3. Payment and Prepayment
3.1 The cardmember needs to pay a fee of 2% of the transaction amount as the processing fee to avail this facility, unless expressly waived otherwise. This fee is applicable only on post purchase EMI conversion facility. In the event if any offer is applicable, this fee will be refundable and appear as statement credit within 30 working days. In certain cases, this may take up to 60 working days.
3.2 Beginning 1 June 2022, the Cardmember needs to pay a processing fee of Rs. 99 + taxes as applicable on all EMI transaction(s) converted at Point of Sale online or in-store. The processing fee will only get reversed if the transaction is cancelled or refunded by the merchant and cardmember requests for the foreclosure of the EMI transaction(s) within 30 days from the date of transaction(s).
3.3 After processing cardmember's request for conversion of transactions into "EMI", the amount shall be billed on the first Statement for the Credit Card that is generated post the conversion of transaction into EMI Plan.
3.4 The installment amount for each EMI transaction shall be paid in full each month, notwithstanding the minimum monthly payment requirements stipulated in the Cardmember Agreement. The aggregate of all EMI Installments amounts for any Billing Period will be added to the minimum monthly payment calculated for all other charges or outstanding balances for that billing period. We reserve the right to charge default interest on any unpaid or partially paid Installment Amount.
3.5 Any amount in excess of your full outstanding balance reflected in your current statement, will result in a credit balance lying in your card account and will not be applied to unbilled EMI installment amounts.
3.6 You may pre-pay the aggregate of all unbilled Principal Amounts in full (but not part) by calling our customer service. No Pre-payment charges will be applied on foreclosure of the EMI facility.
3.7 Notwithstanding anything stated elsewhere, the Bank at its sole discretion reserves the right to off-set any credit balance on the card account against any due EMI Installment.
3.8 Upon pre-closure the entire outstanding amount will be billed to the cardmembers account statement. If the Cardmember chooses not to pay the entire amount and opts to revolve, the entire amount will attract applicable Card interest rate (APR) as specified in the monthly Statement of Account.
3.9 In case of full refund from the merchant, the customer needs to contact the 24-hour customer care and should place a request for EMI cancellation.
3.10 Should you decide to cancel your Card Membership with American Express in future, please remember to call our 24 hours Customer Service to foreclose any EMI Plan running on your Card Account followed by closure of your Card Account.