Credit Card General Terms and Conditions
Credit Card General Terms and Conditions
This Agreement is governed by the laws of Curaçao in which country the card is issued. In this Agreement “We”, “our”, “us” and “the Bank” refer to Orco Bank N.V. “You” and “your” refer
to the primary or Principal Cardholder that credit card has been granted to. If the Orco Bank Visa is not desired, destroy it by cutting it in half and return both parts to the Bank. Possession, activation and/or use of your Orco Bank Visa credit card, or if we provide you with a renewal or replacement card(s), means that you acknowledge, understand and accept that this Agreement is currently in force between you and the Bank. If the terms and conditions of this Agreement are not clear to you, contact the Bank before activating or using your
credit card. The Visa credit cards issued are property of the Bank, and must be returned if so requested.
Additional Card
At the request of the Principal Cardholder, the Bank may provide (an) Additional Card(s) to (an) Additional Cardholder(s). The use of the Additional Card(s) will be for the account and at the risk of the Principal Cardholder and will be charged against the credit limit and Card Account in the same way as the card of the Principal Cardholder. In using the Additional Card, the Additional Cardholder is deemed to be representing the Principal Cardholder vis-à-vis the Bank. By applying for the Additional Card, the Principal Cardholder agrees to the Additional Cardholder and authorizes the Additional Cardholder for this purpose. The Principal Cardholder is responsible for ensuring that the Additional Cardholder(s) comply with the applicable conditions.
YOUR RIGHTS AND OBLIGATIONS
Card Usage
You can use your Orco Bank Visa credit card to buy goods and services (“purchases”) from authorized businesses without using cash. An authorized business shall be identified as such by the display of the Visa or MasterCard trademarks and/or decals. By using the Orco Bank Visa credit card, together with your Personal Identification Number (PIN), you can also obtain cash advances with your Visa card at any Automatic Teller Machine (“ATM”) displaying the Visa/Plus logo. You may only use the Orco Bank Visa credit card for legal and legitimate transactions.
You must sign your Orco Bank Visa credit card immediately when you receive it and take every reasonable measure to keep it safe.
The Bank shall settle the payment transactions for which a Cardholder gives instructions using his Card and pay any additional costs for the account of the Principal Cardholder, subject to the any grounds for refusal or suspension. You shall confine use of the Orco Bank Visa credit card to the credit limit assigned. Any amount over the assigned credit limit shall be due in full and an over-limit fee will be assessed.
Orco Bank is not liable if a merchant, a business or an ATM does not accept your Orco Bank Visa credit card for any reason. Neither shall we be liable for goods delivered or services rendered by merchants.
Transactions in a foreign currency
The use of this Orco Bank Visa credit card will always be governed by the Central Bank of Curaçao and Sint Maarten regulations or any other government or other authority as may be imposed. You acknowledge and accept that any transaction, which the Bank considers to be in breach of any such statutory restrictions/regulations, could be declined. The amount of any purchase(s) or cash advance(s), in any currency, will be billed and payable by you in US dollars. Conversion from a foreign currency to US dollars will be made by Visa International, at a rate of exchange determined by them on the date your purchase or cash advance is received and the relevant amount in US dollars will be charged to your account. In the case of withdrawals made in a foreign country by means of the Orco Bank Visa credit card, the conditions and laws in force in the country concerned shall also be applicable. All transactions in a different currency than the US dollars will be subject to a 1% conversion, processing or cross border fee.
Repayment of the amount used
When you use the Orco Bank Visa credit card, and/or allow others to use it, you incur a debt. Interest, service charges, and annual fees that we charge you under this Agreement, will be added by us to your debt and will form part of it. You agree to repay the debt to the Bank. You shall give the Bank an irrevocable authorization to debit your account for either the full balance due or the minimum monthly payment as stated on your monthly statement. You will ensure sufficient funds on the account enabling the payments to be effected. The minimum monthly payment will be five percent (5%) of the balance of your monthly statement, subject to a minimum amount depending on the type of credit card. Payments can be made at any branch of the Bank, or through any alternative payment channel offered by the Bank including Orco Bank Online Internet Banking service (‘OBO’).
