Zed Cardholder Agreement

UPDATED NOVEMBER 15, 2024

This Zed Cardholder Agreement (“Cardholder Agreement”) outlines the terms and conditions governing your use of the Zed Credit Card and your Zed Credit Account. For all purposes in this Cardholder Agreement the terms “you” and “your” refer to you, the person who applied for and received this Credit Account; the terms “we,” “us,” and “our” refer to Zed Financial PH, Inc., its successors and assigns.

Other defined terms used in this Cardholder Agreement:

“Account” and “Credit Account” means the Credit Card account that is opened for you and that is subject to the terms of this Cardholder Agreement.

“App” is the Zed Mobile Application that can be downloaded from the App Store or TestFlight. Through the App, you may apply for a Card, view your transactions and manage your Card account, among other actions related to the use of your Card.

“Card” means a physical or virtual payment card issued by Zed and managed through your Zed App.

“External Account” is your bank account that you can access through online banking. When you apply for a Card, you will be asked to log into your bank account and authorize sharing statement data with Zed. Cardholders also may opt-in to linking their External Account to make payments to Zed. Zed has no control over your External Account and can only receive data that you authorize to be shared.

“Business Day” means every day except Saturdays, Sundays, and holidays.

“Credit Limit” is the amount of credit that we extend to your Credit Account.

“Purchase” means your purchase of goods or services with the use of a Card or Credit Account number (including, without limit, Purchases made in person, on the Internet, through mail order, or over the telephone) or the use of credit to send money to another Zed Card Account. Tax payments or payments of fees made with your Credit Account (including any taxes or fees charged by a taxing authority, any government agency or their authorized service providers) are Purchases

“Available to Spend Amount” is the amount of credit you may use without exceeding your Credit Limit. Your Available to Spend Amount will be equal to the amount of your Credit Limit, minus (a) your Total Balance, minus (b) any Purchases that we have authorized regardless of whether they’ve posted to your Credit Account, plus (c) any payments that have cleared since the closing date of your Billing Cycle. As provided in this Cardholder Agreement, your Available to Spend Amount will change from time to time based on changes in your Credit Limit, your use of the Account for Purchases, and as you make payments on your Credit Account.

“Statement” means the statement of account which will show your purchases using the Card, any payments made within a Billing Cycle, the statement ending balance as well as the payment due date. Statements are made available in the Zed App.

“Billing Cycle” means the interval between Statements, which is one (1) calendar month. Each Statement shows a closing date. The statement closing date is the last day of the Billing Cycle for that Statement. Your closing date is determined depending on when your application is approved. You may request a change in your account’s closing date through a customer support request. A change to your closing date will take effect starting the next Billing Cycle after the current Billing Cycle closes.

“Grace Period” is a period where we will not charge any interest fees on any new transactions that posted to your account during your prior Billing Cycle. For a breakdown on how to maintain Grace Periods, see Section 15 on “How to Avoid Interest”.

“Payment Due Date” means the date that Total Due is Due. Your Payment Due Date is 3 days after the close of each Billing Cycle, and can be found on the App and on your Statement.

“Interest” is a charge applied on an Account’s Total Balance carried over from any previous cycles’ Statement Balance. Our Interest Rate for this fee can be found in Section 12 on “Fees and Charges.”

“Monthly Interest Rate” is the term used for the interest rate on your Account.

“Daily Interest Rate” is the term used for the interest rate that is derived from the Monthly Interest Rate and is applied to the daily balance on your Account.

“Total Balance” means the total amount owed on your Account at the end of a Billing Cycle. It will be shown on each Statement. The Total Balance is calculated as the sum of Purchases and transactions posted to the Account, minus any payments and credits that we receive, plus any outstanding amounts incurring interest carried over from all Total Balances from previous Billing Cycles. The Total Balance includes the total amount you owe subject to any financing plan or plans, including future payments that you are not yet required to pay in order to maintain or regain a Grace Period.

“Monthly Balance” means the total amount you must pay each month in order to maintain or regain a Grace Period. It is equal to the Total Balance, less any future payments that you are not yet required to pay. The Monthly Balance does include any amounts subject to financing plans (such as Installments) that must be paid in order to maintain or regain a Grace Period. If you do not have a financing plan, your Monthly Balance will equal your Total Balance.

