American Express® Line of Credit Terms & Conditions
New Zealand April 2005
American Express Line of Credit Terms
and Conditions of Use
These Conditions constitute your agreement with Centurion
Finance Limited governing your use of an American Express
Line of Credit. By requesting the opening of an American
Express Line of Credit and by activating your American
Express Line of Credit, you will be agreeing with Centurion
Finance Limited to these Conditions. These Conditions do not
contain all the conditions of your agreement with us. Further
conditions and information are contained in the Financial Table
and form part of these Conditions.
In these Conditions the words “you” and “your” mean the
person or Company in whose name an American Express Line
of Credit has been opened. The words “we”, “our” and “us”
refer to Centurion Finance Limited of 67-69 Symonds Street,
“Account” or “Line of Credit Account” means an American
Express line of credit opened by us, for use by you as requested by you.
The term “Card” refers to the American Express Card issued to you by American Express International (NZ), Inc., (“American Express”), 67-69 Symonds Street, Auckland 1001, the use of which is governed by the terms and conditions under which it was issued.
“Company” means an organisation, firm, business partnership
or corporate entity.
“ATM” means an automatic teller machine approved by us for
use by you with your American Express Card.
"Cash Advances" refers to cash obtained from ATMs.
“Supplementary Card” means an American Express Card
issued at your request to a third person, the Supplementary
“Statement” means a monthly statement sent by us to you at
your last notified address which will contain all details of
dealings by you and/or any Supplementary Card on your
2. Opening an American Express Line of
On receipt of your request for an American Express Line of
Credit and confirmation from American Express of your Card
application acceptance we shall open an Account in your name
to enable you to make deposits and withdrawals of monies
through the Account.
All monies deposited will be credited to your Line of Credit
Account and shall be held by us on an on-demand basis.
(Cheque deposits are subject to verification and clearance
through the banking system).
You acknowledge and agree that we can debit your Account in
respect of the receipt by us of a withdrawal voucher signed by
you or by your authorised agent, or upon a withdrawal of
monies from an ATM on use of your Card or any
Supplementary Card together with the personal identification
number (PIN) issued to you, or upon any cheque made payable
by you to Centurion Finance Limited or American Express
International (NZ), Inc., being dishonoured, and upon any
transfer of funds from your Line of Credit Account to your
nominated bank account.
We identify insurance providers and products that may be of
interest to some of our cardmembers. In this role, we do not
act as an agent or fiduciary for you, and we may act on behalf
of the insurance provider, as permitted by law. We want you to
be aware that we receive commissions from providers and
commissions may vary by provider and product. Also, in some
cases, an American Express entity may be the reinsurer and
may earn reinsurance income. The arrangements we have with
certain providers, including the potential to reinsure products, may also influence what products we identify. We do not
require you to purchase any insurance product, and you may
choose to cover your insurance needs from other sources.
6. Foreign Currency Withdrawals and
All foreign currency withdrawals and Cash Advances have been
converted into New Zealand Dollars on the date we processed
the withdrawal or Cash Advance. Non-U.S. Dollar Charges
have been converted through U.S. Dollars, by converting the
withdrawal or Cash Advance amount into U.S. Dollars and then
by converting that U.S. Dollar amount into New Zealand
Dollars. U.S. Dollar withdrawals and Cash Advances have been
converted directly into New Zealand Dollars.
As agreed, unless a specific rate was required by law, the
American Express treasury system has used conversion rates
based on interbank rates (selected from customary industry
sources) from the business day prior to the processing date, increased by a single currency conversion commission of 2.5%.Any withdrawals or Cash Advances converted by third parties
prior to being submitted to us have been at rates selected by
7. Overdraft Facility And Account Balance
On the opening of your Account we shall advise you of the
amount of overdraft available to you. Such overdraft may be
varied by us at any time on notice to you.
When your Account is in overdraft the outstanding balance is
repayable by you to us on demand. You acknowledge and agree
that such demand for payment made by us can be sent by post
to you at your last known address.
You acknowledge and agree that interest shall be payable by you on any
debit balance on your Account, the Interest is to be calculated on
a daily basis at the Annual Percentage Rate determined by us.
