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TERMS AND CONDITIONS

• RESPONSIBILITY OF THE CARDHOLDER – Unless otherwise provided herein, the Cardholder assumes full responsibility for all obligations, charges incurred and credit extended on the use of the Credit Card and Chargebook. Cardholder is also fully responsible for all purchases made through the use of the Credit Card and Chargebook until its expiration.
• ANNUAL FEES – The Cardholder shall pay an initial fee together with the Application Form for processing of the Credit Card, Chargebook and welcome Kit. Annual Membership Fees are non-refundable and may be subject to change at the discretion of PURCHASEPLUSTM CORPORATION.
• CREDIT CARD & CHARGEBOOK – The Credit Card & Chargebook issued by PURCHASEPLUSTM CORPORATION (PC) is the sole property of PC. It is not transferable and will be honored by PC’s accredited establishments only when properly signed and presented by the authorized Cardholder in good standing, and the Cardholder signs the required charge invoice. The privileges of the Credit Card & Chargebook may be suspended, canceled or terminated by PC at anytime and for whatever cause and the Cardholder agrees to surrender his Credit Card & Chargebook upon demand to any PC duly authorized representative or office. The Cardholder agrees to hold PC free and harmless from any claim for damages arising from such suspension, cancellation and termination. Continued use of the Credit Card & Chargebook despite notice of such shall be considered fraudulent and will subject the Cardholder to appropriate legal proceedings. The Cardholder agrees not to return for cash refund goods or services obtained through the use of the Credit Card & Chargebook, except to his/her account with PC if the Merchant permits such returns.
• EXPIRY, RENEWAL OF THE CHARGEBOOK – Unless earlier terminated, voluntarily canceled, or returned by the Cardholder, the Chargebook shall be valid from the day of issuance or renewal and expires on the last day of the month indicated on the Chargebook. Renewal of the Chargebook shall be at the option of PC. PC shall likewise have the option of reinstating Cardholder privileges which have been terminated for any reason whatsoever upon payment of an additional processing fee equivalent to the annual fee.
• LOSS OR STOLEN CREDIT CARD & CHARGEBOOK – In the event the Credit Card & Chargebook is lost or stolen, the Cardholder shall immediately make a written report within 24 hours to PC, stating the place, date and circumstances thereof and the last purchase/s made. The Cardholder agrees that a reporting period of at least 3 working days is given to PC to disseminate to accredited establishments the required information of loss/theft of Card & Chargebook and any and all unauthorized purchases made and charges incurred arising from the use of the lost/stolen Card & Chargebook before and after receipt by PC of the written report within the warranted reporting period of 3 working days shall be for the exclusive account of the Cardholder. Should the Cardholder fail to report immediately to PC after the discovery and to state the required information as to the place, date and last purchase/s made, said failure shall be deemed proof that the Cardholder fraudulently made use of the Card & Chargebook and any and all purchases and/or payments for services through the use of the lost Card & Chargebook shall be for the exclusive account of the Cardholder and PC and its accredited establishments shall be made free and harmless from any and all claims for damages. A reasonable fee shall be charged by PC for replacement of the lost or stolen Credit Card & Chargebook.
• CREDIT LIMIT – Upon approval of the Cardholder’s application, the Cardholder shall be granted a monthly credit limit which represents the maximum amount of charges that a Cardholder may be allowed to spend at any given month. The Cardholder agrees not to exceed his credit limit, otherwise, all charges shall become due and demandable without notice and the credit privileges shall be suspended immediately pending full settlement thereof. The suspension, cancellation, termination and expiration of the Chargebook shall terminate the credit limit extended to the Cardholder under this trems and conditions.
• ACCREDITED ESTABLISHMENTS – PC has accredited establishments to honor the Credit Card & Chargebook for purchases of goods and services. However, PC shall not be responsible to the Cardholder, if for any reason the Credit Card & Chargebook is not honored. Cardholder’s liability to PC is absolute, and the existence of any claim or dispute between the Cardholder and any accredited establishment shall in no manner affect the Cardholder’s obligation to pay all charges made with the use of the Credit Card & Chargebook.
• BILLING CYCLE & BI-MONTHLY CUT-OFF DATES - The Cardholder shall be issued a statement of account twice a month. The statement of account specifies the payment due date together with all the charges made by the Cardholder. Total of new purchases within a billing cycle is divided into four (4) equal installments. The statement of account is mailed or delivered twice a month. If for any reason, however, the Cardholder does not receive the statement of account within the payment due date, the Cardholder agrees to immediately notify PC.
