Common use of Issuance of the Card Clause in Contracts

Issuance of the Card. 2.01 The “Bank” shall have the right to examine and review the credit standing of the applicant for issuing the “Card” at any time the “Bank” deems fit without reference to the applicant or assigning any reason whatsoever. The credit examination / review, necessary to the processing of the “Card” application process, may require the “Bank” to disclose the applicant’s address, salary, any professional and/or financial information to any other party. 2.02 The "Bank" shall have the right to decline the credit card application without assigning any reason and in such case the application and its supporting documents including Salary certificate, Payslip or Bank statement submitted to the Bank will become part of the Bank’s records and will not be returned to the Customer. 2.03 As a pre-condition for approving any application to issue a “Card”, the “Bank” may, in its sole discretion and determination, require the applicant to issue a Cheque and/or pledge and/or assign a cash deposit in favour of the “Bank” for any amount determined by the “Bank”. The “Bank” shall maintain this security so long as the “Card” is valid and there is any unpaid “New Balance”. If the “New Balance” is fully settled the “Bank” shall continue to maintain this security for a period not less than forty five days from the date of cancelling the “Card”.