General Terms and Conditions for the Installment Plan with MasterCard Credit Cards:
- The program is available for all the Bank’s clients who hold Jordan Kuwait Bank (JKB) primary and supplementary MasterCard credit cards of all categories.
- The aim of the program is to enable the card holder to buy goods and services using the available credit limit and to settle the purchase value over monthly payments according to these terms and conditions.
- The program offers an installment plan at 0% interest using the card over a specific period of time and a specific amount from the network of accredited merchants / service providers and within the approved and identified criteria by the Bank.
- The Bank identifies, from time to time, a network of specific merchants / service providers with whom the cardholder can deal with in the installment plan, identifying the payment period according to the agreement with the merchant / service provider.
- The minimum limit for purchases that qualify a credit cardholder to benefit from the program is JD100. The Bank reserves the right to change the minimum amount according to the work requirements provided the client is informed of that and without any responsibility on the Bank.
- Subject to the minimum limit of the purchases value that qualifies the card holder to benefit from the program, the goods / services available by the merchant/ service provider and are subject to the program shall be in accordance with the agreement between the Bank and the merchant / service provider.
- JKB shall reserve its right to cancel or suspend the installment plan through its credit cards without bearing any responsibility for this measure.
- The client does not have the right to cancel the installments plan for his purchases under any conditions.
- Only the approved point-of-sale equipment shall be used by the merchants/ service providers participating in the program. The installment plan approved by the Bank shall be programmed on this equipment.
- In case the installment plan with the credit card was approved, the merchant / service provider shall take sole responsibility for all obligations related to delivering goods or services and any down-time or damage to them.
- It is known by the merchant / service provider that the Bank does not guarantee the goods and/or services purchased through the program. In case of any disagreement or conflict between the cardholder and the merchant / service provider or any third party regarding these goods and/or services, the merchant / service provider alone shall be responsible before the cardholder and/or any third party regarding this.
- In case of a disagreement between the merchant / service provider and the cardholder related to purchase or delivery of any goods or services:
- The cardholder shall solve this disagreement between them self and the merchant / service provider, and the Bank shall not be part in this disagreement under any circumstances.
- This disagreement shall not affect the responsibility and obligations of the cardholder in settling installments to the Bank.
- The Bank bears no responsibility for investigating or resolving this disagreement.
Payment of Installments:
- The amount payable every month (the equal monthly payments) shall be calculated by dividing the total purchase amount over the installment program period through the card.
- The first installment is due as of the date of the first accounting cycle following the date of purchase directly, so that the amount payable is the minimum ordinary monthly payment, in addition to the monthly installment payment, plus any commissions or accrued interest on the cardholder, or any amounts in excess of the credit limit required and any overdue payments (if applicable).
- The cardholder must pay the installment on the date it is due for payment. In case of default on two consecutive installments, all installments become due for payment immediately, plus interest and commissions in accordance with norm process applied by the Bank.
- If the cardholder cancels the credit card while there are installments payable on purchases made as part of the installments program, all payments become due and payable, and the Bank shall have the right to demand full payment.
- In case the Bank cancelled the installments program for any reason whatsoever, all payments become payable and the cardholder shall have to pay them according to the procedures applicable by the Bank. Such payments will be treated as an ordinary purchase transaction.
- These terms and conditions are in addition to the terms and conditions stated in the Bank’s credit cardholder's agreement, which regulate the provisions of the credit card facilities and any other conditions and provisions set by Jordan Kuwait Bank at any point in time. The legal reference shall be in the Arabic language.
- In case there is a discrepancy between the Arabic text and the English text, the legal reference shall be for the Arabic text.
- The Bank shall have the right to amend the terms and conditions of this program at its own discretion, and the new terms and conditions shall become applicable as soon as cardholders are informed of them.
- This agreement shall be subject to the provisions of the Jordanian laws, and the Amman courts (Palace of Justice) shall be the courts of jurisdiction to address any conflict that may result herein or is related to it.