- The Priority Banking 360º Rewards (Asia Miles) (“PB 360º AM Rewards”) is only applicable to Priority Banking (“PB”) clients of Standard Chartered Bank (Hong Kong) Limited (the “Bank”) holding a valid principal Standard Chartered Asia Miles Mastercard (“Eligible Card”) issued by the Bank (“Eligible PB Clients”).
- Eligible PB Clients who also hold a valid principal Standard Chartered Priority Banking Credit Card may earn either 360° Rewards Points or Asia Miles (“Miles”) under Priority Banking 360° Rewards in accordance to their selection. The entitlement of Reward Points or Miles is also subject to the validity of the respective credit card.
- Eligible PB Clients must make at least one retail purchase transaction (including interest-free monthly instalment), bill payment transaction or cash advance transaction with their Eligible Cards during a calendar month in order to earn Miles under PB 360° AM Rewards for the same month.
- Only the Eligible PB Transactions (as defined in Clause 16) made by the Eligible PB Clients will be eligible for earning Miles. If the Eligible PB Transactions are made under a joint account, only those made under the account(s) held by the Eligible PB clients in the capacity as primary account holder/borrower in such joint account(s) will be eligible for earning Miles.
- Eligible PB Clients are required to provide accurate Asia Miles membership information including surname, given name, membership number and any other information as may be required in the Card application form and thereafter from time to time or as required and to maintain a valid Asia Miles membership account at all relevant times in order to participate in PB 360º AM Rewards, and for the Miles earned to be credited to Eligible PB Clients’ Asia Miles membership accounts. Asia Miles membership account must be owned by Eligible PB Clients. Subsequent change of Asia Miles membership account associated with their Eligible Card is not allowed save in exceptional circumstances as determined by the Bank in its sole discretion.
- Miles earned will be calculated monthly, and subject to the terms below, will be displayed in the credit card statement or consolidated banking statement (whichever applicable) and then credited to the Asia Miles membership accounts of the Eligible PB Clients with which their Eligible Cards are linked within 14 business days from the statement date. The Bank will provide Eligible PB Clients’ Asia Miles membership surname, given name, membership number and the number of miles earned to Asia Miles Limited for the purpose of crediting Miles. Upon receiving such information from the Bank, Asia Miles Limited will credit the Miles earned to the Eligible PB Clients’ Asia Miles membership accounts. For example, if during September 2017, 70 Miles were earned by an Eligible PB Client; they will be shown on the credit card statement or consolidated banking statement (whichever applicable) issued in October 2017 and directly credited to their Asia Miles membership account within 14 business days from the statement date.
- Miles earned cannot be converted into bonus points or cash rebate and is non-transferrable.
- Eligible PB Clients acknowledge that the Miles earned from PB 360° AM Rewards shall be credited to their Asia Miles membership accounts by Asia Miles Limited. The Bank will use its best endeavour to provide the necessary information to Asia Miles Limited to facilitate this purpose, however the Bank makes no warranty that the Miles earned will be accurately credited to the Asia Miles membership account by Asia Miles Limited and accepts no liability for failure or delay in the crediting of Miles to the Eligible PB Client’s Asia Miles membership account for any reason beyond the Bank’s control. Terms and Conditions of Asia Miles apply for redemption and/or use of Miles. For details, please visit www.asiamiles.com. The Bank is not obliged to notify Eligible PB Clients of any changes or latest announcements of Asia Miles Limited. Eligible PB Clients understand and accept that the Bank is not the supplier of the reward (including Miles). The Bank shall bear no liability relating to any aspect of the reward, including without limitation, their quality, the supply, the descriptions of the reward provided by the supplier, any false trade description, misrepresentation, mis-statement, omission, unauthorized representation, unfair trade practices or conduct in connection with the reward provided by the supplier, its employees, officers or agents.
- Upon receipt of notification from Asia Miles Limited that crediting of Miles to Asia Miles membership account(s) is rejected, the Bank will, as soon as practicable, notify the Eligible PB Clients accordingly. Eligible PB Clients are required to verify and provide valid Asia Miles membership accounts information or any other information as may be required to facilitate Miles crediting. Miles crediting and notify the Bank accordingly that was rejected in previous statement month(s) will be accumulated and credited in the next statement month after valid Asia Miles membership information or other required information are provided. If the Asia Miles membership account remains invalid or the required information is not provided for Miles crediting at the time the relevant Eligible Card account is closed, the earned Miles will be forfeited and the bank accepts no liability for such forfeiture.
- Notwithstanding the above, Miles will not be awarded to an Eligible PB Client unless he/she maintains his/her PB with the Bank and all the account(s) of the Eligible PB Client with the Bank is/are valid and in good financial standing at the time Miles are awarded. The Bank further reserves the right not to award any Miles if an Eligible PB Client fails once or more to pay on or before the relevant due date under any credit facility (including credit card) the Eligible PB Client has with the Bank in the preceding 12 months.
- For clients who newly sign up for PB, PB 360° AM Rewards will not be available until the following calendar month after their date of sign-up and subject to the validity and financial standing of their Eligible Card.
- If the Eligible Card account is voluntarily/involuntarily closed, all Miles not yet credited will be immediately forfeited upon account closure.
- In the event that an Eligible PB Client is also entitled to other prevailing promotion offer(s) of the Bank, the Bank reserves the right to provide only one or some of the offer(s) at its absolute discretion.
