American Express Access It® Terms and Conditions
1. American Express Access It is a loan on the card product (“Loan-on-Card”). It is only applicable to selected Basic Cardmembers who hold an American Express® Credit Card issued by American Express International, Inc. (“American Express”) in Hong Kong (“Cardmember”). American Express has the full descretion to decide the selected Cardmembers.The Loan-on-Card is provided subject to these Terms and Conditions which shall be in addition and supplementary to your applicable Cardmember Agreement. By applying for the Loan-on-Card, you are considered to have accepted these Terms and Conditions and the Cardmember Agreement (as supplemented) in full and will be bound by them. The provisions in these Terms and Conditions prevail over the provisions in the Cardmember Agreement to the extent of any inconsistency between them.
2. Cardmember shall apply the Loan-on-Card via the MYCA or Amex HK App. The selected Cardmember will be notified of the Loan-on-Card approval via confirmation communication, in which Cardmember will receive the final confirmed Loan-on-Card amount ("Loan-on-Card Amount"), terms of the Loan-on-Card, monthly flat rate, Annualized Percentage Rate ("APR"), and the monthly installment payment amount ("Installment Amount").
3. When the Loan-on-Card has been approved and has posted to the Cardmember’s account, the Cardmember’s available credit limit will be reduced by an amount equivalent to the Loan-on-Card Amount. The available credit limit will be restored as the Cardmember repays each Installment Amount until the final Installment is settled.
4. The total interest is calculated for the entire term (“Repayment Period”) from the date the Loan-on-Card Amount has been approved and posted to the Cardmembers Card account to the date that the final installment is fully settled. A portion of interest is charged on each monthly Card statement during the Repayment Period. The first month Card statement after the Loan-on-Card Amount has been posted to the Cardmember’s Card account will only consist of interest. Please refer to the confirmation communication you received for the first monthly repayment Amount and payment due date. The statements thereafter will show the monthly Installment Amount according to your Repayment Period, with a portion of each payment, including the interest and monthly repayment Amount for the Loan-on-Card. For more information on how much interest or principal is being paid with each installment, please refer to your statement.
Example: If your Loan-on-Card
Amount is posted to your account on January 15, 2022, the interest will be calculated from the Loan-on-Card Amount posted date and charged on the coming statement. Assume the coming statement will be received by February, only interest accrued from Loan-on-Card Amount posted date up to the statement issue date will be charged in February statement. Thereafter, the Installment Amount will be charged from March statement, and you need to repay the Installment Amount according to your Repayment Period.
5. The interest is calculated based on the outstanding principal and allocated to the Repayment Period. The Amount of monthly repayement apportioned to interest is the highest at the beginning and gradually decreases across the repayment periods.
6. Once the Loan-on-Card is approved, we will process your Loan-on-Card and cause our banking service provider, the Hong Kong and Shanghai Banking Corporation Limited (“HSBC”), to pay the funds to your nominated Hong Kong Dollar individual current or savings account of a licensed
bank in Hong Kong which is under the Cardmember’s name ("Designated Bank Account") and is eligible to Faster Payment System (FPS) generally within a day. Your name, account number of
the Designated Bank Account, and Loan-on-Card amount will be shared to HSBC for disbursement purposes, and HSBC may retain your information as needed in accordance with its policies and to comply with applicable laws. Please note if you choose to use HSBC accounts as your Designated Bank Account, you might be required by email to provide your bank statement for our verification of your bank account. The application process may take up to 5 days upon the submission of the application. If we do not receive your bank statement in the requested timeframe/any required information missing/does not match with our record, we reserve the right to decline/cancel your application.
Please note that your designated bank may charge a handling fee from your account.
7. When nominating the Designated Bank Account, you must ensure that you enter your Bank Account details correctly and the Account names, Bank code and Account number are matched, verified or checked. If you enter your Bank Account details incorrectly, Loan-on-Card Amount may be sent to the wrong account and it may not be possible to recover Loan-on-Card Amount from an unintended recipient. American Express is not liable or responsible for any loss if the Designated Bank Account is incorrect and not under the Cardmember's name.
8. Upon approval of the Loan-on-Card application, Installment, term, APR and Loan-on-Card Amount listed in the confirmation communication cannot be altered. You may request to cancel your Loan at any time by logging in to your online services account or calling the 24-hour enquiry hotline shown at the back of your card for Loan cancellation. As cancellation can take up to 24-48 hours to process, you may also be required to pay an interest only installment or Installment Amount after requesting cancellation if your cancellation request is not processed before your next statement date. Once cancelled, the unpaid Loan-on-Card Amount and any accrued interest from the last statement issue date up to the date your cancellation request is being processed which has not been billed for the cancelled Loan-on-Card will be moved to your standard balance.
9. Payment in excess of the Installment, early repayment, either in full or partial payment, will not be applied to offset the Loan-on-Card Amount or cancel the Loan-on-Card. If you wish to pay off the Loan-on-the-Card Amount early, please contact us for Loan-on-Card cancellation.
10. The minimum Loan amount requirement is HK$20,000.
11. The maximum Loan amount must not exceed 80% of your available credit limit of the Card.
12. You can only have one Loan-on-Card at a time. Once the Loan-on-Card is approved, you can only apply a new Loan-on-Card after the Loan-on-Card has been fully repaid.
13. The Installment Amount drawn down from the Loan-on-Card shall not be eligible for any promotional program, points reward or rebate.
14. The Installment Amount shall be charged to the designated Card and will appear on that Card’s monthly statement. You need to be aware that only 1.5% of the monthly Installment Amount principal plus full monthly Installment interest of the Loan-on-Card will be included in the minimum payment due. If you fail to pay the statement balance of your monthly Card statement in full, or if you only pay the minimum payment due on or before the due date of that statement, you shall pay a finance charge and other charges on all outstanding balance at the interest rate applicable to the account pursuant to
the relevant Cardmember Agreement.
15. The APR is calculated based on set of assumptions and the actual APR may vary, and is for your ease of reference only. An APR is a reference rate which includes the basic interest rate and other fees and charges of a product expressed as an annualized rate. The above rate is rounded off to the last 2 decimal places. The Cardmember’s personalized APR is derived by various components including account status, risk level, Loan-on-Card Amount, and term of the Loan-on-Card.
16. If coinciding with public holidays or weekends, if you don't receive final confirmation email within 5 calendar days, your application may have been cancelled and you may need to apply again. Please contact us if you have any questions or wish to check the status of your application.
17. American Express reserves the right to approve or decline the Loan-on-Card application without giving any reason or prior notice.
18. The account of Cardmember must be valid and in good standing throughout the Repayment Period. Otherwise, American Express reserves the right to cancel the Loan-on-Card without any prior notice. Once cancelled, the unpaid Loan-on-Card Amount and any accrued interest from the last statement issue date up to the date of the Loan-on-Card cancellation is being processed which has not been billed for the cancelled Loan-on-Card will be moved to your standard balance.
19. American Express reserves the right to amend these Terms and Conditions, suspend or terminate the Loan-on-Card service at any time without any prior notice. These Terms and Conditions are supplemental to the terms set out in the Cardmember Agreement. Any matters not expressly mentioned or amended herein shall be governed by the Cardmember Agreement.
20. In the event of any inconsistency between the English and Chinese versions of these Terms and Conditions, the English version shall prevail. In case of any dispute, American Express reserves the right of final decision.