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.