- The method used to calculate Miles earned and the criteria for earning Miles are determined at the sole discretion of the Bank. The Bank reserves the right to alter or terminate the PB 360° AM Rewards and amend terms and conditions herein at any time, including, but not limited to, the calculating method, the criteria and the Miles earning rate. In case of disputes, the decision of the Bank shall be final and binding.
- If there is any inconsistency or conflict between the English and the Chinese versions of these terms, the English version shall prevail
- Eligible PB Client may earn Miles by holding or entering into transactions to hold one or more of the following Eligible Banking Products in Table A (“Eligible PB Transactions”) and subject to these terms and conditions, Miles will be calculated based on the total balance of account(s) of the Eligible Banking Produc(s) as shown on the relevant monthly statement(s) in accordance with the earning rates and caps set out in Table B:
Table A – Eligible Banking Products
|Product Categories||Eligible Banking Products|
Structured Investment Series
|Savings Account, Current Account, Time Deposit, Call Deposit, Premium Deposit andStructured Investment Series (Any Currency).
• Actual overdraft balance (but not the overdraft limit) in Current Account will be treated as positive balance for earning Miles.
• Excluding deposits credited to MortgageOne® Account and Actual Amount Swept under MortgageOne® Optimizer Services.
|Investments||Investment Funds, Securities, Debt Securities and Equity Linked Investment (Any Currency).|
|Insurance||Cumulative premium paid for life assurance basic plans (except for investment-linked insurance plan) applied through the Bank and underwritten by Prudential Hong Kong Limited(“Prudential”).|
|Personal Instalment Loan||Personal Instalment Loan, Debt Consolidation Program, Floating Rate Personal Instalment Loan and Tax Loan.
• Excluding any loans approved but not yet drawn down.
|Mortgage Loan||Mortgage Loan
• Excluding any loans approved but not yet drawn down and any loans under StandardChartered Staff Mortgage Plan.
• If there is more than one applicant or obligor under the relevant mortgage loan and each of them is an Eligible PB Client, only Applicant 1 or Obligor 1 as stated in the Mortgage Loan Application Form will be entitled to earning Miles for this product category.
• Single premium paid for Mortgage Loan Assurance Plan will be reflected in the mortgage loan balance.
Table B – Miles earning rates and caps
|Product Category of
|Reward Basis||No. of Miles earned||The Maximum No. of Miles
Structured Investment Series
|Every HKD100,000 daily average balance in a month*||35||700|
|Investments||Every HKD100,000 daily average balance in a month**||35||700|
|Insurance||Every HKD100,000 daily average balance in a month**||35||700|
|Personal Instalment Loan||Every HKD100,000 month end outstanding loan balance^||35||700|
|Mortgage Loan||Every HKD100,000 month end outstanding loan balance^||7||700|
* based on total number of calendar days in the relevant month
** based on total number of days the Bank is open for business in the relevant month
^ as at the last calendar day in the relevant month
16.1 For Miles calculation purposes, the balance of the relevant Eligible Banking Products held by an Eligible PB Client will be converted to Hong Kong Dollar (“HKD”) in the following situations on the specified basis:
- if the relevant account balance is denominated in foreign currency – the Bank’s exchange rate as of last calendar day of the month will be adopted for converting the daily average balance of the relevant account from the foreign currency to HKD equivalent, which will then be used to calculate the monthly balance of the account;
- if the relevant account is holding Investment Funds, Securities, Debt Securities or Equity Linked Investment – the Bank’s daily Net Asset Value price of the relevant Investment Funds, or the market price of the relevant Securities or Debt Securities will be adopted to calculate the daily aggregate balance of the relevant account, which will then be used to calculate the monthly balance of the account.
16.2 For Miles calculation purposes under the Personal Instalment Loan and Mortgage Loan categories:
- If the Bank has not received payment from the Eligible PB Client on or before the relevant due date in respect of any credit facility(ies) under the respective categories, no Miles will be calculated and awarded to the Eligible PB Client unless and until the relevant account(s) has/have resumed to valid and good financial standing.
16.3 For MortgageOne® Account under Mortgage Loan Category, the balance used for calculating Miles is the net loan balance (that is, outstanding loan principal minus deposits credited to the MortgageOne® Account) on the last calendar day in that month. In the event that outstanding loan principal is less than the deposits credited to the MortgageOne® Account resulting in a net deposits balance, no Miles will be offered.
16.4 For Miles calculation purposes under Insurance category:
- To be eligible for the PB 360° AM Rewards, the life assurance basic plan(s) (except for investment-linked insurance plan) must be either sold by Prudential’s Executive Financial Services Managers located at the Bank’s branches or by the Bank’s sales staff.
- If the Eligible PB Client cancels the relevant assurance plan(s) or policy(ies) within the cooling-off period, Miles will not be offered for such plan(s) or policy(ies).
- The relevant policy(ies) must remain in force (as determined by Prudential at its sole discretion) and the premium level must remain the same as (or above) the initial premium level determined at the time of issuance of the policy(ies); otherwise, the Bank has the absolute right to forfeit and debit any Miles awarded in respect of such policy(ies) or relevant plan(s).
16.5 Any remaining balance that falls short from earning any Miles based on the criteria referred above during a month will neither be combined with other balances in other product categories nor be carried forward for Miles calculation purposes in any subsequent months.