ISSUANCE AND REDEMPTION OF POINTS. 3.1 A Cardholder will receive, on a monthly basis, Points which will be credited to his/her Card Account at the rate of 2.00 Point for every S$1 (or its equivalent in foreign currency) incurred on Local Retail Purchases and Overseas Retail Purchases charged to his/her Card Account. 3.2 Points shall be calculated on the amount of each Retail Purchase transaction and accumulated on a daily basis, rounded to the nearest Point. Any refunded Retail Purchases will not be accredited Points. Where Points have been credited to the Cardholder’s Card Account and/or used before the Retail Purchase is refunded, the Bank will debit the Card Account for the credited Points. The Bank shall be entitled to debit such Points even if such debiting causes the Card Account to have a negative Points balance. 3.3 In determining the amount of retail purchases for purposes of calculation of Points, the following transactions/charges shall not be taken into account and will not earn any Points:
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