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Credit Card Conditions
1. PARTIES
The parties to this Agreement are Bank of Scotland plc, The Mound, Edinburgh, EH1 1YZ and________________________________________ of _______________________________
2. KEY FINANCIAL INFORMATION
2.1 We will decide your credit limit and tell you what it is. We may change it at any time and will let you know about any change.
2.2 We will send you a monthly statement, unless there have been no payments into or out of the account during that period and the balance is nil. Each month, you must repay at least 2% of the amount you owe us, or £5, whichever is more. However, if you have a balance owing on your card which is charged interest at a rate of 26.75% per annum or more, then your minimum monthly payment will be 2.25% of the amount you owe us, or £5, whichever is more, until that balance has been paid off. If the amount you owe is less than £5, you must pay the full amount. Your statement will show the minimum you must pay and the payment date.
2.3 The APR for the Agreement is 15.9% APR (variable).
3. OTHER FINANCIAL INFORMATION
3.1 The total charge for credit is £123.63, consisting of £123.63 interest. This is based on credit of £1,500 being borrowed at the start of the agreement over one year at the standard interest rate for purchases set out in condition 3.2 below and repaid in equal monthly instalments beginning one month after the start of the agreement.
3.2 Our interest rates are as follows.
| On balance transfers, related interest and charges | On cheques, related interest and charges | On cash advances, related interest and charges | On purchases and all other amounts |
Special promotion rate per annum (fixed) | 0%* | N/A | N/A | 0%* |
Special promotion period | 13 months from account opening | N/A | N/A | 6 months from account opening |
Standard rate (variable) | 15.94% | 23.95% | 23.95% | 15.94% |
*The special promotion rates will not apply to balances we agree to transfer to this account from other cards issued by Bank of Scotland plc. These will be charged at the appropriate standard interest rate shown above for the type of transaction originally carried out.
The special promotion rate for balance transfers will apply to any balance transfer made within the first 90 days after you opened your account until the end of the special promotion period.
We may apply the standard interest rate to balance transfers or purchases before the end of the special promotion period if in any month you do not make at least your minimum payment by the payment date or if you exceed your credit limit at any time.
3.3 We calculate interest on your average daily balance and charge it to your account on each statement date. The interest rates shown above are calculated by compounding the interest we charge each month over one year. The simple interest rates (not including interest being charged on interest) are:-
| Balance Transfers | 14.88% per annum | |
| Cheques | 21.66% per annum | |
| Cash advances | 21.66% per annum | |
| Purchases | 14.88% per annum |
3.4 We will not charge interest on purchases shown on your current statement for up to 59 days from the date of the purchase, if you pay the total balance shown on that statement by the payment date (and have also paid the total balance on the previous statement by the payment date). Where we do charge interest on purchases, we charge it from the date of the transaction. We will always charge you interest on cash advances from the date of the transaction and for cheques, balance transfers and all other amounts from the date we first charge the amount to your account.
3.5 If you do not pay the total balance shown on your statement, at the date of the next statement we will add the interest we have charged on the unpaid amount to the balance we charge interest on. We will continue to charge interest, at our usual rates, on any unpaid balance after this agreement has ended and both before and after we have got a court judgment. If we allow you to miss or reduce one or more monthly payments, we will continue to charge interest on the full amount you owe on your statement (including on the interest for that month).
3.6 We use all payments you make to pay off your balance in the following order:-
1) Transactions that appear on your statement, starting with those on which we do not charge interest, then those on which we charge interest at the lowest rate and so on up to the highest rate of interest
2) Transactions not yet shown on your statement in the same order as above.
In this condition, "transaction" includes the amount of the purchase, cash advance, cheque or balance transfer plus any interest, fees or insurance payment charged as a result of that transaction. For example, a cash advance fee is included as part of a cash transaction. If a payment is not enough to pay all transactions charged at a particular rate of interest, we will use the payment firstly to pay off the interest, then any fees, insurance and finally the amount of the purchase, cash advance, cheque or balance transfer within that interest rate band.
3.7 When we work out the APR, we do not take into account any changes to the interest rate, charges or fees. We may change these and also introduce new charges and fees which may affect the APR at any time by giving you notice under condition 12.2.