This amount will also be referred to using the name of each specific month. For example, your Monthly Balance for January may also be referred to as your January Balance.

“Total Due” is either equal to your Monthly Balance OR, if it appears on your Statement, the Minimum Amount Due.

Important Reminder: paying less than the Monthly Balance will increase the amount of interest you will pay and the time it takes to repay the balance.

“Minimum Amount Due” is the minimum amount you must pay each Billing Cycle to remain in good standing and to avoid Default. The Minimum Amount Due includes any amounts subject to financing plans that must be paid each month to maintain good standing and to avoid Default.

This amount will also be referred to using the name of each specific month. For example, your Minimum Amount Due for January may also be referred to as your January Minimum Amount Due.

Important Reminder: if you only pay the Minimum Amount Due, or an amount less than the Monthly Balance, your Account’s Grace Period will end, and interest will begin to accrue on any outstanding balances up to that point, as well as future transactions posted to your account.

For information on how to regain your Account’s Grace Period, please see Section 14 on “How to Avoid Interest”.

“Debt” includes all amounts you owe us, and also includes without limitation any continuing guaranty arising from the Credit Account, as well as each extension, refinance or renewal of such obligations, and any expenses that we incur in enforcing your obligations under this Cardholder Agreement, including fees for independent and/or in-house counsel, where allowed by law.

“Default” has the meaning given in Section 16 of this Cardholder Agreement.

1. Credit Account Eligibility

You must complete an application and be approved for a Credit Account. Applicants must be at least 18 years of age and a legal resident or citizen of the Philippines.

2. Applying for a Credit Account

Required Due Diligence

You will be required to present valid identification and provide personal identity, contact, employment and other pertinent information to apply for a Credit Account. You authorize us to perform due diligence on you when opening or reviewing your Credit Account. Your Credit Account may be subject to annual or more frequent review, and we may reinvestigate and reevaluate your Credit Account at any time and require additional information (including additional financial information) or otherwise verify your current credit standing. You will promptly provide us with all information we request. We may submit and/or exchange your information to the Credit Information Corporation (CIC) and/or other credit reporting agencies and bureaus or other financial service providers when evaluating your Account.

Privacy Policy

Please read the Privacy Policy carefully. By applying for a Credit Account, you represent and confirm that you have read, understood, and agreed to be bound by the Privacy Policy as a binding agreement.

Right to Deny your Application

We may, in our sole discretion, deny your application for a Credit Account. We also have the right to cancel, revoke, or suspend any Card at any time without notice, if circumstances warrant.

Anti-Money Laundering and Terrorist Financing Regulations

To help the government fight the funding of terrorism and money laundering activities, Philippine law requires that Zed and other financial institutions obtain, verify, and record information about your identity and source of funds. You agree to provide the required information when opening your Zed Account and further agree to keep such information current.

External Account Linkage

You will be asked to authorize one or more External Accounts to share your information with Zed as part of your application. We will use Financial Data from your External Accounts to verify account balances and account information, identify spending patterns and potential fraud, determine and review spending limits, analyze transactions, and provide Services to you. You must link at least one External Account to apply for a Card.

3. Credit Limits

Your Credit Limit is set by Zed, at its sole discretion, using Financial Data from your External Accounts such as available funds, deposit and spending patterns, your self-reported income, employment, education and other personal data, data from credit bureaus and other relevant data available to Zed.

You agree that your Credit Limit can be decreased, including temporary decreases or reducing the Credit Limit to ₱0, at any time. You will be notified of any changes to your Credit Limit.

You may request to increase or decrease your Credit Limit by emailing [email protected]. All requests to increase Credit Limits are subject to Zed’s review and approval. Zed may ask you to submit additional supporting documents for any such request upon its sole discretion.

4. Agreement to Terms

By applying for a Credit Account, using or consenting to the use of the Credit Account, you agree to the terms and conditions of this Cardholder Agreement and that this Cardholder Agreement will govern your Credit Account, the use of your Card, and all credit extended under this Cardholder Agreement. You also agree that your use of your Credit Account, whether by use of your Card or otherwise, will constitute your acceptance of, and will be subject to, this Cardholder Agreement.