We may change the Annual Percentage Rate from time to time
and notify you on your Account Statement, or in writing to
your last known billing address or published in major
newspapers, or in any other manner allowable or required by
law. The Annual Percentage Rate at the commencement of this
agreement is set out in the Rates & fees table online.
9. Account Repayments
You must pay us the minimum payment and past due amounts
shown in each monthly statement. We calculate the minimum
payment as set out in the Financial Table.
The minimum payment due date is shown on the statement.
Past due amounts must be paid to us immediately after you
receive the statement (even though the minimum payment is
You may, if you wish, without penalty:
1. pay us more than the minimum payment;
2. pay us the minimum payment before it is due (including by making a number of partial payments).
Failing payment by you of the requisite minimum payment, an
overdue account fee may be debited by us to your Account on
the unpaid minimum payment at a rate of interest as
determined by us from time to time and notified in advance.
Similarly if you exceed your approved overdraft in your
Account, an overlimit fee will also be debited by us to your
Account on the amount of the excess, at a rate of interest as
determined by us from time to time.
Should any minimum payments not be received by us, we may
also suspend all activity on the Line of Credit Account and any
Card Accounts you hold, without notice to you.
10. Account Fees
You agree to pay us fees relating to the issue or use of your
Account and any related services when they are due for
payment. These include, by way of example but not by way of
limitation Cash Advance fees and Facility Fees. The amounts
of fees payable by you are set out in the Financial Table.
You agree to pay all reasonable expenses incurred by us in the
event of the dishonour of any cheques paid by you to your
Account and all legal expenses incurred by us in recovering or
attempting to recover amounts due to us on your Account
pursuant to these Conditions.
11. Monthly Statement
Once a month we will send you or make available a statement
for each statement period during which there is any activity or
balance outstanding on your Account.
The statement will, where applicable and amongst other things:
12.Termination of Account
- identify debits, credits, adjustments, fees and all other
charges to your Account during the statement period
- disclose interest charges, statement date, opening balance,
closing balance, overdraft limit, overdraft available at
statement date, minimum payment due and its due date
- disclose any past due amounts.
In the event of your Card being cancelled or suspended by
American Express, your Account will be closed by us and you
must repay any debit balance in full, forthwith upon receipt of
a Notice of Demand from us sent to your last known address.
We reserve the right to close your Account at any time. In
particular, we will be entitled to close your Account (among
other things) if:
a) we believe statements made by you relating to your finances
on your application for a Card and request for an American
Express Line of Credit, are misleading and untrue in a
b) you fail to make your monthly minimum payments on your
Account as required in these Conditions, or exceed your
overdraft agreed to by us and notified to you or you fail to
make payment or default on any other account you hold
c) you fail to keep to these Conditions relating to the
operating/use of your Account;
d) you become insolvent, or you are adjudicated Bankrupt;
e) as a result of information received from a third person we
have good reason to believe you are, or will become
unlikely to keep to the Terms and Conditions of this
You can terminate your Account with us at any time by written
notice provided all monies owing at that time are repaid to us in
full. Notwithstanding such termination, you shall remain liable
for all transactions and any further debit balance arising out of
deferred activation of your overdraft by you, or any Supplementary Cardmember until payment is made to us in
full. If your Account has a credit balance we will refund you
the current Account balance.
Where you have applied for a Card and any other persons have
applied with you for a Supplementary Card and a request made
by you for an Account, you shall be liable for all debit balances
appearing in your Account until payment in full is made.
The Supplementary Cardmember shall be deemed to be an
authorised user of the Account opened for your benefit, in your
name, and entitled to operate the Account in all respects as you
are entitled to.
14. Supplementary Card Operation of
The Supplementary Cardmember shall be deemed to be an
authorised user of the Account opened for your benefit, in your
name, and entitled to operate the Account in all respects as you
are entitled to.
15. Express CashTM
This clause 15 constitutes the agreement between you and
American Express International (NZ), Inc. for Express Cash
Services. In order to participate in this programme, you must
have an Account with Centurion Finance Limited.
a) Scope of Agreement
This Agreement covers your participation in the Express Cash
Programme offered by American Express (the "Programme").
