Terms and Conditions

Terms and Conditions governing OCBC SmartChange scheme for credit cards

OCBC SmartChange is a scheme offered by Oversea-Chinese Banking Corporation Limited (“OCBC”) which allows you to save money as you and where applicable, your Supplementary Cardmember spend by rounding up the amount of each eligible Card Transaction to the nearest dollar and charging the rounded up amount to your Card. The difference between the rounded up amount and the actual amount of your Card Transaction is the spare change (the “Spare Change”). The amount equivalent to the Spare Change will then be credited to the OCBC Account designated on the application form (“Designated OCBC Account”).   These terms and conditions and any other rules, procedures or instructions which OCBC may issue from time to time (collectively the “Terms and Conditions”) shall apply to SmartChange.

By applying for SmartChange, you understand that you are applying to participate in the OCBC SmartChange scheme and you acknowledge that you have read, understood and agree to be bound by the Terms and Conditions.

All terms and references used in the Terms and Conditions and which are defined or construed in the OCBC Cardmember’s Agreement but are not defined or construed in the Terms and Conditions shall have the same meaning and construction in the Terms and Conditions.

Eligibility for SmartChange

1.       Subject to paragraph 15 below, SmartChange is open to all Principal Cardmembers issued with Cards (excluding Corporate Cards, Private Label Cards, OCBC Cashflo MasterCard and co-brand Cards such as, Uplus, Fairprice Plus, OCBC Robinsons VISA Card, OCBC Robinsons VISA Platinum Card, OCBC Robinsons VISA Platinum Elite, BEST-OCBC MasterCard, IKEA friends Visa Card and such other credit cards as OCBC may from time to time determine) and whose Card Account(s) are in good standing with the Bank (as determined by the Bank in its sole discretion).

2.       SmartChange extends to Card Transactions incurred by Supplementary Cardmembers and cannot be excluded from SmartChange.

3.       The eligibility of any person to participate in the SmartChange Scheme is determined by OCBC at its sole and absolute discretion. OCBC is entitled to reject any application to participate in the SmartChange Scheme at its discretion without assigning any reason.

Benefits of SmartChange

4.       Upon approval of your application for SmartChange, OCBC will credit a percentage of the Spare Change into your Designated OCBC Account (the “SmartChange Reward”). OCBC may vary or withdraw the SmartChange Reward at its sole and absolute discretion without any notice without giving any reason.

5.       You will earn cash rebates calculated as a percentage of your eligible Card Transactions and incurred under the Card Account at the date of the Billing Statement (the “Spending Rebates”). Spending Rebates shall be determined by OCBC at its sole and absolute discretion. OCBC may vary or withdraw the Spending Rebates at any time without giving any reason. Without prejudice to the generality of the foregoing, Card Transactions made under any instalment payment plans shall not be eligible for any Spending Rebates.

Other terms and conditions

6.       Upon approval of your application for SmartChange, you will no longer qualify for any OCBC$ under the OCBC$ Rewards Program. 

7.       To participate in the OCBC SmartChange scheme, you understand that the designated OCBC Account has to be in good standing (as determined by OCBC). Subject to OCBC’s approval, the Designated OCBC Account may be held by a third party in good standing (as determined by OCBC).

8.       The types of OCBC deposit accounts that can be nominated as a Designated OCBC Account are listed on the website http://www.ocbc.com/smartchange. Notwithstanding that the OCBC Account may be eligible for SmartChange, any OCBC Account that is linked to any OCBC Debit Card cannot be nominated as a Designated OCBC Account. 

9.       You hereby authorised OCBC to:

(i)                   debit the Spare Change from your Card Account on the posting date of the Card Transaction;

(ii)                 credit an amount equivalent to the Spare Change into your Designated OCBC Account on the business day following the posting date of the Card Transaction; and

(iii)                credit the SmartChange Reward and Spending Rebate to your Designated OCBC Account on the business day following the date of your Billing Statement.