5. Using Your Credit Account

Available Transactions

Subject to your Credit Limit (see Section 3) and Available to Spend Amount, you may use your Card and your Credit Account to make Purchases so long as you are not in Default of this Cardholder Agreement. You may not obtain balance transfers or cash advances from your Credit Account. You can make Purchases as described in the definition of Purchase, above.

Limitations on Using Your Credit Account

You agree to use your Credit Account only for personal, family, household or business purposes. You also agree that your Credit Account will not be used for purposes that are illegal under Philippine law, including but not limited to, illegal gambling activity. We reserve the right to deny transactions or authorizations if we have reason to believe that the Credit Account is used for illegal or fraudulent transactions. We are not responsible if anyone does not allow you to use your Credit Account or refuses to accept your Card. We may decline any transaction at any time, if circumstances warrant.

6. Requesting and Replacing Cards

Cards may be issued as physical or virtual cards (i.e., a Card issued without an associated physical card that is accessible via the App). A physical Card is automatically issued and sent upon approval of your application to the address you provided in your application. You are entitled to one active physical card at a time. Virtual cards are issued upon request via the App. We may decide in our sole discretion not to grant requests for Cards or limit the number of physical or virtual Cards provided to you.

You are responsible for securing Cards, account numbers, and Card security features (including the CVV and PIN, if any). You will promptly notify us and take appropriate measures to prevent unauthorized transactions when a Card is lost, stolen, breached, damaged or needs to be replaced. In such cases, you may request the issuance of replacement Cards through the App. Replacement Cards may have new account numbers that could require you to update the Card on record for any scheduled or recurring payments to various merchants. You are solely responsible for updating Card information stored with merchants where account numbers have been changed.

7. Receiving and Activating Cards

Physical cards are delivered via courier to the delivery address saved to your Account profile. You are responsible for providing the correct address and informing us if your address changes prior to delivery. Couriers will release the card personally to you, or to any adult authorized by you to receive the card who is present at your designated address upon delivery. Once a physical card is delivered, you shall be solely responsible for the safekeeping and appropriate use thereof and any purchase made using such physical card shall be presumed to be your transaction to which you shall be liable for.

Physical cards cannot be used to make a purchase until activated. You must be signed in to the App to activate your physical card.

8. Payment Requirements & Due Dates

General Promise to Pay

You are liable and promise to pay us all amounts you owe on your Credit Account, including without limit, the total amount of all Purchases and all other charges and fees described in this Cardholder Agreement. You must pay the Total Due reflected in your Statement every month on or before the Payment Due Date.

If we do not receive your Total Due by the Payment Due Date reflected on your Statement, it will be considered late, and you will be in Default. See “Our Rights Upon Default” in Section 16 for consequences of Default.

Making Payments

All payments to us must be made in Philippine Pesos by bank transfer or bills payment facility of any accredited bank or e-wallet. Payments must use the specific beneficiary account number, or other account identifier presented on the App in order for the funds to be credited to your Account. The App provides guidance on how to make a payment. Zed is not liable for any payments returned or unaccounted for by the sending or receiving bank. You are bound to the Payment Due Date regardless of whether funds are delayed in transit or returned to the sending account.

Total Due Payment Requirement

Each month you must pay the Total Due that is shown on your Billing Statement, and we must receive that payment on or before the Payment Due Date shown on each Billing Statement. You are responsible for ensuring that the funds are received by Zed before or on the Payment Due date by 5:00 pm.

The Payment Due Date will be the same day of each calendar month. If your Total Due payment is not received by your Payment Due Date, you will be in Default. See “Our Rights Upon Default” in Section 16, below, for consequences of Default.

9. Application of Payments

How We Apply Payments, Credits and Refunds

Subject to applicable law, when we receive your Payment, we will apply:

• Amounts up to your Total Due in any manner we choose; and
• Any amounts exceeding the Total Due first to the balance with the highest

Monthly Interest rate, and then to balances with lower Monthly Interest rates (in descending order based on the applicable Monthly Interest Rate).
Refunds and other credits may be applied to your Account in any manner, and do not generally reduce your obligation to pay the Total Due.

Irregular Payments

We can accept late payments or partial payments without losing our rights under this Cardholder Agreement, including the right to require full payment of all amounts owed under this Cardholder Agreement.