The Programme enables you and, if you wish, your
Supplementary Cardmembers, to use your Card to obtain Cash Advances from ATMs operated by any bank or other financial
institution that participates in our Express Cash Network.
b) Personal Identification Number (PIN)
We issue you with your own PIN. Each time you wish to use
your Card in an ATM, you must enter your PIN in the machine
after inserting your Card. You must take all reasonable
precautions to prevent any other person from learning your PIN
or using your Card. For example, you should never keep any
record of your PIN with your Card or with any article which is
carried with your Card or which is likely to be lost or stolen at
the same time as your Card.
c) Limits on Cash Advances
A periodic cash limit, set out in the Financial Table, applies to
all Cash Advances. We may vary that limit or impose other
limits at our discretion, based upon the status of your Account.
Also, the bank or other financial institution which operates an
ATM may impose its own transaction limits for security
reasons or otherwise.
Notwithstanding our restrictions on the amount and frequency
of withdrawals to be debited to your Account you acknowledge
and agree that at no time by an ATM withdrawal will you
exceed your overdraft available to you on your Account.
d) Payment for Cash Advances
Each time you obtain a Cash Advance from an ATM you
authorise us to debit your Account with the New Zealand dollar
value of the transaction plus applicable charges. The Terms and
Conditions relating to your Account shall apply to all sums
debited to your Account by your use of your Card under this
e) Liability for Unauthorised Transactions and Advisability
of Prompt Reporting
You must advise us immediately if you believe your Card or
your PIN has been lost, stolen or used without your permission.
If your Card is lost in New Zealand, telephone Cardmember
Services. If your Card is lost overseas notify your nearest
American Express Travel Service or Representative Office.
You are liable for all electronic fund transfers initiated by you,
and for electronic fund transfers where your Card and/or PIN
have been made available to and used by another person. All
such use of your Card will be treated as authorised use.
Your liability in the event of unauthorised use shall not exceed
the balance of your Account (including any prearranged credit).
f) In Case of Errors or Questions About Your Transaction
Write or call us as soon as you can if you think your statement
or receipt is wrong or if you need more information about a
transaction listed on your statement or receipt.
g) Termination or SuspensionWe may also revoke or suspend your right to participate in the
Express Cash Programme at our discretion. You may terminate
your participation in the Programme but must do so by writing
Your right to participate in the Programme will also be terminated if your Card and/or Line of Credit Account are
cancelled for any reason.
h) Binding Agreement
Your signature on the Acceptance Form constitutes acceptance
of the agreement contained in this clause 15.
The provision and use of the Express Cash Service as
construed in the agreement shall be regulated in accordance
with New Zealand law.
Any withdrawals by you with your Card in an ATM will be
debited to your American Express Line of Credit, and this
recording by us will be conclusive and binding in the absence
of a material error on our part.
You authorise us to debit to your Account any statutory
charges, levies, fees or charges relating to transactions on your
You will be responsible under these Conditions for transactions
by you and by any Supplementary Cardmember enrolled in the
Account at your request.
k) Delay, Damage and Loss
We shall not be liable for any delay, damage or loss occasioned
to you by the malfunction of an ATM. Nor shall we be liable
for any loss, damage or delay caused as a consequence of your
reliance on use of an ATM or electronic funds transfer device,
for any reason whatsoever.
16.Taxes and Duties
You must pay any government tax, duty or other charge
imposed by law in any country in respect of your Account, your
use of it or any other transaction on the Account.
We may charge to your Account in advance the full amount or a
reasonable part of that tax, duty or other charge (as determined
by us) except as prohibited by law.
17. Enforcement Expenses
You will pay us our reasonable costs that are reasonably
incurred by us in recovering or attempting to recover charges
from you or otherwise enforcing our rights under these
Conditions, including legal fees on a solicitor/client basis,
except as prohibited by law.
18. No Waiver of Our Rights
Our forbearance, delay or failure to exercise any power or right
under these Conditions does not waive that power or right. A
single or partial exercise of a power or right does not prevent a
further exercise of that or any other power or right.
We may assign any of our rights under these Conditions at any
time without your consent to our parent, a subsidiary, or a
20. Applicable Law
To the extent that any applicable law would make a provision of
these Conditions void, illegal or unenforceable, or a provision
of these Conditions would breach any applicable law, these
Conditions are to be read as if that provision were varied to the
extent necessary to comply with the law or, if necessary,
21. Changing these Conditions and the
We may change these Conditions or the Financial Table
including the Annual Percentage Rate at any time by giving you
notice either in writing to your last known billing address or by
advertisement in public notices columns of major newspapers
or in any other manner allowable or required by law.
