Migrate to VISA

TERMS AND CONDITIONS

These terms and conditions comprise the agreement between STERLING BANK LIMITED (hereinafter referred to as the Bank) and the CARDHOLDER (hereinafter referred to as the holder) in connection with the cardholder's Sterling Visa Credit Card.

In this agreement CARDHOLDER shall include (where appropriate) persons whom the STERLING VISA CREDIT CARD has been issued to subject to the customer's instruction.

By using the STERLING VISA CREDIT CARD, the cardholder unconditionally agrees to be bound by the laws, rules, regulations, and official issuances applicable, now existing or which may hereinafter be enacted, issued or enforced.

The following terms and conditions in addition to any other card terms and conditions shall govern your access to and use of the STERLING VISA CREDIT CARD.

DEFINITION

Account - Sterling Visa Credit Card account held or to be held with STERLING BANK, the number of which shall be communicated to the Account holder as appropriate. Account Currency- Currency in which the Account is denominated.

Account Holder - means an individual, or two or more persons, corporate or non-corporate in whose name an account is maintained. Card- means a Sterling Visa Credit Card issued by STERLING BANK LIMITED, including any renewal or replacement Card or Cards.

Cardholder - means the possessor of the card and/or persons having power alone to operate the Account in accordance with the Bank's mandate in respect thereof, having been so authorized by the Account Holder.

Credit Limit - means the maximum debit balance permitted to the Account Holder as determined and noticed to the Account Holder by the Bank from time to time.

Debit Balance - The level of indebtedness of the customer, comprising all transactions, fees and interest (finance) charges.

PIN - means the personal identification number issued to the Cardholder for use with the Card.

Transaction - means any cash withdrawal or payment made using the Card, or any refund arising in connection with the use of the Card in any authorized manner for debit or credit to the Account.

1.0 - Using Sterling Visa Credit Card

The Bank shall give the card holder a Sterling Visa Credit Card to use for transactions including cash withdrawals at Automated Teller Machines (ATMs) and/or to make payments for goods and/or services at Point-of-Sale Terminals (POS). Upon receipt, the cardholder shall sign for the Card and change the default PIN to a new PIN of choice and follow any other instruction from the bank about using the Card and other safety instructions.

The card shall not be used for any unlawful transaction including the purchase of goods and/or services prohibited by the laws of the Federal Republic of Nigeria.

The Bank may refuse to authorize the use of the card if the account holder's account goes over limit

A transaction exceeds the available credit limit in the account, if the transaction amount plus any other authorized transaction exceeds the credit limit on the card; or the transaction does not comply with any applicable terms of this agreement as may be amended from time to time.

Please note that all transactions shall be detailed in the monthly account statements.

2.0 - Minimum repayment Requirements

An accountholder is required to make a minimum repayment on amounts outstanding by the Repayment due date as stated in the monthly statement of account.

Failure to make the minimum repayment on amounts outstanding by the repayment due date will result in interest charges on all utilized amounts at a rate stated by the monthly statement.

Failure to make the minimum repayment by the repayment due date will be deemed as default on the terms and conditions of this agreement and may attract suspension of the account from the Sterling Visa Credit Card Scheme until the minimum repayment condition is satisfied. The Bank will proceed to recover all amounts outstanding in the event of any defaults to make the minimum repayment within the allowance repayment period. STERLING BANK LIMITED reserves the right to institute any legal action necessary to recover all amounts outstanding.

3.0 - The Bank may decide not to give Its authorization on transaction requests if:

The card has been reported as lost or stolen, or the Bank has reason to suspect that the card is lost/stolen or that the card transaction is unauthorized.

The accountholder has defaulted on any part of the agreement.

The cardholder has used the card after the 'available credit' has been exceeded. The available credit includes authorized transactions, including those not yet charged to your account. The 'available credit' on the account will be based on the approved credit limit, amount debited to the account which remain unpaid and payment received which are paid into your account. The Bank reserves the right not to adjust the available credit by the amount of any payments received until such value has been given to such payments.

The cardholder has used the card for transactions greater than the credit limit on the account.

4.0 - The Cardholder must take all reasonable precautions to prevent the card and PIN from being used fraudulently. Failure of which will result in liability for any losses incurred by us. Reasonable precaution includes but are not limited to:

 Signing for the card as soon as it is received,

 Not allowing anyone else to use the card,

 Not disclosing the PIN except when properly using the card,

 Not writing down or recording in any format your PIN or disclosing it to anyone else including the police and/or bank officials, and in response to any emails or SMS messages,

 Complying with any other reasonable instruction the bank issues regarding keeping the card, card number or PIN safe.

5.0 - Fees and Charges

The Cardholder shall be charged fees by the Bank, in accordance with the Sterling Visa Credit Card Card's schedule of fees and charges. For each cash withdrawal made at cash machines, the Bank shall charge the applicable transaction fee (if any).

Once the holder reports a lost or stolen card, the bank shall ensure the account is blocked in order to prevent unauthorized usage.

