The Most Important Terms and Conditions (“MITC”) are to be read and understood in conjunction with the Terms and Conditions.
The Bettr Card is issued by SBM Bank (India) Ltd (“SBM Bank” or the “Bank”) in partnership with Bettr Credit (“We”, “Us”, “Ours”) i.e. the solution, owned and operated by Mvalu Technology Services Private Limited (“Bettr Credit”).
Activating your card on the Bettr Credit App or clicking on ‘Submit’ or ‘I Agree’ or any similar tab/icon on the App would mean acceptance of the below terms and conditions by the cardholder/card member/user (You).
The MITC are in addition to and are to be read along with the detailed Terms and Conditions and are subject to changes from time to time. We will notify you of changes one month prior to such changes becoming effective. The most recent version will always be available on our website.
1. Bettr Credit Mobile App
You can control the Bettr Card entirely from the Bettr Credit Mobile App, which offers you the following features:
Bettr Credit is a secured environment, and you can only access it after you authenticate yourself via OTP and Fingerprint/PIN. As a cardholder, you should be aware of the features and impact of these transactions as you would be responsible for your actions within the Bettr Credit App.
The Bank will send the Cardholder a monthly statement showing the payments credited and the transactions debited to the Cardholder’s account since the last statement. The Bank will mail a statement of transactions in the Card account every month on a pre-determined date, to the mailing address on record with the Bank or publish it on Cardholder’s online account with the Bank. You authorise Us to publish monthly card/bill statement on the Platform and agree that the said notification is sufficient communication from the Bank to the Cardholder.
2. Use of the Card
3. Fees and Charges
Please note that the entire Schedule of Fees and Charges (given below), benefits and features may change at any point of time at the discretion of SBM Bank without prior notice to customers.
a. Schedule of Charges: Joining Fees, Annual Fees and Supplementary Card Fees
|Overdue Interest on Overdue Interest on Extended Credit||Interest on Cash Interest on Cash Advances|
|Up to 42%||Up to 3.5%||Up to 42%||Up to 3.5%|
The interest rate may vary dynamically based on the customer’s repayment behavior and performance.
b. Other Fees and Charges
|Cash Advance Fees||NA|
|Late Payment Charges||20% of total Bill amount or INR 1,500/-, whichever is lower|
|Minimum Due Amount||5% of the total bill generated|
|Over Limit Charges||NA|
|Card Replacement Cost||Nil|
|Foreign Currency Transaction Charge||NA|
|Interest Free Period||Up to 20 Days from Statement Generation Date|
|Duplicate Statement (Beyond 3 Months)||NA|
|GST Applicable on Fees and Charges||18%|
Charges in foreign currency: If a transaction is made in a currency other than Indian Rupees, that transaction will be converted into Indian Rupees. The conversion will take place on the date the transaction is settled with SBM Bank, which may not be the same date on which the transaction was made. If the transaction is not in US Dollars, the conversion will be made through US Dollars, by converting the charged amount into US Dollars and then by converting the US Dollar amount into Indian Rupees. Unless a specific rate is required by applicable law, the conversion rate from US Dollar to Indian Rupees will be at the rates provided by Mastercard, as the case may be, on the settlement date, increased by a Currency Conversion Factor assessment (currently 3.50%) on such transactions
c. Finance Charges
|Purchase on 15th Mar 2021||₹5,000|
|Total Amount Due on Statement Dated 5th Apr 2021||₹5,000|
|Minimum Amount Due on Statement Dated 5th Apr 2021||₹250|
|Payment Due Date 25th Apr 2021|
|Purchase on 26th Apr 2021||₹4,000|
|Payment Made on 27th Apr 2021||₹6,000|
|Interest Calculations @42% PA|
|1. Interest on ₹5,000 for 43 Days (15thMar - 26th Apr)||₹247.40|
|2. Interest on ₹4,000 for 1 Days (26th- 27th Apr 2021)||₹4.60|
|Total Interest Charged||₹252.00|
GST will be applicable on interest charges, Late Payment Charges (LPC) and EMI Interest Charges.
