1. DEFINITIONS. As used herein, the words, “I”, “me”, and “my” shall refer to the principal cardholder whose name is embossed on the card, while the words “you” and “yours” shall refer to RCBC and/or Bankard. “RCBC” is Rizal Commercial Banking Corporation, issuer of the CARDS; and “BANKARD” is Bankard Inc., the entity servicing the credit card business of RCBC and implementing all actions pertaining to the RCBC CARDS for and on behalf of RCBC. The word “CARD/S” refers to RCBC Bankard MasterCard, RCBC Bankard VISA and RCBC Bankard JCB (regular) issued by RCBC through Bankard in the cardholders’ and all other extension cardholders’ name.
  2. THE CARD. The CARD remains your property and is not transferable. I shall surrender the CARD to you upon demand.
  3. VALIDITY. Subject to your existing policies, rules and regulations, the CARD will be honored by affiliated merchants or merchants where the MasterCard, VISA and/or JCB logos are accepted upon my due presentation while I am a Cardholder in good standing. I am in good standing if all my accounts are current, I have not exceeded my credit limit, and my credit card privileges are not otherwise suspended, canceled, or terminated, or have not expired. You shall have the option to reinstate my credit card privileges.
  4. CREDIT LIMIT. You shall have the sole discretion to determine the amount of my credit limit. I will be given a credit limit expressed in either Philippine Pesos (local currency) or U.S. Dollars as approved by you, inclusive of cash advance limit, which will be my maximum allowable outstanding balance at any time. My credit limit will be shared by all my supplementary cardholder/s. I must not exceed my credit limit; otherwise, all subsequent usages shall be declined or rejected. In case I am issued more than one card by you, I will abide by the condition that I may, at your sole discretion, be given a separate credit limit for each of the credit cards I avail myself of, or a consolidated credit limit for all cards, expressed in either Philippine Peso or U.S. Dollar as deemed applicable by you. I may request for an increase or decrease in credit limit subject to your approval.
  5. MERCHANT ACCEPTANCE. The CARD is accepted worldwide by accredited establishments contracted to accept the CARD or where the MasterCard, VISA and/or JCB logos are honored. I shall hold you free and harmless from any liability if (1) the CARD is not honored by any merchant for any reason beyond your control such as but not limited to the merchants’ refusal of cardholders who are suspected of being fraudulent and/or (2) You refuse, at your option, to grant credit authorization for any purchase notwithstanding the availability of credit in my favor under my CARD Account for any reason such as but not limited to prevention of fraud activities. Furthermore, I will not hold you liable for any defective product or service purchased through the CARD. Any dispute between me and the merchant shall not relieve me of my obligation to pay all charges arising from the use of the CARD.
  6. RCBC BANKARD INSTALLMENT. I may avail myself of RCBC Bankard’s Installment Program to purchase items/goods from designated RCBC Bankard Installment merchants if the card issued to me allows such installment transactions. I agree to pay the monthly installment until the account is fully paid using the repayment period I choose. My credit limit will be reduced by the amount of such purchases.

    I shall be informed of the amount of the monthly installments thru the sales slip that I sign or through my Statement of Account. The monthly installment will become part of my Outstanding Balance on which the minimum amount due is based. My monthly installment is computed in such a way that, after applying the payment to interest due for the billing period and whatever remains of the payment towards principal, for the number of months I chose, my purchase is totally paid.

    The interest rate charged on RCBC Bankard’s Installment transactions may be different from the one used to compute interest charged when I pay the minimum amount due on my regular non-installment card usage. If I do not pay in full my billed outstanding balance which includes both regular and installment balances, my monthly installment will be charged interest.

    If I wish to prepay any of my installment purchases, I will inform you and you shall then bill the remaining balance in my next statement.

    If applicable, in addition to using my CARD to purchase from RCBC Bankard installment merchants, you may also grant my request to convert a part of my non-installment outstanding balance to an installment transaction, provided I am in good credit standing. Such balances converted will be treated like a usual installment transaction from the date that you grant such request.

  7. STATEMENT OF ACCOUNT. A monthly Statement of Account (SOA) will be given to me showing my Statement Date, Outstanding Balance as of Statement Date, Payment Due Date and minimum amount due under RCBC Bankard’s installment payment arrangement.

    If I am issued a Dollar card, all my purchases in currencies not in U.S. Dollar shall be converted to U.S. Dollar; if I am issued a Peso card, all my purchases in currencies other than Pesos shall be converted to Philippine Pesos. The SOA shall be in its applicable currency.

    In case I do not receive said SOA, I shall immediately inform you thereof. In the absence of any report of non-receipt of the SOA, I am deemed to have received the same. The absence of the SOA or my failure to receive the same shall not relieve me from paying all charges arising from the use of the CARD on due date. The SOA shall form an integral part of this Agreement.

    In the event of any error in the SOA, I hereby agree to notify you immediately of said error. If no error is reported within thirty (30) days from my Statement Date, I agree and confirm that you can conclusively consider the SOA as true and correct. I hereby waive the presentation of the charge/sales slips to prove the transactions/availments in the Statement of Account.

  8. PAYMENT OF CARD AVAILMENTS AND CHARGES. The Minimum Amount Due is either (a) the total outstanding balance within my credit limit multiplied by the required payment percentage determined by you plus the entire excess over the credit limit, all past due amounts and late payment penalty fees, if any or (b) Php500 for Peso card or USD15 for Dollar card, whichever is higher.

    I understand that checks used for payment will be credited to my account only upon collection as per usual transit/clearing schedules for local and outstation credits, net of charges from the drawee bank and your own charges.

    In case I am issued two or more cards by you, I hereby authorize you without any obligation on your part, to unilaterally apply, without notice to me, payments made by me, or amounts from overpayments to any of my accounts at your option and sole discretion.

    All amounts remaining unpaid after the Payment Due Date will form part of the minimum amount due and will be considered delinquent. I will then be liable to pay penalty, interest and other charges as applicable. You reserve the right to demand the payment of the obligation in full including all unbilled transactions, in case of default.

    These terms and conditions shall remain in full force and effect until full and final payment of my total outstanding obligation with you.

  9. FINANCE CHARGES. Every Payment Due Date of each billing cycle, I have the option to pay the Total Outstanding Balance in full or the minimum amount due as indicated in my Statement of Account, or any amount in between. No finance charge will be imposed if I pay in full. However, if I did not pay my outstanding balance in full, I am considered to have borrowed from or availed myself of the Credit Limit. In this case, interest at a rate specified by you is charged daily on my outstanding balance until it is fully paid.

    To compute the finance charge, you will add all of my billed monthly installments and purchases/availments (excluding unbilled installment balances) under my account and subtract any payment daily to arrive at my daily outstanding balance. Said daily balance shall then be multiplied by the prevailing interest rate. At the end of the billing cycle, the accumulated daily interests will then be added up to my account’s balance inclusive of service charges and fees, if any, to come up with the Total Outstanding Balance payable. I shall pay you interest on my obligation at a per annum rate determined. I agree that, upon prior written advice through my Statement of Account, you shall have the right to adjust the rate of interest to take effect on the date indicated on the written advice from you.

