1. This Credit Card Funds Transfer (6-month tenure) Processing Fee PCL Cashback Promotion (the “Promotion”) is available from 19 July to 31 August 2019 (both dates inclusive) (the “Promotion Period”) to existing customers of Standard Chartered Bank (Singapore) Limited (“Standard Chartered” or the “Bank”), who are individuals and receive a SMS or phone call (“Communication”) from the Bank about this Promotion and terms and conditions (each a “Selected Cardholder”). For the avoidance of doubt, this Promotion and the benefit referred to in the Communication is not transferable. By participating in the Promotion, the Selected Cardholder understands and agrees (i) that he/she is applying for a transfer of funds from the Credit Card Account (as defined in Clause 2c below) to a credit card, credit line or bank account with any financial institution, excluding credit card accounts with the Bank and credit line accounts with the Bank and (ii) to be bound by these terms and conditions.

Eligibility

2. To qualify for this Promotion and receive the Cashback (as defined in Clause 5 below):
3. the Selected Cardholder must be a principal cardholder of a Standard Chartered Credit card and an account holder of a Standard Chartered Personal Line of Credit/Overdraft Account, apply for a new Credit Card Funds Transfer with the Bank during the Promotion Period via the Standard Chartered website at www.sc.com/sg/ccft/feecashback03 or during a phone call from a Standard Chartered Telesales Representative (“Application”). The minimum and maximum Credit Card Funds Transfer amount applicable at the time of the Application is as set out in Clause 17 below;
4. the Bank must receive and approve the Selected Cardholder’s Application for the Credit Card Funds Transfer during the Promotion Period; and
5. the Selected Cardholder’s Standard Chartered Credit card account (the “Credit Card Account”) must be validly existing (i.e. must not be suspended, cancelled or terminated for any reason during the Promotion Period and until 31 August 2019), in good standing, and conducted in a proper and satisfactory manner at all times, including at the time the Cashback is credited to the Selected Cardholder’s Funds Transfer Account (as defined in Clause 9 below), as determined by the Bank in its sole and absolute discretion.

3. For the avoidance of doubt, this Promotion is only applicable to new Applications for Credit Card Funds Transfer received and approved during the Promotion Period; and the Selected Cardholder must not have had his/her previous Credit Card Account suspended, cancelled or terminated for any reason prior to the new application and subsequently reopen another Credit Card Account during the Promotion Period, for the purposes of this Promotion.

4. Notwithstanding the foregoing, the Bank may continue to process any Application received by the Bank up to seven (7) calendar days after the end of the Promotion Period, and the Bank shall retain the sole and absolute discretion to determine the eligibility of these Applications and/or allow the said Applications for the purposes of this Promotion on a case-to-case basis, subject to these terms.

5. If the Selected Cardholder satisfies the qualifying criteria set out in Clause 2a to 2c, read with Clauses 3 and 4 above, the cashback amount equivalent to the Processing Fee (as defined in Clause 10 below), (“Cashback”) will be credited to the Selected Cardholder’s Credit Card Funds Transfer Account within 60 working days after the approval of the Application.

6. The Cashback is not transferable or exchangeable for cash or any other items.

7. In the event the Bank has determined that the Selected Cardholder is not eligible to receive the Cashback or to participate in this Promotion, or where the Bank has knowledge of subsequent events which would mean that the Selected Cardholder would not have been entitled to redeem the Cashback, the Bank reserves the right to claw back the Cashback or to deduct its value (or such other amount as it deems fit) from the Funds Transfer Account with the Bank.

8. The Bank reserves the right to debit and/or forfeit the Cashback without compensation if the Selected Cardholder’s Credit Card Account is not valid and/or in good standing, as determined in the Bank’s sole and absolute discretion.

9. A separate Credit Card Funds Transfer account will be created upon the approval of the Application (“Funds Transfer Account”). This is a separate account from the Selected Cardholder’s Credit Card Account(s).

10. A one-time non-refundable 1% processing fee on the amount transferred pursuant to the Application approved pursuant to this Promotion (the amount transferred being the “Approved Amount” and the fee on the Approved Amount, the “Processing Fee”) will be charged to the Credit Card Funds Transfer Account upon the approval of the Application.

11. The Approved Amount will be debited from the Funds Transfer Account, treated in the same way as a charge arising from a normal credit card transaction and will be reflected in the statement issued for the Credit Card Funds Transfer Account. The Selected Cardholder must pay the monthly minimum payment indicated in his/her monthly credit card statement for the Funds Transfer Account and other accounts (if there are transactions and/or outstanding balances) to prevent incurring additional fees and charges.

