Classic Rewards Mastercard

We may, but do not have the obligation to give you any reason or prior notice:

1. Terminate or suspend your CARD privileges at any time and for whatever cause and cancel any Card Transaction and demand immediate repayment of the same, including full payment of Installment Transactions;
2. Decline any CARD transaction even if you have enough credit limit to pay for the purchase;
3. Increase or decrease your Credit Limit, and/or Cash Advance Limit;
4. Refuse to reissue or replace your CARD;
5. Amend, add, restrict or cancel your CARD privileges, services and facilities, whether relating a specific CARD or all CARDS tagged under your name;
6. Limit Card transactions made in one day, such as, but not limited to, number of purchases, online transactions, Cash Advances, and more; and
7. Without waiving any of our rights, approve any Card transaction even if it may cause the balance on your account to exceed your Credit Limit.

You may be required to contact us in case we detect suspicious or unusual activities on your CARD. Until the activity is verified, your CARD may be suspended or cancelled if there is reason to believe that it may be or may have been used fraudulently. If we revoke your right to use your CARD or do not re-issue it for any reason, we may collect all outstanding balances, fees and charges immediately.

You agree to surrender your CARD upon demand to our offices or branches or to our duly authorized representative. You agree to hold us free and harmless from any claim for damages arising from such suspension, cancellation, termination, withdrawal or confiscation or any other loss or damage that you may experience due to any of the actions we take as listed above. Please note that continued use of the CARD in case of closure or cancellation or non-reissuance of the CARD is deemed as fraudulent.

You also agree to fully comply and abide by the following:

1. The terms and conditions governing the use of the CARD
2. Laws, statutes and regulations, and BSP Circulars relevant to credit cards and credit accommodations
3. The provisions of Republic Act 8484 governing the use of the credit card and other access devices in commercial transactions

You are required to inform us of any changes in your contact details and/or billing address.

In the event of annulment or separation, legal or de facto of you and your spouse, you and your supplementary/ies and/or surety/ies shall continue to be responsible for such amounts incurred through the use of the SUPPLEMENTARY CARD/S unless you request in writing that the privileges of such supplementary/ies under this Agreement be terminated, provided all purchases and cash advances made, including all interest and charges incurred are fully paid and satisfied at the time of said request.

Your ChargeLight Installment limit forms part of the credit limit extended to you. Such ChargeLight credit limit shall form part of the maximum outstanding balance of the purchases that you may be allowed at any given time if you avail of ChargeLight Installment purchases. The corresponding add-on interest from ChargeLight Installment purchases are part of your ChargeLight Installment limit. Should the outstanding balance exceed the approved credit limit at any given time, we reserve the right to decline any transaction and/or suspend your/SUPPLEMENTARY/IES’ credit card privileges. The said excess amount shall be considered immediately due without the need for further notice or demand. In case you are issued with two (2) or more credit cards, you understand and agree to abide by the condition that we have the sole discretion to give you a separate credit limit for each of the credit cards issued to you or a consolidated credit limit for all cards, in Philippine Pesos. In case of default in payment in one (1) or more cards, we, at our sole discretion, may revoke your right to use all or any of your SB credit cards.

• Select goods and services purchased from our accredited establishments in the Philippines through ChargeLight and 0% ChargeLight
• Cash converted from your credit limit through SB Ready Cash
• Other, non-SB credit card balances transferred to your Security Bank credit card through SB Balance Transfer
• Any non-installment or straight amounts from your Security Bank credit card through Convert-to-ChargeLight

The principal amount of the transactions covered in (a) through (d) is the Installment Transaction Amount. You should maintain good credit standing to be eligible for any of these Installment Facilities. However, final qualification is still subject to credit evaluation and your credit limit, as applicable. We may require a minimum availment amount for these Installment Transactions.
The monthly Installment due for your Installment Transaction (“Monthly Installment Due”) is included in the Minimum Amount Due on your SOA until the Installment Transaction Amount and the applicable Interest are paid in full.

You may compute the Monthly Installment Due by using the following formula:

Installment Transaction Amount x [1+(Converted Monthly Factor Rate x Term)]
Term

We shall charge you a processing fee of P500 in case of pre-termination or cancellation of the approved ChargeLight Transaction before the end of the chosen repayment period. The computation of the Interest and the Principal components of the Monthly Installment Due from ChargeLight Installment transactions shall be on a diminishing balance basis and the Interest and Principal portions of the Monthly Installment Due will not be equal from month to month.

You agree to examine the statement of account and report any discrepancy immediately. If no error is reported within 30 days from the statement date, the statement of account will be considered conclusively correct. A statement production fee of P50 per page will be charged to you if the requested billing statement is more than 3 months old for Mastercard Classic, Mastercard Gold and Mastercard Platinum and P30 per page for Mastercard World. This fee is subject to change. All other terms and conditions stated in the monthly Statement of Account shall form an integral part of this Terms and Conditions. We reserve the right to investigate and confirm within a reasonable time, in accordance with accepted or standard credit card business practices and procedures, any reported error or fraudulent transaction before making any correction in your statement of account.

You must immediately inform us of the non-receipt of the statement of account before your payment due date. Absence of any report of non-receipt shall be deemed as confirmation that you have received your statement of account. Non-receipt of your SOA does not relieve you of your obligation to pay the amounts due on the Card by the Payment Due Date. To avoid incurring Late Charges and further Interest charges and other fees, in case you do not receive your SOA within 7-10 days from the Statement Date, call our 24/7 Security Bank hotline at (02) 887-91-88 immediately and pay before the Payment Due Date.

