6. Payment & interest

a) All amounts charged to the Principal Cardholder’s account are due in full within a specified number of days (called a Credit Period), as is determined by the Bank at its discretion from time to time, from the Statement date (this payment due date is called the Due Date). The Principal Cardholder may however as a credit cardholder choose to pay the Minimum Payment (this will be a specified percentage of the amount of card transactions plus full amount of interest, other charges and fees due as on the Statement date) shown on the Statement and revolve the balance (Revolved Amount) to the next month.

b) If the Principal Cardholder shall repay the whole balance outstanding on a Statement before or by the Due Date, no interest shall be charged on any item appearing on the Statement.

c) If a Principal Cardholder pays at least the Minimum Amount by the Due Date and chooses to revolve a part or full amount of the Revolved Amount (i.e. outstanding balance minus Minimum Amount), interest will be charged on the full amount of Revolved Amount from Transaction Date to Due Date & on daily outstanding balance of Revolved Amount due from Due Date to next Statement Date at the specified Revolving Credit Interest Rate.

For the purposes of interest calculation, payments made by the cardholder will first be offset against interest, fees and charges and oldest dated transaction amounts in descending order respectively.

d) It the Principal Card Holder fails to pay at least the Minimum Payment as shown in the Statement by the Due Date, a late payment penalty will be levied on the outstanding Minimum Payment amount on Due Date at a specified flat Late Payment Penalty Rate and will be added on the Statement for the subsequent month. This is in addition to the interest payable on outstanding balance calculated as per clause 6 (c) above on outstanding balance.

e) In case a Card Holder is overdrawn beyond the Credit Limit as on any day, an overlimit charge calculated as a flat Overlimit Charge Rate percentage on the maximum amount overdrawn on any particular day will be levied and added on the Statement for the subsequent month.

f) Payment on any account will take effect when received by the Bank and credited to the Principal Cardholder’s account. If the payment is made by cheque it will take effect when cleared by the respective bank.

g) A flat Handling Fee will be charged if a cheque or other remittance is not honoured on first presentation.

h) The amount of any excess over the Credit Limit, any arrears and any Card Transactions made in breach of this agreement will be immediately payable in full whether or not demanded by the Bank.

i) Non-receipt of the Statement by the Principal Cardholder does not discharge the obligations to pay all the amounts due on the Card Account.

j) The Principal Cardholder may not be entitled to interest on any credit balance there may be on the Card Account.

k) The Bank will inform the Card Holder of the applicable Credit Period, Minimum Payment, Revolving Credit Interest Rate, Late Payment Interest Rate, Overlimit Charge Rate and Handling Fee as described above, at the time of issuance of the Card. Subsequently, the Bank reserves the right to revise any of the above at anytime without prior notice, including the manner in which they are calculated. Any such change will be informed by the Bank to the Card Holder on the Statement or such other means as the Bank shall find appropriate and in providing such information it shall be enough for the Bank to produce a copy of the Statement containing such information or the means by which the change was informed.