12. The Effective Interest Rate (EIR) of 2.06% p.a. is calculated taking into consideration the Processing Fee and based on the assumption that full repayment is made within the six months starting from the date the Application is approved with minimum monthly payments of 1% of principal plus interest, fees, charges in the first five months and full payment on the sixth month.

13. The promotional interest rate of 0% p.a. is valid for the six months starting from the date the Application is approved, after which the prevailing interest rate chargeable for the Selected Cardholder’s Credit Card Account will apply. Interest is subject to compounding if it is not paid in full. The promotional interest rate is applicable only to the Approved Amount and not to existing outstanding balance, fees and charges associated with any funds/balance transfer, other card transactions, cash advance transactions and other funds/balance transfers.

14. If the Selected Cardholder and/or his/her supplementary cardholder defaults on any payment in respect of the Selected Cardholder’s Credit Card Accounts or any other credit facilities from the Bank during the six months starting from the date the Application is approved (also referenced in Clause 13 above) or for other reasons which the Bank deems appropriate at its sole discretion, a late payment interest of 28% p.a. will be charged to all accounts. The bank shall also be entitled to withdraw the promotional interest rate and charge applicable finance charges and/or late payment charges at such rate as we may determine.

15. Payment must be made individually to the different accounts that the Selected Cardholder holds with the Bank. Payment made into another account or any credit balance in another account will not be automatically transferred into the Funds Transfer Account to settle any outstanding amounts.

16. If payments are not received by the due date for any account(s), the Selected Cardholder’s Funds Transfer Account(s) will incur a late payment fee of S$80 (per account). The EIR applicable on the Funds Transfer Account(s) will be adjusted to 28% p.a. if the minimum payment due is not received in full by the next Statement Date on the Selected Cardholder’s Funds Transfer Account(s), and finance charges will apply if payment is not received by the due date. If the Selected Cardholders have only missed one payment, it will be reinstated to the prevailing EIR once minimum payment due is made in full. If however the Selected Cardholder’s Funds Transfer Account has been twice or more past due on a consecutive basis, the EIR will only revert to 26.9% p.a. once minimum payment due for the relevant consecutive months where the account was past due is made in full.

17. The minimum funds transfer amount is S$1,000, and the maximum is 95% of the Selected Cardholder’s total available credit limit of the Standard Chartered Credit Card Account at the time of processing the Application.

18. The Bank reserve the right to decline the Application or approve the Application with a lower funds transfer amount than the amount applied for without any reason whatsoever.

19. Supplementary cardholders, and cardholders holding corporate cards or credit cards with $500 credit limit are not eligible to apply for Credit Card Funds Transfer. Credit Card Funds Transfer will not be eligible for any Rewards Points and cashback.

20. By participating in the Promotion, the Selected Cardholder consents to the use of his/her personal data for marketing purposes, including but not limited to the use of his/her telephone number to contact him/her about products and promotions offered by the Bank from time to time via telephone, SMS or multimedia messaging. Such consent will supersede any prior choices made by the Selected Cardholder. Such consent will also prevail even if the Selected Cardholder is registered or subsequently registers his/her contact information with the national Do Not Call Registry.

General

21. Unless otherwise stated, this Promotion is not valid with other offers, discounts, rebates, privileges or promotions.

22. The Bank may vary, modify, add, delete or otherwise revise any of the terms and conditions governing the Promotion or to terminate, withdraw, extend or shorten the Promotion at any time at the Bank’s sole discretion, with or without prior notice or reason.

23. The Bank reserves the right to determine at its sole and absolute discretion all matters arising out of or in connection with the Promotion, including the Selected Cardholder’s eligibility for the Cashback and/or the Promotion. The Bank’s determination of all matters relating to this Promotion shall be final and binding and no correspondence will be entertained.

24. These Credit Card Funds Transfer (6-month tenure) Processing Fee Cashback Promotion Terms and Conditions are to be read in conjunction with the Bank’s Customer Terms, the Credit Card Terms, the Credit Card Funds Transfer Programme Product Terms and any other relevant Product Terms (the “Other Terms”). In the event of any inconsistency between these terms and the Other Terms, these terms prevail only to the extent of such inconsistency.

25. In the event of any inconsistency between these terms and conditions and any brochures, marketing or promotional materials relating to the Promotion, these terms and conditions shall, to the extent of such inconsistency, prevail.

26. A person who is not a party to these terms and conditions has no rights under the Contracts (Rights of Third Parties) Act (Cap. 53B) to enforce any of these terms and conditions.

27. These terms and conditions are governed and construed in accordance with the laws of Singapore. Any dispute arising out of these terms and conditions shall be referred to the exclusive jurisdiction of the Courts of Singapore.

28. All information is correct at the time of publication.