Any individual or corporate body may apply for the issuance of the Card through any Credit Bank Plc Branch in Kenya.
The issuance of the Card is subject to compliance by the applicant of the provisions of applicable laws, rules, regulations and directions as issued by the Central Bank of Kenya or other appropriate authority under any law in force from time to time. Credit Bank Plc may, at its sole and absolute discretion, refuse issuance of a Card or cancel an issued Card without notice, if satisfactory know-your-customer and money laundering guidelines are not met or if it has reason or suspicion to believe that the Cardholder has violated or intends to violate any exchange regulations or uses/will use the Card for money laundering purposes.
The applicant for the Card will be required to complete and submit a duly signed application form as required by Credit Bank Plc from time to time and further, to submit all such documents as may be necessary or required.
The validity period of the Card shall be 60 months from the date of manufacture. Subject to all the conditions being satisfied, the Card shall be activated within a period of 24 hours of receipt of monies and other requisite documents from the Cardholder.
Upon purchase of the Card, the Cardholder can request any Credit Bank Plc branch to load a certain amount of Funds (subject to restrictions on minimum and maximum amount loadable, as determined by Credit Bank Plc at its sole discretion from time to time).
The Card, as may be issued by Credit Bank Plc to an applicant, is the property of Credit Bank Plc and is not transferable and will be honoured at merchant establishments upon presentment to a Merchant Partner by the Cardholder.
The Card may be used to access Funds at any ATM worldwide that displays the Visa Electron or Plus logo or Visa Flag that accepts such Cards.
To withdraw the Funds, the Cardholder will need to insert the Card into the ATM, enter the PIN, and the amount of desired Funds. The Card should be retrieved upon such usage.
The Cardholder may also use the Card to pay for charges incurred at Merchant Establishments, subject to the condition that Credit Bank Plc and the Merchant Establishments reserve the right at any time to refuse to permit the use of the Card at the Merchant Establishment for any reason whatsoever.
The amount of each purchases made through the use of the Card or withdrawal of the Funds will be debited immediately from the Funds of the Cardholder.
In event there are insufficient Funds to honour the requested transaction, the transaction will not be honoured. Use of the Card at any unauthorized location or for any purpose other than as stated under these terms and conditions is strictly prohibited and may result in cancellation of the Card by Credit Bank Plc. Credit Bank Plc will not be liable for any loss, direct or indirect, that may be suffered by the Cardholder as a result of any unauthorized use or cancellation of the Card.
The Card can be used over the Internet and the Cardholder will assume all risks associated with such transactions.
The Cardholder may also access information on the Card through the website www.creditbank.co.ke including outstanding balance and statement of transaction history of the card.
Credit Bank Plc reserves the right to limit the amount of Funds that may be used for effecting any Transaction through the use of the Card per day or over a specified period.
ATMs or Merchant Establishments may also limit or restrict the number of Transactions that may be effected through use of the Card. These limitations will vary for every ATM and / or Merchant Establishment
The Card enables the Cardholder to obtain the Funds in cash by withdrawal from ATMs and/or ascertain information as to the balance /s on the Card at ATMs/POS terminals (whether of Credit Bank Plc or a Shared Network) or make payments at Merchant Establishments through POS terminals.
Cash withdrawn at an ATM outside Kenya with the Card, shall be in a currency as permitted by the Shared Network which owns/operates the ATM at which the withdrawals are made. The equivalent in the currency in which the Cardmember’s Account is held, subject to any additional processing charges, conversion charges or any other fees, if any charged as per VISA regulations in connection with such Transactions, shall be debited by Credit Bank Plc to the Funds of the Cardholder.
No interest, compensation or any benefit/bonus is payable by Credit Bank Plc or any other person to the Cardholder in connection with the Funds, nor do they entitle the Cardholder to any Overdraft/Credit facility.
Notwithstanding anything contained herein, Credit Bank Plc may, at any time, without giving notice or reason, suspend or terminate all or any of services or their use by the Cardholder. All provisions of these terms and conditions which in order to give effect to their meaning will survive the suspension or termination of the services and/or the use of the services by the Cardholder, and shall remain in full force and effect after suspension or termination of the Card. Notwithstanding such suspension or termination, the Cardholder shall continue to be bound by these terms and conditions to the extent they relate to any obligations or liabilities of the Cardholder that remain to be performed or discharged.
Any Card issued to Cardholders will be subject to a maximum spending limit as specified by Credit Bank Plc from time to time, subject to Central Bank of Kenya guidelines and the applicable laws, rules and regulations in force from time to time.
