Article 1. Purpose, subject and scope of application:
Article 2. Definitions and abbreviations:
Article 3. Introduction about the Installment Plan with Timo Mastercard Life:
Article 4. Eligibility for the Plan:
Article 5. Procedure of Plan registration:
2. After the transaction is successfully performed, the cardholder may apply for the Installment Plan with VPBank through Timo App as follows:
– The Cardholder signs up Timo App, registers the installment payment for the successful transactions with Timo Mastercard Life, accepts the terms and conditions of Timo Mastercard Life-based Installment Plan at the General Terms and Conditions on issuance and use of Timo Mastercard Life (hereinafter referred to as the Terms and Conditions of the Installment Plan) as detailed on the screen of Timo App and the Procedure of registration and settlement of the installments for transaction with Timo Mastercard Life on Timo App from time to time;
– After the Timo App registration is successfully initiated, the Cardholder will be delivered with VPBank Timo’s confirmation message via the App and email or otherwise from time to time and/or an email that specifies the terms and conditions of the Plan.
Article 6. Contents of the Plan:
– Overdue interest on the installment’s principal repayment: equal to the interest applicable for the normal transactions (uncovered by the Plan) with Life Timo credit card;
– Default fee for late installment interest: equal to the interest applicable for the transactions uncovered by the Plan; it is calculated on the balance of overdue interest corresponding to the delay period.
– The Cardholder fails to pay the installment or breaches the obligations under the Agreement on Issuance and Use of Timo Mastercard Life signed with VPBank.
– The Cardholder has no longer satisfied the conditions as stipulated at Article 4 hereof.
– The Cardholder’s credit card is closed, blocked, temporarily locked, invalidated, etc., or under other circumstances as VPBank shall deem appropriate.
Article 7. Miscellaneous
1. At its sole discretion, VPBank has a right to cancel the Cardholder’s application for Installment Plan;
2. During the Plan, VPBank is exempted from any responsibilities for the failed transactions caused by Force Majeure, leading to the Cardholder’s unsuccessful registration.
3. By involving in this Plan, the Cardholder accepts all the signed or verified Terms and Conditions of the Installment Plan by the method agreed by the Client and VPBank.
4. Any changes in the Plan or VPBank Timo shall be sent to the Cardholder via email or SMS or posted in VPBank Timo website or other ways at sole discretion of VPBank Timo from time to time.