Late payment charges (LPC) will be applicable if the Minimum Amount Due is not paid by the payment due date.
Illustrative Example for Calculation of Late Payment Charges:
Payment of at least Minimum Amount Due i.e. ₹250 in the above example, is required to be paid by the payment due date (25th Apr 2021), to ensure that no late payment charges are levied.
Thus, in the above example, since the minimum amount due of ₹250 is not paid by the payment due date of 25th Apr 2021 and since Total Amount Due was ₹5000, late payment charges of ₹1000 + ₹180 GST (18% of ₹1000) will be levied on 26th Apr, 2021. This charge will also be applicable if you make a payment of less than the minimum amount due by the payment due date.
4. Interest Free (Grace) Period: The grace period will be 20 days from statement generation date.
Illustrative Example for the calculation of grace period: For a statement for the period from 6th Mar 2021 to 5th Apr 2021 the payment due date would be 25th Apr 2021. Assuming that you have paid your Total Amount Due of the previous month statement by the payment due date, the grace period would be: For a purchase dated 15th Mar 2021, the interest-free grace period is from 15th Mar 2021 to 25th Apr 2021 i.e. 42 days.
For a purchase dated 1st Apr 2021 the interest-free grace period is from 1st Apr 2021 to 25th Apr 2021 i.e. 25 days.
Thus, the grace period can vary depending upon the date of purchase. However, if the Total Amount Due is not paid by the payment due date, then there will be no interest free period. For cash advances, interest is charged from the date of the transaction until the date of payment.
4. Withdrawal Limits
The credit limit and cash withdrawal limit are communicated at the time of delivery of the Card and are also indicated in the monthly statements. Available credit limit is calculated by deducting the utilized limit from the total credit limit.
The Bank may at its sole discretion and based on such new documents provided, may increase the credit limit of the Cardholder. Cardholder’s credit limit may appear increased from the approved credit limit in case of refund/failed/reversed transactions.
Periodicity and mode of sending: All Card holder will be billed on a monthly basis for all charges incurred by the use of the Card and for all charges applicable to the respective account related to the Card (“Card Account”). The billing statement will be dispatched monthly to the card holder by email and will also be available on the Bettr Credit App.
Change in Billing Cycle: A Card holder shall have the right to change the billing cycle once, during the card’s lifetime. Cardholder can reach out to the SBM bank.
Minimum Amount Payable: Without prejudice to the liability of the Card Holder to immediately pay all charges incurred, the Card Holder may exercise the option to pay only the minimum amount due indicated in the statement (“Minimum Amount Due”) by the due date. The Minimum Amount Due percentage shall be a certain percentage of the outstanding amount and will be communicated to the customer when their card is activated. In case of any repayment through instalments, the instalment amount due during the statement period will be added to the Minimum Amount Due. If the total outstanding is more than the credit or cash limit, then the amount by which the credit or cash limit has been exceeded will also be included in the Minimum Amount Due. Minimum Amount Due shall also include unpaid Minimum Amount Due of the previous statements, if any. Interest will be charged if the Total Amount Due is not paid by the payment due date even if the Minimum Amount Due has been paid.
Any merchant refund/cashback/credit due to transactions converted to EMI / cancelled transactions / reversals / promotional cashback will be considered as a payment towards the outstanding of the Card i.e. 100% of the refund will be adjusted towards total amount due and 5% of the refund will be adjusted towards minimum amount due
Payments towards the Card account may be made using on the Bettr Credit App - customer can pay via net banking / debit card / UPI
In the event the Card Holder disagrees with the charges indicated in the statement, it should be communicated in writing to the correspondence address of SBM Bank / Bettr Credit within 60 (sixty) days of receipt of the statement, failing which it would be construed that all charges indicated in the statement are in order
In the event that you are not satisfied with our services, you may register your grievance by (i) emailing at firstname.lastname@example.org (ii) calling at our helpline number 08046809259
In the event you are not satisfied with our services, you may register your grievance by dialing our helpline number 01243631820.
