- In these conditions
1.1 “Agreement” means the agreement between the Bank and the Cardholder, the Terms and Conditions of Use of I&M Bank Credit Card, as varied from time to time.
1.2 “ATM” means an Automated Teller Machine or Point-of-Sale machine operated by the Bank or any other member of Visa or MasterCard.
1.3 “Authorised User” means a person nominated under Condition 13 (13.1) to whom the Bank shall have issued a Card.
1.4 “Card” means the I&M Bank Visa or MasterCard Credit Card issued to Cardholder.
1.5 “Cardholder” means any person to whom a Card is issued by the Bank.
1.6 “Card Account” means any Account maintained by the Bank in relation to Card Transaction.
1.7 “Card Transaction” means any payment made or cash advance obtained by the use of the Card, the Card number or in any manner authorized by a Cardholder for debit to the Card Account.
1.8 “Charges” means any fees or interest charged on the Card Account.
1.9 “Credit Limit” means the maximum debit balance permitted on the Card Account as determined by the Bank in its sole discretion and notified to the Principal Cardholder.
1.10 “Due Date” means the date of the statement referred to in Clause 6 (6.1) or as determined by the Bank pursuant to this Agreement.
1.11 “Kenya” means the Republic of Kenya.
1.12 “Principal Cardholder” means any person in whose name a Card Account is maintained pursuant to such person’s application for establishment of a Card Account.
1.13 “PIN” means any Personal Identification Number issued to a Cardholder.
1.14 “Shillings” means “Kenya shillings’ in the currency of Kenya.
1.15 “Statement” means the monthly Statement referred to in Clause 5 (5.1).
1.16 “Supplementary Cardholder” means a person nominated under Condition 13 (13.1) to whom the Bank shall have issued a Card on instruction of the Principal Card Holder.
1.17 “The Bank” means Investments and Mortgages Bank Limited.
1.18 “EMV cards’’ means smart cards, also called chip cards, integrated circuit cards, or IC cards which store their data on integrated circuit chips, in addition to magnetic stripes for backward compatibility. These include cards that must be physically inserted or "dipped" into a reader, as well as contactless cards that can be read over a short distance using near-field communication technology.
1.19 “IVR” means Interactive Voice Response.
1.20 “Organisation” a business, corporate body, club, society, government or non-governmental body or any association of individuals or any other juristic person under which a credit card is issued on behalf or on their account.
1.21 “Grace Period” this is the period between the end of billing cycle and the date your payment is due as indicated in the card Statement.
1.22 “Minimum Amount” the minimum amount you are required to pay, on or before the payment due date as per product specification and as per statement, to ensure that you do not have to pay late fees.
1.23 “Credit Life Insurance” this is an insurance policy to help ensure that your outstanding credit card obligations are covered when unforeseen events affect your ability to repay the amount fully as billed by the Bank. This covers death or permanent disability that makes you unable to carry your daily productive work.