  10. LATE PAYMENT FEES. The past due balance indicated in the SOA shall be charged with late payment fee for every month of delay. A fraction of a month shall be considered one month. Late payment charges due and unpaid shall form part of the principal balance and shall continue to be assessed and be charged with interest per month until my account is fully paid. Provided it is within reasonable time and with prior notice to me, you shall have the right to change the rate of the late payment fee.
  11. ANNUAL MEMBERSHIP FEES. I shall pay you annual membership fees to entitle me to the privilege and use of the CARD. All fees paid are non-refundable.
  12. OTHER FEES. I agree to pay such other fees relating but not limited to the processing of cash advance and/or payments that may be imposed by you at your option. I understand that amount of said fees may be revised from time to time as you may deem necessary.
  13. TAXES. I agree to pay whatever taxes may be imposed on my CARD transactions, fees and charges, based on existing as well as future regulations.
  14. LIABILITY OF THE CARDHOLDER. I shall be liable to you for amounts charged to my CARD, including the finance charges or interest, all non-refundable fees, full annual membership fees and other charges whether made in the Philippines or abroad. For ATM Cash Advance transactions, any use of the CARD together with the Cash Advance PIN to obtain cash in any authorized ATM constitutes my agreement to the Terms and Conditions governing the issuance and use of the CARDS’ Cash Advance Facility. I understand that additional service fee from Cash Advance availed of is charged to my account. I agree that all cash advances shall be conclusively presumed to have been personally made by me.
  15. FOREIGN EXCHANGE TRANSACTIONS. Unless a specific rate is required by applicable law, I understand and agree that all charges and transactions made in currencies other than Philippine Peso under my Peso CARD or U.S. Dollar under my Dollar CARD shall automatically be converted to Philippine Pesos and U.S. Dollars respectively, at a wholesale exchange rate selected by MasterCard, Visa or JCB International for Philippine Peso and U.S. Dollar on the day the transaction is processed, increased by a conversion commission which amount represents payment to you for your purchase and payment on my behalf of the foreign currency necessary to settle the amount/s due to foreign merchants. Said exchange rate may differ from that applicable at the date the transaction occurred or when it is posted to my account.

    The order confirmation for mail order/telephone order and Internet transactions or the delivery form/receipt or the sales/charge slips which I sign each and every time a purchase is made through the use of the CARD shall constitute and be considered and construed by you as the written Application required by CB Circular No.1389 to enable me to purchase the foreign exchange necessary for all my non-trade transactions using the CARD.

  16. SUPPLEMENTARY CARDS. If a supplementary card is issued upon my request, I shall be liable for all the charges made on the said card including interest and non-refundable fees as other charges which shall be fully paid. Should I request for the cancellation of my supplementary card, I agree and bind myself to pay and be liable for purchases made through the card even after the request for cancellation thereof and until such time that said Card shall have been actually surrendered by me to you thus preventing its effective use.
  17. EXPIRY AND RENEWAL OF THE CARD. Unless either terminated or cancelled, the CARD shall be valid up to the last day of the month indicated thereon. The renewal of the CARD shall be at your sole discretion. If my CARD is not renewed, the whole obligation becomes immediately due and demandable.
  18. SUSPENSION AND TERMINATION.You may suspend, revoke or terminate my right to use the CARD in the Philippines and abroad at any time with or without cause and without need of prior notice. If, for any reason, my right to use the CARD is revoked, all my privileges shall be terminated and my entire obligation including all unbilled balance shall become due and demandable. I shall hold you free and harmless from any loss or damage arising from the revocation or termination of the CARD, its use and privileges. Continued use of my CARD in case of suspension, termination or non-issuance of renewal CARDS shall be deemed as fraudulent. I understand that if my CARD is suspended or cancelled, I shall continue to pay annual membership fees until my total outstanding obligation is fully paid.

    (For YGC Employees) I further understand and agree that all CARD/S issued under my name or any of my extension cardholders by reason of my being a YGC employee shall be cancelled upon my separation from employment without need of prior notice. Upon cancellation, all outstanding balance on my CARD/S shall become immediately due and demandable. I hereby authorize BANKARD INC. and my YGC employer to deduct against any salary, commissions, bonuses, allowances, compensation or separation benefits due to me from my YGC employer, if any, such amount to settle and pay all my outstanding balance on the CARD/S issued to me. I hereby hold BANKARD, INC. and my YGC employer free and harmless from any claim for damage in implementing this authority. My continued use of the CARD/S expresses my agreement to the foregoing provisions and the other terms and conditions for the issuance and use of the CARDS.

