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    PDS Credit Card Auto Balance Conversion

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    Erda Wati Mohd Said
    To be eligible, customers must earn less than RM60,000 annually and have consistently revolved their credit card balance without making full payments over the past 12 months. Eligible balances of at least RM1,000 will be converted to a 36-month loan at an effective interest rate of 13% annually. Customers have 30 days to cancel the conversion and revert the balance to their credit card. Failure to make installment payments on time will result in penalties including higher interest charges.

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    PDS Credit Card Auto Balance Conversion

    Uploaded by

    Erda Wati Mohd Said
    70 views4 pages
    To be eligible, customers must earn less than RM60,000 annually and have consistently revolved their credit card balance without making full payments over the past 12 months. Eligible balances of at least RM1,000 will be converted to a 36-month loan at an effective interest rate of 13% annually. Customers have 30 days to cancel the conversion and revert the balance to their credit card. Failure to make installment payments on time will result in penalties including higher interest charges.

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    To be eligible, customers must earn less than RM60,000 annually and have consistently revolved their credit card balance without making full payments over the past 12 months. Eligible balances of at least RM1,000 will be converted to a 36-month loan at an effective interest rate of 13% annually. Customers have 30 days to cancel the conversion and revert the balance to their credit card. Failure to make installment payments on time will result in penalties including higher interest charges.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    70 views4 pages

    PDS Credit Card Auto Balance Conversion

    Uploaded by

    Erda Wati Mohd Said
    To be eligible, customers must earn less than RM60,000 annually and have consistently revolved their credit card balance without making full payments over the past 12 months. Eligible balances of at least RM1,000 will be converted to a 36-month loan at an effective interest rate of 13% annually. Customers have 30 days to cancel the conversion and revert the balance to their credit card. Failure to make installment payments on time will result in penalties including higher interest charges.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 4

    PRODUCT DISCLOSURE SHEET FOR AUTO BALANCE CONVERSION

    Kindly read this Product Disclosure Sheet before you decide to take up any Alliance Bank Malaysia
    Berhad (“Alliance Bank”) Credit Card. Please be sure to also read the general Terms and Conditions.

    1. What is this product about?


     Subject to you being eligible, Alliance Bank Auto Balance Conversion Programme (“Auto
    Balance Conversion”) automatically converts the outstanding balances on your credit card to
    a term loan repayable by monthly instalments.
     You will be eligible if you earn not more than RM60,000 per annum and if you are a consistent
    revolver over the past 12 months (i.e. you have not made any full payment of your credit card
    bill over the past 12 months) and over the past 12 months your average repayment is not
    more than 10% of your outstanding balances.
     The outstanding balances that are eligible for conversion are your outstanding statement
    balances (excluding monies due under other any Alliance Bank instalment and this amount
    must be at least Ringgit Malaysia One Thousand (RM1, 000).
     If you are a first-time participant in the Auto Balance Conversion exercise, you have a thirty
    (30) days cooling-off period to contact us to cancel it after implementation of the conversion
    and upon cancellation. The converted amount will be reversed back into your credit card
    account and the usual applicable finance charges will be chargeable.
     Once you have been enrolled into and already participating in the Auto Balance Conversion,
    we will assess your eligibility for further automatic enrollment 12 months after we last
    assessed you. If upon re-assessment you are determined to be eligible we will automatically
    enrol you into the Auto Balance Conversion in respect of your eligible new outstanding
    balances.

    You may however opt out from Auto Balance Conversion by informing us at 03-55169988.

    2. What do I get from this product?


    You will enjoy lower interest rates once the outstanding balances on your Alliance Bank credit
    card are converted into affordable monthly repayment instalments. The interest rate charged for
    this product is as follows:

    Effective Interest Rate (%) 13% per annum


    Tenure 36 months

    3. What are my obligations?


    Your monthly instalment payment amount (“Conversion Monthly Payment”) under the Auto
    Balance Conversion is calculated based on the method illustrated in the example below. Each
    Conversion Monthly Payment will be billed to your Credit Card account and you will have to make
    the Conversion Monthly Payment in full by the payment due date of each month.

    The illustration below shows how the principal and the interest attributable to Conversion Monthly
    Payment are arrived at:

    1
    Conversion Amount RM15,000
    Conversion Tenure 36 months
    Conversion Charges (Effective Interest Rate) 13% per annum
    Conversion Monthly Payment RM505.42*
    Total Interest RM3,195
    Total Principal & Interest RM18,195
    *Note: The Conversion Monthly Payment for the first month may vary due to rounding of the
    interest/principal amount

    The Conversion Monthly Payment amount is fixed. Any pre-payment or excess payment will not
    reduce the outstanding principal amount or the subsequent Conversion Monthly Payment and will
    only be treated by Alliance Bank as an advance payment.

    4. What are the fees and charges I have to pay?


    We will not charge any processing fee if we implement the Auto Balance Conversion on your
    account. No early settlement fee will be imposed if you pay the outstanding amounts due to us
    before maturity.