Overpayment

Payments that exceed the Total Due amount will be carried over to the next Billing Cycle and will reduce the amount of the Total Balance on your Credit Account. We will apply any overpayment towards new Purchases and charges posted to your Account. If you have overpayments and no new charges on your account at the time of account closure, we will return the balance of such overpayment to you. We do not pay any Interest on overpayments.

10. Authorization Holds

Transactions at some merchants (such as hotels, car rental companies, restaurants, and gas stations) may result in temporary authorizations for amounts greater than the actual Purchase amount. If this happens, the Available to Spend Amount on your Credit Account shall be reduced until the date the actual Purchase amount is cleared by the merchant.

11. Authorized Users

If you give your Card to any other person to use or otherwise authorize any person to use your Credit Account, you will be responsible for that person’s use of your Credit Account and anyone else they allow to use your Credit Account, even if you did not anticipate, or agree to, that use. If you suspect unauthorized use, immediately lock your card and contact us at [email protected]. We will take commercially reasonable efforts to restrict unauthorized use, including replacing your Card with a new Card.

12. Statements

Each month while your Credit Account is open, we will provide you with an electronic Billing Statement showing your Total Balance, Total Due, and the Payment Due Date. We will notify you that your Billing Statement is available via push notifications, SMS, and/or email. You will need to log in to the App to view your Billing Statement. We will not send paper Statements. We may discontinue sending Billing Statements to you if we deem your Credit Account to be uncollectible or if we sent your Credit Account to an attorney or other third party for collection purposes.

13. Fees and Charges

Interest Charges

If the Monthly Interest Rate is applicable to your account, it is 3%.

Annual Fee

There is no Annual Fee for your Credit Account.

Foreign Transaction Fees

There is no fee for foreign transactions. See “Foreign Transactions” section for additional information on such transactions.

Card Replacement Fee

There is no fee to replace a Card for any reason. You are responsible for safeguarding your Card. We reserve the right to cancel your Credit Account for excessive requests for Card replacement. The determination of what constitutes excessive shall be made in our sole discretion.

Late Payment Penalty

If your Total Due is not received by your Payment Due Date, your Payment will be considered late, and you will be in Default. A Late Payment Penalty of ₱ 1,000.00 or the Minimum Amount Due, whichever is lower, will be charged to your Account on the next Billing Statement.

14. How Interest is Calculated

Your “Daily Interest Rate” for any given day is equal to the applicable Monthly Interest Rate on that day divided by 30.

Daily Interest Rate = Monthly Interest Rate ÷ 30

We use the “daily balance method (excluding new transactions)” to calculate interest owed on each category of transactions on your Account. Under this method, we first calculate the “Daily Balance” for each day of your current Billing Cycle as follows:

• We start with the prior day’s balance (if it’s the first day of a Billing Cycle, this will be the Total Balance from the Statement of your prior Billing Cycle); then,
• We subtract any new payments or credits posted to your Account that day.

We then calculate the daily interest for each day in the Billing Cycle by multiplying your “Daily Interest Rate” by the “Daily Balance” for each day of the Billing Cycle.

Daily interest = Daily Balance x Daily Interest Rate

Then, to determine the total interest charges for the Billing Cycle, we add up the daily interest we calculated for each day in the Billing Cycle and round to the nearest centavo.

Interest charges = Sum of daily interest for each day in the Billing

15. How to Avoid Interest

You can avoid paying interest on the Total Balance or a portion of the Total Balance based on your payment activity. The term “Grace Period” refers to a state that your Account can be in where interest is not assessed on your Total Balance. Below we explain how you can maintain, lose and regain the “Grace Period” on your account.

• Initial Grace Period: Your Account starts with a Grace Period. You can retain this Grace Period by always paying your Total Balance by its corresponding Payment Due Date.
• Losing the Grace Period: Your Account will lose the Grace Period if you pay less than the Total Balance by its corresponding Payment Due Date. You will only pay interest on the unpaid portions of the Total Balance during the Billing Cycle that you lose your Grace Period.
• Regaining the Grace Period: If your Account has lost its Grace Period, you can regain it by paying the Total Balance by its corresponding Payment Due Date. The Account will then regain its Grace Period in the following Billing Cycle. You will then only maintain the Grace Period in that and each and every subsequent Billing Cycle by paying the Total Balance by its corresponding payment due date.

