Updates to Cardholder Terms
We are making important changes to certain fees, rates and terms, and updates to Cardholder Agreement of your credit card account.
Changes take effect on July 05, 2023, and details are explained below.
Changes to Annual Interest Rate if Cardholder is 90 or more days Delinquent
We’re revising the Annual Interest Rate if cardholder is 90 or more days delinquent on the card account.
| Annual Interest Rate if Cardholder is 90 or more days Delinquent Before July 05, 2023 | Annual Interest Rate if Cardholder is 90 or more days Delinquent Starting July 05, 2023 |
If a cardholder is 90 or more days delinquent on the account, the Annual Interest Rate may change to 24.99% | If a cardholder is 90 or more days delinquent on the account, the Annual Interest Rate may change to 25.99% |
Changes to Other Fees
We’re revising certain Other Fees as set out on the Card Carrier as detailed below.
For greater clarity, we've omitted the Other Fees that remained unchanged.
| Other Fees Before July 05, 2023 | Other Fees Starting July 05, 2023 |
| Over Limit Fee: $0.00 | Over Limit Fee: $29.00 |
| Cash Advance Fee: $3.50 | Cash Advance Fee: $5.00 |
| Balance Transfer Transaction Fee: $0.00 | Balance Transfer Fee: Up to 2% of balance transfer amount* |
| Statement Copy Request Fee: $0.00 | Per Statement Copy Request Fee: $5.00 |
*Note the 2023 ‘Always On’ No-Fee Balance Transfer will not be affected with this change.
The Payment Return Fee (NSF Fee) of $45.00 as indicated on the Card Carrier will be enforced effective July 05, 2023.
Changes to Interest-Free Grace Period
We’re revising the Interest-Free Grace Period as set out on the Card Carrier.
| Interest-Free Grace Period Before July 05, 2023 | Interest-Free Grace Period Starting July 05, 2023 |
Your due date is at least 25 days after the close of each billing cycle. We will not charge you any interest on purchases and fees if you pay your entire balance by the due date each month. We will begin charging interest on cash advances and balance transfers on the transaction date. | Your due date is at least 21 days after the close of each billing cycle. We will not charge you any interest on purchases and fees if you pay your entire balance by the due date each month. We will begin charging interest on cash advances and balance transfers on the transaction date. |
Changes to Annual Interest Rates for Purchases & Fees on Cash Back and Travel Rewards Gold Credit Cards
The Annual Interest Rates for Purchases & Fees on Cash Back and Travel Rewards Gold credit cards are increasing as detailed below. Annual Interest Rates on Cash Advances will remain unchanged.
| Annual Interest Rate on Purchases & Fees Before July 05, 2023 | Annual Interest Rate on Purchases & Fees Starting July 05, 2023 |
Annual Interest Rate for Purchases & Fees on Cash Back and Travel Rewards Gold credit cards: 19.99% | Annual Interest Rate for Purchases & Fees on Cash Back and Travel Rewards Gold credit cards: 20.99% |
Updates to Cardholder Agreement
We’re updating the follwing sections of the Cardholder Agreement of your card account as shown below:
Section 1: Definitions
We’re adding a new definition to the Cardholder Agreement for the addition of our new digital solution CardWise and we’re updating the definition of MyCardInfo. We are also adding new categories of Cash-like Transactions. The term “CardWise” is added where the term MyCardInfo is used in the Cardholder agreement, for instance in the Online Account Statement Section.