Product fees are available on our Sterling credit card brochures, and at any Sterling Bank branch and are freely available to the public.

6.0 - Repayment Obligations

By signing this application form, the cardholder agrees to be bound by the repayment terms attached to the Sterling Visa Credit Card.

A table of credit limits and their associated repayment obligations are listed on this application form. The cardholder is obligated to pay the minimum monthly repayment of 10% of the outstanding balance or 100 % of the outstanding balance. The cardholder shall have a repayment due on the last day of every month.

The cardholder may also choose to pay back 100% of the outstanding balance at the end of every month.

Failure to pay the minimum monthly repayment in any month may cause the Bank to make a report stating the account holder's details to credit bureau, as may be mandated by CBN.

Repayments shall be applied for pay down of outstanding balance against the account holder in the following order. Accrued interest, Fees, Purchase made, Cash withdrawn from ATM.

7.0 - Consent to share information

By signing this application form, the cardholder acknowledges and authorises STERLING BANK LIMITED to share all relevant customer information with credit bureaus operating in Nigeria, under the guidelines of the CBN, including notification of late and missed repayments. STERLING BANK LIMITED shall not be liable for any errors in the information supplied to the bureau or the subsequent use of any information by any other financial institutions in Nigeria.

8.0 - Sterling Visa Card Charges

ULTRA CARD FEES	VISA CLASSIC (NGN)	VISA GOLD (NGN)	VISA PLATINUM (NGN)	VISA SIGNATURE (NGN)	VISA INFINITE (USD)
ISSUANCE FEE	N1,000	N1,000	N1,000	N1,000	$3
SUPPLEMENTARY/REPLACEMENT CARD FEE	N1,000	N1,000	N1,000	N1,000	$3
INSURANCE FEE	2.5% of credit limit per annum	2.5% of credit limit per annum	2.5% of credit limit per annum	2.5% of credit limit per annum	2.5% of credit limit per annum
MONTHLY INTEREST CHARGE	3.5% of outstanding amount	3.5% of outstanding amount	3.5% of outstanding amount	3.5% of outstanding amount	3.5% of outstanding amount
ATM CHARGES	3%	3%	3%	3%	3%
POS/WEB CHARGES	Free	Free	Free	Free	Free
ANNUAL MAINTENANCE FEE	Free	Free	Free	Free	$10
QUARTERLY MAINTENANCE FEE	Free	Free	Free	Free	Free
LATE REPAYMENT FEE	N2,000	N2,000	N2,000	1% of outstanding balance	1% of outstanding balance

9.0 - STERLING BANK LIMITED reserves the right to:

 Refuse to approve any transaction and shall not be held liable for any loss or damage the cardholder or the accountholder may suffer as a result of the said refusal.

 Cancel or suspend the holder's right to use the Card for any or all purposes; or refuse to replace any Card without prior notice to the cardholder. This agreement shall be deemed to continue to subsist even if the Bank proceeds to refuse the cardholder's transaction, cancel or suspend the cardholder's right to use the card. Under no circumstance shall the Bank be liable in anyway whatsoever to the cardholder in respect of issuance of the card.

10.0 - Security

• The cardholder shall always keep the Card safe and the PIN confidential.
• The PIN issued by the bank must be changed to PIN of customer's choice, at any STERLING BANK ATM only, before the card can transact.
• The cardholder shall reveal his/her PIN only during a transaction
• In the event that the authorized PIN is used in a fraudulent transaction, the bank shall not be held liable to the holder or any third party for any loss suffered.

11.0 - The cardholder shall notify the Bank in event of:

• Loss, theft, or reasonable belief that the Card or the PIN has been compromised.
• If the monthly statement includes an unfamiliar entry.
• Change of name and/or address.

12.0 - In the event of Loss:

• The cardholder shall be liable to pay for all transactions on the account and/or any losses Incurred.
• The Bank shall not be liable for consequences that may arise as a result of disclosure to Any third party arising out of a transaction instruction.
• The Cardholder shall not hold the bank liable, accountable or responsible in any way whatsoever for any loss, injury or damage however caused, arising out of the use of the Sterling Visa Credit Card access points, and shall indemnify the bank for any loss suffered and for any suit brought against the bank by the card holder or any third party.

• If the card is lost or stolen or there is reasonable belief that the PIN has been comprised, The cardholder shall report the incident immediately by calling the Customer Care hotline.
• The holder shall co-operate with the Bank and any regulatory agency in efforts to recover the card in event of loss or theft. If such card is recovered, the cardholder shall cut the card in halves and return same to the bank. In addition to notifying the Bank, the Cardholder shall also report any loss or theft of the card to the Nigerian Police Force, and If the bank requests, obtain and advise on the crime reference number.

13.0 - Limited Liability

Until the Bank is duly notified that the Card is lost, stolen or is at risk of being used by an unauthorized person or for an unauthorized purpose, the cardholder shall be liable for transactions originated for a period up to 24 hours after receipt of the notification.

