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XSGD Earn Program T&C
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Written by Jun Hao Lim
Updated this week

Terms and Conditions Governing BasedApp XSGD Debit Card 1.5% APR Earn Promotion (" XSGD Earn Programme")


XSGD IS NOT LEGAL TENDER. XSGD IS A SUPPORTED DIGITAL ASSET ISSUED BY STRAITSX, WHICH HAVE RECEIVED IN-PRINCIPLE APPROVAL BY THE MONETARY AUTHORITY OF SINGAPORE (MAS) FOR THE ISSUANCE OF SINGLE-CURRENCY PEGGED STABLECOINS. LEARN MORE HERE.

BASEDAPP HAS NO RIGHT TO USE ANY XSGD IN YOUR XSGD CARD ACCOUNT EXCEPT FOR NORMAL SETTLEMENT AGAINST EXPENDITURE ACCRUED BY USER VIA THE BASEDAPP VISA XSGD DEBIT CARD. BASEDAPP IS NOT A DEPOSITORY INSTITUTION, YOUR XSGD CARD ACCOUNT IS NOT A DEPOSIT ACCOUNT. BASEDAPP USERS ARE ULTIMATELY RESPONSIBLE FOR THE SECURE CUSTODIANSHIP OF THIER DIGITAL ASSETS.


Eligibility:

  1. This XSGD Earn Programme is applicable to the following cards (”Qualifying Cards”):

    1. BasedApp Visa XSGD Debit Card

  2. The XSGD Earn Programme enables eligible cardholders (”Customer”) to earn 1.5% APR reward on their XSGD card balance.

  3. Eligible cardholders are defined as BasedApp customers who have completed their Know-Your-Customer (KYC) screening, have activated their card and are in good standing with the company.

  4. Eligible cardholders will need to deposit on average 500 XSGD into their BasedApp XSGD Card throughout a calendar month. Earn rewards will accrue basis the daily available balance, distribution of the Earn rewards is set out the Calculation and Distribution section below.

  5. XSGD held in user’s BasedApp Smart Wallet are not eligible for this Earn Programme.

Calculation & Distribution:

  1. BasedApp will take a daily snapshot of user’s XSGD card balance. Earn rewards are computed daily on a 1.5% APR basis on the daily available balance of XSGD held as the User’s XSGD card balance.

    1. EG. Daily Reward = Daily Available Balance at snapshot x 1.5%/365days

  2. Earn rewards are distributed on a monthly basis into the user’s XSGD card account.

  3. Earn rewards will be denominated in XSGD and rounded down to the nearest 2 decimal place.

  4. Earn rewards earned in particular calendar month will be dropped into eligible cardholder’s XSGD card account within fifteen (15) business days after the start of the next calendar month.

Promotion Period:

  1. The XSGD Earn Programme will commence from 1 DEC 2023 (0001H SGT).

Additional Terms

  1. BasedApp reserves the right for claw-back of reward awarded without prior notice if we reasonably determined that the customer is not eligible for the reward, including but not limited to occasions where the reward was credited due to error.

  2. BasedApp reserves the right to amend the terms of this XSGD Reward Programme T&C, including the Earn reward percentage, without prior notification.

  3. BasedApp’s decision on all matters pertaining to this XSGD Reward Programme is final. No correspondence or claims will be entertained.

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