Pay Over Time Terms & Conditions
These Pay Over Time Terms and Conditions (“Pay Over Time T&Cs”) govern the Pay Over Time Account provided by AMEX (Middle East) B.S.C. (c) – Emirates (“AEME” or “our”) to the card member (“Card Member”, “I”, “you”, or “your”) who accepts these Pay Over Time T&Cs.
This Pay Over Time T&Cs document is a standalone agreement and operates independently of the Card Member Agreement governing the use of the Charge Card and the Card Member’s obligations under the Card Member Agreement shall continue to apply in full and are not amended, waived, replaced, or otherwise affected by these Pay Over Time T&Cs. In the event of any contradiction between these Pay Over Time T&Cs or the Card Member Agreement, these Pay Over Time T&Cs shall prevail to the extent of such inconsistency.
By applying for, accepting, activating, or using the Pay Over Time Account, the Card Member confirms that they have read, understood, and agreed to be bound by these Pay Over Time T&Cs.
1. INTERPRETATION
1.1 Headings are for convenience only and do not affect the interpretation of these Pay Over Time T&Cs.
1.2 The words “include”, “including”, “for example”, or similar expressions are illustrative and do not limit the generality of any preceding words.
1.3 Words in the singular include the plural and vice versa. References to one gender include all genders.
1.4 References to clauses, schedules, or annexures are to clauses, schedules, or annexures of this Pay Over T&Cs document. References to this Pay Over Time T&Cs document include any schedules and other documents incorporated by reference.
2. DEFINITIONS
Unless the contrary is expressly indicated, the following words and expressions shall have the meanings set out hereunder.
2.1 “Balance Due”: means the total debit balance outstanding on the Charge Card Account and the Monthly Plan Payment(s) payable to AEME, as set out in the field “New Balance” on the Statement of Account, and any Overdue Interest on Pay Over Time Balances or Pay Over Time Plan Early Closure Fee.
2.2 “Card Member Agreement”: means the separate terms and conditions governing the use of the Charge Card.
2.3 “Charge Card”: means any Charge Card (including the virtual card or wearable as applicable) issued by AEME to the Card Member or a Supplementary Card Member used to operate the Charge Card Account.
2.4 “Charge Card Account”: means the account established by AEME in the name of the Card Member and linked to a Charge Card and any Supplementary Cards.
2.5 “Conversion Amount”: means the portion of the Eligible Balance selected by the Card Member and approved by AEME to be converted into a Plan.
2.6 “Due Date”: means the date specified as the due date in the Statement of Account by which date the payment of the Balance Due must be made to AEME.
2.7 “Eligible Balance”: means any outstanding balance, or part thereof, under a Charge Card Account that AEME determines, at its sole discretion, to be eligible for transfer into a Pay Over Time Plan.
2.8 “Mobile Application”: means the Amex MENA mobile application.
2.9 “Monthly Plan Payment”: means, in respect of a Pay Over Time Plan, the monthly amount payable by the Card Member for the duration of the Tenor as specified in the field “Monthly Plan Payment” on the Statement of Account.
2.10 “Online Services”: means the online platform which enables the Card Member to manage various services and products offered by AEME (which includes the creation or management of the Card Member’s Pay Over Time Plan).
2.11 “Overdue Interest on Pay Over Time Balances”: means a charge on the Pay Over Time Account as a result of non-payment, delayed payment, partial payment, Default, or any breach of the Card Member’s payment obligations under these Pay Over Time T&Cs. The rate of Overdue Interest on Pay Over Time Balances will be set out in the Pay Over Time Schedule of Fees and Charges, and may be amended by AEME from time to time in accordance with applicable laws and regulations. The Overdue Interest on Pay Over Time Balances will apply only to the outstanding principal of the Conversion Amount (including any Pay Over Time Plan Early Closure Fee, as applicable) and will not be applied to any Pay Over Time Plan Interest.
2.12 “Pay Over Time Account”: means the credit card account created and maintained by AEME upon the Card Member’s acceptance of these Pay Over Time T&Cs, for the purpose of administering the Pay Over Time account.
2.13 “Pay Over Time Limit”: means the maximum aggregate amount that the Card Member is permitted to transfer into one (1) or more Pay Over Time Plans at any given time, as determined by AEME at its sole and absolute discretion upon the Card Member’s enrollment into a Pay Over Time Account.
2.14 “Pay Over Time Plan”: means a structured installment repayment plan agreed to by a Card Member whereby a Conversion Amount is repaid in equal monthly installments over an agreed Tenor.