  19. DEFAULT. I shall be considered in default in the event that (i) I fail to pay any of my obligations on one or more CARDS (ii) I fail to observe any of the terms and conditions governing the issuance and use of the CARDS, (iii) I fail to observe any of the terms and conditions of any contract/evidence of indebtedness and/or other related documents I executed or which you issued in connection with any credit facilities granted in my favor by you or another financial institution, (iv) any information, document, representation or warranty made by me in my application form proves to have been fraudulent, untrue, incorrect or misleading at the time it was made.

    In case I default:

    (i) The right to use the CARD and all other CARDS issued by you to me shall be revoked without notice, which I hereby expressly and willingly waive.

    (ii) The entire unpaid obligation (including unbilled balances) and all other fees, charges and amounts payable under this Agreement and under any of my credit card accounts with you shall become immediately due and payable without demand, protest or further notice of any kind, all of which I hereby expressly waive.

    (iii) I agree to pay finance charges and late payment penalty charges as applicable. If you need to refer my case to a collection agency or through an Attorney-at-Law, I shall be liable to pay the cost of collection and/or attorney’s fees equivalent to twenty-five percent (25%) of the amount claimed and the expenses of litigation and judicial costs as applicable.

    (iv) I authorize you to submit my name to the Credit Bureau.

    (v) I authorize you and RSB to debit from my account with you and/or RSB to pay you my outstanding obligation or any portion thereof.

  20. VOLUNTARY CARD CANCELLATION. Should I decide to cancel my CARD, I must give a written notice-request to you. My outstanding obligation (including unbilled balance) shall be due and payable immediately upon termination of my account, without need of notice or demand from you. I shall continue to be billed for all applicable fees and charges until such time that my total outstanding obligation is fully and finally paid. I shall inform you in writing should I decide to cancel only my extension card/s.

    The release of any security given for the credit card account shall be made only after the lapse of 60 days from the last statement date to accommodate the late submission by establishments of billings or charges on the CARD account.