We apply your payments first to any interest charges that we have billed, then, to any service charges, then, to any previously billed cash advances. Next we apply them to any billed purchases on which interest is payable and then to any unbilled cash advances. We then apply your payments to any unbilled purchases.
Keep your Personal Identification Number (PIN) safe and confidential
You agree to keep your PIN separate from your Orco Bank Visa credit card at all times. If you do not keep your PIN confidential, or if you keep your Orco Bank Visa credit card and your PIN unsafe in a way that would allow someone else to see them together, steal them or otherwise use them in a fraudulent manner, you will be liable for all debt, including interest arising from their unauthorized use.
Telling us about loss, theft or unauthorized use
You will inform us immediately by telephone and in writing about the loss, theft, or unauthorized use of your Orco Bank Visa credit card or PIN. If you even suspect unauthorized use, you must let us know immediately or you may be subject to loss. Until further notice such information shall be supplied to the Bank by telephone at (005999)-7327000 or one of our branches during working hours, and in writing to Orco Bank, Customer Support department. After working hours please call our 24/7 helpdesk at 005999-7327090. If abroad call (800) 325-3678 for Visa to report lost or stolen cards. If your Orco Bank Visa card is lost or stolen you may be liable for all debt resulting from its use, until you have informed us that it has been lost or stolen. If you have previously authorized someone to use your Orco Bank Visa credit card, and have subsequently withdrawn your authorization, you will continue to be liable for all debts incurred by its use until that authorized card has been handed over to the Bank.
Telling us about errors in your statement
In deviation of Article 18 & 19 of the General Terms and Conditions Orco Bank, if your credit card statement contains any errors, you must inform the Bank within sixty (60) days of the statement date. If you do not receive your paper and/or electronic statement within 25 days of the date of the statement, you must inform us promptly in writing of such non-receipt. Unless we have received a notice of non-receipt, at the expiration of the 25 days, except as to any errors that have been notified to the Bank, it shall be settled conclusively between the Bank and you that the statement contains no errors. If errors are found notify the Bank immediately so copies of receipts can be requested, and/or other appropriate action taken if the situation warrants.
Changing your address and telephone
You, as the Primary Cardholder, will inform us in writing if you change your address or telephone number.
Settling disputes
The Bank shall not reverse the relevant entry before it has been proven that the debit entry made was incorrect.
Canceling this Agreement
Unless you give notice of termination of the contract at least six weeks prior to the expiration date of your Orco Bank Visa credit card, simultaneously surrendering the valid Orco Bank Visa credit card to the Bank, new Orco Bank Visa credit cards shall be issued on your behalf a short time before expiration date upon which the annual charge will be evidenced in the subsequent monthly statement, without you being entitled to a refund of the relevant amount to any extent. We shall reserve the right to disqualify you, even without any reason, from using the Orco Bank Visa credit card and to block the renewal of such card. In such case, the Orco Bank Visa credit card shall cease to be valid and you shall be under obligation to cut the Orco Bank Visa credit card in half and to return both parts to the Bank without delay.
Bank records
You agree to accept our records of a transaction as accurate unless you can provide contrary evidence that is satisfactory to us.
Being jointly and separately liable
You, together with any Additional Cardholder(s), are jointly and separately liable for performing all obligations under this Agreement.
OUR RIGHTS AND OBLIGATIONS
Information about interest rates, service charges and our annual fee
When we give you your card, we will also give you a notice telling you about interest rates, service charges and our annual fee. The annual fee will appear on your first monthly statement and is not refundable. In subsequent years, annual fees will be charged on the anniversary statement each year. Your interest rate will also be displayed on each monthly statement. If we change any of these rates or amounts, we will advise you in advance. Additional Cardholders will be charged directly from your current account.
Monthly statements
Monthly statements are prepared on business days, so your monthly statement date may vary from month to month. The statement specifies the sales paid on behalf of the cardholder during the past month together with ATM and cash withdrawals made by the cardholder, credits and other charges and will give notice of the amount to be debited to the payment account of the primary cardholder. All balances due are in United States Dollars. Statements are available on-line free of charge. In case you wish to receive paper credit card statements a monthly fee will be charged.