2.15 “Pay Over Time Plan Early Closure Fee”: means the fee specified in the Pay Over Time Schedule of Fees and Charges, which is charged by AEME to the Card Member when a Card Member requests full settlement of the remaining outstanding balance of a Pay Over Time Plan prior to the completion of its Tenor.
2.16 “Pay Over Time Plan Interest”: means a monthly interest charge, as set forth in the Pay Over Time Schedule of Fees and Charges, and calculated using the method outlined in Clause 7.2 (Pay Over Time Interest on Conversion Amount), applied to a Conversion Amount that has been set up as a Pay Over Time Plan by the Card Member.
2.17 “Pay Over Time Schedule of Fees and Charges”: means the document issued by AEME from time to time that specifies the Pay Over Time Interest, Pay Over Time Plan Early Closure Fee, the Overdue Interest on Pay Over Time Balances, and any other amounts applicable to the Card Member’s use of a Pay Over Time Account, and any Pay Over Time Plan. The Pay Over Time Schedule of Fees and Charges forms an integral part of these Pay Over Time T&Cs and may be amended by AEME from time to time. The applicable version of the Pay Over Time Schedule of Fees and Charges will be made available to the Card Member through AEME’s website or any other communication channel designated by AEME from time-to-time.
2.18 “Service Establishment”: means a provider of goods and services who accepts the Charge Card as a means of payment for purchase or reservation of goods and services.
2.19 “Statement of Account”: means the monthly statement issued by AEME to the Card Member.
2.20 “Supplementary Card”: is the Charge Card issued to a Supplementary Card Member.
2.21 “Supplementary Card Member”: means any person other than the Card Member who is issued a Supplementary Card at the request of the Card Member.
2.22 “Tenor”: means the number of months over which a Conversion Amount is to be repaid under the terms of the Pay Over Time Plan.
2.23 “Transaction”: means any payment made by the Card Member or the Supplementary Card Member, or amount charged by a Service Establishment for any goods, services, or reservations made by using the Charge Card including, without limitation, mail, internet, telephone, facsimile orders, any other form of communication.
2.24 “UAE Credit Reporting Authorities”: means, collectively or individually (as applicable), Al Etihad Credit Bureau PJSC, the Central Bank of the United Arab Emirates, and any other governmental, semi-governmental, or regulatory authority in the United Arab Emirates authorized to receive, maintain, process, regulate, or access credit, financial, or Card Member obligation information.
3. ELIGIBILITY AND AVAILABILITY
3.1 The Card Member must hold an active Charge Card Account in good standing at the time the Card Member requests enrollment into a Pay Over Time Account or requests a Pay Over Time Plan.
3.2 The Card Member’s Charge Card Account, Pay Over Time Account, and any other accounts held with AEME must not be subject to any restriction, suspension, delinquency, fraud review, or any other status that AEME determines adversely affects eligibility.
3.3 The availability of Pay Over Time Account and any Pay Over Time Plan is not automatic and is subject at all times to AEME’s sole and absolute discretion.
3.4 AEME may, in its sole and absolute discretion:
3.4.1. decline any request to create a Pay Over Time Plan;
3.4.2. determine which Eligible Balances can be converted into a Plan; or
3.4.3. suspend or discontinue the availability of Pay Over Time Account.
4. ENROLLING FOR PAY OVER TIME
4.1 The Card Member must enroll for a Pay Over Time Account through AEME’s Mobile Application or Online Services by completing an application for enrollment.
4.2 No physical card will be issued in respect of a Pay Over Time Account. The Pay Over Time Account does not permit withdrawals or Transactions to be made at any Service Establishments.
5. PAY OVER TIME LIMIT
5.1 Upon the Card Member’s enrollment into a Pay Over Time Account, AEME shall assign a Pay Over Time Limit to the Pay Over Time Account. The Pay Over Time Limit is the maximum sum total of Eligible Balances that the Card Member may transfer into Pay Over Time Plans at any given time.
5.2 The Pay Over Time Limit is determined at AEME’s sole and absolute discretion. The Pay Over Time Limit assigned to the Card Member’s Pay Over Time Account will be reported to UAE Credit Reporting Authorities in accordance with regulatory requirements.
5.3 The Card Member may establish one (1) or more Pay Over Time Plans provided that the total outstanding amounts due under all active Pay Over Time Plans do not exceed the assigned Pay Over Time Limit.
5.4 AEME may, at any time and without prior notice, reduce the Card Member’s Pay Over Time Limit and prohibit the creation of any new Pay Over Time Plans.
6. ESTABLISHMENT OF A PAY OVER TIME PLAN
6.1 The Card Member may request the conversion of a Conversion Amount into a Pay Over Time Plan through the Mobile Application or Online Services, or through any other channel designated by AEME from time-to-time.