If the Bank is unable to debit the repayment account because it has been closed or for any other reason beyond the Bank's control, the Accountholder shall be liable to pay the bank for all transactions conducted in respect of same.

The Bank shall not be liable to the cardholder for failure to carry out responsibilities under this agreement as a result of circumstances beyond the Bank's control. This includes failure of any ATM machine, industrial disputes, natural disasters or Acts of God, acts of government (either local or International) or civil disobedience of labour unions.

14.0 - Refunds and claims

The Bank will refund a claim by the account holder, for a debit incorrectly or erroneously applied, brought to the notice of the bank, only after an independent investigation is conducted and the bank satisfied that such claims are verifiable. The accountholder shall not base a claim against the bank on another claim against a third-party, unless there is a pre-existing legal right to that effect.

15.0 - Amendment

The Bank may amend the terms of this agreement, including charges upon notification to the cardholder by the following means:

 Advertising in the press,

 Putting such information in the monthly statement,

 A separate written notice, or

 Any other means.

Amendments shall be implemented 14 days from the date of notification.

16.0 - Termination

The Bank reserves the right to terminate this agreement and shall notify the cardholder of its Intention This agreement shall also be terminated if either party gives a written notice to that effect.

In either case, all Card(s) in the card-holder's possession shall be returned and outstanding Payments made.

17.0- General

The Bank reserves the right to withdraw or vary the provision of any service or benefits under this agreement without notice.

The Bank will charge the account holder for any losses or costs incurred by the bank resulting from a breach of this agreement. This agreement shall be governed by the Laws of the Federal Republic of Nigeria

Failure to view the monthly statement shall not excuse the responsibilities of the accountholder under this agreement.

Non-enforcement of any condition of this agreement, or a delay in enforcing the condition shall not prevent the Bank from enforcing the condition at a later date.

If any part of this Agreement is held unlawful or unenforceable, the offending section or Part shall be struck out and the remainder of this Agreement shall remain effective.

The Cardholder consents that the Bank may record phone conversations between them for Its internal purposes.

The Cardholder's application will be subject to the Bank's processes and reviews, which may require the bank to employ any legal means to verify or obtain confirmation on any Information provided in an application for Visa Card. The bank also reserves the right to accept or reject any application without showing cause.

Any establishment may request for authorization from Sterling Bank before accepting any payment by the Sterling Visa Credit Card.

18.0 - The Cardholder agrees that in addition to its usual rights to an exercise of general lien or other such rights as may be accruing to it by operation of law, the Bank shall have the right to combine or consolidate (including the right to transfer from) all or any of the Cardholder's deposits held by, and accounts domiciled with any of the Cardholder's business (whether solely or jointly owned), with the aim of setting-off outstanding balance on the Visa Card, in part or in whole, using sums standing to the credit of any, more or all of those deposits and accounts (whether or not beneficially held by the Cardholder) towards the satisfaction of all amounts which may become payable on the Visa Card.

Any exercise by the Bank of this right of set-off, to which the Cardholder is deemed to fully consent by virtue of issuance of this card, shall be valid with or without recourse to the Cardholder irrespective of any requirements as to service on the Cardholder of formal notice of demand to pay sums in principal, interest or charges when due and unpaid owing to usage of the Visa Card Service.

The exercise of this right of set-off shall not be seen to be exercised to the exclusion of other remedies or securities the Bank may seek to apply towards the satisfaction of the outstanding obligations on the Visa Card.

19.0 GLOBAL STANDING INSTRUCTION MANDATE

By signing this offer letter/facility agreement and by drawing the facility, I covenant to repay the facility as and when due.

In the event that I fail to repay the facility as agreed, and the facility becomes delinquent, the bank shall have the right to report the delinquent facility to the CBN through the Credit Risk Management System (CRMS) or by any other means, and request the CBN to exercise its regulatory power to direct all banks and other financial institutions under its regulatory purview to set-off my indebtedness from any money standing to my credit in any bank account and from any other financial assets they may be holding for my benefit.

I covenant and warrant that the Bank shall have power to set-off my indebtedness under this facility agreement from all such monies and funds standing to my credit/benefit in any and all such accounts or from any other financial assets belonging to me and in the custody of any bank.

20.1 INSURANCE

Where applicable, renewal of insurance cover(s) on the Sterling Visa Credit Cards, shall be notified to the Borrower at the expiration of the insurance policy, and the Bank is hereby authorized to debit the Cardholder's account for the renewal premium.

WAIVER OF CONFIDENTIALITY

I hereby waive any right of confidentiality whether arising under common law or statute or in any other manner whatsoever and irrevocably agree that I shall not argue to the contrary before any court of law, tribunal, administrative authority or any other body acting in any judicial or quasi-judicial capacity.

21.0 - All the Terms and Conditions in the Sterling Visa Credit Card agreement have been read and understood by me as evidenced by my signature below: