CDB Credit Cards Terms & Conditions
In these conditions where the contract so requires or admits ‘this Agreement’ means the Agreement between Citizens Development Business Finance PLC, a company incorporated in the Democratic Socialist Republic of Sri Lanka (bearing registration No. PB 232 PQ) hereinafter called as ‘CDB, and the Cardholder, the terms of which are these conditions as varied from time to time. ‘Card’ means all Credit Cards issued by CDB to the Principal Cardholder and Supplementary Cardholders. ‘Principal Cardholder’ means the Cardholder in whose name a Card Account is maintained and his/her heirs, Assigns Executors or Administrators. ‘Supplementary Cardholder’ means a Cardholder who is a nominee of the Principal Cardholder permitted to carry out card transactions in view of such nomination and includes his/ her heirs, Assigns Executors or Administrators. ‘Card Account’ means an account maintained by CDB in relation to card transactions and maintained at the Card Centre. ‘Card Centre” means the Cards Division maintained at CDB Corporate Office, No 123, Orabipasha Mawatha Colombo 10.
‘Cardholder’ means any person for whom a Credit Card has been issued by CDB in terms of this Agreement which includes the Principal Cardholder and Supplementary Cardholders and includes his/her heirs, Assigns Executors or Administrators. ‘Card Transactions’ means any payment to any merchant for the supply of goods or services or cash advances obtained by the use of the card number or in any manner authorized by the Cardholder for debiting the Card Account. ‘Immediate Family Member’ means the spouse of the Cardholder, dependent children who are over 18 years or a parent of the Cardholder. ‘Merchant’ means a person or organization who is acknowledged by CDB to sell goods or services on the acceptance of the Card. ‘Card Limit’ means the maximum aggregate debit amount permitted on the Card Account as determined and notified to the Principal Cardholder by CDB from time to time. ‘PIN’ means the Personal Identification Number which is a secret number, confidentially issued to the Cardholder. ‘Payment Due Date’ means the date by which the Cardholder must make payment to CDB for all or minimum amounts due from him/her for using the Card and shall be a specified date of each month selected by CDB at its discretion and notified to the Principal Cardholder. ‘ATM’ means ‘Automated Teller Machines’, which accepts the credit card for cash advances.
- The Card is the property of CDB and shall be returned immediately by the Cardholder when requested by CDB.
- CDB may at its’ absolute discretion and without prior notice and reason withdraw the Card and the Cardholder’s right to use the Card at any time entirely or in respect of specific facilities or refuse to reissue, renew or replace any Card, without in any case affecting the Cardholder’s obligations under this Agreement, which shall continue to be in force. In case of a Cardholder returning the Card voluntarily, obligations under the Agreement will continue to be in force until all such obligations of Cardholder here under have been satisfied by the Cardholder, to the contentment of CDB.
Delivery and Use Of The Card And Personal Identification Number
- The Cardholder should sign on the reverse of the Card immediately upon receipt and should not permit any other person to use it and should at all times safeguard the Card while keeping it under the Cardholder’s custody.
- In the event the Cards are couriered to the Cardholder and Supplementary Cardholder(s), the Cardholder and the Supplementary Cardholder(s) receiving the Card(s), should acknowledge receipt immediately and produce proof of his/her identity. The Cardholder/ Supplementary Cardholder at his/her discretion may authorize a third party in writing to accept or collect the Card(s) on his/her behalf and will be liable for all charges incurred on the Card/s from the time the Card/s is/are accepted by the Cardholder/Supplementary Cardholder(s) or the person authorized on his/her behalf. CDB may at its’ discretion handover the Card to a third party determined by CDB or its’ representative to be delivered to the representative of the Cardholder. The Cardholder/Supplementary Cardholder(s) shall be liable for all charges on the Card/s from the time the Card/s is/are delivered.
- The Personal Identification Number (PIN) may be issued to the Cardholder / Supplementary Cardholder(s) at CDB or may be delivered, posted under registered cover or delivered through courier at the discretion of CDB. The Cardholder/Supplementary Card holder(s) will be deemed to have received and accepted the PIN if CDB receives no notification from the postal department or courier, as the case may be, within a reasonable time the same has not been delivered. Once received, the PIN is the property of the Cardholder / Supplementary Cardholders and the Cardholder / Supplementary Cardholder should take every precaution to ensure that the number is secured and not compromised in any manner.