6. Default and Circumstances
7. Termination/revocation/surrender of cardholder ship
8. Loss/theft/misuse of card
The Bank shall part with all available information about the Card Holder, repayment history etc. to Credit Information Bureaus (specifically authorized by RBI) or to such other agencies approved by law. SBM Bank/Group Companies reserve the right to retain the application forms and documents provided therewith, including photographs, and will not return the same.
10. Debt assignment:
SBM Bank shall have the right to transfer, assign and sell in any manner, in whole or in part, the Card outstanding and dues to any third party of its choice without reference or intimation to the Card Holder. Notwithstanding any such sale, assignment or transfer, SBM Bank shall be fully empowered to proceed against the Card Holder. The Card Holder shall be liable for all costs and expenses on account of any such assignment, sale or transfer and recovery of outstanding and dues.
11. Settlement of disputes
All disputes are subject to the exclusive jurisdiction of the competent courts in Mumbai only
12. Changes to terms and conditions
Changing terms and conditions of MITC SBM Bank shall have the absolute discretion to amend or supplement any of the terms and conditions specified in MITC, features and benefits offered on the Card including, without limitation to, changes which affect existing balances, interest charges or rates and methods of calculation at any time. The Card Holder shall be liable for all charges incurred and all other obligations under these revised terms and conditions until all the amounts under the Card are repaid in full. SBM Bank may communicate the amended Terms by hosting the same on the internet banking or in any other manner as decided by SBM Bank. The Card Holder shall be responsible for regularly reviewing these terms and conditions specified in MITC including amendments thereto as may be posted on the internet banking and shall be deemed to have accepted the amended terms and conditions specified in MITC by continuing to use the Card. Any change in the terms and conditions specified in MITC shall be communicated to the Card Holder, in the manner as aforesaid, one month prior to the date of their implementation.
Notices All notices or other communications under or in connection with terms and conditions specified including all amounts due from the Card Holder shall be given in writing to SBM Bank (India) Limited, and, unless otherwise stated may be made by letter or facsimile. Any such notice or other communication will be deemed to be effective: (i) if sent by letter, when delivered personally or if dispatched by post, when recall of the letter is outside the control of the sender; and (ii) if sent by facsimile, when sent (on receipt of a confirmation to the correct facsimile number). Provided, however, that no notice or communication to SBM Bank shall be effective unless actually received and acknowledged by SBM Bank. Notices or communication may be made to: (i) the Card Holder's address or facsimile number as recorded in SBM Bank's records and to which notices / communications are to be sent (as specified in the Application Form), and (ii) SBM Bank's zonal / regional / branch /office address or facsimile number (as specified in the application form), or to such other address or facsimile number as may be designated by the Card Holder and SBM Bank in writing to each other. In the event of any failure by the Card Holder to notify SBM Bank in writing of any changes in its contact address or details, service of a notice/ correspondence to the address specified in the Application Form or last given by the Card Holder shall be deemed to be proper and sufficient service on the Card Holder irrespective of whether or not such notice shall be returned “unserved” to SBM Bank. A notice published in the newspaper available in the area of residence or work of the Card Holder shall be sufficient notice to the Card Holder from the date of its publications; provided however, a notice in a newspaper shall not be effective against SBM Bank unless acknowledged by SBM Bank. SBM Bank may, at its sole discretion, utilize the services of external service provider/s or agent/s and on such terms as required or necessary, in relation to its products/ services. SBM Bank and SBM Bank's logos are trademark and property of SBM Bank Ltd. Any misuse of any intellectual property, or any other content displayed herein is strictly prohibited. Any notice or communication to be sent on following coordinates: Address: SBM Bank (India) Ltd., 306 - A, The Capital, G block, Bandra-Kurla Complex, Bandra East, Mumbai 400 051, Maharashtra Tel No: +91 022 4007 1500 Mail ID: email@example.com
14. Exclusion of liability