If you have previously lost your Grace Period and are attempting to regain your Grace Period by paying your Total Balance on or prior to the corresponding Payment Due Date, you will still be assessed interest on any unpaid portion of the Total Balance for the days in the current Billing Cycle that those portion(s) remain unpaid (“Residual Interest”).

The easiest way to avoid interest charges is to pay your Total Balance in full every month, on or before the Payment Due Date.

16. Understanding Default

Events of Default

We may consider your Account to be in default if any of the following occurs (“Default”): (i) you fail to meet the conditions, to perform any obligation, or to make any required payment under this Cardholder Agreement or any other agreement that you make with us relating to the Debt; (ii) you have given us false or misleading information or misrepresentations; (iii) you die; (iv) any government authority takes action that we believe adversely affects your financial condition or ability to repay the Debt; (v) any guaranty or other agreement required in connection with the Debt is violated or ineffective; or (vi) you file a bankruptcy petition, a bankruptcy petition is filed against you, or you make a general assignment for the benefit of creditors. If you Default, we may declare all of the Debt immediately due and payable. “Debt” includes all amounts you owe us, and also include without limitation any continuing guaranty arising from the Credit Account, as well as each extension, refinance or renewal of such obligations, and any expenses that we incur in enforcing your obligations under this Cardholder Agreement, including fees for independent and/or in-house counsel, where allowed by law.

Our Rights Upon Your Default

Default will result in the suspension of your Account and the loss of your Account’s Grace Period. Accounts in default will continue to accrue interest on its Total Balance until full payment of the Total Balance is made. We may also assess monetary penalties on your Account. In addition to the above, we may take any of the following actions to the extent permitted by applicable law:

• Lower your Credit Limit;
• Report information about your Account to the credit bureaus and government agencies;
• Begin collections activities;
• Suspend or close your Account;
• Remove any Participant from your Account;
• Require you to immediately pay all or any portion of your total outstanding balance (this action may also be taken upon death);
• If we retain an attorney who is not our salaried employee to collect amounts you owe, we may require you to pay reasonable attorneys’ fees that we actually incur;
• If we pursue litigation or file complaints with a court, we may require you to pay for the court costs; and/or
• Take any other action permitted by law.

Upon full payment and in our sole discretion, we may reinstate your account and its corresponding Grace Period. Any payment made will be applied to the total accrued interest, before it is applied to any outstanding principal amount. If we waive or delay exercising a right, it does not forfeit that right or any others.

Your Rights Upon Your Default

Upon Default, you waive any defense you may have against us. Until the Debt is fully repaid and you have no further obligations under this Cardholder Agreement, you will subordinate in our favor any right of subrogation and any right to enforce a remedy we now have or may later have.

You will receive a notice of suspension of your Account within seven (7) business days from a suspension resulting from Default. You shall have the right to appeal the suspension, but reinstatement shall be subject to our sole discretion.

17. Consent to Electronic Disclosures

This Credit Account is only available electronically. In order for you to obtain and maintain the Account, you agree to receive all disclosures electronically. If, for some reason, you cannot receive communications electronically in the future, you should close your Credit Account. See the “Cancellation and Change in Terms” in Section of this Cardholder Agreement for more information on closing your Credit Account and the consequences of doing so.

18. Liability for Certain Unauthorized Card Transactions

If you believe that your Card or Credit Account has been used without your permission, immediately lock all your Cards via the App and email us at [email protected]. You must provide a written statement that includes your name, card number, the peso amount of your suspected error, why you believe it is an error, type of unauthorized transaction(s) with the date(s) and amount(s) of error. Except as provided below, your liability for unauthorized transactions that take place on the Mastercard system is zero pesos (₱0).

We may require you to provide a written statement regarding claims of unauthorized transactions. This protection does not apply if we determine that you have been fraudulent or negligent in the handling of your Card or your Credit Account. These provisions limiting your liability also do not apply to any credit transactions that are not processed by Mastercard. See “YOUR BILLING RIGHTS” below for more information concerning your rights and our responsibilities and your potential liability for transactions that are not covered by this section.

19. Disputes

We are not responsible for refusal by any merchant, financial institution, or automated equipment to honor or accept your Card, and we have no responsibility for merchandise or services obtained by you with your Card except as provided in the “YOUR BILLING RIGHTS” section of this Cardholder Agreement below. You agree to use your best efforts to resolve any dispute concerning merchandise or services with the merchant concerned.

