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The Credit Card Responsibility Agreement is a fundamental document used in Pakistan's banking sector when issuing credit cards to customers. It serves as the primary legal framework governing the relationship between the card issuer and cardholder, ensuring compliance with State Bank of Pakistan regulations and local banking laws. This agreement is essential when establishing new credit card accounts, detailing credit limits, interest calculations, payment obligations, and default consequences. It incorporates provisions for both conventional and Islamic banking products, reflecting Pakistan's dual banking system. The document is designed to protect both the financial institution's interests and consumer rights, while adhering to Pakistani consumer protection laws and anti-money laundering regulations. Regular updates may be required to reflect changes in banking regulations or State Bank of Pakistan directives.

1. Parties: Identifies the credit card issuer (bank/financial institution) and the cardholder with complete details

2. Background: Brief context about the credit card facility being offered and the purpose of the agreement

3. Definitions: Defines key terms used throughout the agreement including 'Credit Limit', 'Billing Cycle', 'Statement Date', etc.

4. Card Issuance and Usage: Terms governing the issuance of the credit card and authorized usage parameters

5. Credit Limit: Details about the assigned credit limit, limit review process, and temporary limit increases

6. Fees and Charges: Comprehensive breakdown of all applicable fees, charges, and interest rates

7. Billing and Payment: Terms regarding billing cycles, statement generation, payment methods, and due dates

8. Cardholder Obligations: Primary responsibilities of the cardholder including security, authorized use, and reporting requirements

9. Bank's Rights and Obligations: Rights and responsibilities of the issuing bank including service standards and security measures

10. Security Features: Details about card security features and fraud prevention measures

11. Default and Consequences: Conditions constituting default and resulting consequences including card suspension/cancellation

12. Dispute Resolution: Procedures for raising and resolving transaction disputes and other disagreements

13. Termination: Terms and procedures for agreement termination by either party

14. Governing Law: Specifies Pakistani law as governing law and relevant jurisdiction