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Important Information

Changes To Unlimited$aver Product and Unlimited$aver Product Terms

Section 1:   Changes to Unlimited$aver Product

With effect from 1 February 2020 we are updating the Bonus Cashback that can be earned with Unlimited$aver on your Unlimited Cashback Credit Card (Unlimited Card).  This Bonus Cashback will be capped at S$300 each Month (defined as the period from the day following the last Unlimited Card statement date to the current Unlimited Card statement date).

You will continue to enjoy the 1.5% Unlimited Cashback on eligible spends on your Unlimited Card without any cap.

The below table illustrates how cashback will now be calculated:

Balance in Unlimited$aver Unlimited Cashback

(A)

 Bonus Cashback 1

 (B)

 Total Cashback 1

(A) + (B)
(1)  S$50,000 to less than S$100,000 1.5% 1.5% 3%
(2)  S$100,000 or more 1.5% 3.5% 5%

 1 With effect from 1 February 2020, Bonus Cashback will be capped at S$300 per Month. Depending on the total Eligible Spends on your Unlimited Card in the Month, the total cashback earned may be less than 3% or 5% of your total Eligible Spends for the Month respectively due to the cap of S$300 on the Bonus Cashback per Month.

Please refer to Section 2 for the changes to the Unlimited$aver Product terms in relation to the above changes.

Some examples to help you better understand the change

The examples below are for illustration purposes only.

Example 1: Qualifying Balance in the preceding calendar month in your Unlimited$aver account is less than S$50,000

No change to the cashback earned in this example.

All eligible spends continue to enjoy 1.5% Unlimited Cashback, with no Bonus Cashback.

Example 2: Qualifying Balance in the preceding calendar month in your Unlimited$aver account is S$50,000 to below S$100,000 and your eligible spends on your Unlimited Card amount to S$8,000

Cashback is unaffected in this example.

  STATEMENTS DATED 31 JANUARY 2020 OR EARLIER STATEMENTS DATED 1 FEBRUARY 2020 OR LATER
Eligible Spends on Unlimited Card S$8,000 S$8,000
Unlimited Cashback 1.5% * S$8,000 = S$120 1.5% * S$8,000 = S$120
Bonus Cashback 1.5% * S$8,000 = S$120 1.5% * S$8,000 = S$120

This is within the cap of S$300.
Total Cashback S$120 + S$120 = S$240 S$120 + S$120 = S$240

Total cashback remains at 3% of Total Eligible Spends.

Example 3: Qualifying Balance in the preceding calendar month in your Unlimited$aver account is S$50,000 to below S$100,000 and your eligible spends on your Unlimited Card amount to S$25,000

Cashback awarded is lower in this example.

STATEMENTS DATED 31 JANUARY 2020 OR EARLIER STATEMENTS DATED 1 FEBRUARY 2020 OR LATER
Eligible Spends on Unlimited Card SS$25,000 S$25,000
Unlimited Cashback 1.5% * S$25,000 = S$375 1.5% * S$25,000 = S$375
Bonus Cashback 1.5% * S$25,000 = S$375 1.5% * S$25,000 = S$375

This will be capped at S$300.
Total Cashback S$375 + S$375 = S$750 S$375 + S$300 = S$675

Total cashback in this case will be less than 3% of total Eligible Spends due to the cap of S$300 on Bonus Cashback.

Example 4: Qualifying Balance in the preceding calendar month in your Unlimited$aver account is more than S$100,000 and your eligible spends on your Unlimited Card amount to S$8,000

Cashback is unaffected in this example.

STATEMENTS DATED 31 JANUARY 2020 OR EARLIER STATEMENTS DATED 1 FEBRUARY 2020 OR LATER
Eligible Spends on Unlimited Card S$8,000 S$8,000
Unlimited Cashback 1.5% * S$8,000 = S$120 1.5% * S$8,000 = S$120
Bonus Cashback 3.5% * S$8,000 = S$280 3.5% * S$8,000 = S$280

This is within the cap of S$300.
Total Cashback S$120 + S$280 = S$400 S$120 + S$280 = S$400

Total cashback remains at 5% of total Eligible Spends.

Example 5: Qualifying Balance in the preceding calendar month in your Unlimited$aver account is more than S$100,000 and your eligible spends on your Unlimited Card amount to S$10,000

Cashback awarded is lower in this example.

STATEMENTS DATED 31 JANUARY 2020 OR EARLIER STATEMENTS DATED 1 FEBRUARY 2020 OR LATER
Eligible Spends S$10,000 S$10,000
Unlimited Cashback 1.5% * S$10,000 = S$150 1.5% * S$10,000 = S$150
Bonus Cashback 3.5% * S$10,000 = S$350 3.5% * S$10,000 = S$350

This will be capped at S$300.
Total Cashback S$150 + S$350 = S$500 S$150 + S$300 = S$450

Total Cashback in this case will be less than 5% due to the cap of S$300 on Bonus Cashback.

Section 2:  Changes to Unlimited$aver Product Terms:

With effect from 1 February 2020 (inclusive), we are making the following changes to the Unlimited$aver Product Terms:

  1. For clarity, we have updated clause 4.2 to indicate that we do not take into consideration balances of the last day of the calendar month if it falls on a Sunday, a public holiday or a bank holiday as indicated in clause 4.4
  2. The Unlimited Bonus Cashback (as defined in the Unlimited$aver Product Terms clause 2.1) will be referred to as “Bonus Cashback” in the Unlimited$aver Product Terms from the above date. We have used the term “Bonus Cashback” in this notice as well.
  3. Bonus Cashback to be credited to your Unlimited Cashback Credit Card (Unlimited Card) will be capped at a maximum of S$300 for each Month (defined as the period from the day following the last Unlimited Card statement date to the current Unlimited Card statement date).

For the avoidance of doubt, there will be no change to the Unlimited Cashback as defined in the Credit Card Terms. You will continue to enjoy the 1.5% Unlimited Cashback for eligible spend on your Unlimited Card without any cap.

Please refer to the link for the revised Unlimited$aver Product Terms.

Deposit Insurance Scheme

Singapore dollar deposits of non-bank depositors are insured by the Singapore Deposit Insurance Corporation, for up to S$75,000 in aggregate per depositor per Scheme member by law. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured.