Terms And Conditions Governing EasiCredit Cash Rebate

1. Eligibility

1.1 EasiCredit Cash Rebate (the “Privilege”) is offered by Oversea-Chinese Banking Corporation Limited (the “Bank”) with effect from 01 August 2005 (the “Commencement Date”) subject to these terms and conditions.

1.2 All EasiCredit accounts with the Bank which are in its opinion in good standing (the “Eligible Accounts”) during the Qualifying Periods (as defined below) are eligible for the Privilege.

1.3 EasiCredit accounts held in the name of any employees of the Bank (whether solely or jointly with his/her spouse) will not be eligible for the Privilege.

2. Qualifying Periods

 

2.1 The qualifying periods for the Privilege after the Commencement Date (each a “Qualifying Period” and collectively, the “Qualifying Periods”) are as follows:

2.1.1 for each Eligible Account existing on the Commencement Date:

(a) from the Commencement Date to the end of the calendar month which the anniversary of the date on which such Eligible Account is opened falls in; and

(b) each subsequent annual periods thereafter; and

2.1.2 for each Eligible Account opened after the Commencement Date:

(a) from the first day of the calendar month following the date on which such Eligible Account is opened to the anniversary of such date; and

(b) each subsequent annual periods thereafter.

 

3. Cash Rebate

3.1 Interest charged to and debited from each Eligible Account (excluding interest accruing on any balance transfer amounts charged to such Eligible Account) (the “Qualifying Interest”) will be aggregated by the Bank at the end of each Qualifying Period of such Eligible Accounts.

3.2 The Eligible Account will be eligible for a cash back incentive (the “Cash Rebate”) if the aggregated Qualifying Interest equals to or exceeds a minimum threshold amount as determined by the Bank from time to time.

3.3 The Cash Rebate shall be calculated at such percentage as determined by the Bank from time to time of the aggregated Qualifying Interest for any Eligible Account (the “Cash Rebate Amount”).

3.4 The Cash Rebate Amount for any Eligible Account will be credited into such Eligible Account on any day falling after the end of the relevant Qualifying Period which the Bank may determine (the “Crediting Date”).

3.5 Where an EasiCredit account is or has been terminated. suspended or cease to be an Eligible Account during any of its Qualifying Periods or on a Crediting Date for any cause, the Cash Rebate Amount of such EasiCredit account for such Qualifying Period shall be forfeited and (where applicable) such EasiCredit account shall cease to be an Eligible Account for the whole of such Qualifying Period.

3.6 The Cash Rebate is not exchangeable for immediate cash or in kind.

3.7 Once credited in accordance with Clause 3.3 above, the Cash Rebate Amount may be applied at the Bank's discretion towards reduction of the outstanding monies under the Eligible Account.

3.8 In the event that an Eligible Account into which the Cash Rebate is credited is terminated for any reason whatsoever, any unutilised portion of Cash Rebate Amount remaining in such Eligible Account shall not be refundable by the Bank.

4. General

4.1 The Bank's decision on all matters relating to the Privilege will be at its absolute discretion and will be final and binding on all participants. Without prejudice to the generality of the foregoing, the Bank's record(s), including, without limitation, in relation to the Cash Rebate Amount awarded shall be conclusive for all purposes and be binding on all participants.

4.2 In the event of any inconsistency or discrepancy between the English version of these terms and conditions and the translation of these terms and conditions in any language, the English version shall prevail. In the event of any inconsistency between these terms and conditions and any brochure, marketing or promotional material relating to the Privilege, these terms and conditions will prevail.

4.3 The Bank shall not be responsible for any loss to or expenses of any participant or any other person in connection with the Privilege, howsoever arising.

4.4 The Bank reserves the right at its absolute discretion to vary, delete or add to any of these terms and conditions from time to time in such manner as the Bank shall think fit and without notice to any participants, including but not limited to the discontinuation of the Privilege.

4.5 These terms and conditions shall be governed by and construed in accordance with the laws of Singapore.

4.6 Any person who is not an account holder of an Eligible Account shall not have any right under the Contract (Rights of Third Parties) Act Cap 53B to enforce these terms and conditions.