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Priority Banking 360 Rewards Terms and Conditions

1.
The Priority Banking 360º Rewards offer ("Offer") is only available to Priority Banking ("PB") clients holding valid Principal PB Credit Card (the "Card") issued by Standard Chartered Bank (Hong Kong) Limited ("the Bank") ("Eligible Client").
2.
Under the Offer, Eligible Clients may earn 360º Rewards Points ("Points") by holding or entering into the following products or transactions ("Eligible Transactions") and subject to the terms hereinafter provided:-
Product Categories Eligible Banking Products
Deposits

Structured
Investment Series

Premium Deposit
Savings Account, Current Account, Time Deposit, Call Deposit, Goldenlink Passbook Savings Account, Premium Deposit and Structured Investment Series (Any Currency).
Actual overdraft balance (but not the overdraft limit) in Current Account will be treated as positive balance for Points calculation.
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) underwritten by Prudential Hong Kong Limited ("Prudential") and applied through the Bank.
Personal
Instalment Loan
Personal Instalment Loan, Debt Consolidation Program, Floating Rate Personal Instalment Loan and Tax Loan.
Any loan amounts approved but not yet drawn down will be excluded from Points calculation.
Mortgage Loan Mortgage Loan
Any loan amounts approved but not yet drawn down will be excluded from Points calculation.
Loans applied under Standard Chartered Staff Mortgage Plan are not eligible for Points.
If there is more than one applicant/ obligor under the relevant mortgage loan and each of them is a holder of the Card, only Applicant 1/Obligor 1 as stated in the Mortgage Loan Application Form will be entitled to Points under this Product Category.
Single premium paid for Mortgage Loan Assurance Plan will be reflected in the mortgage loan balance.
3.1
Points will be calculated based on the total balance of the relevant account as shown on the relevant monthly statement and on the following criteria with reference to each Product Category:-
Product Category of Eligible Transactions Reward Basis No. of Points earned (monthly) The Maximum Points earned (monthly)
Deposits

Structured Investment
Series

Premium Deposit
Every HK$100,000 daily average balance in a month* 500 Points 10,000 Points
Investments Every HK$100,000 daily average balance in a month** 500 Points 10,000 Points
Insurance 500 Points 10,000 Points
Personal Instalment Loan Every HK$100,000 month end outstanding loan balance^ 500 Points 10,000 Points
Mortgage Loan 100 Points 10,000 Points
 
* 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
3.2
Only the Eligible Transactions made by the Eligible Client (who is the Principal cardholder of the Card) will be counted for Points. If the Eligible Transactions are made under a joint account, only the account(s) held by the Eligible Client in the capacity as primary account holder/borrower in such joint account will be counted for Points.
3.3
For Points calculation purposes, the balance of the relevant product held by an Eligible Client will be converted to Hong Kong Dollar ("HKD") in the following situations on the specified basis:-
(i) 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;
(ii) if the relevant account is a Goldenlink Passbook Savings Account -- the Bank's bid rate of gold as of last calendar day of the month will be adopted for converting the daily average balance in taels to HKD equivalent;
(iii) 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.
3.4
For MortgageOne® Account under Mortgage Loan Category, the balance used for calculating Points 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 Points will be offered.
3.5
For Points calculation purposes under Insurance category:-
(i) To be eligible for the Offer, the life assurance basic plan(s) (except for investment-linked insurance plan) must be either sold by Prudential's Financial Services Managers located at the Bank's branches or by the Bank's sales staff.
(ii) If the client cancels the relevant assurance plan(s) or policy(ies) within the cooling-off period, Points will not be offered for such plan(s) or policy(ies).
(iii) 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 Points awarded in respect of such policy(ies) or relevant plan(s).
3.6
Any remaining balance that falls short from earning any Points based on the criteria referred above during a month will neither be combined with other balance in other product categories nor be carried forward for Points calculation purposes in any subsequent months.
4.
As a prerequisite for Points being earned under the Offer, Eligible Client has used the Card at least once during the relevant month to pay for a retail purchase transaction (including but not limited to monthly instalment and bill payment) or make a cash advance.
5.
Points will be calculated monthly, and subject to the terms below, will be credited to the Card account in the following month. Details of any award of Points during a relevant month will be shown on the credit card statement or consolidated banking statement where applicable) to be issued to the relevant Eligible Client in the following month. For example, if during September 2010, 1,000 Points were earned by an Eligible Client; in October 2010, they will be credited to the Card account and shown on the credit card statement or consolidated banking statement (where applicable) issued to the Eligible Client.
6.
Notwithstanding the above, the Points will not be awarded to the Eligible Client unless the Eligible Client has maintained a PB Relationship package with the Bank and the Card account is valid and in good financial standing which will be subject to the relevant Terms and Conditions of the Card. The Bank reserves the right to refuse to credit or honour any Points if the relevant Eligible Client fails once or more to pay on or before the relevant due date any Minimum Payment Due under the Card.
7.
For clients who newly sign up PB Relationship package, the Offer will not be available to those clients until the next calendar month after their sign-up and subject to the validity and financial standing of the Card the relevant client is holding.
8.
If the Card account is voluntarily/involuntarily closed, all Points unredeemed, unused or not yet credited to the Card account will be immediately forfeited upon the account closure.
9.
The methods used to compute Points and the criteria of Eligible Transactions and products relating thereto are decided and subject to the sole discretion of the Bank. The Bank may review such methods and criteria from time to time. In case of any dispute, the Bank's decision shall be final and binding.
10.
Points awarded under this Offer will be valid for use for at the maximum of 3 years as particularly specified in the relevant monthly statements. Points cannot be redeemed for cash. The usage and validity of Points will be subject to the relevant terms and conditions as set out in the Bank's Credit Card 360º Rewards which will be reviewed and amended by the Bank from time to time.
11.
In the event that the Eligible Client is also entitled to another 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.
12.
The Bank reserves the right to terminate the Offer and to vary or modify any of the above terms and conditions from time to time without prior notice. In case of dispute, the Bank's decision shall be final and binding.
13.
If there is any inconsistency or conflict between the English and the Chinese versions of these terms, the English version shall prevail.
 
 
 
 

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