Card Balance Transfer

The key changes include:

(a) Revision to how minimum payment amount is calculated and how payments are applied

(b) clarifications to certain terms, such as when we can stop or delay a transaction, and when we’ll assume communications are received by you.

With effect from 8 March 2022, your minimum payment amount will be:

• 100% of the monthly instalment amount for each of your cash instalment plans and spend instalment plans, if any; plus
• 100% of any interest, late fees, annual credit card fees and overlimit fees charged to your account; plus
• 1% of your remaining outstanding balance (i.e. your total outstanding balance less the amounts set out under the previous two bullet points); plus
• the excess amount above your credit limit, if your account is overlimit,

or $50 (in the currency of your account), whichever is greater. However, if your total outstanding balance is less than $50 (in the currency of your account), your minimum payment amount shall be your total outstanding balance.

With effect from 8 March 2022, the payment received will be allocated in this order:

1. instalments for each of your cash instalment plans and spend instalment plans, if any
2. interest charges
3. late fees
4. annual credit card fees
5. overlimit fees
6. service charges (e.g. cash advance fees) 
7. transactions charged to your account

We also apply payments to categories of balance from the highest interest rate to lowest interest rate after clearing the minimum payment. If the interest is the same, we’ll start applying it to the oldest amounts first.