- CDB reserves the right to recover the value of any disputed transaction(s) along with any associated charges from the Cardholder, where CDB has grounds to believe that the Cardholder / Supplementary Cardholder(s) has performed the transaction/s.
- The Card shall not be used for any illegal or unlawful purpose.
The Card Account
- CDB may debit the Card Account with the amounts of all Card Transactions, any other liabilities of the Cardholder inclusive of any legal fee and all other administrative costs incurred by CDB and any loss incurred by CDB, arising from the use of the Card.
- The Cardholder will be liable to pay CDB all amounts debited, whether or not a sale or cash advance voucher is signed by the Cardholder.
- CDB will send a monthly Statement of Accounts to the Principal Cardholder, to the address given in the Application or to any other address duly notified in writing to the Card Centre at least fourteen (14) days before the payment due date.
- The Cardholder shall pay at least the Minimum Payment on or before the Payment Due Date. The Minimum Payment would be 5% of the total outstanding amount shown in the Cardholder’s monthly statement or the stipulated minimum amount as per the statement. Where, the total outstanding as at the Statement date exceeds the Credit Limit, the minimum payment would be the sum of the excess amount over the Credit Limit plus 5% of the outstanding balance.
- All amounts due under this Agreement will be immediately payable in full on the commission of an act of bankruptcy by or upon the death of, the Principal Cardholder or, at CDB’s discretion if there is any breach of this Agreement by the Cardholder.
- Any payment made to CDB will only take effect when received and credited to the Card Account.
Billing and Payment
- CDB will send a Statement of Accounts monthly at the end of the billing period to the Principal Cardholder (on a specified date of each month selected by CDB at its discretion) for the purpose of calculating interest and establishing the date on which payment is due. The Monthly Statement of Accounts shall contain details of Card transactions made by the Principal and/or the Supplementary Cardholder during the billing period, brought forward outstanding amount from the previous Statement, any payment received by the Card Centre during the billing period, the total amount outstanding on the Card Account (the Total Outstanding) at the end of the billing period, the minimum payment due from the Cardholder out of total outstanding and the Payment Due Date.
- In the event, the Principal Cardholder fails to receive the Monthly Statement; it shall be the duty of the him/her to inform CDB Card Centre within 10 days of the end of the Billing period that he/she has not received the Monthly Statement of Account.
- Non receipt of Monthly Statement of Accounts does not absolve the Cardholder from his/her liability to make payment due to CDB on the Due Date.
- Payment made by the Cardholder to CDB in respect of the Card Account will be applied by CDB when it is received by Card Centre in or towards payment of the Cardholder’s liabilities to CDB, under these terms and conditions in such order as CDB may decide.
- The Cardholder, who maintains saving account at any CDB Branch, may issue a direct debit standing instruction on such Account, to settle the amount specified by such transaction on or before the Payment Due Date. Any amendments and cancelling to any such standing instruction should reach the Card Centre at least two weeks before the next Payment Due Date.
- The Cardholder shall examine each Statement of Account issued in respect of the Card Account and shall notify the CDB Card Centre of any alleged error therein within 14 days from the Statement Date. In the event the Cardholder fails or neglects to notify such alleged error within the period of 14 days, the Statement of Account and all entries therein shall be binding on the Cardholder and shall be deemed conclusive proof of the contents thereof and the Cardholder shall not dispute the contents of the said Statement of Account, thereafter. All statements of account will be sent by post to the latest address provided to CDB by the Principal Cardholder in writing and shall be deemed to have been received within 48 hours of posting. Any complaint pertaining to the Card Account may be communicated to the Call Centre through CDB Hotline 0117 121121 (Platinum/World) 0117121122 (Standard/Gold/Titanium) or in writing.
- The Cardholder shall accept as final and conclusive as between him/her and CDB, the respective rates of exchange or re-exchange determined or applied in any case of conversion of foreign currencies into Sri Lankan Rupees or re-conversion of Sri Lanka Rupees to foreign currencies or vice versa as the case may be depending on the currency of payment and the currency of account, and on the basis that the ultimate liability of the Cardholder to CDB will be in Sri Lanka Rupees.
- All the conversions and re – conversions shall be without any loss in exchange to CDB, and the Cardholder hereby undertakes to indemnify CDB against all such losses in exchange. Loss in exchange shall mean the loss suffered by CDB or its agent or correspondents by reason of any fluctuations in the parities of the currencies or devaluation of any currency/ies involved.
- Without prejudice to the other provisions of the agreement if the Cardholder should be absent from Sri Lanka for more than one month, the Cardholder shall leave clear and specific instructions to settle the Card Account and shall advise such instructions to the Card centre prior to his/her departure. CDB reserves the right to cancel the Card at its’ own discretion if not duly informed by the Cardholder.
- The Cardholder hereby agrees that upon the death of the Cardholder, the Executors or Administrators or Legal Representatives or the next of kin who have adiated the inheritance of the Cardholder, shall be liable to settle and repay all monies due, payable and outstanding on the Card Account.
Fees & Charges
- The Cardholder agrees to pay a joining and annual fee for the card. Fees will be debited to the Card Account when due.
- A handling fee for copies of card statement would be debited to the Card Account at a rate which will be determined by CDB.
- If the Cardholder does not settle the total outstanding by the Payment Due Date interest will be charged at a rate determined by CDB as indicated in the card statement calculated daily on the outstanding balances commencing from the respective transaction post dates.
- The outstanding up to the Credit Limit applicable will not be subjected to interest charges, if the whole of the balance in the statement is repaid by the Payment Due Date. However, even if the whole of the balance outstanding is repaid on the payment due date CDB shall charge on interest at a month rate determined by CDB on a daily basis on the transactions / fees posted thereafter.
- If the Cardholder fails to pay the Minimum Amount Due by the Payment Due Date, a late payment fee will be charged and debited to the Card Account. These charges will be subject to changes determined by CDB from time to time.
CDB shall charge the Cardholder a fee and debit the Card Account if any cheque or other payment order issued or presented by the Cardholder or any other party to CDB is not honored for any reason whatsoever. This charge will be in addition to any postage charges that may be charged by CDB. These charges are subject to the changes determined by the CDB from time to time.
- A cash advance fee and / or a handling fee will be charged on all cash advances and debited to the Card Account at a rate determined by CDB and communicated from time to time.
- i) An excess limit fee will be charged and debited to the Card Account subject to the changes determined by CDB if the assigned Credit Limit is exceeded at any point during the billing period.
- (ii) For this purpose any amount debited to the Card Account as charges will also be considered, when computing whether the Credit Limit has been exceeded.
- All purchases of fuel and other supplies available at fuel Stations in Sri Lanka are subject to surcharge which will be debited to the Card Account at a rate of 2.0% of the commodity value and subject to the changes of the rate determined by CDB.
- Stamp Duty applicable for overseas transactions, any other Statutory Charge or Levy will be charged to the Card Account for each and every transaction undertaken with the Card including Cards issued to Supplementary Cardholders stipulated by Government Rules and Regulations and any charges may amended time to time without prior notification to the Card holder.
- A replacement Card fee will be debited to the Card Account at a rate determined by CDB and notified to the Principal Cardholder, in the event of such replacement becoming necessary for any reason whatsoever.
- From and out of the sums deposited by the Cardholder to the credit of the Card Account, the statutory charges, the payments, charges and fees due to CDB, and cash advances obtained by the Cardholder respectively shall first be deducted in respect of each unsettled card statement and only the balance amount shall be applied in reduction of balances outstanding appearing in the card statement, on account of respective transactions performed by using the Card.
- An annual fee will be charged from the Cardholder at a rate determined by CDB.
- CDB may at the request of the Principal Cardholder issue a Supplementary Card to the Principal Cardholder’s immediate family members provided that the Supplementary Cardholder and the use of the Supplementary Card shall be bound and governed by the same terms and conditions contained in this Agreement where applicable. Card Transactions and Cash withdrawal made by the Supplementary Cardholder are debited to the Card Account and shown in the Monthly Statement of Accounts sent to the Principal Cardholder and no separate Statement of Accounts will be given to the Supplementary Cardholder.
