Convert to ChargeLight

In these Terms and Conditions Governing the Convert-to-ChargeLight Facility ("Terms and Conditions"), the term "Security Bank Credit Card" means all credit cards issued by SB Cards Corporation and Security Bank Corporation ("Bank"). The term "Cardholder" means any person at whose availment one or more Security Bank Cards have been issued by the Bank.

General

1. Convert-to-ChargeLight is a credit card facility which allows selected principal cardholders in good credit standing to convert a single-receipt retail and/or purchase transaction of at least P5,000 to an installment plan.
2. Purchases and/or transactions made on the Complete Cashback card shall not be qualified for Convert to ChargeLight.
3. Transactions including but not limited to cash advance transactions, interest charges, fees and installment amortizations are not qualified to be converted to Convert-To-ChargeLight.
4. Convert-to-Chargelight application should be received by the Bank before the purchase and/or transaction is reflected in your monthly Statement of Account.
5. The approved Convert-to-ChargeLight amount must not exceed the available credit limit of the cardholder.
6. Rewards points from the retail and/or purchase transaction requested for Convert-To-Chargelight will be deducted from the cardholder's account once converted, and will be credited monthly in such amounts corresponding to the portion of the principal amount of the monthly installment billed.
7. The Convert-to-ChargeLight application is still subject to the Bank's verification and credit approval.
8. The terms and conditions governing the issuance and use of Security Bank Credit Card and all related provisions of the Security Bank In-house Installment Plan are incorporated herein by reference and made integral part hereof.

Eligibility Requirements

1. The cardholder must be a principal credit cardholder and must be in good credit standing.
2. Only unbilled purchases and/or transaction of at least P5,000 in a single-receipt are qualified for Convert-to-Chargelight. Unbilled means that the purchase and transaction is not yet reflected on your current statement of account.

Other Conditions:

1. The Bank shall have the absolute and exclusive right to approve or reject a Convert-to-ChargeLight availment.
2. The cardholder shall be responsible to keep track and follow up the status of his/her Convert-To-ChargeLight application by calling the 24-hour Customer Service Hotline 88-791-88 .In case of rejection of a Conver-to-ChargeLight availment, the Bank is not required to notify the cardholder of such rejection and the reason thereof.
3. Once the Convert-to-Chargelight application is approved, the monthly amortizations shall be posted on the cardholder's succeeding monthly statement of account. These shall form part of the total outstanding balance due in the cardholder's statement of account. If the Cardholder revolves any portion of the total outstanding balance due in any given month, the account shall be subject to the computation of the Finance Charge and Late Payment Charge (if applicable) for that month.
4. If a portion of Convert-to-ChargeLight remains unpaid after the chosen repayment period, the corresponding unpaid principal amount shall be charged the prevailing, standard monthly finance charge of the Security Bank credit card. Should any portion of the monthly add-on interest due in any given month remain unpaid, the corresponding late payment and finance charges shall be applicable.
5. Once approved, the Convert-To-ChargeLight transaction can no longer be reversed. In case of pre-termination or cancellation of the approved Convert-to-ChargeLight transaction before the end of the chosen repayment period, the Bank reserves the right to charge to the cardholder's account a processing fee amounting to Five Hundred Pesos (Php500.00).
6. The monthly interest rates are determined by the Bank and may be subject to change in accordance with the prevailing market rates for similar transactions and terms
7. In case a cardholder ceases to be of good credit standing through (i) suspension, (ii) cancellation, or (iii) non-renewal of Security Bank credit card due to non-payment or breach of these terms & conditions, all of the unpaid installment amounts as well as other account balances shall immediately become due & demandable.