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Dear Valued HSBC Corporate Card Customer:

Please be advised on the following changes in the HSBC World Corporate MasterCard® Cardholder's Agreement, effective June 6, 2019:

Should you have any clarification or concern, please coordinate with your Client Services Manager or Relationship Manager.

 

Important Update on Credit Card Terms and Conditions

  • Definition of Terms
Current New

 

  • None

 


“Authorised User” – A user of the SMART DATA GEN 2 that has been authorized by the Employer to access Card transactions.

“Fee Schedule” – The table of fees and charges applicable to this Agreement which may be altered by the Issuer from time to time; also known as the Easy Guide to HSBC Corporate Credit Card Fees and Charges.

“Quasi-cash Transactions” – Refers to transactions representing a purchase of foreign currency or items (including but not limited to, gaming chips, money orders and lottery tickets) which may be convertible to cash, and may also include transactions such as the transfer of funds under a wire transfer money order, the funding of accounts and such other transactions as determined by the relevant card association from time to time.

 

  • Clause for Quasi-cash Transactions.
Current New

 

  • None

Under section 7 –Quasi-cash Transactions
The Employer agrees that all Quasi-cash Transactions using the Card shall be conclusively presumed to have been personally made or authorized by the Employer. A Quasi-cash Finance Charge, at HSBC's prevailing rate, as indicated in the Fee Schedule, will be imposed using the average daily balance method upon the quasi-cash transaction from the transaction date until the transaction and applicable interest are fully paid.

 

  • Clause for Finance Charge computation
Current New
  • Under section 11 – Payment

The finance charges, at the Issuer's prevailing rate of 3.5% per month, will be levied using the average daily balance method upon the Employer's opening balance and all new transactions posted, accrued from the transactions' posting dates until the end of the current Statement Period. Finance charges shall continue to be imposed until the amount due is paid in full.

 

Under section 13 - Payment

The Retail Finance Charge, at the prevailing rate specified in the Fee Schedule, will be imposed using the average daily balance method upon your opening balance, excluding new retail transactions made within the statement period, accrued from the statement start date until the outstanding balance and applicable interest are fully paid.

 

  • Clause for the order in which payments will be applied to an account

Current

New

  • Under section 11 – Payment

Payment made by the Cardholder shall be applied to the Main Card Account in the following sequence: 1) billed membership fee; 2) billed other fees/charges such as taxes; 3) billed late payment charge; 4) billed purchase of finance charge; 5) billed purchase principal; 6) unbilled other fees; 7) unbilled purchase principal. The Issuer reserves the right to adjust, at its sole discretion, the payment application sequence.

 

Under section 13 – Payment

Payment made by the Cardholder shall be applied to the Main Card Account in the following sequence: 1) Billed finance charges; 2) Billed Late Payment Fee; 3) Billed Joining Fee; 4) Billed Annual fee; 5) Billed Overlimit Fee; 6) Billed Non-sufficient Fund Fee such as returned cheques; 7) Billed Principal. Should there be any excess payment after all billed balances have been settled, the excess payment will be applied to your unbilled balances as they are posted on your account, following the same order.

 

  • Clause for instructions sent via Fax

Current

New

  • Under section 17 – Payment

Notwithstanding the foregoing, the Employer is advised that: (i) Issuer shall charge PHP500 for each payment instruction sent via fax made until 31 December 2015; and (ii) effective 01 January 2016, Issuer will no longer accept payment instructions sent via fax.

  • This provision has been removed.

Instructions sent to HSBC via Fax are no longer accepted. For concerns related to your Corporate Card, you may reach out to the Corporate Card contact center with number +63(2)6726478 or to your Client Services Manager or Relationship Manager.

 

  • Clause for disclosure of information
Current New

 

  • Under section 19 – Disclosure of Information

The Employer consents to and agrees to the collection and use of customer information in accordance with the terms and conditions in Annex “A” hereof.

 

  • Under section 21 – Disclosure of Information

Prior to requesting the Issuer for the issuance of the Card, the Employer shall be responsible for obtaining the Cardholder's consent to the Issuer's terms and conditions on the collection and use of customer information contained in Annex “A” hereof.

The Employer consents to and agrees to the collection and use of customer information in accordance with the terms and conditions in Annex “A”.

  • Section for Easy Guide to HSBC Corporate Credit Card Fees and Charges

 

Easy Guide to HSBC Corporate Credit Card
Fees and Charges

Interest Rates and Fees

Joining Fee

PHP 2,400

Annual Fee

PHP 2,400

Retail Finance Charge

3.5% interest rate per month will be imposed using the average daily balance method upon your opening balance, excluding new retail transactions made in the statement period, accrued from the statement start date until the outstanding balance and applicable interest are fully paid

Quasi-cash1Finance charge

 3.5% interest rate per month will be imposed using the average daily balance method upon your transaction from the transaction date until the transaction and applicable interest are fully paid

Minimum amount due

 100% of the Closing Balance for the Main Card Account

Late Payment Fee

PHP 600 or 7.5% of the Minimum amount due, whichever is lower

Overlimit Fee

PHP 500

Non-Sufficient Fund (NSF) Fee

PHP 1,000 for payments which are insufficiently funded

Sales Slip Retrieval Fee

PHP 275 for each sales slip retrieved upon cardholder's request

Card Replacement Fee

PHP 400 for each replacement of lost, stolen or damaged card

Service Fee for Foreign Currency Transactions

2.5% of the converted sum plus reimbursement of the assessment fee charged by MasterCard to HSBC equivalent to 1% of the converted sum

Smart Data Gen 2 Setup Fee

PHP 12,000 for online access, PHP 75,000 for Direct Feed to Expense Reporting

Smart Data Gen 2 Maintenance Fee

PHP 12,000 for online access, PHP 75,000 for Direct Feed to Expense Reporting

 

1QUASI-CASH TRANSACTIONS refers to transactions representing a purchase of foreign currency or items (including but not limited to, gaming chips, money orders and lottery tickets) which may be convertible to cash, and may also include transactions such as the transfer of funds under a wire transfer money order, the funding of accounts and such other transactions as determined by the relevant card association from time to time.

Important Reminder: Paying less than the total amount due will increase the amount of interest you pay and the time it takes to repay your balance. All fees and charges indicated here are subject to change at HSBC's discretion with prior notice to the Employer/Cardholder.

 

Sample Interest Computation

Retail Purchases

  Monthly effective interest rate:

  3.50% based on actual number of days in a month

  Principal amount:

  PHP 63,877

Month

Retail Purchase

Total Payment

Interest

Outstanding Principal
Balance

Total Outstanding
Balance

1

63,877

0

2,279

63,877

66,155

2

-

4,500

1,986

61,655

63,642

3

-

2,800

2,170

60,842

63,012

4

-

7,600

1,913

55,412

57,325

5

-

2,500

1,956

54,825

56,781

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