These are the Most Important Terms and Conditions (“MITCs”) of an agreement between us, Barclays Bank PLC, 801/808 Ceejay House, Shivsagar Estate, Dr. Annie Besant Road, Worli, Mumbai - 400018, and you the person who signed this agreement. These MITCs and the Tariff Schedule are supplemental to and incorporated by reference into the Barclaycard Terms and Conditions.
1. Fees and Charges
a) Fees
A summary of all Fees and Charges applicable to your Barclaycard Account is set out in the attached Tariff Schedule. These charges may vary from time to time and we will let you know in advance of any changes. Service Tax as notified by the Government of India is applicable on all fees, interest and other charges.
The levy of Service Tax is subject to change from time to time as per the relevant regulations of Government of India.
b) Finance Charges (Interest Charges)
You will be charged interest if you do not pay back the previous month’s bill in full.
The rate of interest initially is 2.95% per month (i.e. 35.4% annualised). You will also be charged interest on cash advances from the date of the transaction till the date of settlement. These charges may change from time to time and we will let you know of any changes in advance.
For example, assume you have not paid your September Total Amount Due in full:
The interest will be calculated as follows:
Rs. 4000 balance for 5 days (15th October - 19th October) = (4000x 5) x (35.4% / 365) = Rs. 19.40
Rs. 3000 balance for 10 days (20th October - 29th October) = (3000x 10) x (35.4% / 365) = Rs. 29.10
Rs. 4000 balance for 17 days (30th October - 15th November) = (4000 x 17) x (35.4% / 365) = Rs.65.95
Total Interest charged = Rs. 114.45
If you only make the minimum payment each month it will take you longer and cost you more to clear your balance. If you spend Rs. 5000 and you only pay the minimum amount due every month, then it could take you up to 5 years to pay it back.
c) Grace Period
The Grace Period could range from 17 to 50 days, depending on when you make your transaction. For example, for the Statement period dated 15/09 to 15/10 where the payment due date is 04/11, the grace period you enjoy on the following purchase transactions will be:
Remember, if you have not paid the Statement balance in full and on time you will still incur an interest charge. There is no interest free period for cash advances, funds transfers, money transfers or cheques.
2. Limits
We will tell you your Credit Limit and Cash Limit when you receive your Card and they will also be shown on your monthly Statement. Your monthly Statement will also show the Credit Limit you have available to spend as at the Statement Date. You may however request for a lower Credit Limit and Cash Limit.
3. Statements and Billing
a) Statements
We will send you a Statement every month showing payments and transactions for the month, as long as the Card has been active during that month. We will send the Statement by post or by courier to the mailing address you have requested.
b) Minimum Amount Payable
You can choose to pay only the Minimum Amount Due (Monthly Payment for the Smart Budget Card) or any part of the amount above the Minimum Amount Due or the Total Amount Due as shown on your Statement. If you do not pay the Total Amount Due, you would lose any interest free period, and interest charges would be applicable on the balance outstanding and any new transaction you make. The Minimum Amount Due will also include any unpaid Minimum Amount Due (Monthly Payment for the Smart Budget Card) from previous monthly Statements, and, if you have exceeded your Credit or Cash limit, the amount by which you have exceeded your limit.
c) Methods of Payments
Payments towards the Barclaycard Account may be made by dropping a cheque,in the Skypak Credit Card payment drop boxes. The locations of these drop boxes can be found on our website www.barclaycard.in. Please make the cheque payable to "Barclays Bank PLC" crossed "Account Payee” and make sure that you write your name, card number and telephone number on the back of the cheque. We provide cheque clearing facilities in Mumbai, Delhi, Chennai, Bangalore, Pune and Ahmedabad. Cheques payable locally would be credited to your Barclaycard Account within 4 working days. Outstation cheques payable in any one of the above mentioned cities would be credited to your Account within 10 working days. A fees of Rs. 100 would be charged to your Barclaycard Account for all outstation cheques.
d) Billing Disputes
If there are any transactions on your Statement you do not recognise or agree with, you must tell us within 30 days of the Statement date. Once you have told us, we may reverse or suspend the charge on a temporary basis while we investigate the dispute. If we find that you are liable for the transaction(s) they will be re-charged to your Barclaycard Account and you will be charged an additional fee of Rs. 100. You have a period of 60 days to inform us of any other complaints or grievances relating to the dispute.
E) Grievance Redressal Escalation
In case you have any enquiry or grievance you can contact us at our contact details provided below. If you are not satisfied with the response received on your enquiries or grievances, you can address the complaint to the Head of Customer Services at Barclaycard, P.O. Box 11567, Nariman Point, Mumbai - 400 021.
f) Customer Services Contacts
Email to us at: service@barclaycard.in Write to us at:
Barclaycard P.O. Box 11567,
Nariman Point, Mumbai - 400021
Call us on: 6000 4444 (All Cities) 1800 233 7878 (Toll free for MTNL/BSNL users)
4. Default
a) Missing payments could have severe consequences and make obtaining credit more difficult. If you do not pay at least the Minimum Amount Due (Monthly Payment for the Smart Budget Card), this will be reported in the monthly submissions to the credit bureaus. You will be reminded in subsequent Statements to pay the amount you owe us. If you do not rectify an event under this Agreement that is considered a default for more than 90 days then you will be deemed to be a defaulter and we shall prepare a default report. If you pay the amount you owe us after we have reported you as a defaulter, we will notify all recipients of the default reports within 60 days of your payment.
