The Credit Card Use Agreement is a fundamental legal document used in the Philippines when establishing a credit card relationship between a financial institution and a cardholder. It comprehensively details the terms and conditions governing credit card usage, incorporating requirements from Philippine banking regulations, particularly BSP Circular No. 1048 and related directives. This agreement is essential for any credit card issuance in the Philippines, covering aspects such as credit limits, interest calculations, fees, cardholder obligations, and dispute resolution procedures. The document must comply with strict regulatory requirements including the Truth in Lending Act, Consumer Act, and Data Privacy Act, while also addressing modern banking needs such as electronic transactions and digital banking services.
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1. Parties: Identification of the credit card issuer and the cardholder with complete details
2. Background: Context of the agreement and the credit card services being offered
3. Definitions: Detailed definitions of terms used throughout the agreement
4. Card Issuance and Activation: Terms and conditions for card issuance, activation procedures, and card ownership
5. Credit Limit: Rules regarding credit limit determination, adjustment, and oversight
6. Card Usage: Terms governing the use of the credit card, including authorized transactions and restrictions
7. Fees and Charges: Comprehensive listing of all applicable fees, charges, and interest rates as required by BSP regulations
8. Billing and Payment: Details about billing cycles, statement generation, payment methods, and due dates
9. Security and PIN: Requirements for card security, PIN management, and cardholder responsibilities
10. Lost or Stolen Cards: Procedures for reporting lost/stolen cards and liability provisions
11. Default and Termination: Conditions constituting default and procedures for agreement termination
12. Data Privacy and Consent: Terms regarding the collection, use, and protection of cardholder data under the Data Privacy Act
13. Amendments: Procedures for modifying agreement terms and notification requirements
14. Governing Law: Specification of Philippine law governance and jurisdiction
1. Rewards Program: Terms of any rewards or loyalty program, used when the card includes such features
2. Supplementary Cards: Terms for additional cards issued under the primary account, included when supplementary cards are offered
3. Insurance Benefits: Details of any insurance coverage provided with the card, included when applicable
4. International Usage: Terms for foreign currency transactions and international usage, included for cards with international capabilities
5. Balance Transfer: Terms for balance transfer facilities, included when this feature is offered
6. Installment Programs: Terms for converting purchases into installment payments, included when available
7. Digital Services: Terms for online banking, mobile apps, and electronic statements, included when digital services are offered
1. Schedule of Fees and Charges: Detailed breakdown of all applicable fees, interest rates, and charges
2. Schedule of Credit Card Features: Comprehensive list of card benefits, privileges, and specific features
3. Rewards Program Terms: Detailed terms and conditions of the rewards program, point calculation, and redemption
4. Merchant Partner Directory: List of participating merchants and special privileges or discounts
5. Insurance Coverage Details: Specifics of insurance benefits, coverage limits, and claim procedures
6. Security Guidelines: Detailed guidelines for card security and fraud prevention
7. Digital Banking Terms: Terms and conditions for using digital banking services and features
Relevant legal definitions
Clauses
Relevant Industries
Banking
Financial Services
Consumer Finance
Retail
E-commerce
Insurance
Payment Processing
Digital Banking
Relevant Teams
Legal
Compliance
Product Development
Risk Management
Customer Service
Operations
Credit Assessment
Digital Banking
Fraud Prevention
Consumer Protection
Marketing
Business Development
Relevant Roles
Legal Counsel
Compliance Officer
Credit Card Product Manager
Risk Manager
Customer Service Manager
Operations Manager
Financial Services Director
Banking Relations Manager
Credit Assessment Officer
Digital Banking Manager
Fraud Prevention Specialist
Consumer Protection Officer
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