HSBC Cash Instalment Plan
Terms and Conditions
- HSBC's Cash Instalment Plan ("CIP") facility is limited to select HSBC credit cardholders ("Cardholder") of good credit standing. CIP allows the Cardholder to avail of a portion of his total credit limit in cash and pay for the same as a regular instalment transaction under HSBC's Instalment Plan (HIP).
- To avail of CIP, the Cardholder must apply for his preferred CIP Amount and repayment period. The approved CIP Amount will be subject to the prevailing monthly interest rate applicable to the chosen repayment period, as indicated in the Cardholder's invitation. The monthly effective interest rates may be amended by HSBC from time to time.
- The CIP Amount must result to a monthly instalment amount of at least P500.00.
- The Total CIP Instalment Amount is computed as the approved CIP Amount + the total amount of the interest for the chosen repayment period.
- The CIP amount including the interest shall be deducted from the available credit limit on the HSBC credit card account at the time of approval, but shall be posted at Statement billing / cut-off date in fixed equal monthly instalment amounts on each statement of account.
- HSBC shall credit the approved CIP Amount into the deposit account specified by the Cardholder in any of the banks recognised by HSBC for CIP. The other bank may charge a fee that may be deducted from the approved CIP amount. The said charges will be for the account of the Cardholder.
- HSBC shall not be liable for any loss or damage that the Cardholder may suffer or incur as a result of or in connection with the deposit of the CIP Amount in accordance with the instructions of the Cardholder.
- HSBC shall have the absolute and exclusive right to approve, decline or cancel all CIP applications with no obligation to notify the Cardholder of or to explain its decision. HSBC reserves the right to approve a smaller CIP amount without any obligation to obtain the prior consent of, or to notify, the Cardholder. The Cardholder shall be responsible for following with HSBC on the status of his CIP application. In case of rejection or cancellation of a CIP application, HSBC is not required to notify the Cardholder of such rejection or cancellation and the reason thereof. For this purpose, the Cardholder may call (02) 85-800 (for Metro Manila) or 1-800-1-888-8555 (for domestic toll-free where available).
- Once approved, the CIP transaction can no longer be reversed. In case of pre-termination or cancellation of the CIP transaction, the unpaid portion of the approved CIP Amount will be posted back as part of the Cardholder's outstanding balance for the month immediately following the cancellation. As a result of the pre-termination or cancellation, the Cardholder will be charged a processing fee of Php300.00 or 5% of the unpaid portion of the approved CIP Amount, whichever is higher.
- The Cardholder will earn Bonus Points corresponding to the approved CIP Amount. The Bonus Points will be credited to the Cardholder's credit card account at the same time the 1st Monthly CIP Instalment Amount is posted.
- If HSBC is unable to deposit the CIP Amount into the preferred bank account, HSBC shall cancel the cardholder's CIP transaction.
- The entire monthly CIP Instalment Amount shall form part of the Minimum Amount Due on each statement of account. Cardholders shall have the option to pay the Minimum Amount Due, every month. If the Cardholder revolves any portion of the Total Amount Due in any given month, the account will be subject to the computation of the Finance Charge and Late Payment Charge (if applicable) for that month.
- The Cardholder's application for and availment of CIP constitutes his agreement to these Terms and Conditions, the HIP Terms and Conditions and the Terms and Conditions for HSBC's Credit Card Products.
The Terms & Conditions governing the issuance and use of the HSBC Credit Card and the HSBC's Instalment Plan/RED instalment are incorporated herein by reference and made an integral part thereof.