• PAYMENT OF CHARGES – PC shall furnish the Cardholder a bi-monthly statement of account and the Cardholder agrees to pay all the charges through PC’s authorized agents/collectors or through banks assigned for such purpose on or before the last day of payment as stated in the statement of account. If the last day of payment as stated on the statement of account falls on a Saturday, Sunday or holiday, the last day of payment automatically becomes the last working day prior to said payment date. The Cardholder will be imposed an interest of 3.5% on the outstanding balance of the account and a penalty fee of 5% on the balance due per billing cycle. Provided that if there occurs any change on the prevailing market rates, PC shall have the option to adjust the rates of interest and penalty fee due on the outstanding obligation with prior notice to the Cardholder. The Cardholder hereby authorizes PC to correspondingly increase the rate of such interest and penalty fee in the event of changes in the prevailing market rates, and to charge additional service fees as maybe deemed necessary in order to maintain its service to Cardholders.
• DEFAULTS, ATTORNEY’S FEES & VENUE – In case of serious default in the payment of the Cardholder’s obligation, the right to use the Credit Card & Chargebook shall automatically be terminated and the Cardholder shall refrain from further using such Credit Card & Chargebook and shall surrender the same to PC’s office or its duly authorized representative on demand. If the collection of the account is referred to a collection agency and/or enforced through court action, the Cardholder agrees to pay the cost of collection and/or attorney’s fees equivalent to 25% of the unpaid balance (including all interests and service charges), as well as the expenses of litigation and judicial costs. The venue of all civil suits to enforce this terms and conditions, or any other suit directly or indirectly arising from the relationship between the parties as established herein, whether arising from crimes, negligence or breach hereof, shall be in the proper courts of the City of Makati or in other courts at the option of PC, the Cardholder waiving all other venues.
• CO-MAKER – An applicant whose income falls below the required minimum should have a co-maker acceptable to PC who shall be jointly and severally liable with the Cardholder to pay PC all obligations and charges incurred and credit extended on the basis of the Credit Card & Chargebook. In the event the co-maker of the Cardholder is discharged, the Cardholder agrees to have a co-maker acceptable to PC within thirty (30) days, otherwise, the Cardholder’s privileges will automatically be suspended.
• TERMINATION – In the event of the Cardholder fails to comply with any of the terms & conditions herein provided or for any reason fails to renew the Chargebook, or the Chargebook is not renewed by PC or Cardholder dies or is separated from employment or becomes insolvent (however evidenced), the right to use the Credit Card & Chargebook shall forthwith terminate, and the aggregate unpaid accounts of the Cardholder inclusive of any fee, expense or charge of which Cardholder is liable shall immediately become due and demandable without the necessity of demand, which the Cardholder hereby waives.
• CHANGE OF ADDRESS – Cardholder shall notify PC of any change of residence, office and/or mailing address. The bi-monthly statement of account shall be mailed/delivered by PC to the latest reported mailing address of the Cardholder. Statement of account mailed/delivered to the cardholder’s mailing/billing address shall be conclusively deemed received.
• LIMITATION OF LIABILITY – In case of any action which the Cardholder may file against PC for any cause whatsoever, Cardholder agrees that PC’s liability shall not exceed the amount of One Thousand Pesos (1,000.00) Philippine Currency, or the damages actually proved to have been suffered by the Cardholder, whichever is lower.
• AMENDMENTS – PC, at any time, and for whatever reason it may deem proper, amend, revise or modify this terms and conditions or the Cardholder’s credit line. Any such amendment shall bind the Cardholder upon receipt of notice thereof unless the cardholder objects thereto by manifesting the intention to terminate the membership in writing and surrendering the Credit Card & Chargebook within fifteen (15) days from the receipt of notice of amendment. Failure to notify PC of the Cardholder’s intentions to terminate the membership and the continued use of the Credit Card & Chargebook shall be constituted as unconditional acceptance by the Cardholder of the amendments to this Agreement.
• SEPARABILITY CLAUSE – The enforceability and validity of the Agreement, in whole or in part, shall not be affected by the enforceability or invalidity, whether temporary or permanent, or any particular provision of this Agreement because of restrictive laws, regulations, or judicial, or administrative determinations obtained during any period of this Agreement or for any other cause.
• AGREEMENT – The Cardholder agrees to be bound by these Terms and Conditions Governing the Issuance and Use of PurchasePlusTM Installment Credit as soon as the Cardholder signs the Credit Card & Chargebook.