No individuals can apply for or obtain multiple Cards. In the event the Cardholder has obtained the Cards at previous occasions, at any given point in time, the last of such Card as issued to the Cardholder shall be valid and active, unless cancelled or terminated by Credit Bank Plc.
Utilization and/or possession of the card by the Cardholder is required to be in accordance with the applicable laws, rules, regulations and directions as issued by the Central Bank of Kenya or other appropriate authority under any law in force from time to time.
The Card may be used outside Kenya, subject to applicable laws, rules and regulations in force from time to time in Kenya and subject to such restrictions/ limitations under the applicable laws, rules and regulations from time to time in the country where the card is used.
The Cardholder shall be solely responsible to the concerned authorities in event of any violation of the applicable laws, rules and regulations in force from time to time.
Credit Bank Plc will not be liable for any direct, indirect or consequential loss or damage, arising from or related to the non-compliance by Cardholder with the applicable laws, rules and regulations in force from time to time.
The Cardholder hereby indemnifies and agrees to hold Credit Bank Plc indemnified against all actions, claims and costs, charges and expenses arising out of or as a consequence of the Cardholder not complying with the applicable laws, rules and regulations in force from time to time.
In case the Card is cancelled (or its use suspended), whether on account of non-compliance with the applicable laws, rules and regulations in force from time to time or otherwise, Credit Bank Plc will not be responsible for any use/ attempted use of the Card, resulting in the Card being dishonoured or otherwise. The risk of honouring of a Card that is cancelled (and/or suspended) on its presentment is of such person and/or of the Cardholder in the individual capacity.
In case of any suspicion or indication of violation of exchange regulations or of improper usage including money laundering, Credit Bank Plc may, at its sole and absolute discretion, cancel or suspend the Card without prior notice and refund of any outstanding balance would be subject to the course of future legal directions.
The Cardholder should maintain the confidentiality, safety and security of PIN, and note that the failure to observe confidentiality, safety or security of the PIN can result in the Cardholder incurring liability on the Card of use of the PIN.
The Cardholder agrees that the security of the Card and PIN is very important. If the Cardholder fails to observe security of the Card and PIN, the Cardholder may have to bear any losses suffered (including loss of all or part of the Funds) as a result of unauthorised use of the Card.
Credit Bank Plc recommends that the Cardholder observe/ adopt the following precautions in addition to such other measures as the Cardholder may deem appropriate to protect the PIN:
In case of any loss arising even though such precautions (or other measures) have been observed/adopted by the Cardholder, the liability of such loss shall be only that of the Cardholder.
The Cardholder bears all losses resulting from the use of the Card which also includes the situations where purportedly unauthorised transactions have been effected through the use of the Card and/or the PIN or the situations where purportedly misuse, loss and/or theft of the Card and/ or the PIN has occurred, and such liability continues until: (i) notification to Credit Bank Plc of such unauthorised transactions having been effected through use of the Card and/or the PIN, or the Card and/or the PIN having been otherwise misused, lost, or stolen, and (ii) Credit Bank Plc blocking the further use of the Card and/or the PIN successfully. Such situations could include:
A. Lack of proper safeguard of the Card and/or the PIN, including on account of the Cardholder,
B. Delayed notification of misuse, loss, or theft of the Card and/or the PIN, including on account of the Cardholder
Any charge slip or other payment requisition signed by the Cardholder and received from a Merchant Establishment for payment shall be conclusive proof that the amount recorded on such charge slip or other requisition was properly incurred by the Cardholder by the use of the Card except for such charge slips or other payment requisitions which have been signed on a date subsequent to the Cardholder’s notification to Credit Bank Plc as to an unauthorised transactions having been effected through use of the Card and/or the PIN, or the Card and/or the PIN having been otherwise misused, lost, or stolen, and Credit Bank Plc having successfully blocked such Card and/or PIN. Should the Cardholder choose to disagree with a charge / amount indicated in his statement, where the Cardholder has opted to receive periodical statements pertaining to the Card, the same should be communicated to Credit Bank Plc within 30 (thirty) days of receipt of the statement, failing which it would be construed that all charges / amount and the statement are entirely in order and acceptable to the Cardholder. In any other case, if the Cardholder believes that any amount has been erroneously debited to the Funds, the Cardholder should forthwith notify the same to Credit Bank Plc.
