BILLING AND STATEMENT Sample Clauses
The "Billing and Statement" clause outlines the procedures and requirements for issuing invoices and providing statements of account between parties. Typically, it specifies how and when invoices will be sent, the information they must contain, and the frequency of account statements, such as monthly or upon request. This clause ensures both parties have a clear understanding of payment obligations and account status, reducing the risk of disputes over charges or payment timing.
BILLING AND STATEMENT a) SBICPSL will send the Cardholder a monthly statement showing the payments credited and the transactions debited to the Cardholder’s Account since the last statement, provided the card has been active during the said period. SBICPSL will either mail a statement of transactions in the card account to the mailing address it has on record, or send a statement through email to the email id on record, on a pre-determined date.
b) Credit Cards offer the Cardholder a revolving credit facility. The Cardholder may choose to pay only the Minimum Amount Due printed on the statement and such payment should be sent before the Payment Due Date, which is also printed on your statement. The balance outstanding can be carried forward to subsequent statements. The Cardholder can also choose to pay the Total Amount Due or any part of the amount above the Minimum Amount Due. Any unpaid Minimum Amount Due of the previous statements will be added to the Cardholders Current Minimum Amount due in addition to the outstanding exceeding the Cardholders Credit Limit. Minimum Amount due shall be 5% of outstanding amount or Rs. 200 (whichever is greater) plus all applicable taxes and EMI (only in case of EMI based products). Overlimit (OVL) amount shall also be included in the MAD in case cash or credit limit is exceeded. Any unpaid MAD of the previous statements, if any, shall also be included in the Minimum Amount Due.
c) Payments made towards the card outstanding are acknowledged in subsequent statements. Any dispute regarding input tax credit or any other matter pertaining to taxes shall be communicated to Credit Card Issuer within 30 days from the date of issuance of the Statement
d) Payments received against the Cardholder’s card outstanding will be adjusted against all Minimum Amount Due (which is inclusive of all applicable taxes + EMI on Loan plans + 5% of Total Outstanding), Fees & Other Charges, Interest charges, Balance Transfer Outstanding, Purchase Outstanding and Cash Advance in that order. Card Holder would be responsible for providing correct and timely information for enabling Credit Card Issuer to undertake appropriate GST compliances which would in turn enable card holder to take input tax credit of supplies made by the Credit Card Issuer. Card issuer shall not be responsible for any loss of input tax credit or delay in availment of input tax credit to the card holder on account of incorrect information provided by card holder or due to any act or omission by card...
BILLING AND STATEMENT i) The Bank will send at your mailing address, a statement once a month for each billing period (hereinafter "Statement") during which there is any transaction or outstanding on the Card Account. The Bank may choose to send the Statement through one or more of the following modes - Post, Fax, Email or SMS Messaging. Non-receipt of 12 Statement would not affect your obligations and liabilities under this Agreement and you shall be liable to settle the outstanding balance on the Card within 60 days of incurring the charges.
ii) The Bank will debit the Card Account for all the debits received from Merchant Establishments and Charges incurred, and credit the Card Account for all payments made by the Cardmember to the Bank as well as payments made in the favor of the Cardmember.
iii) All Bank Credit Card(s) may offer the Cardmember(s) a revolving credit facility, wherein the Cardmember(s) may choose to pay only the Minimum Amount Due (MAD) as indicated on the Statement. The Total Payment Due (TAD) from the Cardmember or the MAD should be sent by the Cardmember on or before The Payment Due Date, which is also indicated on the Statement. MAD is the minimum amount you are required to pay to keep your Card Account in good credit standing. This amount is calculated at 7% of your'Total Amount Due' (subject to a minimum of Rs.200). Any previous unpaid minimum amount and service tax (if applicable) is added to your current minimum amount due. This amount will continue to reflect under the Minimum amount due in the statement.
iv) The Card privileges may be withdrawn or suspended (whether temporarily or permanently) across all Card Accounts in case of non-payment of the Minimum Amount Due by the Payment Due Date on any of your Card / Loan Accounts. A fee may be levied for such non-payment as well. The Bank at its sole discretion may also instruct the Merchant Establishment not to honor the Credit Card and/or to take custody of the Card by listing the Card Number in the Warning Bulletin issued by the Bank from time to time or otherwise.
v) You may pay more than the Minimum Amount Due, before the Payment Due Date, more than once during the billing period or pay the balance outstanding on the Card Account at any time.If you spend Rs 5000/- and you pay back exactly the 13 Minimum Amount Due every month, then it may result in the repayment stretching over 6 years with consequent interest payment on the outstanding amount.Therefore, you should, whenever your cash flow allows p...