Points Issue Fees are based on the number of ClubMaster Points issued by the Associate, irrespective of where the Points are redeemed. This means ClubMaster's fees are based on a user-pays system.
As ClubMaster Points hold a redemption value equivalent to one (1) unit of currency in the country of issue ($HK1.00 each in Hong Kong, $US1.00 each in America), the potential cost to Associates for each ClubMaster Point is the redemption value of each ClubMaster Point issued plus the abovementioned fees. In the event of an Associate issuing Points which are not offset by a credit Points balance, any such advance is subject to the credit terms set down by ClubMaster from time to time.
In the event of the Issuing Associate enetring into any form of insolvency, all Points issued by that Associate may be immediately suspended or cancelled at the absolute discretion of ClubMaster.
Points are redeemed on a First In First Out basis ie. the oldest Points redeemable in a transaction will be redeemed first.
The Base Point Issue Rate (BPIR) is 1:50 (2%) on any transaction, including GST or VAT. The Maximum Point Issue Rate (MPIR) is 1:5 (20%).
The Base Point Redemption Rate (BPRR) is 1:10 (10%). The Maximum Point Redemption Rate (MPRR) is 1:1 (100%).
The PRR must always remain at five (5) times the PIR.
All Monthly Fees and Points Issue Fees are to be settled monthly, and all Net Points Debit Balances will only be carried over at the absolute discretion of ClubMaster. Employee Bonus Points may only be issued where sufficient Credit Points balances are held in the Associate account. Credit Points Balances carry over from month to month.
ClubMaster acts as facilitator in the processing of Points on behalf of Members, Associates, Affiliates and Alliance Partners. ClubMaster does not exchange Points for cash under any circumstances, and Credit Point Balances do not in any way constitute a debtor and creditor relationship between ClubMaster and its Members, Associates, Affiliates or Alliance Partners.
ClubMaster reserves the right to alter its Terms of Business, and its Fees and Charges, at any time wihout notice.
All References to currency are applied to the currency of issue unless otherwise specified. Points redeemed in another currency from the currency of origin will be subject to the ClubMaster exchange rate published from time to time.
ClubMaster is managed under license in Australia and New Zealand by ClubMaster Pty Ltd ACN 155 547 756, in which countries the laws of Queensland apply.
The rest of the World is managed by Fairport Group Limited, Hong Kong, and for this territory the laws of Hong Kong apply