1. Equicom Payment Deals Program is open to all active and current Equicom Credit Cardholders with good credit standing.
2. Equicom Credit Cardholders with accumulated straight transactions may opt to convert these to affordable monthly installment payments provided that these transactions are reflected in the current monthly statement of account. The monthly amortization should be within available credit limit and the gross amount within the available installment line at the time of availment.
3. The duly accomplished Equicom Payment Deals Program application form may be submitted to an Equicom Savings Bank (EqB) branch or via fax to Equicom Customer Service at (02) 2415952.
4. The following are the terms and current rates for the program and are subject to change upon approval by the Bank.
Term
|
Monthly |
Factor |
Effective |
Minimum |
3 months
|
1.00%
|
0.343333
|
17.91%
|
Php5,000.00
|
6 months
|
1.00%
|
0.176667
|
20.28%
|
Php5,000.00
|
9 months
|
1.00%
|
0.121111
|
21.11%
|
Php5,000.00
|
12 months
|
0.80%
|
0.091330
|
17.26%
|
Php5,000.00
|
18 months
|
1.00%
|
0.065556
|
21.64%
|
Php10,000.00
|
24 months
|
1.00%
|
0.051667
|
21.57%
|
Php10,000.00
|
5. When converting straight purchases to installment, the regular credit limit corresponding to the amount converted shall be made available for use.
6. A pre-termination fee of 5% based on the remaining unpaid principal balance or P500.00, whichever is higher, shall be imposed in case of pre-termination.
7. Equicom Payment Deals transactions are not eligible to earn Equicom Key Points.
8. If the Cardholder pays only a portion of the monthly installment due, the unpaid balances shall be subject to interest and penalty charges based on the
9. EqB shall have the absolute and exclusive right to approve or reject Equicom Payment Deals Program applications based on its internal policies or for reasons it deems justifiable. Thus, if the cardholder has no sufficient available credit limit, EqB has the sole discretion to approve only a portion of the amount applied for.
How to compute for the monthly amortizations:
Example:
Term Three (3) months
Amount to be Applied Php20,000.00
x Factor Rate 0.343333
Monthly Installment P6,866.66
Cash Deals Promo Mechanics
1. The Equicom Cash Deals program is open to all Equicom Credit Cardholders whose accounts are active and current in status.
2. To avail, Cardholder must submit the following required documents:
a. Duly accomplished Cash Deals Application Form
b. At least one (1) valid Government-issued ID
c. Photocopy of the Equicom Credit Card (front portion only)
3. Equicom Credit Cardholders may submit the required documents through any of the following channels:
a. Equicom Savings Bank (EqB) Branch
b. Fax to Equicom Customer Service at (02) 241-8945
4. The Cash Deals transaction amount to be availed must be within the cardholder’s available limit.
5. The following are the terms and current rates for the program and are subject to change upon approval by the Bank.
Term
|
Monthly |
Factor |
Effective |
Minimum |
3 months
|
1.00%
|
0.343333
|
17.91%
|
Php5,000.00
|
6 months
|
1.00%
|
0.176667
|
20.28%
|
Php5,000.00
|
9 months
|
1.00%
|
0.121111
|
21.11%
|
Php5,000.00
|
12 months
|
0.80%
|
0.091330
|
17.26%
|
Php5,000.00
|
18 months
|
1.00%
|
0.065556
|
21.64%
|
Php10,000.00
|
24 months
|
1.00%
|
0.051667
|
21.57%
|
Php10,000.00
|
6. Cash Deals transactions are subject to Bank approval. Release of Cash Deals proceeds shall be as follows:
a. If via EqB Branch – cash will be released immediately upon complete verification of documents and approval of Cash Deals transaction.
b. If via Fax – proceeds will be deposited directly to the Cardholder’s Current or Savings account with EqB or with another bank as indicated on the application form within five (5) banking days from receipt of the Cash Deals application and required documents.
7. A processing fee of Php400.00 shall be charged for every approved Cash Deals transaction. This shall be posted to the Cardholder’s account together with the first monthly amortization.
8. If the Cardholder pays only a portion of the monthly installment due, the unpaid balances shall be subject to interest and penalty charges based on the prevailing interest rates.
9. In case of pre-termination, the Cardholder shall pay a pre-termination fee of 5.00% of the unpaid principal amount or Php500.00, whichever is higher.
10. EqB shall have the absolute right to approve or reject Cash Deals applications based on its internal policies or for reasons it deems justifiable. Thus, if the Cardholder has no sufficient installment limit, EqB has the sole discretion to approve only a portion of the amount applied for.
11. EqB is under no obligation to neither notify the Cardholder of such disapproval nor discuss the reason/s thereof.