4. KEY INFORMATION
4.1 We will charge:-
- £12 each time you do not make a minimum payment by the payment date.
- £12 each month if, at any time during that month, you go over your credit limit.
- £12 each time a direct debit, cheque or other item is not paid, including a cheque which you write.
4.2 We will charge handling fees for cash advances, balance transfers and cheques; a minimum interest charge; and fees when you make transactions in foreign currency, or pay us in foreign currency. We will also charge if you ask:-
- for copy statements;
- to change your statement date more than twice in any six month period;
- to stop a cheque written on your account (unless the cheque was lost or stolen),
The details of these charges are shown in conditions 5 and 8.1 (stopped cheque fee).
MISSING PAYMENTS
Missing payments could have severe consequences and make obtaining credit more difficult
IMPORTANT - READ THIS CAREFULLY TO FIND OUT ABOUT YOUR RIGHTS
The Consumer Credit Act 1974 lays down certain requirements for your protection which should have been complied with when this agreement was made. If they were not, we cannot enforce this agreement without getting a court order.
The Act also gives you a number of rights:
1) You can settle this agreement at any time by giving notice in writing and paying off the amount you owe under the agreement.
2) If you received unsatisfactory goods or services paid for under this agreement, apart from any bought with a cash loan, you may have a right to sue the supplier, us or both.
3) If the contract is not fulfilled, perhaps because the supplier has gone out of business, you may still be able to sue us.
If you would like to know more about your rights under the Act, contact either your local Trading Standards Department or your nearest Citizens' Advice Bureau.
THEFT, LOSS OR MISUSE OF CREDIT CARD
If your credit card is lost, stolen or misused by someone without your permission, you may have to pay up to £0 of any loss to us. If it is misused with your permission you will probably be liable for ALL losses. You will not be liable to us for losses which take place after you have told us about the theft, etc as long as you confirm this in writing within seven days.
YOUR RIGHT TO CANCEL Once you have signed, you will have for a short time a right to cancel this agreement. You can do this by sending or taking WRITTEN notice of cancellation to: Card Services, Pitreavie Business Park, Dunfermline, Fife KY99 4BS. If you cancel this agreement you, will still have to repay any money lent to you. But if you repay all of it within one month after cancellation you will not have to pay interest or other charges. Any money you have paid must be returned to you. Any goods which you already have under the agreement, apart from any purchased out of a cash loan, will have to be returned. Such goods should not be used and should be kept safe. (Legal action may be taken against you if you do not take proper care of them). You can wait for them to be collected from you and you need not hand them over unless you receive a written request. You will not, however, be required to hand back any goods supplied to meet an emergency or which have already been incorporated, for example in your home. But you will still be liable to pay for emergency goods or services or for any goods which have been incorporated by you or one of your relatives |
I wish to purchase Credit Card Repayments Cover. [ ] I wish to purchase Card Care [ ] I understand that I am purchasing the product ticked above on credit provided by you and that the terms relating to the credit for the products can be found in conditions 1 to 4 in this agreement. Your Signature |
Conditions 1-4 above contain important information that we are required to give by statute. The general credit card conditions also form part of this Agreement. By signing above you agree:-
a) that the details provided by you in your application are correct;
b) that your data may be used as set out in the Data Protection Declaration on the application form; and
c) to be bound by the General Credit Card Conditions.
GENERAL CREDIT CARD CONDITIONS
5. Charges
5.1 We make a handling charge of 3% (at least £3) for all cash advances and 3% (at least £3) for balance transfers and cheques. We may also limit the amount of your overall balance that can be made up of cash advances to a percentage of your overall credit limit. If we apply this cash limit we will tell you what that limit is and we will tell you if it changes at any time
5.2 If in any month you incur interest and this is less than 50p, we will make a charge of 50p which will be added to your account in place of the interest.
5.3 If you make transactions in a foreign currency, we will change the amount to sterling at the exchange rate used by the payment system. We will charge 2.95% of the value of each foreign-currency transaction. The sterling amount shown on your statement will include this charge. If the transaction is a cash advance we also charge the cash advance handling charge shown above
5.4 We may charge for the following special services.
| £5 |
| £5 |
| £10 |
5.5 We may change any of the charges listed in conditions 4.1, 5 and 8.1 and introduce new charges at any time by giving you notice under condition12.2.