- The Principal Cardholder and the Supplementary Cardholder shall be jointly and/or severally liable to CDB for any charges incurred by the use of the Supplementary Card. The Principal Cardholder shall be liable for the full outstanding sum shown in the Card Account as the Principal Debtor, even though full sum or part of which may have been incurred by the Supplementary Cardholder and the liability of the Principal Cardholder shall continue as long as the sum payable to CDB remains outstanding notwithstanding cessation of relationship between the Principal Cardholder and the Supplementary cardholder.
- Once the Supplementary Card is issued, it will be in force until same is cancelled by written notice to the Card Centre by the Principal Cardholder or the Supplementary cardholder. Upon termination of this Agreement and use of the Principal Card, the use of all Supplementary Card/s shall also be terminated and the Supplementary Card/s shall be returned immediately to CDB.
- The Combined Credit Limit is applicable to the Principal Cardholder and all Supplementary Cardholders collectively; the Principal Cardholder and all Supplementary Cardholders must not carry out Card transactions in such a manner that the current balance respectively incurred by them exceeds the Combined Credit Limit.
- All undertakings, liabilities and obligations owing to CDB under this agreement by the principal Cardholder and the Supplementary Cardholder will not be prejudiced or affected in any way by any dispute or counterclaim or right of set-off which the Principal Cardholder and the Supplementary Cardholder may have against each other.
Use of ATM Machines and PIN
- Where an Automate Teller Machine (ATM) facility has been incorporated in the Card so that it may be used to withdraw cash by electronic means, the use of such facility shall be subject to CDB’s and MasterCard’s Agreement governing the use of the Card in electronic machines and provisions of the Exchange Control Act.
Any disputes arising due to transactions performed at ATMs by Credit Cardholders will be investigated by CDB and will be the liability of the Cardholders unless proven otherwise to the satisfaction of CDB.
- In the case of ATM transactions, the information on CDB’s computer system is conclusive proof that the Cardholder has authorized the transaction(s).
- The Cardholder shall be responsible and liable for all transactions effected through the ATM by use of the card with or without the knowledge of authority of the Cardholder. The report of the lost card will not result in suspension or cancellation of this liability as the PIN has to be present for ATM transaction. Cardholders have been specifically instructed to protect, secure and separate the PIN from the Card and failure to do so is deemed as an acceptance of liability. Where the Cardholder withdraws money through the ATM from the card account CDB shall debit the card account accordingly.
- Where supplementary cards are issued at the request of the principal Cardholder, the Cardholder along with the supplementary Cardholders shall be jointly and severally liable to CDB for any charges for use of the card through the ATM. The Cardholder may use the card to withdraw money from his card account and to obtain all facilities offered through the ATM from the Cardholders credit card account.
The Cardholder agrees that CDB’s records of all transactions of the Cardholder’s card account shall be conclusive and binding on the Cardholder for all purposes.
The Cardholder shall exercise all possible care to ensure the safety of the card, card data encoded on magnetic stripe and/or card data in the chip and will prevent the PIN or any other card data becoming known to any other person.
Safeguarding the Card and PIN
- The Cardholder shall exercise all possible care to ensure the safety of the Card and shall prevent the PIN becoming known to any other person and shall also ensure that the PIN is not kept written in any manner.
Liability / Loss of Card
- If the Card is lost/stolen/destroyed or for any other reason liable to misuse or if the PIN is disclosed to any other person, the Cardholder must as soon as possible notify the Police of the said loss, theft or disclosure and also notify the Card Centre if such notification is given to the Card Centre orally, it shall not take effect unless confirmed in writing to the Card Centre.
- The Cardholder shall be liable in respect to any use of the Card, for all Card transactions and Cash Withdrawals until such time, such written notice is received by the Card Centre and all such amounts shall be recovered from the Cardholder in the manner set out in this Agreement.
- The Cardholder shall provide CDB all the information in the Cardholder’s possession as to the circumstances of the loss or misuse of the card or the disclosure of the PIN and shall take all steps deemed necessary by CDB to assist in the recovery of any missing Card and shall forward a certified copy of the Statement made to the Police.
- CDB may at its absolute discretion issue a replacement Card for any Card lost or stolen on the same terms and conditions as the original Card subject to a charge.