  21. LOST AND STOLEN CARD. If my CARD is lost or stolen, I will immediately report it by calling the 24/7 RCBC Bankard Customer Service at 888-1-888 in Metro Manila or call Domestic Toll-Free 1-800-10-888-1888 outside Metro Manila or +8000-BANKARD when outside of the Philippines. If requested by you, I undertake to submit to you a written and signed statement of the circumstances surrounding the loss thereof. You may charge me a specified fee for the replacement of the lost or stolen CARD. I am liable for the unauthorized use of my CARD as a result of loss, theft or similar circumstances until such time that I notify you of the loss, theft or possible unauthorized use. In case of disputed charges billed to me, I understand that you may temporarily reverse such charges from my bill while you are investigating my claim. If your investigation proves however that availments made from report of card loss are valid, purchases and charges thereon by me or my extension cardholders, these charges will be posted again to my bill with retroactive interest charges and I will be liable for payment of said billings and interest.
  22. CHANGE OF TELEPHONE NUMBER/S AND ADDRESS. I shall immediately notify you of any change in my residence, office, or mailing address and/or telephone number/s. I understand that my mailing address shall always be within Metro Manila and your prevailing geographic scope of coverage. In case my chosen mailing address is not accessible through mail or delivery, you have the option to use my other addresses.
  23. CHANGE OF STATUS. I shall notify you in writing of any change in my civil status.
  24. LIMITATIONS. I hereby agree not to use my CARD for the purchase of items/goods the importation into the Philippines of which is subject to the provisions of CB Circular No. 1348 and all other circulars, laws, rules, and regulations pertaining to importation. Likewise, I hereby further agree and warrant that the proceeds of my cash advance availments abroad shall not be used for foreign investments or the payment of foreign loans in violation of CB Circular No. 1353.
  25. DISCLOSURE. I hereby consent to the disclosure of my Account on the CARD to any third party and hold you free and harmless from any liability that may arise from such disclosure.
  26. LIMITATION OF LIABILITY. In any action arising from this Agreement of any incident thereto which I or any other party may file against you, your liability shall not exceed One Thousand Pesos (Php1,000) or the actual damages proven, whichever is lesser.
  27. WAIVER. No failure, omission, or delay on your part in exercising any of your rights, privileges and remedies hereunder shall operate as a waiver thereof. No modification or waiver of any provision hereunder, and no consent to any departure therefrom by me shall in any event be effective unless the same is in writing. Such waiver or consent shall be effective only in the specific instance and for the purpose for which given.
  28. ASSIGNMENT AND WAIVER. I hereby agree that you may assign, discount or otherwise transfer part or all rights and/or obligations under the CARD without need of notice on my part. In the event of such assignment, I hereby irrevocably agree not to assert set-off rights of any obligation which may be owed to me by you against the assignee.
  29. NOTICES. All written communications relative hereto shall be sent to me at my billing address herein set forth or at the address that I may hereinafter give in writing to you. The mere act of sending any communication by mail, by telegram, by facsimile or by personal delivery to said address shall be valid and effective notice to me for all legal purposes and the fact that any such communication is not actually received by me, or has been returned unclaimed to you or that no person is found in such address, or that such address is fictitious or cannot be located shall not excuse or relieve me from the effects of such communication.
  30. CUSTOMER SERVICE HOTLINE. I understand and agree that by using the RCBC Bankard Customer Service Hotline in relation to my CARD Account, you may, at your sole option and discretion, tape or otherwise record all my telephone instructions. I likewise understand and agree that such taped or recorded instructions shall be conclusive evidence of my communication with you and may be used by the latter against me or any third party for any purpose particularly as evidence in any proceeding, judicial or administrative, without incurring any liability.
  31. AMENDMENTS. You have the right to change, alter, revise or modify this Agreement anytime and I will be notified of these changes. My continued use of the Card, notwithstanding the lapse of seven (7) days from my receipt of such notification, shall be deemed as consent of all the changes, alterations, revisions, or modifications made in the Agreement. If within 7 days from my receipt of such notification, I give a written notice of my intention to terminate my membership and I surrender the Card to Bankard, Inc., I shall pay my total outstanding obligation to you without need of prior notice or demand.
  32. PRODUCT FEATURES AND BENEFITS. You have the right to change, alter, revise or modify all the CARD features and benefits and I will be notified of these changes. “My continued use of the CARD shall be deemed as agreement to all these modifications.”
  33. COMPLIANCE. I agree to fully comply and abide by the provisions of Republic Act 8484 governing the use of the credit card and other access devices in commercial transactions.
  34. SEPARABILITY CLAUSE. In case any portion of this Agreement is declared invalid or unenforceable, the portions not otherwise affected shall remain valid and enforceable.
  35. OTHER TERMS AND CONDITIONS. The terms and conditions, reminders and other provisions contained in the SOA, charge slips and such other CARD documents, related instruments or documents are made integral parts hereof by reference. It is agreed that the terms and conditions herein, as well as the aforementioned terms and conditions including reminders, rules and regulations promulgated by you from time to time (the “Other Terms and Conditions”) shall govern the use of the CARD/S issued hereunder.
  36. VENUE. This agreement shall be governed by the laws of the Philippines and the exclusive venue of any and all suits directly or indirectly arising from or relative to the issuance and use of the Card shall be any proper court within Metro Manila, to the exclusion of all other venues which are hereby waived.
  37. CONSENT. I hereby confirm that in addition to the foregoing Terms and Conditions, I unconditionally agree to be bound by all laws, rules, regulations and official issuances applicable on the matter now existing or which may hereinafter be enacted, issued or enforced. All the Terms and Conditions herein stated have been read and understood by me as evidenced by my signature on the application form, CARD, and/or charge/sales slips or by my using the CARD.