6. Words with special meanings
'We', 'us' and 'our' mean Bank of Scotland plc and any organisation that takes over the benefits of this agreement. The words 'you', 'your' and 'yours' refer to the person who entered into this agreement with us.
The following words have a special meaning.
Balance transfer - any balance we allow you to transfer from another UK account. Card - any credit card that we give you or any additional cardholder to use with your account. Cash advance - cash, traveller's cheques or foreign currency obtained by using the card or money transfers, finance payments or gambling transactions made with the card. Cheque - a cheque which we send you to draw money from your account. Continuous payment authority - your instruction for us to make regular payments to someone. We will pay them when the person you have authorised to receive the payment asks us to. Finance payment - using your card to repay finance such as a loan agreement or hire purchase. Gambling transaction - using your card to purchase lottery tickets or take part in any form of gambling such as betting, gaming or wagering. Payment date - the date by which you must make your minimum monthly payment. Payment system - the payment system under which we issue the card and any of the people or organisations who own and operate the system. Pin - your personal identification number for you or any additional cardholder to use with the card. Purchases - goods and services bought using the card or card account number. Transaction - a purchase, balance transfer or cash advance made or cheque drawn by you or any additional cardholder.
7. Using your account
7.1 We will open a credit card account for you and give you and any additional cardholder a card each. As long as this agreement covers it, we may send you a different type of credit card from the one you asked for, and replace it with a different type of credit card. We may refuse to replace a card if you do not keep to this agreement.
You must not let your account go over your credit limit or use your account if it is already over your credit limit. Your account must not be used for illegal transactions.
We will charge to your account any amounts arising under transactions, which you or any additional cardholder make, and any other amounts you have to pay us under this agreement.
7.2 You can not use our credit card cheques to pay off any amounts you owe us or to make payments in foreign currencies. Our credit card cheques are valid until the expiry date printed on the cheque, and cannot be used after that date.
7.3 Cards and unused cheques belong to us. If we ask you to, you must not use them and must return them to us. We will only ask for them if we have a good reason. For example, if you are not keeping to this agreement, or for security, technical or design reasons. If we ask you to return the card or if we believe the card is being misused, we may also put a 'stop' on it. This will prevent you from using it. We may also do this to minimise the risk of fraud if your account has not been used for more than 12 months. We may change the account number or pin at any time if we have a good reason. You or any additional cardholders must only use the cards between the 'valid from' and 'end dates' printed on them.
7.4 We will only accept that you have paid any money you owe us when we receive your payment at our processing centre.
7.5 Where interest is payable, the earlier you make a payment, the less interest you have to pay. We do not recommend that you only pay the minimum payment for prolonged periods.
7.6 You must not make payments or transfer funds from another credit or store card to your account that would leave a credit balance on your account. We may return any funds that exceed the balance owing on your account to the account from which the money has been sent.
8. Stopping payments and refunds
8.1 You can stop a cheque if you tell us before we pay it. We may charge a fee of £10, unless the cheque was lost or stolen. You can stop a continuous payment authority if you tell the person you are paying in time. You cannot stop other transactions.
8.2 We will only make a refund to your account if we have reasonable proof that you are entitled to a refund.
9. Security
You must sign your card and make sure that any additional cardholders sign their cards as soon as you get them. You must make sure that you and any additional cardholders:
- keep the card and cheques safe and keep the pin and other security information secret at all times;
- do not allow anyone else to use your card, pin or other security information;
- always learn your pin and other security information and destroy any notice of the pin straightaway; and
- do not write down or record your pin or other security information without disguising it.
10. Lost and stolen cards
10.1 You must call us immediately on 08457 20 30 99 if the card or cheques are lost or stolen or could be misused, or someone other than you or any additional cardholder knows the pin. You need to give us the card number. If we ask, you must write to us within seven days to confirm your call. The address is Card Services, Pitreavie Business Park, Dunfermline, Fife KY99 4BS.