On receipt of such information, Credit Bank Plc may reverse the charges on a temporary basis and in such event Credit Bank Plc shall be entitled to block on the Card an amount equal to the amount temporarily reversed. The amount so blocked shall not be available to the Cardholder until investigation and resolution of the disparity by Credit Bank Plc as Credit Bank Plc may deem fit. If on completion of subsequent investigation, Credit Bank Plc is satisfied that the charge was correctly debited to the Cardholder’s Funds, Credit Bank Plc will reinstate the charge along with any fee or other amount in a subsequent statement.
Credit Bank Plc does not make any representation and/or warranty to the Cardholder (or any person claiming by or under the Cardholder) or otherwise assure the Cardholder (or any person claiming by or under the Cardholder) as to the quality of the goods purchased/hired/proposed to be purchased/ hired or otherwise and/or of services availed of/ proposed to be availed of by use of the Card with/at any person including the Merchant Establishment/s or for any delay in delivery of the goods/services, non-delivery of goods/services, or receipt of defective/sub-standard goods/ services by use of the Card with/at any person including the Merchant Establishment/s.
Disputes or claims in connection with the quality of the goods purchased/hired/proposed to be purchased/hired or otherwise and/or of services availed of/proposed to be availed of by use of the Card with/at any person including the Merchant Establishment/s or for any delay in delivery of the goods/ services, non-delivery of goods/services, or receipt of defective/sub-standard goods/services by use of the Card with/at any person including the Merchant Establishment/s must be mutually resolved by the Cardholder (or any person claiming by or under the Cardholder) with such person/ Merchant Establishments without reference to Credit Bank Plc.
Credit Bank Plc shall be under no liability whatsoever to the Cardholder in respect of all actions, claims, demands, proceedings, losses, damages, personal injury (including actual or perceived loss of reputation, defamation or the like), costs, charges and expenses whatsoever arising directly or indirectly out of:
Obtaining of Funds in a currency other than the currency in respect of which the Card was issued (or subsequently changed), the Funds will be converted to such new currency at the Currency Conversion Rates. This would include the situation of the Cardholder obtaining Funds from an ATM in a currency other than the currency in which the Card was issued (or subsequently changed)
Obtaining of Funds in a currency other than the currency in respect of which the Card was issued (or subsequently changed), the Funds will be converted to such new currency at the Currency Conversion Rates. This would include the situation of the Cardholder obtaining Funds from an ATM in a currency other than the currency in which the Card was issued (or subsequently changed)
The Currency conversion rate would be the amount that will be deducted from the Funds for conversion from currency of the Card to the new currency as per VISA policy and procedures in force at the time that such a transaction is processed.
Currently VISA policy and procedures inter alia provide that where the transaction is processed on the same day (by effecting of withdrawal of Funds or otherwise), the Currency conversion rate to be used is either:
A wholesale market rate in effect the day before processing, or
A government-mandated rate in effect the day before processing, increased in either case, by a fee established from time to time by VISA. As specified in an earlier section, Credit Bank Plc levies additional currency conversion rate/fees and which will be deducted from the Funds. This is independent of the currency conversion rates/fees/ costs/charges or otherwise as required by VISA in terms of the above.
The Cardholder acknowledges that the information on his/ her usage of the Card facilities is exchanged amongst banks and financial entities that provide such facilities. Acceptance of an application for a Card is based on no adverse reports of the Cardholder’s credit worthiness. Credit Bank Plc may report to other banks or financial entities any delinquencies in the Card or withdrawal of the Cardholder’s Card facility. Based on the receipt of adverse reports (relating to credit worthiness of the Cardholder or his / her family members), Credit Bank Plc may, after 15 days prior notice in writing, cancel the Card, whereupon the entire outstanding balance in connection with the Card as well as any further charges incurred by use of the Card, though not yet billed to the Card, shall be immediately payable by the Cardholder. Credit Bank Plc shall not be obliged to disclose to the Cardholder the name of the bank or financial entity, from where it received or to which it disclosed information.
The laws of Kenya govern these terms and conditions as also the use of the Card by the Cardholder subject however to the Cardholder being subject to applicable laws, rules, regulations of Kenya or such other country occasioned by use of the Card outside Kenya. The Parties hereby agree that any claim, legal action or proceedings arising out of these terms and conditions for the Card instituted by the Cardholder (and/or any persons claiming through or under the Cardholder) shall be brought in the courts or tribunals at Nairobi in Kenya and the Parties shall irrevocably submit themselves to the jurisdiction of such courts and tribunals. Credit Bank Plc may, however, in its absolute discretion commence any legal action or proceedings arising out of these terms and conditions in any other court, tribunal or other appropriate forum in any jurisdiction, and the Cardholder hereby consents to that jurisdiction.
