“HKD 50,000 Interest Saving Guarantee” Promotion Terms and Conditions
 Unless otherwise stated, the “HKD 50,000 Interest Saving Guarantee” (the “Promotion”) runs from 25 May 2023 to 31 December 2023 (both dates inclusive) (the “Guarantee Period”).
 The Promotion is only applicable to customers (“you” or “your”) who have:
(i) successfully applied for the Card Debt Consolidation Loan (“Loan”) defined under the WeLab Bank Personal Loan (Personal Instalment Loan & Card Debt Consolidation Loan) Terms and Conditions at WeLab Bank Limited (“WeLab Bank”, “we”, “our” or “us”) within the Guarantee Period; and
(ii) drawn down a Loan which meets all the following conditions (“Eligible Loans”): (a) a minimum tenor of 24 months, (b) a minimum loan amount of HKD 50,000, and (c) at least HKD50,000 of the total loan amount shall be used for repayment of your credit card outstanding balance (excluding credit card cash-out or credit card cash installment plan) (“Eligible Credit Card Balance”).
 Under the Promotion, the Eligible Credit Card Balance Interest Saving Amount shall mean the Credit Card Interest minus the DC Loan Interest, in which:
(i) Credit Card Interest is the interest calculated based on below assumptions: you repay 1% of credit card outstanding balance or HKD 200 (whichever is higher) (“Min Pay”) for monthly repayment of the Eligible Credit Card Balance at an annual interest rate of 31.15% (Annualized Percentage Rate (“APR”) is 36.00%); and
(ii) DC Loan Interest is the full tenor total interest expense incurred by the loan amount of the Eligible Loan for repayment of the Eligible Credit Card Balance calculated with the designated terms listed in the Approval Letter of the Eligible Loan.
(a) The APR is calculated according to the guidelines issued in respect of the Code of Banking Practice and rounded to the nearest 2 decimal places.
(b) For the avoidance of doubt, when calculating the Credit Card Interest, the Min Pay amount and annual interest rate (including APR) will not be determined by the actual credit card repayment amount, interest rate and charge applicable to Eligible Credit Card Balance.
 We guarantee that the Eligible Credit Card Balance Interest Saving Amount is not less HKD 50,000. Otherwise, we will pay you a guarantee amount in the sum of HKD50,000 (“Guarantee Amount”). The Guarantee Amount will be credited into your Core Account on or before 30 April 2024.
 In the event that you repay the outstanding amount of your Eligible Loan in full prior to the final repayment date of the Eligible Loan, we shall not credit the Guarantee Amount or where the Guarantee Amount has been credited, we reserve the right to debit the Guarantee Amount directly from your Account (including but not limited to your Core Account) without prior notice and/or take such necessary legal action to recover any outstanding amounts.
 The Guarantee Amount (if applicable) cannot be transferred, returned, exchanged, or converted into other forms, unless otherwise specified by us.
 You agree and acknowledge that you are not entitled to receive any Guarantee Amount if you close your Core Account at any time or repay the loan before the Guarantee Amount is credited into your Core Account.
 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 Promotion and/or suspension or termination of all or any of your Account with us. We shall not credit the Guarantee Amount or where the Guarantee Amount has been credited, we reserve the right to debit the Guarantee 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.
 We reserve the right to suspend, modify or terminate the Promotion 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.
 These terms and conditions shall be read in conjunction with our Account Terms and the WeLab Bank Personal Loan (Personal Instalment Loan & Card Debt Consolidation Loan) Terms and Conditions. In the event of discrepancies or inconsistencies between these terms and conditions and the Account Terms and the WeLab Bank Personal Loan (Personal Instalment Loan & Card Debt Consolidation Loan) Terms and Conditions, these terms and conditions shall prevail.
 Terms defined in our Account Terms and/or the WeLab Bank Personal Loan (Personal Instalment Loan & Card Debt Consolidation Loan) Terms and Conditions shall have the same meanings when used herein, unless otherwise defined.
 In the event of discrepancies and or inconsistencies between the English and Chinese versions of these terms and conditions, the English version shall prevail.
To borrow or not to borrow? Borrow only if you can repay!
Effective date: 25 May 2023
(Last update date: 31 October 2023)