         For purpose of investigation, handling criminals as stipulated by the laws.

d)         The Card is named in Black Card, expired card list.

e)         Others to be recovered as prescribed by VPBank from time to time.

3.    Card reissuance fees shall be borne by the Cardholder. The Cardholder’s Card Account shall be debited with related fees as prescribed by VPBank.

4.    Rejection of the Card: The Card shall be rejected when:

a)         The Card is named in Black card list.

b)         The Card expires.

c)         The Card is locked.

d)         The card is damaged, scratched, or warped;

e)         The card is forged or related to the forged transactions.

f)          The balance of the primary cardholder is insufficient for payment.

g)         The Card is notified to be lost by the Cardholder.

h)     The Card is used to perform prohibited transactions or actions as prescribed by the laws and VPBank.

i)      The Cardholder violates regulations of these General Terms and conditions and VPBank regulations on Card use.

j)      The Card is related to transactions covered by embargo or sanction.

k)     The Cardholder fails to fully pay fees or financial obligations under the Fee Schedule and/or regulations published on VPBank official website and/or at transaction outlets from time to time.

l)      The Cardholder violates the regulations on card payment of Acquirer and SBV.

m)    The Card is not registered or not licensed for relevant services.

n)     The Card is used to pay for transactions involving individuals or organizations in the black list, warning list, list of anti-money laundering and anti- terrorism financing issued and/or recommended by the competent authorities and/or the Card is used to pay for transactions subject to sanctions or embargoes.

o)     Others as prescribed by VPBank and the laws.

5.     The Cardholder agrees that, according to the VPBank’s policy from time to time (card security policy, card development policy, etc.); VPBank may consider requesting the Cardholder to change Card series (type) which the Cardholder is using to a new series (type). Prior to implementing the new card line (type), the Cardholder shall be notified about such change by one of the contact methods as defined herein. If the Cardholder fails to perform, improperly or incompletely performs at the request of VPBank, the Cardholder will be considered to breach its obligations hereof. Then, VPBank shall be entitled to consider and apply the appropriate settlement measures specified herein.

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Article 10. Suspension, termination of the Card

1.    The Cardholder’s Card may be suspended or closed, invalidated and recovered by VPBank in following cases:

a)     The Card has expired but no request of renewal is submitted by the Cardholder;

b)     The Cardholder fails to make full Minimum Payment after 30 working days since the first due date over that Minimum Payment;

c)     The Card is not activated within 10 months since its date of issuance in VPBank’s system. Such date of issuance in the system shall be determined and notified to the Cardholder by VPBank;

d)     The Credit Limit is exceeded without VPBank consent;

e)     The Cardholder violates regulations herein and/or regulations of VPBank/law/payment institutions related to the issuance and use of VPBank card. In this case, VPBank shall be exempted from liabilities for any harm to the Cardholder’s honor and prestige during the Card;

f)     The Cardholder refuses to provide documents as prescribed by VPBank in periodically reassessing the Credit Limit;

g)     Cases are related to card forgery and risk management;

h)     At the request of the competent authorities or International Card Institutions on suspending the Card use;

i)     At the request of the Cardholder;

j)     VPBank cannot contact with the Client after notice is delivered to the Client in accordance with one of the methods hereunder;

k)     The Cardholder is named in black list, warning list, list of anti-money laundering and anti-terrorism financing issued and/or recommended by the competent authorities and/or applied at VPBank;

l)      Others under these General Terms and Conditions and VPBank’s regulations and the laws from time to time.

When the required conditions are satisfied and the Cardholder needs, VPBank will re-open the suspended Card for the Cardholder. Request may be initiated on the Timo Application or at any Timo customer care transaction outlets or calling Timo Care to support opening the Card in accordance with VPBank regulations from time to time.

2.     Termination:

a)      VPBank is entitled to terminate the Card use in the following cases:

–    After 90 working days from the first due date, if the Cardholder fails to make the Minimum Payment shown on the latest Statement, VPBank has the right to terminate the use of the Card and recover debt (including the concerned collaterals, if any).

–   The Cardholder violates the regulations on credit issuance and Card use of VPBank, International Card Institutions or the laws.

–   The Cardholder has arisen other overdue loans or others that are early withdrawn at VPBank or at other credit institutions;

–    Documents and information provided by the Cardholder, the Guarantor (if any) are found to be inaccurate, untruthful and untrue.

–   Cases related to forgery and risk management and/or regulations on anti-money laundering and anti- terrorism financing.

–    At the request of the competent authorities or International Card Institutions on Card use.

–    Cases that VPBank deemed to be necessary.

–    At the request of the Cardholder.

–    The Cardholder violates terms applicable to other loans offered by VPBank.

–    The Cardholder dies, declared to be dead. VPBank cannot contact with the Client after a notice is delivered to the Client in accordance with one of the methods herein.

–    Others under these General Terms and Conditions and regulations of VPBank and the laws from time to time.

b)    The Cardholder may request the Card termination, provided that it fully meets the provisions of these General Terms and conditions and fulfills its financial obligations with VPBank as prescribed by the laws.

c)     The card termination shall be effective and approved by VPBank only when the Cardholder has fully implemented his/her obligations and responsibilities to VPBank as follows:

–   Termination of Card and Card Account shall be effective only when VPBank approves and performs card locking in the system. Accordingly, upon termination of the Card, VPBank shall be fully paid with entire outstanding balance (principal, interest, etc.), accruals (if any) and financial obligations related to the Card opening and use.

–    The Card must be returned to VPBank and not used to make online, telephone-based or mail payment for the purchase of goods/services. Any transaction made by Card or PIN (whether by Cardholder or not) before the Card is returned to VPBank, the Cardholder is still responsible for paying for such transactions to VPBank.

–    In case the Card is not returned, the Cardholder must pay for VPBank the lost card fee (if any) according to VPBank’s published regulations. At the same time, the Client is responsible for all outstanding debts initiated by the card after it is locked in the system.

–    Notwithstanding the Cardholder’s request of Card termination, within 30 working days since the date of request and/or the date of card locking by VPBank, if the Cardholder’s Card Account is subject to transactions, the Cardholder shall be still responsible for paying for arisen transactions.

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