6.2 If the Card Member’s request is approved by AEME, the Conversion Amount will be converted into a Pay Over Time Plan.
6.3 Once a Pay Over Time Plan is established, it cannot be cancelled, reversed, or amended, except in accordance with Clause 10 (Termination and Early Closure of the Plan).
7. PAY OVER TIME PLAN INTEREST ON CONVERSION AMOUNT
7.1 Pay Over Time Plan Interest will be applied on each Conversion Amount. The Pay Over Time Schedule of Fees and Charges will specify the maximum Pay Over Time Interest rate that AEME may charge for a Pay Over Time Plan.
7.2 Pay Over Time Plan Interest is calculated by AEME for each Pay Over Time Plan using a calculation method that accounts for the reducing balance of the principal amount of the Conversion Amount while ensuring that each Monthly Plan Payment is for an equal amount in respect of each Pay Over Time Plan.
7.3 The Pay Over Time Interest rate applicable to each individual Pay Over Time Plan and resulting Monthly Plan Payment will be communicated to the Card Member at the time the Card Member requests creation of a Pay Over Time Plan.
8. BILLING AND PAYMENTS
8.1 The Card Member must pay the Balance Due stated in each Statement of Account, in full, by the Due Date.
8.2 Upgrading the Card Member’s Charge Card tier, downgrading the Card Member’s Charge Card tier, or cancelling the Charge Card Account held with AEME will result in all active Pay Over Time Plans becoming immediately due and payable. The Card Member agrees to settle all outstanding amounts in full in such circumstances, including any applicable Pay Over Time Plan Early Closure Fee.
8.3 Payment Allocation:
8.3.1. Any payment received from the Card Member will be allocated in the following order of priority:
8.3.1.1. billed Monthly Plan Payments under all active Pay Over Time Plans;
8.3.1.2. any amounts billed and due under the Charge Card Account in accordance with the Card Member Agreement;
8.3.1.3. any unbilled Monthly Plan Payments that are not yet due under the Card Member’s Pay Over Time Account; and
8.3.1.4. any unbilled amounts that are not yet due under the Card Member’s Charge Card Account.
8.4 Any remaining amount will be refunded to the Card Member.
8.5 Any partial, late, or missed payment will constitute a Default, as further defined in Clause 9 (Default).
9. DEFAULT
9.1 Failure to pay the full Balance Due by the Due Date constitutes a default (“Default”).
9.2 Upon the occurrence of a Default, AEME may:
9.2.1. apply Overdue Interest on Pay Over Time Balances as well as charge an Early Closure Fee for each Pay Over Time Plan;
9.2.2. suspend, restrict, or block Charge Card usage;
9.2.3. cancel any Charge Cards issued to the Card Member;
9.2.4. require immediate settlement of all outstanding Monthly Plan Payments under all Pay Over Time Plans, any Charge Card Account(s), any other accounts held by the Card Member with AEME and any other amounts due to AEME; and
9.2.5. report the Default to UAE Credit Reporting Authorities.
10. TERMINATION AND EARLY CLOSURE OF THE PLAN
10.1 The Card Member may elect to repay the remaining outstanding principal portion of the Conversion Amount of any Pay Over Time Plan before the end of the applicable Tenor (“Early Settlement”).
10.2 Any Early Settlement will incur a Pay Over Time Plan Early Closure Fee.
10.3 AEME may suspend, restrict, or terminate the availability of the Pay Over Time Account or Pay Over Time Plan due to misuse, fraud, Default or any inappropriate or illegal use of the Pay Over Time Account, in accordance with applicable laws and regulations.
11. AMENDMENTS
11.1 AEME may amend, modify, or supplement these Pay Over Time T&Cs (in whole or in part) at any time.
11.2 The Card Member may be notified of any amendments via any of the following methods: the Mobile Application, Online Services, SMS, email, mail, courier or any other communication channel AEME deems appropriate. Notification by any one method will be deemed to be sufficient to notify the Card Member of the amendment(s).
11.3 Continued use of the Pay Over Time Account or creating a new Pay Over Time Plan constitutes the Card Member’s acceptance of any amended terms.
11.4 If the Card Member does not agree to any amendments, the Card Member must immediately settle all outstanding Pay Over Time Plans and discontinue the use of the Pay Over Time Account.
12. SEVERABILITY
12.1 If any provision of these Pay Over Time T&Cs is held to be invalid, illegal, or unenforceable, such provision will be deemed modified to the minimum extent necessary to make it valid and enforceable. The remaining provisions will continue in full force and effect.