20. Cards

Any Cards that we issue to you belong to us. We, a merchant, or any party acting on our behalf, may retain your Card without prior notice to you, if circumstances so warrant. Your Card is issued with an expiration date. We have the right not to renew your Card or Credit Account. If we have not terminated your account or exercised our right not to renew your Credit Account, we will send you a new Card within a reasonable time before your prior Card expires.

21. Right of Reversal for Credits to Your Account

Error Adjustments: We reserve the right to correct any error adjustments in the Total Due amount.

22. No Waiver of Rights

We may delay in enforcing our rights under this Cardholder Agreement without losing those rights or any other rights. We may waive enforcement of our rights in one or more instances without waiving any other rights in other instances.

23. Our Communications with You

You expressly authorize us (which includes, for purposes of this paragraph, our affiliates, agents, and contractors) to monitor or record any calls between you and us. If we need to contact you to service your Credit Account or to collect amounts you owe to us, you authorize us to contact you at any number (a) you have provided to us, (b) from which you called us, or (c) which we obtained and believe we can reach you at (including wireless, landline and Voice Over Internet Protocol numbers). We may contact you in any way, such as calling, texting, or email. We may contact you using an automated dialer or using artificial or pre-recorded messages. You understand that anyone with access to your telephone may listen to or read the messages we leave or send you, and you agree that we will have no liability for anyone accessing such messages. You further agree that we may contact you on a mobile, wireless, or similar device, even if you are charged for it by your provider of telecommunications, wireless and/or data services, and you agree that we will have no liability for such charges. You agree that you are the owner and/or primary user of any telephone number or email address you provide to us and that you will promptly notify us if this is no longer true as to any such telephone number or email address.

24. Assignments and Transfers

Your rights under this Cardholder Agreement may not be transferred by operation of law or otherwise. However, your obligations under this Cardholder Agreement shall be binding upon your estate or personal representatives. We may sell your Credit Account and/or assign or transfer this Cardholder Agreement and our related rights and obligations without prior notice to you and without your consent.

25. Cancellation or Closure of Your Account

You may Close your Credit Account

You may close your Credit Account at any time by notifying us at [email protected]. We will cancel your Credit Account after we receive notice from you and have a reasonable opportunity to process your notice. You agree that we are not responsible for any costs, damages, or inconvenience you may suffer as a result of our cancelling your Credit Account.

We May Close your Credit Account

Even if you are not in Default, we may: close your Credit Account; cancel or suspend your privileges to make Purchases; or otherwise cancel or suspend any Credit Account privileges or benefits (whether or not such privileges or benefits are described or referred to in this Cardholder Agreement). We may do so for any reason, including Credit Account inactivity, in our sole discretion, if circumstances so warrant. We will provide you with notice of any such action if required to do so by applicable law.

No More Transactions if Credit Account is Closed

If either you or we close your Credit Account, you may not make further Purchases with your Card or Credit Account. However, you will remain responsible and must pay for all Debt owed to us (extended to you or arising from use of your Credit Account prior to or subsequent to cancellation). We also will return to you any excess payment or credit present after cancellation.

26. Changing Terms of Your Credit Account

We may amend the terms of this Cardholder Agreement, including the amount of any Credit Account fees, from time to time in our sole discretion. Depending on the nature of the change, the amendment to this Cardholder Agreement may, on or after the date on which it becomes effective, apply to all of your then-outstanding unpaid indebtedness to us under your Credit Account. If required by applicable law, we will (a) send notice of the changes to your email address and (b) give you the right to opt out of the change. If you opt out of the change you will be unable to initiate any further transactions on the Credit Account and you will be required to repay the amount that you owe us under the terms and conditions of the then existing Cardholder Agreement.

27. Governing Law

You understand and agree that (a) this Cardholder Agreement is subject to Philippine law (b) your Credit Account was opened or will be continued after approval by us in the Philippines. If any provision of this Cardholder Agreement is in conflict with applicable law, that provision shall be considered modified to the extent necessary to comply with such law.

