Tuesday, November 23, 2010

Direct Access - Balance Transfer 0% for 6 months or 1% for 12 months

Promotion ending 31.12.2010 but likely they will extend it...

Update: Extended to 30 June 2011, click here for the form.


Key points:-
  1. No charges, no hidden costs
  2. Available for new and existing cardholders

Fine print ENLARGED

Balance Transfer Terms & Conditions:
1. Existing and new principal Direct Access ("Direct Access") cardmembers are invited to participate in the Direct Access Balance Transfer Programme (the "Programme"). Direct Access principal cardmembers may apply to transfer the outstanding balance from his/her credit card accounts with other financial institutions (the "Outstanding Balance") to any Direct Access credit card account held in their name. The Programme is from 1 July 2010 till 31December 2010 or such other period which Direct Access may determine.

2. The Programme is not valid for CIMB Islamic cardmembers.

3. Applications for the Programme are subject to Direct Access’s prior approval and the terms and conditions herein contained. Direct Access reserves the right to approve or reject any applications and determine the Outstanding Balance allowed to be transferred (the “Approved Balance”) at its absolute discretion. Cardmembers who are in breach of or who have breached the terms and conditions of their credit card accounts with other financial institutions or who have otherwise not conducted such other credit card accounts properly shall not be entitled to participate in the Programme.

4. If a Supplementary cardmember wishes to participate in the Programme, the prior consent of the Principal cardmember must first be obtained.

5. Subject to the available credit limit in the cardmember’s Direct Access credit card account(s), cardmembers can select either of the following two (2) balance transfer options:-
(i) Option A - 1% interest for 12 months balance transfer
The Cardmember may elect to apply to transfer their Outstanding Balance to their Direct Access Credit Card Account subject to 1% interest per annum (0.0833% per month) for a period of 12 months.
The application under Option A is subject to a minimum of RM2,000 per application and a minimum of RM1,000 per financial institution; and
(ii) Option B - 0% interest for 6 months balance transfer
The Cardmember may elect to apply to transfer their Outstanding Balance to their Direct Access Credit Card Account subject to 0% interest per annum for a period of 6 months. The application under Option B is subject to a minimum of RM1,000 per application per financial institution.

6. (i) In respect of:-
(a) Option A, interest at 1% per annum (0.0833% per month) will be chargeable on the Approved Balance or such outstanding thereof until the first day of the thirteenth (13th) month from the date of the Approved Balance transaction is posted to cardmember’s Direct Access credit card account; and
(b) Option B, no interest will be chargeable on the Approved Balance or such outstanding thereof until the first day of the seventh (7th) month from the date of the Approved Balance transaction is posted to cardmember’s Direct Access credit card account.
(ii) In respect of:-
(a) Option A, from the first day of the thirteenth (13th) month from the
date of the Approved Balance transaction is posted to cardmember’s
Direct Access credit card account; and
(b) Option B, from the first day of the seventh (7th) month from the date of the Approved Balance transaction is posted to cardmember’s Direct Access credit card account.
Direct Access shall impose finance charges on the Approved Balance of the cardmember's credit card in accordance with the terms and conditions governing the use of the Direct Access credit card(s) (the "Card Agreement"). In accordance with the Bank Negara Malaysia guidelines dated February 12, 2009 (or such other guidelines which are issued from time to time) issued pursuant to Section 70 of the Payment Systems Act 2003, the Bank may impose finance charges on the outstanding balance subject to the following current maximum rates:-
(aa) 1.125% per month, which is equivalent to 13.5% per annum, on the total outstanding balance where Cardholders have promptly settled their minimum payment due for 12 consecutive months;
(bb) 1.333% per month, which is equivalent to 16% per annum, on the total outstanding balance where Cardholders have promptly settled their minimum payment due for at least 10 months in a 12 month cycle; and
(cc) 1.458% per month, which is equivalent to 17.5% per annum, on the total outstanding balance where Cardholders do not come within either (aa) or
(bb) above.

7. A letter of notification will be sent to the cardmember advising him/her whether his/her application under the Programme has been approved or declined. In the event that an application has been approved, Direct Access will make payment of the Approved Balance to the cardmember’s credit card account with the other financial institution in such manner as Direct Access deems fit.

8. Until the notification of approval (referred to in Clause 7) is received by the cardmember and payment of the Approved Balance is made by Direct Access to the other financial institution, the cardmember shall continue to be liable to make payment under his/her credit card account with the other financial institution in accordance with the terms of payment of the other financial institution and Direct Access shall not be liable for any interest on any overdue payment or any other finance or other charges incurred by the cardmember or other consequences arising as a result of the cardmember’s and/or Direct Access’s failure or delay in making payment of the Approved Balance to the other financial institution.
9. An additional account will be created for the purpose of the Approved Balance. The cardmember will receive a separate statement with details of his Approved Balance. The cardmember will have to make a monthly minimum payment of 5% of the Approved Balance or such outstanding thereof or RM50, whichever
is higher, on the Approved Balance or such outstanding thereof. If the minimum payment is not paid by the third day of the Due Date each month, the late payment charge of 1% on the total outstanding balance (subject to a minimum of RM5.00 and a maximum of RM50.00) will be charged on the fourth (4th) day after the Due Date for each month. This late payment charge is imposed by way of liquidated damages and not as a penalty and shall be payable before, as well as after any court order or judgement.

10. Cardmembers shall not be entitled to any Bonus Points in respect of their participation in the Programme.
11. The Approved Balance will form part of the total available credit limit for all of the cardmember’s Direct Access credit card account(s), including his Supplementary credit card account(s). There will be no increase in the available credit limit whether equivalent to the Approved Balance or otherwise. The Approved Balance will reduce the available credit limit of the cardmember accordingly.
12. The terms and conditions herein are in addition to and without prejudice to the terms and conditions stated in the Card Agreement. In the event of a conflict between the terms and conditions herein and the terms and conditions in the Card Agreement, Direct Access’s decision as to which terms and conditions shall prevail shall be conclusive.

13. Direct Access reserves the right at its sole and absolute discretion to amend the terms and conditions herein at anytime by giving the cardmember prior notice and thevduly amended terms and conditions shall become effective on such date as Direct Access may determine and specify in the notice.

14. The terms and conditions herein shall be governed by and construed in accordance with the laws of Malaysia.

15. In the event of any discrepancies or conflict in the interpretation of these terms and conditions and any translation of it in any language, the English version shall prevail.

For full terms and conditions in Bahasa Malaysia, kindly log on to www.directaccess.com.my