WeLab Debit Card Cash Rebate Offer Terms and Conditions

[1] The WeLab Debit Card Cash Rebate Offer (“Offer”) period shall be from 30 July 2020 (being our public launch date) to 15 October 2020 (both dates inclusive) (“Offer Period”).

[2] The Offer applies to a Welab Bank Limited’s (“WeLab Bank”, “we”, “us” or “our”) customer (“you” or “your”) who, on before 30 September 2020: (a) holds a valid bank account with us or (b) submits a bank account opening application with us.

[3] During the Offer Period, an 8% cash rebate will be awarded to each eligible transaction made by the WeLab Debit Card (virtual and/or physical WeLab Debit Card) in any currency. If the eligible transaction is made in a currency other than Hong Kong Dollars, the cash rebate will be calculated based on Hong Kong Dollars after conversion at the applicable exchange rate. The maximum aggregated transaction amount eligible for the cash rebate shall be capped at HKD 3,000 (“Eligible Spending”) for the entire Offer Period.

[4] The cash rebate amount will be credited into your Core Account within 30 working days from the 1st day of each calendar month (from September 2020) within the Offer Period, based on the amount of the Eligible Spending spent in the preceding calendar month.

For example:

(a) if you spend HKD 2,000 of the Eligible Spending by 31 August 2020, the cash rebate amount of HKD 160 will be credited to you within 30 working days from 1 September 2020;

(b) if you spend part of the remaining balance of the Eligible Amount of HKD 500 by 30 September 2020, the cash rebate amount of HKD 40 will be credited to your Core Account within 30 working days from 1 October 2020; and

(c) if you spend the remaining balance of the Eligible Amount of HKD 500 by 15 October 2020, the cash rebate amount of HKD 40 will be credited to your Core Account within 30 working days from 16 October 2020.

For the avoidance of doubt, you will only be entitled to a maximum cash rebate amount of HKD 240 throughout the entire Offer Period.

[5] Ineligible transactions include but are not limited to:

(a) fees and charges;

(b) quasi-cash transactions including:

(i) betting and gambling transactions;

(ii) instalment payments;

(iii) balance transfers;

(iv) cash, token, vouchers payment and/or foreign exchange transactions at non-financial institutions (including cash coupon purchases, purchase of foreign currency, money orders and travelers’ cheques); and/or

(v) any transactions at other financial institutions (including purchase of merchandise and services from banks);

(d) online bill payments (including but not limited to water bills, electricity bills, insurance premiums, payments to other banks and credit cards, etc.);

(e) payments to the Inland Revenue Department;

(f) purchase and/or reload of stored value cards or e-wallets; and/or

(g) unposted, canceled and/or refunded transactions, in whole or in part.

[6] We may add to, or remove from, the list of ineligible transactions from time to time at our discretion. Eligible transactions are determined by us according to the merchant codes/transaction types as defined by the relevant card association. Our decision as to what constitutes an ineligible or eligible transaction (as the case may be) shall be final and conclusive.

[7] If you have subsequently canceled or reversed any transactions in respect of which cash rebate amount has been credited to your Core Account, we reserve the right to debit the cash rebate amount directly from your Core Account without prior notice.

[8] The cash rebate amount will be rounded to the nearest cent.

[9] All cash rebate amount cannot be transferred, returned, exchanged or converted into other form, unless otherwise specified by us.

[10] You agree and acknowledge that you are not entitled to receive any cash rebate amount if you close your Core Account at any time before the cash rebate amount is credited to your Core Account in the applicable calendar month.

[11] Any breach of applicable laws or regulations, fraud, abuse and/or non-compliance by you (as determined at our sole discretion) will result in forfeiture of your eligibility to participate in the Rebate Program and/or suspension or termination of all or any of your Account with us. We shall not credit the cash rebate amount or where the cash rebate amount has been credited, we reserve the right to debit the cash rebate amount from your Account (including but not limited to your Core Account) without notice and/or take such necessary legal action to recover any outstanding amounts.

[12] We reserve the right to suspend, modify or terminate this Rebate Program and/or amend these terms and conditions at any time without prior notice. In the event of dispute, our decision shall be final, conclusive and binding.

[13] Terms defined in our Account Terms shall have the same meanings when used herein, unless otherwise defined.

[14] In the event of any discrepancy between the English and Chinese versions of these terms and conditions, the English version shall prevail.

Revised Version Effective Date: 14 September 2020