28. Obtaining Credit Information

When you applied for your Credit Account, you authorized us to make or have made any credit, employment, or other investigative inquiries we deemed appropriate (including, without limit, obtaining a consumer report) prior to extending credit to you. You also authorized us to make such inquiries and obtain consumer reports when renewing, updating, or collecting on your Credit Account in the future.

29. Foreign Transactions

You may choose to use your Card to make a Purchase in a foreign country or from a foreign merchant (a “Foreign Transaction”). If your Foreign Transaction is in a currency other than Philippine Pesos, the transaction will be converted into a Philippine Peso amount by Mastercard, using the procedures established by Mastercard, based on the exchange rate in effect at the time the transaction is processed. The exchange rate between the transaction currency and the billing currency used for processing Foreign Transactions is a rate selected by Mastercard from the range of rates available in wholesale currency markets for the applicable central processing date, which may vary from the rate Mastercard itself receives, or a government-mandated rate in effect for the applicable central processing date, in each instance. There is no Foreign Transaction Fee as disclosed in the “Fees” section of this Agreement.

We monitor your accounts for signs of potential fraud, which could include the use of your Card in a manner that is out of the ordinary. If we suspect potential fraudulent activity on your Account, it is possible that your Foreign Transactions may be delayed or declined. There are some countries in which we are required by law to block transactions and some countries for which we will not authorize the use of your Credit Account due to fraud, terrorism or other concerns. Those countries change from time to time, so contact us in advance if you are planning on using your Card in a foreign country and want to confirm that the Card can be accepted in that country.

30. Disclosure of Information to Third Parties

By requesting, obtaining or using a Card from us, you agree that we may release information in our records regarding you and your Credit Account: (a) to comply with government office or agency authorized by law, or orders of courts of competent jurisdiction, or under such conditions as may be prescribed by the Bangko Sentral ng Pilipinas and/or the Monetary Board; (b) to share your credit performance with credit reporting agencies, credit information bureaus, industry associations or card associations or payment networks and other creditors who we reasonably believe are or may be doing business with you on your Credit Account; (c) to third party service providers when necessary for the sole purpose of assisting or rendering services to us in enforcing our rights against you; (d) to share information with our employees, agents or representatives performing work for us in connection with your Credit Account; (e) to third parties such as insurance companies when necessary for the sole purpose of insuring us from your default or other credit loss, and you from fraud or unauthorized charges; (f) to third parties for the purpose of. investigating fraud or unauthorized activities or mitigating risk involving card issuance, use and acquiring or (g) as otherwise permitted by our privacy policy available on our website at https://www.zed.co/privacy-policy.

31. Furnishing Information to Third Parties

If you believe that we have furnished any inaccurate information relating to your Credit Account to any consumer-reporting agency, you may notify us at the following address: [email protected]. To help us respond to your notification, you must include the name of the consumer-reporting agency reflecting the inaccurate information, and an explanation of why you believe the information is inaccurate. You understand that you may also contact the appropriate consumer-reporting agency directly.

32. Negative Credit Reports

YOU ARE HEREBY NOTIFIED THAT A NEGATIVE CREDIT REPORT REFLECTING YOUR CREDIT HISTORY WITH US MAY BE SUBMITTED TO A CREDIT-REPORTING AGENCY IF YOU FAIL TO FULFILL THE TERMS OF YOUR CREDIT OBLIGATIONS. LATE PAYMENTS, MISSED PAYMENTS, OR OTHER DEFAULTS ON YOUR CARD ACCOUNT MAY BE REFLECTED IN YOUR CREDIT REPORT.

33. Force Majeure

Unless otherwise required by applicable law, we are not responsible and will not incur liability to you for any failure, error, malfunction or any delay in carrying out obligations under this Cardholder Agreement if such failure, error or delay results from causes that are beyond our reasonable control (including, but not limited to inclement weather, fire, flood, acts of war or terrorism, and earthquakes).

34. Dispute Resolution

THIS CARDHOLDER AGREEMENT CONTAINS AN ARBITRATION CLAUSE. PLEASE READ THIS PROVISION CAREFULLY, AS IT AFFECTS YOUR LEGAL RIGHTS. IT PROVIDES THAT ANY CLAIM RELATING TO YOUR ACCOUNT MAY BE RESOLVED BY BINDING ARBITRATION. YOU ARE ENTITLED TO A FAIR HEARING, BUT THE ARBITRATION PROCEDURES ARE SIMPLER AND MORE LIMITED THAN RULES APPLICABLE IN COURT, AND ARBITRATION DECISIONS ARE SUBJECT TO VERY LIMITED REVIEW.

