Rewards Terms and Conditions

CUSTOMERS BANK CREDIT CARD

REWARDS TERMS AND CONDITIONS

For Eligible Cardholders

June 2023

Thank you for opening an online Credit Card Account with Customers Bank! Your credit card is issued and administered by Customers Bank and is subject to the terms and conditions of the Cardholder Agreement between you and Customers Bank. Deserve, Inc. (“Deserve”) will service your Credit Card Account on Customers Bank’s behalf and provide access to your Credit Card Account through the software application powered by Deserve (the “Platform”).

Your Card may allow you to earn Rewards that may be used for cash back statement credits as further described below (the “Rewards Program”). The Rewards Program is offered and administered in accordance with these Rewards Terms and Conditions (as amended from time to time, these “Rewards Terms”).

At the time of opening your Card Account, you will be automatically enrolled in the Rewards Program.

Important Information about the Rewards Program
These Rewards Terms describe how the Rewards Program works. By using your Card and accruing Rewards, you are agreeing to the terms and conditions in these Rewards Terms. Please carefully review these Rewards Terms and keep them for your reference.

Capitalized terms used in these Rewards Terms have the following meanings:

“we,” “us” and “our” mean Customers Bank.
“Card” means your Customers Bank Mastercard or Customers Bank World Mastercard and any other physical, digital, or virtual device or other means to access your Card Account.
“Card Account” means your Card account with Customers Bank accessible through the Platform.
“Good Standing” means your Card Account is not delinquent, past due, in collections, closed, cancelled, or terminated by either you or us. The term also means your Card Account has not been revoked or charged- off by us.
“Rewards” means the rewards you earn under the Rewards Program, which are tracked as and denominated in the dollar amount of statement credits for which rewards may be redeemed. Rewards have no cash value and may not be transferred or redeemed except as expressly provided by these Rewards Terms.
“You” or “Your” or “cardholder” refers to the holder of the Card Account.

How to Earn Rewards
You will receive Rewards for eligible purchases using your Card Account minus returns and refunds as follows, depending on which Card you hold:

Customers Bank Master Card

1% Rewards on all eligible purchases. This equates to $0.01 in Rewards for each $1 spent.

Customers Bank World Master Card

1% Rewards on all eligible purchases in merchant categories other than travel, dining, and gas as described below. This equates to $0.01 in Rewards for each $1 spent.
2% Rewards on all eligible purchases in the dining and gas merchant categories. This equates to $0.02 in Rewards for each $1 spent.
- Eligible merchants for dining purchases include restaurants, bars, lounges, and fast-food restaurants.
  - Non-eligible purchases may include purchases made at certain restaurants/cafes inside department stores, grocery, or warehouse clubs. Any such purchases will earn only 1% Rewards.
- Eligible merchants for gas purchases include service stations and automated fuel dispensers.
  - Non-eligible purchases may include purchases made at merchants whose primary line of business is not the sale of automotive gasoline or fuel (e.g., superstores, supermarkets, and truck stops). Any such purchases will earn only 1% Rewards.
3% Rewards on all eligible purchases in the travel merchant category. This equates to $0.03 in Rewards for each $1 spent.
- Eligible merchants for travel purchases include airline, car rental, and hotel merchants.
  - Non-eligible purchases may include purchases made at passenger transport merchants, including taxicabs, limousines, commuter buses, tour buses, charters, ferries, and railways. Any such purchases will earn only 1% Rewards.

Please note that merchants accepting Mastercard have self-selected their merchant category code based on their primary line of business. We are not responsible for how merchants are classified. A merchant might be classified differently than you expect. For example, a restaurant located within a large retail outlet may not be assigned a dining merchant code, but rather a retail code. This means the purchase would be eligible only for 1% Rewards and would not qualify for the 2% Rewards on dining purchases.

How to Earn Bonus Rewards

Bonus Rewards are available only for new Card Account holders who have not previously opened a Card Account and who received from us a “Team Members” or “Friends and Family” e-mail marketing communication extending an invitation to open a new Card Account. If you are uncertain whether you are eligible for bonus Rewards, you may confirm eligibility by contacting Karen Kelman at [email protected] or Susan Robinson at [email protected]. We have the final authority to determine eligibility for bonus Rewards.

In addition to the unlimited spend-based Rewards described above, if you make at least $1,000 of eligible purchases with your Card (net of related refunds and credits) in the initial three billing cycles after you open your Card Account, then within 10 business days after the end of your fourth billing cycle, you will earn a bonus Reward that will be automatically redeemed for a $400 statement credit.

Any bonus Rewards are in addition to the unlimited spend-based Rewards earned on all eligible purchases.

What is an Eligible Purchase?
An eligible purchase is any lawful purchase to buy goods or services with your Card other than:

Balance transfers and cash advances, including convenience checks and traveler’s checks, money orders and other cash equivalents such as gift cards.
Card Account fees or charges, returned check charges, or interest charges.
Lottery tickets or gambling charges or any other transactions that are illegal or not permitted by your Cardholder Agreement or our policies.