- In the event the Cardholder recovers the lost or stolen Card, the Cardholder shall return the recovered Card to the Card Centre, immediately.
- The Cardholder specifically agrees that where the Cardholder fails to settle his/her liabilities to CDB under these Terms and Conditions on the Payment Due Date, CDB has the right to, at any time and without notice to the Cardholder, debit any Savings Account or any other type of Account maintained by the Cardholder at any branch of CDB with a sum up to the full amount due and owing from the Cardholder. The Cardholder hereby authorizes CDB, to set-off any monies standing to the credit of the Cardholder in any such account maintained at any branch of CDB towards discharging any sum of monies due and owing from the Cardholder to CDB on the Card Account, to recover a sum up to the full amount due and owing from the Cardholder from any sum deposited or credited to any account maintained at any branch of CDB and to uplift any deposit held by the Cardholder in CDB or to keep such deposits under lien till the outstanding sum in the Card Account is paid in full.
- The Cardholder acknowledges and agrees that CDB shall be entitled to recover any assets of the Cardholder towards discharging any sum of monies due and owing from the Cardholder to CDB on the Card Account and that the Cardholder will indemnify CDB against any such steps taken.
- Where the Cardholder fails to settle the liabilities to CDB under these Terms and Conditions, CDB may terminate this agreement unilaterally at its absolute discretion and cancel all Cards (inclusive of Supplementary Cards) issued to the Cardholder under this Agreement. Where CDB terminates this agreement due to the default of Cardholder, such Cardholder/s shall not be eligible to enter into any new Card Agreement with CDB and shall be reported to the Credit Information Bureau of Sri Lanka.
- Where the Cardholder fails to settle his liabilities to CDB under these Terms and Conditions, the Cardholder authorizes CDB to obtain services of a third party, independent contractors as Collection Agents to visit the Cardholder and to persuade the Cardholder to settle the outstanding monies due and owing by the Cardholders on the Card Account to CDB and for such purpose, to disclose to the third party, independent contractor, necessary credit information as to the transactions and outstanding sums.
- In the event, the Cardholder continues to default the payment of monies outstanding on the Card Account, the Cardholder acknowledges that CDB is entitled to institute legal action against the Principal Cardholder (in case where there is a Supplementary Cardholder, jointly or severally with the Supplementary Cardholder), to recover the total monies outstanding on the Card Account.
- The Cardholder acknowledges that he/she shall be liable to pay all the costs of collection of dues, legal expenses and outstanding amounts with interest, should it become necessary to refer the matter to a collection agency or to legal recourse to enforce payment.
- The Cardholder will notify CDB Card Centre promptly in writing of any changes in employment and/or in his/her office or residence address and telephone numbers, with documentary proof therefore. Any notice given or correspondence with the Cardholder by post shall be sent to the latest address provided by the Cardholder to CDB in writing and shall be deemed to have been received within 48 hours of posting.
- CDB shall have the right at its’ absolute discretion to transfer, assign and sell in any manner, in whole or in part of the outstanding amount on the Card Account. The Cardholder hereby authorizes CDB to appoint third party collection agents for recovery of outstanding amounts. The Cardholder shall pay all the costs of collection of the outstanding amount with interest, legal expenses and collection agency charges, should it become necessary to refer the matter to a collection agency or to take legal action to enforce payment.
- The Cardholder shall furnish data concerning his/her financial position whenever required by CDB. The Cardholder further authorizes CDB to verify information furnished. If the data is not furnished when called for, CDB at its discretion, may refuse renewal of the Card or cancel the Card forthwith, if deemed appropriate, upon such cancellation, the total outstanding becomes immediately payable by the Cardholder to CDB.
- CDB reserves the right to redirect the Cardholders statements and/ or correspondence to another address designated on the application form in the event CDB’s correspondences are returned and the Cardholder cannot be contacted.
CDB reserves the right to reduce the Credit Limit granted initially and/or to stop the renewal on the unsatisfactory conduct of the Card Account with or without prior notice to the Cardholder.
