SimplyPay | Security Bank Philippines (2024)

Terms and Conditions

In these Terms and Conditions Governing the SimplyPay Facility (“Terms and Conditions”), the term “Security Bank Card” means all credit cards issued by Security Bank (“Security Bank”). The term “Cardholder” means any person at whose request one or more Security Bank Cards have been issued.

General:

1. SimplyPay is a form of payment facility wherein principal cardholders in good credit standing may pay for the fees, dues, and premiums such as tuition fees, rent, association dues and more using their Security Bank Mastercard credit card, with applicable interest and other fees to be paid by either on straight or installment basis.
2. The SimplyPay availment shall be subject to the verification and credit approval of Security Bank.
3. Where Security Bank approves a SimplyPay availment, the total SimplyPay amount shall be subject to these terms and conditions and all applicable terms and conditions under the Terms and Conditions Governing the Issuance and Use of Security Bank Mastercard Credit Card (“Cards Terms and Conditions”).

Promo Period:

July 1 to December 31, 2024

Eligibility Requirements:

1. The Cardholder must be a principal Security Bank credit cardholder and must be in good credit standing.
2. The total amount of SimplyPay availed (“Total SimplyPay Amount”) should not be less than Five Thousand Pesos (PHP5,000) for regular straight transaction and Three Thousand Pesos (PHP3,000) for installment transactions.
3. The cardholder shall be required to provide the following:
   • Cardholder Details:
     • Full Name
     • Card Number (First 6 and Last 4)
     • Card Expiry Number
     • Registered Mobile Number
     • Registered E-mail Address
   • Payment Instruction Details:
     • Recipient’s Name
     • Bank Name
     • Bank Account Name
     • Bank Account Number
     • Amount
     • Purpose of Payment
4. The cardholder shall be limited to a maximum aggregate SimplyPay transactions amount per month of Php500,000.00

Other conditions:

1. Cardholder must ensure that the biller’s bank account is still valid, and all the provided details are accurate and complete. Security Bank does not conduct verification of payee’s details and will not be responsible should there be any error or failure of payment being requested from your biller due to incorrect details such as Account Name, Account Number and/or Amount that may eventually result to your loss and damage.
2. By availing of this service, the Cardholder hereby agrees that the total SimplyPay availment amount and fees or add-on rates will be debited from their account’s available credit limit.
3. Security Bank will only allow payment of availed SimplyPay amount, fees, and/or add-on rate via straight or installment basis.
4. The following are the fees for every SimplyPay transaction:
   

   Straight Transaction: NO FEE (PROMO)

   Installment Transaction:See table below.

   Tenor	3	6	9	12
   Monthly Add-on rate	1.00%	1.00%	1.00%	1.00%
   Factor Rate	0.343333	0.176667	0.121111	0.093333

   Sample Computation:

   Straight Transaction (PROMO):

   Principal Amount: PHP5,000

   Tenor: N/A

   Payment: PHP5,000

   Monthly Amortization: N/A

   Installment Transaction:

   Principal Amount: PHP3,000

   Tenor: 3 months

   Factor Rate: 0.343333

   Monthly Amortization (Principal Amount x Factor Rate): PHP1,030

   Payment (Monthly Amortization x Tenor): PHP3,090

5. Security Bank has the absolute and exclusive right to approve or reject all SimplyPay availments.
6. Security Bank is not obligated to process any payments and may refuse any payment transactions on your card at our discretion. It is important to note that you are prohibited from engaging in certain types of payments, including but not limited to the following:
   • Sending money to yourself or recipients who have not provided you with goods or services, unless explicitly permitted by us, as well as obtaining cash advances from your card for yourself or any other party or assisting others in doing so.
   • Engaging in transactions that are not intended for personal purposes or personal use, including the usage of this service for business activities regulated by the Bangko Sentral ng Pilipinas or any relevant regulatory body, such as money services or remittance businesses, virtual currency exchanges, and similar activities, is strictly prohibited.
   • Engaging in cryptocurrency-related transactions.
   • Conducting transactions that are considered unacceptable, such as gambling or games of chance, or transactions with objectives or purposes contrary to law, morals, good customs, public order, or public policy.
   • Any other transactions that we may determine at our discretion.

     Engaging in the aforementioned payments and any violation of the terms and conditions hereof may result in the cancellation of the SimplyPay Facility.

7. Once a SimplyPay availment is approved, the proceeds of the SimplyPay availments shall be credited to the Payee’s designated bank account.
8. Security Bank is not obliged to inform the Payee and the Payee’s bank that payment to their account has been credited. Moreover, it is highly recommended that Cardholders shall inform their Payee or Biller that a payment has been credit to their account with necessary details such as Payment Amount, Account Number, Account Name, Date and Time of Payment.
9. Once the SimplyPay availment with installment as payment term is approved, the full amount of SimplyPay transaction and total add-on fee will be automatically deducted from the cardholder’s available credit limit. The monthly amortizations shall be posted on the Cardholder’s monthly statement of account. These shall form part of the total outstanding balance due in the Cardholder’s statement of account. If the Cardholder revolves any portion of the total outstanding balance due in any given month, the account shall be subject to the computation of the Finance Charge and Late Payment Charge (if applicable) for that month.
10. If a portion of the SimplyPay remains unpaid after the chosen repayment period, the corresponding unpaid principal amount shall be charged the prevailing, standard monthly finance charges of the applicable Security Bank Mastercard credit card. Should any portion of the monthly add-on interest due in any given month remains unpaid, the corresponding late payment and finance charges under the SimplyPay plan shall be applicable.
11. Once approved, the SimplyPay transaction can no longer be cancelled and/or reversed.
12. Security Bank shall not be liable for the delinquency of the Cardholder’s account to their billers, for interest or any penalty charges imposed upon the Cardholder as a result of the rejection by Security Bank of his/her SimplyPay availment.
13. The add-on rates are determined by Security Bank and may be subject to change in accordance with the prevailing market rates for similar transactions and terms.
14. By submitting the form and/or application, the Cardholder thereby agrees that he/she is applying for the SimplyPay Facility at no fee (Straight) and/or add-on rates (Installment).
15. By submitting this form, the Cardholder thereby agrees that any SimplyPay straight transactions deposited to their personal bank account will be treated as Cash Advance transactions and will follow applicable Cash Advance Fees and Charges, if there are any, and will be bound by all of the Terms and Conditions of Cash Advance. Likewise, the Cardholder thereby agrees that any SimplyPay installment transactions deposited to their personal bank account will be treated as Ready Cash availment and will follow applicable Ready Cash Fees, and regular monthly add-on interest rates depending on the requested tenor and to be bound by all of the Terms and Conditions of Ready Cash.
16. In the event that a Cardholder ceases to be of good credit standing through any of the following: (i) suspension, (ii) cancellation, or (iii) non-renewal of Security Bank credit card due to non-payment or breach of these terms and conditions, the Terms and Conditions Governing the Issuance and Use of Security Bank Mastercard Credit Card (“Cards Terms and Conditions”) and all related provisions of the Security Bank In-house Installment Plan shall be applicable, and all of the unpaid installment terms as well as other account balances shall immediately become due and demandable.

Per DTI Fair Trade Permit No. FTEB-195475 Series of 2024

Security Bank Corporation is regulated by the Bangko Sentral ng Pilipinas

www.bsp.gov.ph