CLAIMS MAY BE ARBITRATED ONLY ON AN INDIVIDUAL BASIS. YOU EXPRESSLY WAIVE ANY RIGHT THAT YOU MAY HAVE TO ARBITRATE A CLASS ACTION. IF EITHER PARTY CHOOSES TO ARBITRATE A CLAIM, NEITHER PARTY WILL HAVE THE RIGHT TO LITIGATE THAT CLAIM IN COURT, OR TO PARTICIPATE IN A CLASS ACTION OR REPRESENTATIVE ACTION WITH RESPECT TO SUCH CLAIM.

Arbitration of Claims

Except as expressly provided under the Exceptions to Agreement to Arbitrate below and under applicable law, any claim, dispute or controversy arising from or relating to (i) the Card; (ii) any service relating to the Card; (iii) the marketing of the Card; (iv) this Cardholder Agreement, including the validity, enforceability, interpretation, scope, or application of the Agreement and this arbitration provision; and (v) any other agreement or instrument relating to the Card or any such service (“Claim”) shall be decided, upon the election of you or Zed (or our agents, employees, successors, representatives, affiliated companies, or assigns), by binding arbitration pursuant to this arbitration provision and the applicable rules and procedures of the arbitration administrator in effect at the time the Claim is filed. The Philippine Dispute Resolution Center, Inc. (“PDRCI”) shall serve as the arbitration administrator.

Other Claims Subject to Arbitration

In addition to Claims brought by either you or Zed, Claims made by or against Zed or by or against anyone connected with you or Zed or claiming through you or Zed (including a second cardholder, employee, agent, representative, affiliated company, predecessor or successor, heir, assignee, or trustee in bankruptcy) shall be subject to arbitration as described herein.

Individual Claims Only

It is the intent of the parties to require Claims to be submitted to arbitration on an individual basis only. Claims subject to this arbitration provision may not be joined or consolidated in arbitration with any Claim of any other person or be arbitrated on a class basis, in a representative capacity on behalf of the general public or on behalf of any other person, unless otherwise agreed to by the parties in writing. However, co-applicants, second cardholders and authorized users of a single Card and/or related cards are considered as one person, and Zed, its officers, directors, employees, agents, and affiliates are considered as one person.

Arbitration Fees

The PDRCI rules will govern the payment of all arbitration fees. The costs of arbitration shall be borne by the party whom the arbitral tribunal shall designate as being liable for said costs. Procedure. The arbitral tribunal shall consist of three (3) arbitrators, one (1) of whom shall be appointed by you, one (1) of whom shall be appointed by Zed, and the third shall be appointed by the two (2) arbitrators thus appointed. The arbitral proceedings shall be conducted in the English language. The decision of the arbitrators shall be final and binding on both parties.

Exception to Agreement to Arbitrate

Any action by Zed in connection with your Default or to recover your Debt shall be filed exclusively with the proper courts of Taguig City. Either you or Zed may assert claims, if they qualify under the Rules on Expedited Procedures in the First Level Courts, A.M. No. 08-8-7-SC, or its amendment, if any, in a small claims court exclusively in Taguig City.

35. YOUR BILLING RIGHTS

This notice tells you about your rights and our responsibilities for handling complaints, inquiries, or requests.

What To Do If You Find A Mistake On Your Statement

If you think there is an error on your Billing Statement, write to us at [email protected]. You must notify us of any potential errors in writing. You will have up to thirty (30) calendar days from the end of the Billing Cycle to report any error or discrepancy in the Statement.

What Will Happen After We Receive Your Communication

When we receive your communication:

• We shall take action within ten (10) business days from receipt of your notice based on relevant documents or records in physical or electronic form.
• We shall conduct a thorough investigation within ninety (90) days from receipt of your notice. Subject to the result of the investigation, we shall send you a written explanation prior to taking any action and make appropriate corrections in your Credit Account, if necessary.

Notwithstanding the aforementioned report, we reserve the right to collect the portion of the Total Due which you have not reported as being the subject of a billing error.