Common use of Balance Transfer Clause in Contracts

Balance Transfer. 17.01 The Cardholder may at the time of application or from time to time apply to the Bank for transfer of his debit balances due to other authorised financial institutions in respect of credit card or personal loans of whatever nature acceptable to the Bank to the Card Account. For avoidance of any doubt, only Principal Cardholder is entitled to make an application under this Clause 17. 17.02 The Bank may at its sole discretion approve or reject such application without the need to give any reason. 17.03 The total amount of the balance transfer cannot exceed 90% of the available credit limit of the Card Account arising from the use of the Card. The Bank has the sole discretion to determine the amount to be transferred which may be less than the amount applied by the Cardholder without the need to give any reason. 17.04 The Bank will notify Cardholder as to whether the application is approved. Prior to this confirmation, the Cardholder shall continue to make payments to the balances to be transferred from other financial institutions. The Bank will not in any event be liable for any interest or other charges of other financial institutions so incurred by the Cardholder for the application. 17.05 Upon its approval, the available Credit Limit of the Card Account will be deducted by the total amount of the Balance Transfer and the Bank will open a separate account for the Cardholder, and such separate account will form part of the Card Account. All the debit balance standing in that account shall be regarded as Current Balance due under the Card Account for the purposes of this Agreement, despite that it will separately be shown in this separate account's monthly statement. Subject to Clause 17.09, all Charges and other terms and conditions of this Agreement (insofar as they are relevant and consistent) shall equally apply to such part of the Current Balance therefor. 17.06 A balance transfer Finance Charge at the rate set out in the Confirmation Letter on the outstanding balance of the separate account under Clause 17.05 from the Bank's payment date to the financial institutions to the date when the transferred amount, inclusive of all interest and pertaining fees have been repaid in full will be levied. Such interest shall be calculated and accrued on a daily basis. All other applicable Charges provided in Clause 6 at such rate as stipulated in the Confirmation Letter shall be imposed and debited to the separate account under Clause 17.05. 17.07 The Cardholder agrees to make payment to the separate account under Clause 17.05 in accordance with the Clause 7 of this Agreement. 17.08 The available Credit Limit of the Card Account will be adjusted to reflect changes due to the payment made to the separate account under Clause 17.05. 17.09 The bonus point scheme shall not apply to the separate account under Clause 17.05 and the Balance Transfer. Upon a Card Account arising from the use of the Card terminated by the Cardholder or the Bank being linked to the separate account under Clause 17.05, such separate account shall be regarded as immediately co-terminated.

Balance Transfer. 17.01 The Cardholder may at the time of application or from time to time apply to the Bank for transfer of his debit balances due to other authorised financial institutions in respect of credit card or personal loans of whatever nature acceptable to the Bank to the Card Account. For avoidance of any doubt, only Principal Cardholder is entitled to make an application under this Clause 17. 17.02 The Bank may at its sole discretion approve or reject such application without the need to give any reason. 17.03 The total amount of the balance transfer cannot exceed 90% of the available credit limit of the Card Account arising from the use of the Card. The Bank has the sole discretion to determine the amount to be transferred which may be less than the amount applied by the Cardholder without the need to give any reason. 17.04 The Bank will notify Cardholder as to whether the application is approved. Prior to this confirmation, the Cardholder shall continue to make payments to the balances to be transferred from other financial institutions. The Bank will not in any event be liable for any interest or other charges of other financial institutions so incurred by the Cardholder for the application. 17.05 Upon its approval, the available Credit Limit of the Card Account will be deducted by the total amount of the Balance Transfer and the Bank will open a separate account for the Cardholder, and such separate account will form part of the Card Account. All the debit balance standing in that account shall be regarded as Current Balance due under the Card Account for the purposes of this Agreement, despite that it will separately be shown in this separate account's monthly statement. Subject to Clause 17.09, all Charges and other terms and conditions of this Agreement (insofar as they are relevant and consistent) shall equally apply to such part of the Current Balance therefor. 17.06 A balance transfer Finance Charge at the rate set out in the Confirmation Letter on the outstanding balance of the separate account under Clause 17.05 from the Bank's payment date to the financial institutions to the date when the transferred amount, inclusive of all interest and pertaining fees have been repaid in full will be levied. Such interest shall be calculated and accrued on a daily basis. All other applicable Charges provided in Clause 6 at such rate as stipulated in the Confirmation Letter shall be imposed and debited to the separate account under Clause 17.05. 17.07 The Cardholder agrees to make payment to the separate account under Clause 17.05 in accordance with the Clause 7 of this Agreement. 17.08 The available Credit Limit of the Card Account will be adjusted to reflect changes due to the payment made to the separate account under Clause 17.05. 17.09 The bonus point scheme shall not apply to the separate account under Clause 17.05 and the Balance Transfer. Upon a Card Account arising from the use of the Card terminated by the Cardholder or the Bank being linked to the separate account under Clause 17.05, such separate account shall be regarded as immediately co-terminated.Clause