b) We will send you reminders from time to time for settlement of any outstanding payments by post, facsimile, email, telephone and SMS messaging. We may also appoint third parties to remind, follow up and collect such outstanding payments.
c) In the event of your death or permanent incapacitance then your outstanding payments are to be settled by your successors and/or legal heirs.
d) Banker’s Right to LIEN In the event of default the Bank reserves the right to place on hold, set-off, combine or consolidate the outstanding balance on the Barclaycard Account with any other account(s), which a Barclaycardholder maintains with the Bank.
e) Legal Recourse
The Barclaycardholder authorises the Bank, in addition to any other right enjoyed by the Bank, that the Bank shall be entitled,subject to applicable laws, rules,regulations, notifications, circulars and guidelines issued by the Government of India and/or the RBI and/or any other relevant statutory authority from time to time, with adequate/requisite notice to the Barclaycardholder, to disclose and disseminate to RBI or to a court of law Or any other competent authority or to any third person, as the case may be, the credit information of the Barclaycardholder in its possession.
f) Arbitration
Without prejudice to any provisions in the Terms and Conditions, any dispute or difference arising out of or touching the Terms and Conditions shall be settled amicably in the first instance.
Unresolved disputes or differences shall be referred to a sole arbitrator to be appointed/nominated by Head - Retail Banking/Head of Collections of the Bank in India. The Barclaycardholder hereby agrees that the arbitrator so appointed can be an officer of the Bank also and he will have no objection to the same. The arbitration shall be governed by the (Indian) Arbitration and Conciliation Act, 1996 or any other successive act/rule/ ordinance then in force and rules made here under and the laws governing the same shall be Indian laws. The venue of arbitration shall either be Mumbai or Delhi or Bangalore or Chennai or Kolkatta only.
5. Termination/revocation of Card Membership
a) Either of us can end the Agreement by giving written notice to the other. Unless there are exceptional circumstances, we will give you 30 days notice before we end this Agreement. You must return all Cards to us and cancel any instructions you have given to others to charge transactions to your Barclaycard Account. You must make all payments due and this agreement will continue until all amounts you owe have been paid including amounts added to your Barclaycard Account after the notice to end the Agreement.
b) We may require you to repay immediately all amounts you owe us under this Agreement if you break this Agreement regularly or seriously, die or become bankrupt or are likely to become bankrupt, but we will follow any legal requirements before we do so.
c) Interest and charges will continue to be charged on all outstanding balances on your Barclaycard Account until or payment or any judgement against you.
6. Loss, Theft or Misuse of your Card
a) You must tell us as soon as possible by calling +91-22-6000 4444 or 1800 233 7878 (Toll free for MTNL / BSNL users) if you think your Card has been lost, stolen or may be misused, or that someone else may know the PIN. If you later find them you must cut them in half and return them to us. You must report any theft of Cards to the police and lodge a First Information Report (“FIR”).
b) You must give us all the information you have about the loss, theft or misuse. We may give the police any information we think will be useful.
c) You will not be responsible for any transactions if the Card is lost or stolen or misused before you receive it, but you must tell us as soon as you become aware. If someone uses the Card and got it with either your, or an additional Barclaycardholder's permission, you may be liable for all the transactions which take place before you tell us that it may be misused.
d) You should not use the Card if you find or recover it after you have reported it to be lost or stolen. If you find the Card after you have reported it to be lost or stolen, you should cut the Card in half (diagonally) and return the Card to us.
e) Your Card may not be used for any illegal purpose.
7. Disclosure
a) We may give information about you and how you manage your Barclaycard Account to the following:
b) We may use your information to inform you by letter, telephone (including automated dialling, digital television and sending text messages), or e-mail about products and services (including those of others) which may be of interest to you. If you do not want us to call or SMS you for marketing purposes, you can join our Do Not Call Registry (DNCR) by calling Customer Services anytime on 6000 4444 (All Cities) 1800 233 7878 (Toll free for MTNL/BSNL users), or by mailing us at service@barclaycard.in or writing to us at Barclaycard, P.O. Box 11567, Nariman Point, Mumbai - 400 021, to include your telephone number(s).
c) The Barclaycardholder acknowledges that, as per the business practices and applicable provisions, the Bank is authorized to share Barclaycardholder information with any existing or future credit bureaus as determined by the Bank from time to time. The said information may be shared with the Credit Information Bureau India Ltd. (CIBIL), which is an initiative of the Government of India and the Reserve Bank of India (RBI) to improve the functionality and stability of the Indian financial system and such other entities.This is in line with the RBI's efforts to provide an effective mechanism for exchange of information between banks and financial institutions, thereby enabling customers to avail of better credit terms from various institutions.
8. Miscellaneous
a) Important Regulatory information for International usage
The Card is valid for use both in India as well as outside India. It is not valid for making foreign currency transactions in Nepal and Bhutan. Usage of the Card for transacting outside India must be made in accordance with all applicable Exchange Control/Management Regulations including but not limited to directions of the RBI, statutory authorities and the Foreign Exchange Management Act, 1999 and in the event of any failure to do so, you may be liable for penal action under the Foreign Exchange Management Act, 1999 or any other applicable law in force. You should consult your Authorised Dealer regarding your Foreign Exchange Entitlement.
b) Optional Facilities
You may voluntarily use your Card to avail of value-added services and/or prize draws/competitions/reward programs (“Optional Facilities”) provided by or conducted by us. The Optional Facilities will be governed by the Terms and Conditions as may be specifically applicable to them. If you avail of the Optional Facilities the applicability of the respective Terms and Conditions shall be implied.