If you do not wish to accept any change to these Conditions
you may cancel your Account by giving us written notice of the
cancellation. You will still be liable for the outstanding balance
on your Account (see Section 11 for cancellations).
Subject to any other period imposed by law, you will be
deemed to have received any notice we give you under these
Conditions seven days after we send it, unless you actually
receive it earlier. We may send any notices to you at your last
billing address as shown on our records.
23. Privacy Act and Consent
In accordance with the Privacy Act, you can access personal
information about you held by us, and advise if you think it is
inaccurate, incomplete or out-of-date.
To arrange access to personal information about you, or enquire
generally about privacy matters, write to – The Privacy Officer,
American Express International (NZ), Inc., PO Box 4005,
In this clause ‘personal information’ means information about
you, including your financial circumstances, credit worthiness,
credit history, credit standing, credit capacity, your use of the
Line of Credit and conduct of your Account.
You agree that, subject to the Privacy Act, we and our agents
may do the following (and other persons mentioned below can
disclose personal information to us for these purposes):
- Information from credit reporting agencies. Obtain
credit reports about you from credit reporting agencies to
assess your application or to collect overdue payments
from you, and obtain personal information from a
business that provides commercial credit worthiness
- Disclose to credit reporting agencies. Disclose personal
information to credit reporting agencies before, during or
after providing credit to you. This includes, but is not limited to:
- that you applied for a Line of Credit and the overdraft
limit, and that we are a credit provider to you;
- advice about Line of Credit payments which are in
collection (and advice that payments are no longer
- advice that cheque(s) drawn by you, or direct debit
requests to your bank account which you have
authorised us to make, have been dishonoured;
- our opinion that you do not intend to meet your credit
- that credit provided to you has been paid or otherwise
- Credit providers. Exchange personal information with
credit providers named in your application for the Line of
Credit or in a credit report issued by a credit reporting
- assessing your credit worthiness, your application for
the Line of Credit and for any subsequent application
you make for credit;
- notifying other credit providers of your default or failure
to comply with these conditions;
- exchanging information about your Line of Credit
Account where you are in default with other credit
- approving or declining a transaction you wish to make
with the Line of Credit; and
- our administration of your Account.
- Persons you tell us about. Exchange personal
information with any person whose name you give us
from time to time. This includes, for example, for the
purpose of confirming your employment and income
details with any employer, landlord/mortgagee,
accountant, financial adviser or tax agent named in your
application for the Line of Credit.
- Supplementary Card. You authorise us to give the
Supplementary Cardmember information about the use of
the Account, by way of example but not by way of
limitation, to all transactions, the Account balance andany personal details.
- Collection agent. If you are in default under the Line of
Credit Account, notify and exchange personal information with our collection agent.
- Co-brand partners. Provide personal information to any
organisation whose name, logo or trademark appears on
your application for the Line of Credit or on the Line of
Credit issued to you for marketing, planning, product
development and research purposes and seek from and
exchange with such organisations personal informationabout you.
- Marketing lists. Use personal information for marketing
purposes. This includes putting your name and contact
details on marketing lists for the purpose of offering you
goods or services of an American Express company or of
any third party acting on behalf of American Express, by
mail, email or telephone or having our related companies
do so directly. Please call 0800 263 936 if you wish us toremove your name from our marketing lists.
Please allow 6-8 weeks to process your request.
- Our service providers. Transfer personal information
confidentially to our related companies and other
organisations which issue or service the Centurion
Finance Limited Line of Credit or provide services to us.
This includes transferring personal information to the
United States or other countries for data processing and
- Call monitoring. Monitor and record your telephone
conversations with us from time to time for staff training
and service quality control purposes.
You understand and agree that we at times may become legally
obligated to disclose information about you and your account(s)
to others. When we become legally obligated to disclose such
information to others, we will endeavour to notify you at your
last known address prior to disclosure unless we are prohibited
by law or prevented by circumstance from doing so.
24. Governing Law
These Conditions are governed by the laws of New Zealand.