Statement balance by installments
Current statement balance by installments.
Product features
Easy installments
- Applicability: Primary cardholders of the Bank's credit cards.
- Minimum spending threshold required for conversion into an installment plan：A regular purchase hitting NT$3,000 or more on the current statement is eligible for conversion into an installment plan; NT$3,000 is the minimum spending threshold allowed to be converted into an installment plan.
- Application Time：Application may be made at least two business days prior to the current statement payment due date, before which the minimum amount due must be paid.
- An installment plan tenure is available in 3, 6, 12, 18, 24 installments.
Super-easy repayment
- Installment interest at 6%-12% p.a.
- Principal repaid in equal installments, with installment interest accruing on the principal balance outstanding.
- The installment interest rates shall be based on the interest rates registered on the “Statement Balance Installment Plan Registration Service.”
Period：2024/1/1~2024/6/30
Calculation example
Assuming the statement balance requested to be paid in installments is NT$30,000：
- Number of installments：3
- Installment interest rate p.a.：6%
- Total annual fee rate：6%
| Number of installments | Principal balance | Principal amount due for the current period | Installment interest | Amount due for the current period |
|---|---|---|---|---|
| 1 | 30,000元 | 10,000元 | 150元 | 10,150元 |
| 2 | 20,000元 | 10,000元 | 100元 | 10,100元 |
| 3 | 10,000元 | 10,000元 | 50元 | 10,050元 |
Notes
- Principal of statement balance paid in installments and installment interest thereon do not count toward any rebate, event, or benefits.
- Business card, Purchasing card, debit card, EBT, foreign currency transaction via dual-currency card, and transactions already converted into an installment plan are not eligible for participation in this event.
- Only primary cardholders may apply for this service. The amount of purchases on the statement that are requested to be converted into an installment plan may not exceed the available credit of the credit card’s original credit limit. The remaining principal of the period that has not yet been repaid will occupy the applicant's credit card limit.
- The Bank may reject the application for service if the applicant does not have a valid credit card of the Bank at the time of application; has a delinquency record; has entered into a preliminary negotiation or preliminary mediation with the Bank; is under rehabilitation or liquidation proceeding; enters into a settlement with the Bank; or has defaulted on a previous negotiation and is having a second negotiation with the Bank as a leading creditor.
- An applicant must file the application during the period between the “statement closing date” and “2 business days prior to the payment due date for the current period”, and must pay off the minimum amount due for the current period before the payment due date.
- To convert the statement balance for a period into an installment plan, “new regular purchases made in the current period” must be at least NT$3,000. The “statement amount to be converted into an installment plan” shall be the difference between the “amount due for the current period” and “amount offset for the current period (which must be no less than the minimum amount due)”; shall be capped at the difference between the amount due for the current period and the minimum payment due for the current period; shall be reduced by additional repayment made, if any, during the review period; shall be no less than NT$3,000; and shall on no ground be designated to fall over certain purchases or purchase amounts. The application to convert a statement into an installment plan, when approved, will become effective only if the cardholder has not violated any credit card terms and conditions.
- If the application is made by a cardholder who has preauthorized automatic payment of his/her credit card statement, the automatic payment plan will be suspended for the current statement period, and will be resumed for statement periods thereafter. If the application to convert a statement into an installment plan is approved but somehow canceled afterwards by the cardholder, the cardholder shall manage to pay the current statement by themselves.
- After a statement has been successfully converted into an installment plan, the purchase amount on the statement cannot be used to apply for other installment plans, and no application for a new installment plan is allowed within three months.
- An applicant may not change the closing date during the closing date of the current credit card statement requested to be converted into an installment plan, and the closing date of the following statement. Any application for change of a closing date that is filed during the said period but has yet to become effective will be automatically canceled.
- Calculation of total amount due per installment: The equal principal payment plan applies, which means that the applicant pays in monthly installments for the number of installments they choose; each monthly installment is composed of the principal of purchases apportioned equally among each installment and the installment interest accruing on the outstanding principal at the agreed annual percentage rates for each installment. (Interest will be rounded to the nearest integer.) The principal, interest, and fee in relation to purchases on the statement already converted into an installment plan will fully count towards the minimum amount due for the current period, which, if not paid in full, will accrue delinquency interest at the rate agreed upon with the Bank, plus a late fee - the interest rate agreed upon with the Bank is the same as the revolving interest rate, and the applicable revolving interest rate is disclosed on each statement. Overpayment will be handled by the Bank’s credit card contractual clause for overpayment, and may not be used to early pay off the principal installments not yet due.
- The Bank will grant a 7-day review period to an applicant after registration of the application for an installment plan. If you dissent in any way, you are welcome to contact the Bank for cancellation at no cost of fees or interest. If an applicant early pays off his/her credit card statement installment principal yet to be posted - early partial repayment is not allowed, the Bank may charge a prepayment penalty by the following contractual terms: NT$300 will be charged for each installment if the number of installments yet to be posted exceeds half of the total number of installments; NT$150 will be charged for each installment if the number of installments yet to be posted equals or is less than half of the total number of installments.
- Application for an installment plan is not allowed if the amount of returns exceeds 50%of the portion of statement balance to be converted into an installment plan. If returns occur after an installment payment has been posted to the statement, such amount of returns will be presented as a negative balance and cannot be used to offset any installment payment or be refunded.
- In the event that the Bank claims the entire indebted amount due because the applicant becomes delinquent, fails to pay to minimum amount due, or violates any credit card contractual terms, the Bank has the right to demand that the applicant pay off the total outstanding principal in a lump sum.
- Description of the interest rates on credit card installment products: The annual interest rate on installments (i.e., annual percentage rate of total fees) is 5.88%~15% depending on the project content and personal credit rating. The annual interest rate on installments is equal to the annual percentage rate. The record date for an interest rate on installments is June 1, 2018. The annual interest rate on installments refers to the one registered on the “Statement Balance Installment Plan Registration Service” on the official website.
- These contractual terms shall be valid for one year after the applicant grants his/her consent, and will be automatically renewed after the expiration date if the contractual terms are reviewed and approved by the Bank and no intent to cancel the contractual terms is received from the applicant.
- The Bank reserves the ultimate right to approve the conversion of statement balance into an installment plan. After the Bank grants its approval, the applicant may set up, modify, or terminate the installment plan according to the project content and in the manner approved by the Bank.
- All amounts mentioned are denominated in New Taiwan Dollars, unless otherwise specified. Matters not provided herein shall be handled by the Bank’s Credit Card Terms and Conditions.
- All annual interest rates disclosed in this promotional offer have been calculated using standard templates provided by the competent authority. The actual terms shall be based on the products provided by the Bank. Additionally, the annual interest rate may also differ from customer to customer depending on the products selected and personal credit rating status.
