Regulation 3

the amount that is outstanding on the credit card or charge card and all supplementary cards is —

secured by specified deposits; or

guaranteed by any bank, merchant bank or finance company, other than the bank, merchant bank or finance company that issued the credit card or charge card;

the amount of the specified deposits or the guarantee, as the case may be —

is not less than $10,000 at the time of the application for the credit card or charge card; and

is not at any time during the period the principal cardholder holds the credit card or charge card less than the higher of the following:

$10,000;

the amount that is outstanding on the credit card or charge card and all supplementary cards; and

the card issuer has obtained security or legally binding undertakings, or taken any other action, to ensure that, unless and until the amount that is outstanding on the credit card or charge card and all supplementary cards is fully paid up —

the specified deposits will not be withdrawn by the principal cardholder; or

the guarantee will not be withdrawn by the bank, merchant bank or finance company.

the amount that is outstanding on the credit card or charge card and all supplementary cards is —

secured by specified deposits; or

guaranteed by any bank, merchant bank or finance company, other than the bank, merchant bank or finance company that issued the credit card or charge card;

the amount of specified deposits or the guarantee, as the case may be —

is not less than $10,000 at the time of the application for the credit card or charge card; and

is not at any time during the period the principal cardholder holds the credit card or charge card less than $10,000; but(iii)may at any time during the period the principal cardholder holds the credit card or charge card, be less than the amount that is outstanding on the credit card or charge card and all supplementary cards; and

the card issuer has obtained security or legally binding undertakings, or taken any other action, to ensure that, unless and until the amount that is outstanding on the credit card or charge card and all supplementary cards is not more than the difference between the credit limit of the credit card or charge card and the amount of specified deposits —

the specified deposits will not be withdrawn by the principal cardholder; or

the guarantee will not be withdrawn by the bank, merchant bank or finance company.

a reference to the principal cardholder means the cardholder, if no supplementary card is issued under the cardholder’s credit card or charge card;

a reference to a supplementary card means any supplementary card that has been issued under a principal cardholder’s credit card or charge card;

a reference to the amount outstanding on a credit card or charge card and all supplementary cards does not include any fees, interest and charges (including late payment charges) relating to the use of any of those cards;

a reference to the credit limit of a cardholder’s credit card means, where one or more supplementary credit cards issued under the credit card have separate credit limits from that credit card, the sum of the credit limits of that credit card and the supplementary credit cards;

a reference to the credit limit of a cardholder’s charge card means, where one or more supplementary charge cards issued under the charge card have separate credit limits from that charge card, the sum of the credit limits of that charge card and all such supplementary charge cards;

“specified deposits” means one or more deposits in the name of the cardholder, whether solely or jointly with one or more persons, or a private investment vehicle of the principal cardholder, placed with any bank, merchant bank or finance company; and

“private investment vehicle”, in relation to a cardholder, means a body corporate or trust established by or on behalf of the cardholder for the purpose of managing or holding assets of the cardholder.