    5. What if I fail to fulfill my obligations?


     Finance Charges:
    - Alliance Bank shall impose finance charges of 18% per annum on any unpaid monies due
    and remaining unpaid to Alliance Bank after its relevant due date calculated on a daily
    balance basis and capitalized on each payment due date. Such finance charges accrued
    shall be payable in full by the following payment due date stated in the credit card
    statement.
     Late Payment Charges:
    - If the Conversion Monthly Payment is not repaid in full by the payment due date stated in
    the credit card statement of each month, a late payment charge of 1% on the outstanding
    balance of the Conversion Monthly Payment (subject to a minimum of RM10.00 and
    maximum of RM100.00) will also be charged after the due date and such late payment
    charge shall be payable in full on the following due date.
     Right to set-off:
    - We have the right to set-off any credit balance in any one or more of your accounts
    maintained with us against any or all outstanding balances in respect of your Card.
     Event of Default:
    - If you fail to pay your Conversion Monthly Payments for 3 consecutive months, Alliance
    Bank shall be entitled at its discretion at any time to terminate the Auto Balance
    Conversion made available to you, whereupon all monies comprising of the total principal
    of the amount converted which remains outstanding together with the applicable finance
    charges, accrued interest charges, late payment charges and the balance of all other
    monies due and owing under your credit card account will be due and payable
    immediately, and we will be entitled to demand for the full amount from you.

    6. What if I fully settle the balance before its maturity?


    There are no lock-in periods or early settlement fees for Auto Balance Conversion. You may
    perform an early settlement of the total outstanding amount before the expiry of the tenure of the
    relevant term loan, by calling our Contact Centre and providing us with at least thirty (30) days
    prior notice. For early settlement, you are required to pay Alliance Bank the total outstanding
    balance owing (inclusive of monthly instalments due i.e. the total principal amount, interest
    charges, late charges and finance charges)

    2
    7. What are the major risks?
    The Conversion Monthly Payment must be paid in full on or before the payment due date stated
    in the credit card statement and forms part of your minimum payment due. Think about your
    repayment capacity when charging the credit card. The finance charges will be imposed on any
    unpaid monies due and remaining unpaid under the Auto Balance Conversion by each payment
    due date stated in the credit card statement. If you have any problems paying for any monies due
    under the Auto Balance Conversion by the payment due date stated in credit card statement, you
    may contact us in advance to discuss repayment alternatives.

    8. Am I entitled to Rewards Points or Cash Rebates?


    You will not be entitled to any Rewards Points or Cash Rebates for balances converted under this
    Auto Balance Conversion.

    9. What do I need to do if there are changes to my contact details?


    It is important that you inform us of any changes in your contact details to ensure that all
    correspondences reach you in a timely manner. You can either call Alliance Bank Contact Centre
    at 03-55169988 or visit any Alliance Bank branch to update your contact details.

    10. Where can I get assistance and redress?


    If you have difficulties in making repayments, you should contact us at the earliest possible to
    discuss repayment alternatives. You may contact us at:

    Alliance Bank Collection Department


    Address : 3 Alliance, Level 2
    3, Jalan SS15/2A
    47500 Subang Jaya, Selangor
    Tel No. : 03-5516 9288
    Fax No. : 03-5516 9388
    Email : [email protected]
    Website : www.alliancebank.com.my

    Alternatively, you may seek the services of Agensi Kaunseling dan Pengurusan Kredit (AKPK), an
    agency established by Bank Negara Malaysia to provide free services on money management,
    credit counselling and debt restructuring for individuals. You can contact AKPK at:

    Address : Tingkat 8, Maju Junction Mall


    1001, Jalan Sultan Ismail, 50250 Kuala Lumpur
    Tel No. : 03-2616 7766
    Email : [email protected]
    Website : www.akpk.org.my

    You may also join the “Pengurusan Wang Ringgit Anda” (POWER) Programme offered by AKPK
    that promotes financial discipline and prudent financial management. For further information or to
    register, please contact AKPK at 03-2616 7766 or visit the website at www.akpk.org.my.

    If you wish to complain on the products or services provided by us, you may contact us at:

    Alliance Bank Contact Centre


    Address : 3 Alliance, Level 1
    3, Jalan SS15/2A
    47500 Subang Jaya, Selangor
    Tel No. : 03-5516 9988

    3
    Fax No. : 03-5621 5624
    Email : [email protected]
    Website : www.alliancebank.com.my
    If your query or complaint is not satisfactorily resolved by us, you may contact Bank Negara
    Malaysia LINK or TELELINK at:

    Address : Block D, Bank Negara Malaysia


    Jalan Dato’ Onn, 50480 Kuala Lumpur
    Tel No. : 1-300-88-5465
    Fax No. : 03-2174 1515
    Email : [email protected]

    11. Where can I get further information?


    Should you require additional information pertaining to Auto Balance Conversion, please visit
    https://www.autobalconvert.com.my or call our Alliance Bank Contact Centre at 03-55169988.

    12. Other credit card products available:


    Please refer to Alliance Bank website at www.alliancebank.com.my

    IMPORTANT NOTE: LEGAL ACTION MAY BE TAKEN AGAINST YOU IF YOU DO NOT MAKE
    PROMPT REPAYMENTS ON YOUR CREDIT CARD BALANCES

    The information provided in this Disclosure Sheet is valid effective 1 November 2019.

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