10.2 Generally, you will not be liable for misuse of a card, cheque, or pin (other than by you or an additional cardholder), including where the card is used before you receive it. You will be liable for misuse by a person who got the card with your permission until you tell us about the possibility of misuse. However, you will not have to pay us any money for any loss we suffer because of the use of a card, cheque or pin where they have been used without your authority in connection with a distance contract as defined by the Consumer Protection (Distance Selling) Regulations 2000 or the Financial Services (Distance Marketing) Regulations 2004. We may give the appropriate authorities any information we consider relevant about the loss, theft or misuse of a card, card account number, cheque, or pin.
10.3 If you find any card or cheque after you report it under condition10.1, you must cut it in half and, if we ask, return it to us.
11. Breaking the agreement and if you die
If the agreement is broken, we will charge you for any loss, costs or expense we have to reasonably pay as a result. You must pay us immediately any amount you owe that is more than your credit limit and the amount of any transaction that breaks this agreement. We may ask for immediate payment of the full amount you owe if:
- you break this agreement repeatedly or in any significant way;
- you die;
- you have told us something misleading or false; or
- you are in financial difficulties (for example, you are likely to be made bankrupt).
We will follow the correct legal requirements when we do this including the requirements made under the Consumer Credit Act to serve notices before certain action is taken.
12. Changes
12.1 You must write to us immediately if you or any additional cardholder changes your name or address. You should also advise us of any material changes to your personal circumstances that might have an impact on the credit limit assigned to you or to additional offers that we may make.
12.2 We can change your credit limit or cash limit under conditions 2.1 and 5.1, however we will only reduce your credit limit or cash limit if we have a good reason, for example, your circumstances change or because our assessment of the risks of lending to you changes. For any other changes, we can change this agreement, including the interest rates and charges, for any good reason. We will give you at least 30 days' notice in writing of any change to your disadvantage, other than a change to your interest rates, cash limit or credit limit. We will give you at least 7 days' notice of any change to your interest rates or any other change to these conditions that is not to your disadvantage.
12.3 We may offer you benefits along with your account and we will tell you what benefits we offer. We may change, withdraw or suspend these benefits at any time by giving you reasonable notice.
13. How we limit our liability
We always try to provide a high level of service, but we will not be liable for any loss, costs, claims or expenses arising from any cause beyond our reasonable control, including but not limited to:
- if any person or machine refuses to accept a cheque or a card; or
- strikes, power cuts or equipment faults.
14. Additional cardholders
You must pay for all transactions made by any additional cardholder. This applies even if the additional cardholder makes you break this agreement. We may give any additional cardholder information about your account. You may only cancel any additional card by cutting it in half and, if we ask you to, by returning it to us.
15. Ending or suspending this agreement
15.1 You may end this agreement immediately by giving us written notice. We may end this agreement by giving you written notice. Normally our notice will be at least 30 days, but, if there are exceptional circumstances for doing so, we can end this agreement immediately. If we do this, we will send you notice immediately after the agreement has been ended, unless by law we must tell you first. If your agreement is ended, you must pay us everything you owe (including amounts we have not yet put on the account). You must also destroy all cards, by cutting them in half, and destroy all unused cheques, or return them to us if we ask.
15.2 We may restrict or suspend your account at any time without notice if we reasonably believe it is necessary for business or security reasons.
16. Transferring rights under this agreement
16.1 You may not transfer any of your rights or duties under this agreement.
16.2 We may transfer any or all of our rights or duties under this agreement to another organisation (including organisations outside the European Economic Area). If we do this, we may let them have any information about you or an additional cardholder. We may also arrange for any other person to carry out our rights or duties under this agreement. Your rights under this agreement and your legal rights (including under the Consumer Credit Act 1974) will not be affected.
17. General
17.1 We may send any notice or other information to the last address you gave us. We will treat them as arriving two days after we posted them.
17.2 We can monitor and record phone calls to or from us. We do this to check what was said and also to help us train our staff.
17.3 We can delay in enforcing, or fail to enforce, our rights under the agreement without losing them. We may also accept part-payments marked as 'payment in full' or with similar wording without losing our right to claim full payment.
17.4 Each paragraph and subparagraph in these conditions is separate from the others. This means that, if we cannot enforce any one paragraph or subparagraph, it will not affect our right to enforce any of the others.
17.5 Nobody other than we or you can enforce any part of this agreement, under the Contracts (Rights of Third Parties) Act 1999.
17.6 This agreement is governed by English law.
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