10.   If the debiting of the Spare Change from the Card Account is unsuccessful due to insufficient credit limit, the relevant Card Transaction will not be rounded up and hence not qualify for any SmartChange Reward.

11.   Spare Change will be still be debited from your Card Account even if you do not make full payment of the entire outstanding balance specified in the Billing Statement. Since Spare Change forms part of the outstanding balance, interest charges will be levied in accordance with the OCBC Cardmembers Agreement.

12.   Upon closure of the Designated OCBC Account for any reason whatsoever:

(i)                   your participation in the OCBC SmartChange scheme will be automatically terminated;

(ii)                 the Spare Change charged to your Card Account on the date of closure of the Designated OCBC Account will be reversed;

(iii)                you will qualify to earn OCBC$ under the OCBC$ Reward Programme from the day following the closure of the Designated OCBC Account;

(iv)                any SmartChange Reward reflected in your next Billing Statement will be forfeited;  and

(v)                  any Spending Rebate reflected in your next Billing Statement will be credited to your Card Account in the following Billing Statement.

13.   You shall give three (3) working days notice for termination of SmartChange.

14.   Upon termination of SmartChange, you will qualify to earn OCBC$ under the OCBC$ Reward Programme. A SmartChange Administration Fee of S$50 will be charged to your Card for each subsequent time you re-apply for SmartChange per Card.

15.   Card Transactions not eligible for SmartChange and Spending Rebates include the following:

(i)                   Cash Advance, Balance Transfers, CashWise transactions

(ii)                 IPP transactions (not eligible for Spending Rebates only)

(iii)                Any fees, interest, late payment charges; and

(iv)                Such other charges or transactions as OCBC may in its absolute discretion decide.

16.   For refunds of purchases, the Spare Change will remain as having been debited from the Card Account and credited into the Designated OCBC Account. Spending Rebate credited in connection with the refunded purchase will be reversed and amount will be debited from the Card Account.

17.   Upon activation of Paylite for any Card Transaction, the Spending Rebate in respect of the Card Transaction will be reversed.

18.   You understand that any termination of your Card will automatically terminate your participation in OCBC SmartChange.

19.   You understand that the use of your Card is governed by the OCBC Cardmembers Agreement (available on www.ocbc.com) and the OCBC Terms and Conditions Governing Deposit Accounts govern the Designated OCBC Account.

20.   OCBC reserves the right to debit any SmartChange Reward and/or Spending Rebates and/or to terminate your participation in the OCBC SmartChange Scheme if it discovers any impropriety in any Customer’s conduct in relation to your participation in OCBC SmartChange Scheme. OCBC’s decision shall be final and binding in such an event

21.   OCBC reserves the right to impose a minimum amount in respect of each Card Transaction as a criterion in order for Cardmembers to qualify for the SmartChange Reward.

22.   OCBC may at any time its absolute discretion not credit your Designated Account with any SmartChange Reward in respect of any Card Transactions that are not over the counter transactions or not for the purchase of physical goods and/or services.  OCBC’s decision shall be final and binding in such an event.

23.   OCBC may at any time at its absolute discretion and upon written notice to you, change any one or more of these terms and conditions. Such change(s) shall take effect from the date stated in the notice, which in most instances, shall be no less than 30 days from the date of the notice. Where you continue to participate in the OCBC SmartChange scheme after such notification, you shall be deemed to have agreed with and accepted the amendments. If you do not accept any such amendments, you shall forthwith notify OCBC of your withdrawal from the OCBC SmartChange scheme.

24.   These terms and conditions shall be governed by the laws ofSingapore and you agree to submit to the jurisdiction of the Courts of the Republic of Singapore.

25.   A person who is not a party to any agreement governed by these terms and conditions has no right under the Contracts (Rights of Third Parties) Act (Chapter 53B) to enforce any of these terms and conditions.