Common use of Credit Transaction Clause in Contracts

Credit Transaction. 15.1 A debit for a purchase and a subsequent credit for cancellation of goods / services are considered to be two separate transactions. You must pay for the purchase transaction as it appears in the Statement to avoid any additional charges being levied. 15.2 On cancellation, the refund will only be credited to the Card Account (less cancellation charges) as and when received by Bank. If the credit is not posted to the Card Account within a period of 30 days, you can notify the bank via the app or email or phone. 15.3 SBM Bank shall seek explicit consent of the cardholder to adjust credit amount beyond a cut-off, one percent of the credit limit or ₹5000, whichever is lower, arising out of refund/failed/reversed transactions or similar transactions against the credit limit for which payment has already been made by the cardholder. The customer will be notified through e- mail or SMS within seven days of the credit transaction. SBM Bank shall reverse the credit transaction to the cardholder’s bank account, if no consent/response is received from the cardholder. Notwithstanding the cut-off, if a cardholder makes a request to the bank for reversal of the credit amount outstanding in the card account into his/her bank account, the bank shall do it within three working days from the receipt of such request.