Returns
Returned items may result in credits being applied to your Card Account which may reduce or eliminate accumulated Rewards and may result in a negative Rewards balance. If your Card Account has a negative Rewards balance, any newly received Rewards will be used to offset such negative Rewards balance until such balance has been brought to zero.

Redeeming Rewards

What You Need to Know About Redemptions Generally:

You may earn and redeem Rewards only if and while your Card Account is in Good Standing and you have a positive Rewards balance.
Returned purchases, reversed transactions, refunds, credits, or chargebacks will reduce Rewards you previously received and may result in a negative Rewards balance. We may offset a negative Rewards balance with future Rewards.
As of the date of these Rewards Terms, there are no limits on the aggregate Rewards that you may earn by making eligible purchases with your Card. We reserve the right to impose such limits in the future.
Your Rewards have no cash value and may not be transferred or redeemed except for Card Account statement credit. Your Rewards cannot be applied or transferred to any Card Accounts belonging to others.

Redemption Methods:

Earned Rewards (other than bonus Rewards) are accumulated and you determine if and when accumulated Rewards are redeemed for a statement credit. You can view your available Rewards balance by accessing your Card Account through the Platform. Please note that you may only redeem the entire balance of your accumulated Rewards. Partial redemptions of only a portion of your Rewards balance are not currently supported.
Unlike standard Rewards, bonus Rewards are automatically redeemed for a statement credit at the time such bonus Rewards are earned and posted.
At the time you submit a Rewards redemption request through the Platform, the entire balance of your accumulated Rewards will be redeemed to reduce your outstanding Card Account balance. Please note that redemptions for statement credit may not be applied to your Card Account for up to 10 business days after submission of the redemption request
While Card Account statement credit redemptions may reduce your Card Account balance, you are still responsible for paying any minimum monthly payment due on your post-redemption Card Account balance.
Your accumulated earned Rewards do not expire as long as your Card Account remains in Good Standing.
If your Card Account is restored to Good Standing before your Card Account is closed, you will again be eligible to earn Rewards by making eligible purchases and to redeem accumulated Rewards. It may take three to five business days to bring the Card Account into Good Standing after your payment is received. Customers Bank reserves the right to suspend your participation in the Rewards Program and use of your Card to make eligible purchases and to earn or redeem additional Rewards until your Card Account is in Good Standing.
If your Card Account is closed upon your request or by Customers Bank or Deserve, any earned but unredeemed Rewards will be forfeited and will not be applied to reduce any Card Account balance that remains outstanding at the time of closing.

Changes to or Cancellation of the Rewards Program
The Rewards Program may be modified, suspended, or cancelled by us at any time. These Rewards Terms may be added to, deleted from, or otherwise amended by us at any time. Changes to the Rewards Program may include, but are not limited to, modifications which affect the accrual or redemption of Rewards and the expiration or forfeiture of Rewards. All notices pertinent to the Rewards Program or these Rewards Terms may be sent by mail to the last address for you shown in our records, sent to you by email at the email address on file with us, and/or posted to the Platform. Your continued use of your Card Account and participation in the Rewards Program after the effective date of any notice of change shall constitute your agreement to the amended Rewards Terms. Any notice provided to you will be deemed received by you no later than the earlier of the date received or within five days from the date sent or posted.

Customers Bank and Deserve reserve the right to discontinue your participation in the Rewards Program if you or someone else uses your Card Account in any way that violates the Rewards Terms or your Customers Bank Cardholder Agreement.

Other Important Information

Despite our efforts to ensure accuracy, errors may occasionally occur in administering the Rewards Program. Customers Bank reserves the right to correct such errors at any time even if the correction affects a pending accumulation or redemption of Rewards.
Rewards are not eligible for insurance coverage from the Federal Deposit Insurance Corporation or the Securities Investor Protection Corporation.
Rewards have no cash or any other value until redeemed and paid out and may not be used to repay other obligations to us or anyone else. You have no property rights or other legal interests in the Rewards accrued through the Rewards Program. You may not transfer, assign, pledge, buy, or sell Rewards (including transfers upon death or as part of a domestic relations matter).
We may assign any or all of our rights and obligations under these Rewards Terms to a third party, who will then be entitled to any of our rights assigned to them.
All Rewards are subject to verification and confirmation by Customers Bank and Deserve, whose decisions regarding Rewards and related disputes shall be final.
All Rewards are non-negotiable and cannot be redeemed for any benefit except those designated in these Rewards Terms.

Your Release of Liability
You release and agree to hold Deserve and Customers Bank, their respective officers, employees, agents and service providers, harmless in connection with any losses, injuries, and damages of every kind and nature arising in connection with or as a result of your accumulating, claiming, redeeming, and/or forfeiting or being deemed ineligible for Rewards.