The Credit Card Responsibility Agreement serves as a fundamental legal document in South African banking operations, establishing the contractual relationship between credit card issuers and cardholders. This agreement is essential for compliance with the National Credit Act 34 of 2005, the Consumer Protection Act, and other relevant South African financial regulations. It is used when issuing new credit cards, whether for personal or business use, and contains detailed provisions on credit facilities, card usage, security measures, fees, and cardholder obligations. The document incorporates mandatory consumer protection provisions required by South African law while protecting the interests of both the credit provider and the cardholder.
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1. Parties: Identification of the credit provider and the cardholder, including full legal names, registration/identity numbers, and contact details
2. Background: Context of the agreement and purpose of the credit card facility
3. Definitions and Interpretation: Definitions of key terms used in the agreement and rules of interpretation
4. Credit Facility Terms: Details of the credit limit, interest rates, fees, and charges as required by the National Credit Act
5. Card Issuance and Usage: Terms regarding card issuance, activation, and acceptable usage of the credit card
6. Security and PIN Requirements: Provisions for card security, PIN management, and cardholder responsibilities for maintaining security
7. Payments and Billing: Payment terms, minimum payment requirements, billing cycles, and statement provisions
8. Default and Consequences: Events of default, consequences, and remedies available to the credit provider
9. Liability and Loss Prevention: Allocation of liability for unauthorized transactions and loss prevention measures
10. Personal Information: Handling of personal information in compliance with POPIA, including consent and processing details
11. Amendments and Termination: Provisions for changing terms and conditions and terminating the agreement
12. General Terms: Standard legal provisions including notices, governing law, and dispute resolution
1. Rewards Program: Terms of any rewards or loyalty program associated with the credit card, used when the card includes such features
2. Additional Cardholders: Provisions for issuing additional cards to family members or authorized users, included when additional cards are permitted
3. Insurance Benefits: Details of any insurance coverage provided with the card, included when insurance benefits are offered
4. Digital Services: Terms for online banking, mobile apps, and other digital services, included when digital features are provided
5. International Usage: Terms for international transactions and foreign exchange fees, included for cards with international functionality
6. Business Cards: Additional terms specific to business credit cards, included when the agreement is for business cards
1. Schedule 1: Pricing Schedule: Detailed breakdown of interest rates, fees, and charges applicable to the credit card
2. Schedule 2: Credit Limit and Facility Terms: Specific details of the approved credit limit and any special facility terms
3. Schedule 3: Insurance Schedule: Details of insurance benefits, terms, and conditions if applicable
4. Appendix A: Required Documentation: List of documents required for credit card application and ongoing compliance
5. Appendix B: Dispute Resolution Procedures: Detailed procedures for disputing transactions and resolving complaints
6. Appendix C: Digital Banking Terms: Specific terms and conditions for digital banking services and online account access
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