EU Consumer Credit Info

STANDARD EUROPEAN CONSUMER CREDIT INFORMATION

VALLETTA FC CARD

 

I.   Identity and contact details of the creditor/credit intermediary

Creditor

Address


Telephone 

E-mail address

Fax number

Web address

Insignia Cards Limited

Portomaso Tower, Portomaso, St. Julians, STJ 4011, Malta

+356 2570 9000

info@insignia.com.mt

+356 2570 9199

www.insignia.com.mt

 

2.   Description of the main features of the credit product

 

The type of credit

Revolving facility on a credit card.

The total amount of credit

 

Consumers’ credit limits will be established following a credit assessment based on the circumstances of each applicant. Hence, the credit limit granted will vary from one person to another. The consumer has the facility of requesting a lower credit limit at any time. Insignia Cards Limited (“Insignia” or the “Institution”) may change consumers’ credit limits at any time subject to due notification.

The conditions  governing  the drawdown

 

Once the account has been opened and the card with its respective PIN details has been issued, cardholders can avail themselves of the credit immediately.

The duration of the credit agreement

There is no fixed or minimum duration. The account will remain open until it is closed either at consumers’ requests or by the Institution.

Instalments  and, where appropriate, the order in which instalments will be allocated

Consumers must pay each month the greater of:

·          17% of the statement balance; or

·          The following minimum payments, that are based on consumers’ credit limits, plus any existing arrears carried over from the previous statement:

·     €20 for a credit limit of €300 

·     €42 for a credit limit of €700

·     €90 for a credit limit of €1,500

·     €180 for a credit limit of €3,000

·     €300 for a credit limit of €5,000; or

 

·          The amount the cardholder owes over the credit limit, which includes any over limit fees.

 

Unless the account is in arrears, the Institution always uses the cardholders’ payments to pay off items which have appeared on a statement received by the cardholder before paying off items which have not yet appeared on the statement.

If the account is in arrears, receipts are used to pay off the arrears on the cardholders’ accounts, starting with the oldest, before allocating receipts towards the amount due from the cardholders’ most recent statements.

The total amount you will have to pay

This means the amount of borrowed capital plus interest and possible costs related to your credit.

If the full credit limit of €5,000 is spent, consumers will pay €5,461.

If the full credit limit of €3,000 is spent, consumers will pay €3,298.

If the full credit limit of €1,500 is spent, consumers will pay €1,676.

If the full credit limit of €700 is spent, consumers will pay €811.

If the full credit limit of €300 is spent, consumers will pay €378.

 

The above calculations are based on a borrowing rate of 7.85%, card fees of €50 and the assumption that the facility is not reduced by the established minimum payment.

 

3.   Costs of the credit

 

The borrowing rate or, if applicable, different borrowing rates which apply  to the credit agreement

The applicable interest rate for this credit facility is 7.85%.

 

Should cardholders pay the full amount within 25 days of the statement date, no interest will be charged. Depending on the time the purchases are made, consumers can have up to 55 days of interest-free credit.

Annual Percentage Rate of Charge (APR) This is the total cost expressed as an annual percentage of the total amount of credit.

The APR   is   there to   help you   compare different offers.

The Annual Percentage Rate (APR) on a Valletta FC VISA Card, based on a credit limit of €5,000, is 9.22%.

The Annual Percentage Rate (APR) on a Valletta FC VISA Card, based on a credit limit of €3,000, is 9.941%.

The Annual Percentage Rate (APR) on a Valletta FC VISA Card, based on a credit limit of €1,500, is 11.743%.

The Annual Percentage Rate (APR) on a Valletta FC VISA Card, based on a credit limit of €700, is 15.863%.

The Annual Percentage Rate (APR) on a Valletta FC VISA Card, based on a credit limit of €300, is 26.162%.

 

The above calculations are based on a borrowing rate of 7.85% and a card fee of €50, and assume that the facility is not reduced by the established minimum payment. Therefore, the APR is the total cost including the interest and the annual card fee based on the assumption that the full credit limit is spent. The APR is there to assist consumers compare different offers.

Is it compulsory, in order to obtain the credit or to obtain it on the terms and conditions marketed, to take out an insurance policy  securing the credit or another ancillary service contract?

If the costs of these services are not known by the creditor they are not included in the APR.

No

 

 

No

 

 Related costs

 

Amount  of costs  for using a specific  means of payment (e.g. a credit card)

In the event that a card is lost/stolen, the Institution will replace the card against a fee of €8.