13. NO WAIVER
13.1 No failure or delay by AEME in exercising any right, remedy, or power under these Pay Over Time T&Cs will operate as a waiver of such right. A waiver is effective only if provided in writing by AEME, and only in relation to the specific matter for which it is granted.
14. COMMUNICATIONS AND NOTICES
14.1 AEME may send notices, alerts, updates, or information relating to any Pay Over Time Account or a Pay Over Time Plan through SMS, email, the Mobile Application, Online Services, or any other communication channel determined by AEME and will be deemed delivered once sent through any of these channels.
14.2 The Card Member must ensure that AEME has the Card Member’s most up-to-date contact details at all times.
14.3 The Card Member agrees that electronic communications and signatures are legally valid and equivalent to hardcopy or physical communication.
15. SYSTEM INTERRUPTIONS AND SERVICE AVAILABILITY
15.1 AEME does not guarantee uninterrupted access to the Mobile Application or any of our online tools and may suspend or limit access for any reason. The Card Member remains responsible for making full payment of the Balance Due under the Statement of Account notwithstanding any unavailability of AEME’s such tools or the Mobile Application.
16. MISUSE AND FRAUD
16.1 AEME may immediately suspend or cancel access to any Pay Over Time Account if it suspects fraud, misuse, compromised security, or any unlawful activity relating to a Pay Over Time Account, Card Member’s Charge Card Account, or any other accounts held by the Card Member.
16.2 The Card Member must promptly notify AEME if the Card Member becomes aware of:
16.2.1. unauthorized use of the respective Card Member’s Pay Over Time Account; or
16.2.2. unauthorized access to the Mobile Application or Online Services.
17. COOLING-OFF PERIOD
17.1 The Card Member will have five (5) complete business days cooling-off period, commencing on the business day immediately following the Card Member’s acceptance of these Pay Over Time T&Cs (“Cooling-Off Period”).
17.2 To exercise the right of cancellation during the Cooling-Off Period, the Card Member must notify AEME by contacting AEME’s customer service team at (+971) 4449 2222.
17.3 Cancellation requests submitted after the expiry of the Cooling-Off Period will be treated as an Early Settlement in accordance with Clause 10 (Early Closure of the Plan), and the Pay Over Time Plan Early Closure Fee will apply.
18. SET-OFF AND NETTING
18.1 AEME may calculate a net amount due to AEME in the currency of AEME’s choice by summing the total of any amount due to AEME (howsoever arising and howsoever characterized), less any amounts due to the Card Member, and applying any necessary foreign exchange rates at a rate determined in AEME’s sole and absolute discretion.
18.2 AEME may set off any amounts payable to the Card Member under the Pay Over Time Account against any amounts due to AEME in respect of the Charge Card Account or any other accounts held with AEME. AEME may execute such set-off without prior notice to the Card Member.
19. ASSIGNMENT
19.1 AEME may assign or transfer its rights or obligations under these Pay Over Time T&Cs to any third party, successor entity, affiliate, or service provider.
20. GOVERNING LAW AND JURISDICTION
20.1 The Card Member irrevocably agrees that these Pay Over Time T&Cs are governed by English law and that the courts of the Dubai International Financial Centre will have exclusive jurisdiction and be competent to decide over any dispute or claim (including non-contractual disputes or claims) arising out of or in connection with these Pay Over Time T&Cs or their subject matter or formation. The Card Member also agrees that AEME may initiate debt collection procedures or any other legal action in any other jurisdiction in which the Card Member may be resident from time- to- time and agrees to submit to such choice of jurisdiction and venue. Nothing in this Clause 20 will limit the right of AEME to take proceedings against any Card Member in any other competent jurisdiction, including the courts of Abu Dhabi or Dubai or any other emirate or court in the United Arab Emirates, nor will the taking of proceedings in any one or more jurisdictions preclude the taking of proceedings in any other jurisdictions or venue, whether concurrently or not, to the extent permitted by the law of such jurisdiction.
21. LANGUAGE
21.1 These Pay Over Time T&Cs may be issued in both English and Arabic languages. Both versions are legally binding. In the event of any inconsistency between the two (2) versions, the English version will prevail to the extent of such inconsistency.
The Card is issued by AMEX (Middle East) B.S.C. (c) – Emirates pursuant to a license from American Express.
American Express is a registered trademark of American Express.
AMEX (Middle East) B.S.C. (c) is regulated and licensed by the Central Bank of Bahrain as a Financing Company.
AMEX (Middle East) B.S.C. (c) - Emirates is regulated and licensed by the Central Bank of the UAE as the branch of a Financing Company.