Credit Bank Plc reserves the right to offer Cardholders certain facilities, memberships and services at such fees and on such Terms and Conditions as it may deem fit. Credit Bank Plc reserves the right to waive or reduce the fees and to withdraw such benefit at any time without prior notice and without liability to the Cardholder. Any termination of the Card account, because of a violation of this agreement, shall result automatically in the termination of such facilities and services. Credit Bank Plc shall not be liable, in any way, to the Cardholder, in case of defect or breach in the performance of carrying out such facilities, memberships or services or the nonperformance thereof, whether by Credit Bank Plc, or a Merchant Establishment or any other third party.
Credit Bank Plc reserves the right to use the information provided by the Cardholder on his/her application and during surveys, information from external sources, including consumer reports, for marketing activities carried out by Credit Bank Plc/Affiliates. Credit Bank Plc may use this information to develop mailing lists that may be used by companies with whom Credit Bank Plc shall work to develop marketing offers for the Cardholders.
Credit Bank Plc reserves the right to revise the policies, features and benefits offered on the Card from time to time and may notify the Cardholder of any such revisions/changes in any manner as deemed appropriate. The Card Member will be bound by such revisions/changes unless the Card is returned to Credit Bank Plc for cancellation before the date on which the revisions/changes are made. The details of all transactions effected through the use of the Card by the Cardholder may be shared with Credit Reference Agencies, lenders and/or other agencies for the purposes of assessing applications for credit or other facilities by the Cardholder and/or his/her family members, and for fraud prevention.
In addition to the general right to set off or other right conferred by law or under any other agreement, Credit Bank Plc may, without notice, combine or consolidate the balance on the Card with any other account(s) which the Cardholder maintains with Credit Bank Plc and its Group Companies, and setoff or transfer money standing to the credit of such other account(s) in or towards the satisfaction of the Cardholder’s liability to Credit Bank Plc under his/her Card.
The Cardholder shall forthwith notify Credit Bank Plc of any change in his/her address for communication as stated in the application form for the Card.
Credit Bank Plc reserves the right to change the cardholder’s address in its records if such change in address comes to the notice of Credit Bank Plc. The responsibility shall be solely of the Cardholder to ensure that Credit Bank Plc has been informed of the correct address for communication, and Credit Bank Plc disclaims all liability in case of an incorrect address resulting in any loss or liability for the Cardholder.
The Cardholder agrees to adhere to and comply with all such terms and conditions as Credit Bank Plc or its Affiliates may prescribe from time to time for facilities/services availed of by the Cardholder and hereby agrees and confirms that all such transactions effected by or through facilities for conducting remote transactions including the Internet, World Wide Web, electronic data interchange, call centres, teleservice operations (whether voice, video, data or combination thereof) or by means of electronic, computer, automated machines network or through other means of telecommunication, established by or on behalf of Credit Bank Plc or its Affiliates, for and in respect of such facilities/ services offered, shall constitute legally binding and valid transactions when done in adherence to and in compliance with the terms and conditions prescribed by Credit Bank Plc or its Affiliates for such facilities/ services, as may be prescribed from time to time. The Cardholder hereby agrees that in case the Cardholder commits a default in payment or repayment of principal amount of the Loan/ financial/credit facility or interest/ charges due thereon Credit Bank Plc Limited and/or the Central Bank of Kenya (CBK) will have an unqualified right to disclose or publish the details of the default and the name of the Card Member/or its directors/ partners/ supplementary cardholders, as applicable, as defaulters in such manner and through such mediums Credit Bank Plc Limited or Central Bank Kenya in their absolute discretion may think fit.
The Cardholder hereby authorizes Credit Bank Plc to exchange, share or part with all the information relating to the Cardholder’s details and payment history information and all information pertaining to the Card to other Credit Bank Plc Group Companies/Banks/Financial Institutions/ Credit Bureaus/Agencies/ Statutory Bodies as may be required and undertakes not to hold Credit Bank Plc Ltd/All other group companies of Credit Bank Plc Group and their agents liable for use of the aforesaid information.
Credit Bank Plc reserves the right to change, at any time, these Terms and Conditions, features and benefits offered on the Card including, without limitation to, changes which affect existing balances, charges or rates and methods of calculation.