Without prejudice to the remedies available to SBM Bank and the terms and conditions, SBM Bank shall be under no liability whatsoever to the Card Holder in respect of any loss or damage arising directly or indirectly out of:
15. Quality of goods & services
SBM Bank shall not, in any way, be responsible for merchandise, merchandise warranty or services purchased, or availed of by the Card Holder from merchant, including on account of delay in delivery, non-delivery, non-receipt of goods or receipt of defective goods by the Card Holder. It must be distinctly understood that the Card is purely a facility to the Card Member to purchase goods and/or avail of services, SBM Bank holds out no warranty or makes no representation about quality, delivery or otherwise of the merchandise. Any dispute or claim regarding the merchandise must be resolved by the Card Holder with the merchant. The existence of the claim or dispute shall not relieve the Card Holder of his obligation to pay all the Charges to SBM Bank and the Card Holder agrees to pay such charges promptly.
SBM Bank reserves the right to offer to the Card Holders, whose accounts have been maintained in good standing as per the credit norms of SBM Bank, certain facilities, memberships and services at such fees and on such terms and conditions as it may deem fit. SBM Bank reserves the right to waive or reduce the fees and to withdraw such benefit at any time without prior notice and without liability to the Card Holder. Any termination of membership, because of a violation of these Terms and Conditions, shall result automatically in the termination of such facilities and services. SBM Bank shall not be liable, in any way, to the Card Holder, in case of defect or breach in the performance of carrying out such facilities, memberships or services or the non-performance thereof, whether by SBM Bank, or a merchant or any other third party. SBM Bank reserves the right to use the information provided by the Card Holder on his application and during surveys, information from external sources, including consumer reports, for marketing activities carried out by SBM Bank / Affiliates. SBM Bank may use this information to develop mailing lists that may be used by companies with whom SBM Bank shall work to develop marketing offers for the Card Holders. SBM Bank reserves the right to revise the policies, features and benefits offered on the Card from time to time and may notify the Card Holder of any such revisions/changes in any manner as deemed appropriate. The Card Holder will be bound by such revisions/changes unless the Card is returned to SBM Bank for cancellation before the date on which the revisions/changes are made. The details of all transactions recorded in the Card Account of the Card Holder may be shared with credit reference agencies, lenders and/or other agencies for the purposes of assessing further applications for credit by the Card Holder and/or his family members, and for fraud prevention. In addition to the general right to set off or other right conferred by law or under any other agreement, SBM Bank may, without notice, combine or consolidate the standing balance on the Card Account with any other account(s) which the Card Holder maintains with SBM Bank and its Group Companies, and set-off or transfer money standing to the credit of such other account(s) in or towards the satisfaction of the Card Holder’s liability to SBM Bank under his Card Account. The Card Holder shall forthwith notify SBM Bank of any change in his name, address, contact number and email id for communication as stated in the application form for the Card. SBM Bank reserves the right to change the Card Holder’s address in its records if such change in address comes to the notice of SBM Bank. The responsibility shall be solely of the Card Holder to ensure that SBM Bank has been informed of the correct address for communication, and SBM Bank disclaims all liability in case of an incorrect address resulting in any loss or liability for the Card Holder. The Card Holder shall comply with all such terms and conditions as SBM Bank or its Affiliates may prescribe from time to time for facilities/ services availed of by the Card Holder. All such transactions effected by or through facilities for conducting remote transactions including the Internet, World Wide Web, electronic data interchange, call centres, teleservice operations (whether voice, video, data or combination thereof) or by means of electronic, computer, automated machines network or through other means of telecommunication, established by or on behalf of SBM Bank or its Affiliates, for and in respect of such facilities/ services offered, shall constitute legally binding and valid transactions when done in adherence to and in compliance with the terms and conditions prescribed by SBM Bank or its Affiliates for such facilities/ services, as may be prescribed from time to time.
