Smart Payment Plan

Details	Charges
Profit/Interest Rate	Up to 3% monthly
Processing Fee	Up to 4.2%

Details

Charges

Profit/Interest Rate

Up to 3% monthly

Processing Fee

Up to 4.2%

There is no fixed instalment to be paid every month, however payment of minimum amount due as per the statement is required
If the minimum amount due is not paid, the credit card shall be charged with the interest/profit on the unpaid balance at the applicable rate in accordance with the credit card terms and conditions & service and price guide.
An interest/profit rate provided by the Bank will be applied on the outstanding Smart Payment Plan amount every month, for a period of six months from the application approval date, after which the prevailing interest/profit rate will apply. All other outstanding amount on the credit card account shall continue being levied interest/profit at the prevailing interest/profit rate.
The 180 days will be calculated from the day the loan/finance amount is debited from the credit card available limit irrespective of your billing and due date
After 180 days, the remaining balance loan/finance Smart Payment Plan amount will be added to the card’s outstanding balance and the prevailing credit card interest/profit rate will be charged.

Any payments made towards the credit card within the loan/finance Smart Payment Plan period will first pay off any Equal Monthly Instalments (EMI) due in the month, then, all fees and interest/profit are cleared, followed by 1% of Balance Transfer outstanding, 1% of Smart Payment Plan outstanding and 1% of retail outstanding in that order.
All remaining amount of payment goes towards clearing the Balance Transfer & Smart Payment plan and only after 100% of this is cleared does the retail outstanding get paid.
The amount taken from the Smart Payment Plan will be blocked on the credit card. The blocked amount will be released upon each monthly payment made.
Smart Payment Plan will not be processed in case the retail balance is less than the amount for booking at the time of processing the plan. Hence, credit card balance should be maintained till the funds get transferred to your personal account
Processing time for the loan is approximately 2 to 3 working days
The Bank may, in its sole and absolute discretion and without notice, withdraw or revise the Smart Payment Plan (“SPP”)
It is important to set the monthly “Minimum Amount Due” payment at less than 100% to avail the lower interest/profit rate. Otherwise 100% of the outstanding will be cleared when the outstanding instruction is executed.
All credit card transactions made during the tenor of the Smart Payment Plan will accrue interest/profit from the transaction date till the payment date, at the card’s interest/profit rate. For Saadiq Credit Cards, the discounted rate will be applicable from transaction date to the Card’s payment date and will reflect in the following month’s statement.
The Bank reserves its right to cancel the offer and charge interest/profit on the transferred amount at the prevailing interest/profit rate from the Smart Payment Plan date, in the event of failure to pay the minimum amount due on the payment due date.
The interest is charged based on the Reducing Balance Method. The bank is not permitted to charge interest on accrued interest. For Smart Saadiq Cards the profit is calculated at the time of issuance of the card limit and the payment of purchase price is paid as per the agreed terms and conditions.
Finance charges (interest/profit) are calculated as per the Reducing Balance Method. The bank is not permitted to charge interest/profit on accrued interest/profit.
These terms and conditions are in addition to the other terms and conditions applicable to all credit card accounts as contained in the Credit Card Terms and Conditions.
You have the right to a cooling-off period of 5 business days. The cooling-off period is the period after agreeing to the Smart Payment Plan that allows you to reconsider the product and to withdraw from the Contract without suffering any undue costs, obligations, or inconvenience. You may choose to consult other persons including a lawyer or any advisor in order to make an informed decision. On the 6th business day, you must decide to choose to reject or negotiate an amendment to the contract or otherwise the contract may be in force in accordance with its terms and conditions.
If you decide not to proceed with the Smart Payment Plan within the Cooling-off Period, the Bank will refund any related fees net of any reasonable and direct costs already incurred. In the event that you exercise your right in relation to the Cooling-off Period you shall be liable to pay the Bank the full outstanding balance on the Credit Card.
Bank related fees and charges will incur value added tax (VAT) of 5%, where applicable.
For Arabic Terms and Conditions Click Here

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