Payment through any authorized mode or made to any accredited payment center of the bank, shall be considered as payment to the bank made on the same date.

Should you choose to pay an amount less than the total amount due, finance charges may be imposed. We shall compute the interest by adding your daily balances within the billing cycle. The daily balance will take into account the unpaid outstanding balance, and all payments made within the same billing cycle. The sum of the daily balances shall then be divided by the number of days within the billing cycle, resulting to the average daily balance. To arrive at the interest, the average daily balance is multiplied by the applicable interest rate based on your card type.

Interest or finance charge will not be charged on new purchases within the current statement cycle.

Payment in excess of the minimum payment amount will be applied to the account in the order of:

1. Penalties
2. Interest
3. Fees and Charges
4. Principal Amount

The stipulated interest shall accrue on all charges that remain unpaid after the last day as stated in the monthly statement of account. This will be computed using the average daily balance method.

Failure to pay any two succeeding minimum amount due shall suspend your revolving credit facility. Failure to pay any four succeeding minimum amount due shall constitute default and result in the total unpaid balance to become due and demandable. Provided, that if there are changes in the prevailing market interest rates, we, at our sole discretion, may adjust the applicable interest rates and it shall be the guiding rate of computing the interest due on the outstanding obligation. The interest rate shall be posted on the monthly statement sent to you.

We will post payments within the mentioned posting periods. However, system glitches or breakdowns beyond our control may occur, resulting in a longer period before your payments shall be posted and your account updated.

We shall be charging late payment fees if a Card Member fails to pay at least the Minimum Amount Due on or before the Payment Due Date.

You hereby authorize us to charge additional service fees as may be deemed necessary in order to maintain our service to you such as:

• Card Certification Fee for full settlement of account
• Good Credit Standing Certification Fee for the initial and succeeding requests, amount to depend on the card type
• Returned Check Fee depending on the card type
• Payment Transfer Fee
• For Dual Currency Accounts, we reserve, in the absence of any specific instruction, the right to apportion payments from the Peso to the Dollar Account and vice-versa, without need of further instructions from you.

If there are changes in the Fees and Charges originally communicated to you, we shall provide prior notice through our online channels, email, or SMS.

In the event of any controversy or action arising from this Agreement or any incident thereto which you may file against us, our liability shall not exceed One Thousand Pesos (P1,000.00) Philippine Currency, or the damages actually proven to have been suffered by you, whichever is lower.

• Your failure to comply with any of the terms and conditions governing the use of the CARD
• Your failure to pay the minimum amount due or past due amount
• You have exceeded the assigned Credit Limit
• The CARD is not renewed by us
• Death of the cardholder
• Your employment is terminated in the case of SB Corporate credit cards
• Your bankruptcy, insolvency, receivership, levy on execution, garnishment or attachment
• Your conviction by final judgment of a criminal offense carrying with it the penalty of civil interdiction
• Final judgment against you in a case covered by Article 1198 of the New Civil Code
• You are investigated, charged with, or convicted of a violation of Republic Act 8484 otherwise known as the “Access Devices Regulation Act of 1998”

In any of the above events, all privileges granted to you as well as your SUPPLEMENTARY CARD/S shall automatically be terminated and the aggregate unpaid purchases and cash advances made, including all the interests and charges of your SUPPLEMENTARY/IES for which you are liable shall immediately become due and demandable. You and your SUPPLEMENTARY/IES agree to surrender your CARD/S upon demand to any of our offices, branches or duly authorized representatives. You also agree to hold us free and harmless from any claim for damages arising from such suspension, cancellation, termination, withdrawal or confiscation. Continued use of the CARD/s despite such notice shall be deemed fraudulent.

TELEPHONE.
By calling or accepting calls from our 24-Hour Customer Hotline at (02) 887-91-88, you acknowledge that we may record all your telephone conversations with us and use all these recordings against you or any third party, or replayed or communicated to any third party, for any purpose particularly as evidence in any proceeding, judicial or administrative. You further agree to waive any right under R.A. No. 4200 otherwise known as the Anti-Wire Tapping Act or any amendments thereto, or any similar law or regulation. You agree to reimburse us and our Telemarketing provider any loss, damage, cost, expenses, and fees (including legal fees on a full indemnity basis) that we or our Telemarketing provider may suffer or incur during this instance.

ELECTRONIC EMAIL.
You agree that we may communicate with you not only via SMS or telephone but as well as Electronic Mail / Email or other communication for any information, notification or reminders for collection purposes. You agree as well that the message may be sent to you without encryption which may include your personal and card details. Further, you as the cardholder is responsible in ensuring the security of your mobile phone, email account and other electronic devices that which may be used as tool for communication. In the event that there be updates on your contact information, you should inform Security Bank of the changes immediately.

ADDITIONAL CHANNELS.
You must inform us of any additional channels to reach you aside from what is disclosed in the credit card application form you submitted. Changes in your home, office or mailing address, e-mail and telephone number must also be communicated to us. Non-notification, particularly if the account is past due, may lead to the presumption that your credit card has been used with intent to defraud. In case the mailing address is not accessible through mail or delivery, we have the option to use the other addresses logged in our system. Notwithstanding this provision, you agree that any communication sent to the designated mailing address shall be considered as received by you within fifteen (15) days after mailing. You, pursuant to such undertaking, authorize us, at our discretion, but without any obligation to do so, to secure information from third parties, such as but not limited to utility companies, insurers and financial intermediaries, and receive information on how you can be contacted.