Plan It - EQUAL MONTHLY INSTALLMENT Program Terms and Conditions:
  1. Plan IT Eligibility: Plan It equal monthly installments is available to all Cardmembers who hold valid American Express Cards and carry out purchase transactions above a minimum threshold identified by American Express Saudi Arabia from time to time. Both, local and international purchase transactions made on either Primary or Supplementary American Express Cards can be converted to equal monthly installments facility, if all other eligibility criteria are met. Cash advances shall not be eligible for transfer to an equal monthly installments facility.
  2. The Cardmember’s eligibility to avail the equal monthly installments shall depend on account present status, the good standing of the Card account in accordance with the American Express Card conditions, the policies, procedures, guidelines and general terms and conditions of American Express Saudi Arabia applicable at the relevant time.
  3. The total amount covered under the equal monthly installments along with the Murabaha Margin amount for the tenure and the initiation fee will be charged to the Card, as a result of which, the available Credit Limit under the Card shall be reduced. The available Credit Limit shall increase as the Cardmember pays the due monthly installments.
  4. The Cardmember should ensure that the relevant Card is not blocked, there are no overdue payments, and the outstanding balance is not over the limit assigned to such Card. All payments should be made regularly by the Cardmember to settle any outstanding dues under the Card.
  5. The Cardmember may request a Credit Limit increase if a transaction exceeds the Cardmember’s assigned Credit Limit. If the Credit Limit request is approved, then the Cardmember may avail the equal monthly installments facility for this transaction.
  6. A transaction can be converted into equal monthly installments with effect from the date it is posted on the relevant Card. In case a transaction has been declared void, the request may not be processed.
  7. Equal monthly installments will be applicable to the Cardmember only after the Cardmember has been informed of the related charges.
  8. In order to avail equal monthly installments facility Cardmember shall either make a request to American Express Saudi Arabia either by submitting a request over recorded telephonic call or make a request through Authenticated Channels. American Express Saudi Arabia shall conduct a detailed review to confirm that the request meets the program’s eligibility conditions.
  9. Customer Services team can also proactively promote and book the instalment plan feature through recorded line and sharing the terms and conditions and plan by email.
  10. American Express Saudi Arabia may approve or reject the request of converting the transaction into instalment plan as per American Express Saudi Arabia policy of eligible transactions and customer’s eligibility and then the customer would be informed about the reason within a week from the date of the decision through a documented/authenticated communication means.
  11. Once approved, American Express Saudi Arabia shall communicate to the Cardmember that the requested amount has been converted to equal monthly installments as per agreed tenure.
  12. The request for equal monthly installments should be submitted before being billed in the statement and at least 3 working days before the statement date for timely processing before the Statement is generated.
  13. Once the equal monthly installments scheme is set up for the Cardmember, the monthly Installment shall be billed as a transaction on the Card and shall appear on the Card statement as part of the Minimum Payment Due amount that the Cardmember will have to pay on or before the Payment Due Date (as specified in the Card Statement). Cardmember cannot change the tenure after the Transaction is transferred to the equal monthly installments facility.
  14. If a Cardmember chooses to cancel or settle the outstanding amount under the equal monthly installments scheme before completion of the Tenure, Cardmember shall be required to pay the full principal outstanding and unpaid Murabaha Margin of the remaining period of tenure. However, American Express Saudi Arabia may reimburse Murabaha Margin to Cardmembers for the unutilized period, and such reimbursements shall be at the sole discretion of American Express Saudi Arabia.
  15. If the Cardmember decides to cancel or close a Card account while an equal monthly installments facility is still under way, the equal monthly installments facility will immediately cease to exist and the unpaid balance amount along with the unpaid Murabaha Margin will be immediately due from the Cardmember. The entire outstanding amount including the unpaid principal and the unpaid Murabaha Margin of the remaining period shall be payable by the Cardmember before account closure .However, American Express Saudi Arabia may reimburse Murabaha Margin to Cardmembers for the unutilized period, and such reimbursements shall be at the sole discretion of American Express Saudi Arabia.
  16. American Express Saudi Arabia shall have the right to terminate the equal monthly installments facility at any time by giving 30-day notice to the Cardmember or as mentioned in the Cardmember agreement.
  17. If the equal monthly installments facility, or the Card itself, is cancelled or terminated by American Express Saudi Arabia for any reason during the equal monthly installments Tenure, the outstanding unpaid amounts and any payable Murabaha Margin amount shall become payable by the Cardmember within the 30-day period.
  18. American Express Saudi Arabia may, at its sole discretion, decide to cancel a Cardmember’s equal monthly installments facility if the Cardmember misses a payment on a due date for any single period. However, if the Cardmember misses due payments for three consecutive months for both credit and charge cards, the equal monthly installments facility shall be automatically cancelled and the remaining equal monthly installments outstanding balance shall be added to the existing outstanding balance of the Cardmember.
  19. When the equal monthly installments facility is cancelled due to late payment, all remaining outstanding balance will be transferred to the Card’s outstanding balance and the minimum amount due will either be the full balance for charge cards or 5% of the balance due amount for credit Cards. This outstanding equal monthly installments balance includes the entire equal monthly installments Murabaha Margin that had been agreed upfront with the Cardmember for the full equal monthly installments tenure. However, American Express Saudi Arabia may reimburse Murabaha Margin to Cardmembers for the unutilized period, and such reimbursements shall be at the sole discretion of American Express Saudi Arabia.
  20. Once the equal monthly installments facility is closed and the equal monthly installments outstanding balance is transferred to the Card’s outstanding balance, this amount shall attract the regular Murabaha Margin (for Credit Cards) and/ or Initiation Fee (for Charge Cards) as specified in the Cardmember Agreement until the balance is settled.
  21. In case of over payment, the installment amount will not be rescheduled and it will show as a credit balance on the Cardmember outstanding and will not net off the equal monthly installments Plan amount
  22. Installment period cannot be changed to another period after it has been processed.
  23. In case of a card renewal or replaced, all transactions on the old card will be transferred to the new card including the installment plans.
  24. American Express Saudi Arabia reserves the right to amend or alter these terms and conditions at any time by giving 30 days prior notice.
  25. The merchant is solely responsible for all obligations and liabilities in connection with the supply of goods/services or any defect or damage with no responsibility holds to American Express Saudi Arabia. In case of any dispute arises in connection with the purchase or the provision of any goods or services with the merchant the Cardmember must resolve such disputes directly with the merchant. American Express Saudi Arabia is not responsible for the investigating into or resolving any such dispute. The liability of the Cardmember and his obligation to make payment to American Express Saudi Arabia shall not be affected by any such disputes.
  26. The installment program is governed by these terms and conditions in addition to the terms and conditions mentioned in the Cardmember Agreement together with any other terms and conditions to be laid down by American Express Saudi Arabia at any time.
  27. American Express Saudi Arabia may cancel the instalment plan for a material reason or with customer’s consent.
  28. American Express Saudi Arabia must not increase the amount of fees and commissions to be paid by a customers after obtaining the service or product and signing the contract/agreement or the like. An exception is the fees and commissions related to a third party, provided that they are associated with the customer’s benefit of the financed asset, in addition, American Express Saudi Arabia must enable the customer to object in the event of their non-consent to the notification received through one of the documented/authenticated channels.