- The rights and remedies provided in this agreement are cumulative and not exclusive of any other rights or remedies (whether provided by law or otherwise). If the Cardholder disputes any transaction/s CDB will investigate such disputes. However, if the Cardholder does not wish to pursue legal action or does not visit CDB to assist in investigations or does not wish to observe Closed Circuit Television (CCTV) and other evidence or does not wish to visit merchant outlets or ATMs in the course of the investigation the Cardholder may be held liable for all disputed transactions.
- CDB’s records (including computer and microfilm stored records) of all matters relating to the Cardholder, any Card transaction, Card and/ or Card Account are conclusive.
- The Cardholder hereby agrees not to, at any time dispute the authenticity or accuracy of any computer output relied upon by CDB for any purpose whatsoever. CDB may, in CDB’s absolute discretion, microfilm or otherwise record in such manner as CDB may deem fit as well as destroy such microfilmed records at any time.
- The Cardholder understands that certain geographical regions are considered as high card risk regions depending on the prevalent trends/events by card issuers. Therefore, in case if travel abroad is expected, the Cardholder undertakes to notify CDB the countries intended to be visited, and the dates of such visits in order for CDB to take risk mitigation actions appropriate at that time.
Where applicable, a notification of a Card Transaction through Short Message Service (SMS), Internet Banking or any other channel is in doubt; the Cardholder/s undertakes to notify CDB immediately.
- The Cardholder understands that CDB may, at its own discretion, randomly, request a confirmation of a specific transaction over the phone during its routine risk management monitoring, and agree to promptly respond to such request to the best of the Cardholder’s knowledge.
- The Cardholder agrees to be bound by all terms and conditions (“Other Terms and Conditions”) governing the use of such facilities, benefits or services, which may from time to time be made available to the Cardholder by CDB in connection with the Card Account, which may be amended or varied from time to time.
Disclosure of Information
- The Cardholder authorizes CDB to disclose information to other credit card companies or Banks and if required by law to do so to the department of Inland revenue, court of law or any government department or authority concerning the Cardholder or the supplementary Cardholder(s) his/her/their Card Account(s) as CDB deems appropriate. This consent shall be effective even when the Cardholder no longer holds the Credit Card(s) with CDB.
- The Cardholder hereby consents and acknowledges that CDB at its own discretion is entitled to report the records of the Cardholders’ Card conduct to the Credit Information Bureau of Sri Lanka and/or any other Credit Information Bureau, locally or internationally.
- The Cardholder hereby agrees to indemnify CDB for instructions acted upon in good faith in accordance with any notice, demand or other communication purported to be given by telephone, telex, facsimile, Email or in writing by the Cardholder or on his behalf regardless of the circumstances prevailing at the time of receipt of the instruction.
- The Cardholder undertakes to hold harmless and to indemnify CDB for any liabilities, loss, damage, cost and expenses (legal or otherwise), which CDB may incur by reason of the provisions hereof or its enforcement of or it’s right hereunder.
- This Agreement is governed by and shall be construed in accordance with the laws of the Democratic Socialist Republic of Sri Lanka.
- The Cardholder may terminate this Agreement at any time by providing written notice to CDB accompanied by the return of the Card and of any supplementary Card(s). Where this Agreement relates to the use of supplementary Card(s), the Cardholder or the supplementary Cardholder(s) may terminate this Agreement in so far as it relates to the use of the supplementary Card(s) by written notice to CDB accompanied by the return of the supplementary Card(s) which shall be cut in half.
- CDB may terminate this Agreement at any time by cancelling or refusing to renew the Card with or without prior notice and with or without cause. Unless and until such termination takes place, CDB may provide a new Card (Renewal Card) to the Cardholder from time to time.
- The whole of the outstanding balance on the Card Account together with the amount of any outstanding Card Transactions affected but not yet charged to the Card Account will become immediately due and payable in full to CDB on termination of this Agreement or on the Cardholders bankruptcy or death. The Cardholder will be responsible for settling any outstanding on the Card Account and shall keep CDB indemnified against all costs, charges, (including legal fees) and Expenses incurred in recovering such outstanding. Pending such repayment, CDB will be entitled to continue to charge finance charges and other fees and charges at its prevailing rate(s).
- Notwithstanding the termination of this agreement by either party the Cardholder shall continue to be liable for all further charges incurred by the use of the Card.