| Before July 05, 2023 | Starting July 05, 2023 |
(For greater clarity, we’ve omitted the parts of this Section that remained unchanged.) In this Agreement: […] - “Cash-like Transaction” means any transaction involving the purchase of items directly convertible into cash as classified by the Card Network and includes the following transaction types: gaming and gambling transactions, money orders and wire transfers, ATM and over-the-counter cash withdrawals, foreign currency purchase (at a bank or currency exchange office), traveller’s cheques, and stocks and shares;
[…] - “MyCardInfo” means the website you will use to access all information pertaining to your Account;
| (For greater clarity, we’ve omitted the parts of this Section that remained unchanged.) In this Agreement: […] - “CardWise” means that CardWise website and mobile app you may use to access all information pertaining to your Account;
[…] - “Cash-like Transaction” means any transaction involving the purchase of items directly convertible into cash as classified by the Card Network and includes, but is not limited to, the following transaction types: gaming and gambling transactions, money orders and wire transfers, ATM and over-the-counter cash withdrawals, foreign currency purchase (at a bank or currency exchange office), crypto spends, prepaid loads, traveller’s cheques, and stocks and shares;
[…] - “MyCardInfo” means the MyCardInfo website you may use to access all information pertaining to your Account;
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Section 10: Fees We Charge
We’re also clarifying when we are charging annual fees.
| Before July 05, 2023 | Starting July 05, 2023 |
We will charge the Account with the applicable fees shown on the Card Carrier or in any notice we provide you. Fees will be charged within the first two monthly statements following the opening of your new account (regardless of activation) and annually on your statement anniversary date. | We will charge the Account with the applicable fees shown on the Card Carrier or in any notice we provide you. Annual fees will be charged within the first two monthly statements following the opening of your new account (regardless of activation) and annually on your statement anniversary date. |
Section 19: How We Apply Payments to Your Account
We’re updating the order in which we apply payments
| Before July 05, 2023 | Starting July 05, 2023 |
| (For greater clarity, we’ve omitted the parts of this Section that remained unchanged.) We will apply any payment you make in this order, to any of the following billed amounts that have appeared on your Account statement: (1) Unpaid interests on Cash Advances; (2) Unpaid interests on Purchases; (3) Unpaid Cash Advances made before the period covered by the Account statement; (4) Annual fees; (5) Late payment fees charged before the period covered by the Account statement; (6) Foreign currency fees; (7) Unpaid Purchases recorded before the period covered by the Account statement; (8) Cash Advances during the period covered by the Account statement; and (9) Purchases recorded during the Account statement period. In any of the above categories, the amount with the lowest interest rate(s) are paid first before those with higher interest rate(s). | (For greater clarity, we’ve omitted the parts of this Section that remained unchanged.) We will apply any payment you make in this order, to any of the following billed amounts that have appeared on your Account statement: (1) Unpaid interests on Cash Advances; (2) Unpaid interests on Purchases; (3) Unpaid Cash Advances made before the period covered by the Account statement; (4) Annual fees; (5) Other fees as set out on the Card Carrier; (6) Foreign currency fees; (7) Unpaid Purchases recorded before the period covered by the Account statement; (8) Cash Advances during the period covered by the Account statement; and 9) Purchases recorded during the Account statement period. In any of the above categories, the amount with the lowest interest rate(s) are paid first before those with highest interest rate(s). |
Section 20: Missed Payment
We are also increasing the period for which delinquency annual interest rate will be effective if you are 90 days or more delinquent:
| Before July 05, 2023 | Starting July 05, 2023 |
| (For greater clarity, we’ve omitted the parts of this Section that remained unchanged.) Factors considered in determining your delinquency annual interest rate may include how long your Account has been open, the timing or seriousness of a default under any card agreement that you have with us, or other indications of Account performance; - The delinquency annual interest rate takes effect as of the first day of your monthly statement period in which you are 90 days delinquent;
- We may lower the annual interest rate for new Purchases and/or Cash Advances if you meet the terms of all card agreements that you have with us for six (6) consecutive billing periods.
| (For greater clarity, we’ve omitted the parts of this Section that remained unchanged.) Factors considered in determining your delinquency annual interest rate may include how long your Account has been open, the timing or seriousness of a default under any card agreement that you have with us, or other indications of Account performance; - The delinquency annual interest rate takes effect as of the first day of your monthly statement period in which you are 90 days delinquent;
- We may lower the annual interest rate for new Purchases and/or Cash Advances if you meet the terms of all card agreements that you have with us for twelve (12) consecutive billing periods.
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Consumer Cardholder Agreement
Please use the scroll bar on the right to view the original Consumer Cardholder Agreement effective until July 05, 2023. You may also download or print this document by clicking on the 'Download' or 'Print' icons.