 

If consumers do not pay the minimum repayment due by the date specified in the statement, the Institution also charges a Late Payment Fee of 2.50% on the overdue amount.

 

Should consumers exceed the credit limit, an over-limit fee equivalent to the higher of €5 or 2% of the amount exceeding the credit limit will be charged.

 

Conditions under which the above mentioned costs related to the credit agreement can be changed

Insignia Cards Limited may amend fees or borrowing rates that apply to consumers’ accounts at any time.  This could include adding new fees or charges. 

 

Consumers will be informed of any increases in fees, charges or borrowing rates by giving one month’s advance notice.  If consumers do not wish to incur the new tariffs after the change, they may either avoid making use of the Institution’s deferred payment plans or they may terminate their credit card agreement by giving 30 days notice.

 

If tariffs are reduced consumers will be informed of this beforehand or within 30 days of the decrease.

​Costs in the case of late payments

Where missed or late payments result in the minimum payment not being paid on time, interest will continue to be charged on the outstanding amount at the borrowing rates disclosed above.

 

Further, a late payment fee amounting to 2.5% of the overdue amount will be charged.

 

The Institution may also seek to recover debt collection expenses arising from judicial and enforcement proceedings.

 

   Other important legal aspects

 

Right of withdrawal

Consumers have the right to withdraw from the credit agreement immediately upon receipt of the card and the respective PIN number.

Early repayment

You have the right to repay the credit early at any time In full or partially

Consumers have the right to make early repayments at any time.

Consultation of a database

The creditor must inform you immediately and without charge of the result of a consultation of a database, if a credit application is rejected on the basis of such a consultation.  This does not apply if the provision of such information is prohibited by European Community law or
is contrary to objectives of public policy or public security.

 

If consumers’ application for an Insignia credit card is declined, consumers will be informed of the reason. Further, if the decision is based on information from a Credit Reference Agency consumers will be informed of the agency consulted and their contact details will be given to consumers immediately free of charge, unless the Institution has a good reason not to.

  Right to a draft credit agreement

You have the right, upon request to obtain a copy of the draft credit agreement free of charge   This provision does not apply if the creditor is at the time of the request unwilling to proceed to the conclusion of the credit agreement with you.

Consumers have the right, upon request to obtain a copy of the draft credit agreement free of charge.  General Terms & Conditions are available on www.insignia.com.mt

The period of time during which the creditor is bound by  the  pre-contractual  information

This information is valid from 30th November 2013 until 31st August 2014.

 

5.   Additional information In the case of distance marketing of financial services

 

(a) concerning the creditor

 

Registration Number

Registered with the Registry of Companies in Malta with registration number C54426 and licensed by the Malta Financial Services Authority to undertake payment services, issue electronic money, perform lending, and to trade for own account in money market instruments, foreign exchange, financial futures and options, exchange and interest-rate instruments and transferable securities.

 The supervisory authority

Malta Financial Services Authority, Notabile Road, Attard, BKR 3000, Malta

(http://www.mfsa.com.mt/pages/contact.aspx)

b) concerning the credit agreement

 

Exercise of the right of withdrawal

Consumers have the right to withdraw from the Agreement within fourteen (14) calendar days from the conclusion of the Agreement (or receipt of the Info Sheet and the Agreement, whichever occurs later).

The address for sending the notice to Insignia Cards Limited (C54426) is the following: P.O. Box 43, St Julians Branch, St Julians, STJ 1000.

 

The law taken by the creditor as a basis for the establishment of relations  with  you before the conclusion  of the  credit contract

Maltese.

Clause stipulating the governing  law applicable to the credit agreement  and/or the competent court

This Agreement shall be governed by and construed in accordance with Maltese Law and any dispute shall be subject to the exclusive jurisdiction of the Courts of Justice of Malta.

Language regime

Information and contractual terms will be supplied in English. With consumers’ consent, the Institution intends to communicate in English during the duration of the credit agreement.

(c) concerning redress

 

Existence   of  and   access   to   out-of-court complaint and redress mechanism

Queries or complaints regarding any transaction carried out with the Valletta FC VISA Card should be discussed with the Institution’s personnel by calling 00356 2570 9333 or emailing cardholdersupport@insignia.com.mt.

If consumers are not satisfied with the Institution’s reply or no agreement has been reached with the Institution, consumers may lodge a complaint with the Consumer Complaints Manager established under the Malta Financial Services Authority Act, without prejudice to the consumer’s right to take legal proceedings.