18. Rewards Program
By using Bettr Card, the customer is automatically enrolled in the Bettr Card Rewards Program. When the customer transacts with their Bettr Card, reward points are credited to the Bettr Credit App depending on the transaction value and the purchase category. The reward points can be accumulated and can be redeemed in the form of cashbacks to the customer’s credit card account. The system is subject to change
In compliance with the terms and conditions prescribed by SBM Bank or its Affiliates for such facilities/ services, as may be prescribed from time to time.
*SBM Bank may at its sole discretion, utilize the services of external service provider/s or agent/s and on such terms as required or necessary, in relation to the Cards.
CONSENT IN RELATION TO ACCESS TO CREDIT INFORMATION THROUGH EXPERIAN
This End User Agreement (the “Agreement”) is made between you (the “User” or “You”) and Mvalu Technology Services Private Limited, a private limited company having its registered office at 321, 3rd Floor, E Wing, Kanakia Zillion, LBS Marg, CST Road Junction, Kurla West, Mumbai - 400070 (“Mvalu”, Bettr” “Us” or “We”, which term shall include its successors and permitted assigns). The User and MValu shall be collectively referred to as the “Parties” and individually as a “Party”. You hereby consent to Bettr being appointed as your authorised representative to receive your Credit Information from Experian periodically, during a period of 12 consecutive months from the date consent, for the purpose of curating personalized credit offers/ loans and facilitating the same to you (“End Use Purpose”).
BY EXECUTING THIS AGREEMENT / CONSENT FORM, YOU ARE EXPRESSLY AGREEING TO ACCESS THE EXPERIAN CREDIT INFORMATION REPORT AND CREDIT SCORE, AGGREGATE SCORES, INFERENCES, REFERENCES AND DETAILS (AS DEFINED BELOW)(TOGETHER REFERRED AS “CREDIT INFORMATION”). YOU HEREBY ALSO IRREVOCABLY AND UNCONDITIONALLY CONSENT TO SUCH CREDIT INFORMATION BEING PROVIDED BY EXPERIAN TO YOU AND BETTRBY USING EXPERIAN TOOLS, ALGORITHMS AND DEVICES AND YOU HEREBY AGREE, ACKNOWLEDGE AND ACCEPT THE TERMS AND CONDITIONS SET FORTH HEREIN.
Terms and Conditions
Information Collection, Use, Confidentiality, No-Disclosure and Data Purging
BETTR shall access your Credit Information as your authorized representative and BETTR shall use the Credit Information for limited End Use Purpose consisting of and in relation to the services proposed to be availed by you from BETTR. We shall not aggregate, retain, store, copy, reproduce, republish, upload, post, transmit, sell or rent the Credit Information to any other person and the same cannot be copied or reproduced other than as agreed herein and in furtherance to CICRA. The Parties agree to protect and keep confidential the Credit Information both online and offline.
Governing Law and Jurisdiction
The relationship between you and BETTR shall be governed by laws of India and all claims or disputes arising there from shall be subject to the exclusive jurisdiction of the courts of Mumbai.
Capitalised terms used herein but not defined above shall have the following meanings:
“Business Day” means a day (other than a public holiday) on which banks are open for general business in Mumbai.
“Credit Information Report” “means the credit information / scores/ aggregates / variables / inferences or reports which shall be generated by Experian;
“Credit Score” means the score which shall be mentioned on the Credit Information Report which shall be computed by Experian.
“CICRA” shall mean the Credit Information Companies (Regulation) Act, 2005 read with the Credit Information Companies Rules, 2006 and the Credit Information Companies Regulations, 2006, and shall include any other rules and regulations prescribed thereunder.