HOW IT EARNS
- Through a QUARTERLY award, not per dollar. Every month of the quarter must
  clear its minimum; the award is banded on the weakest month.
- Cashback is credited against the balance one cycle late (PLAN §6.5) and is
  forfeited two years after the quarter it was awarded for.

WATCH OUT
- Marginal value is EXTREMELY lumpy. A purchase lifting the weakest month
  from S$999 to S$1,000 is worth S$40; the next S$900 is worth nothing. The
  "effective rate" of a single purchase is close to meaningless here.
- ONE weak month forfeits the ENTIRE quarter.

NOT MODELLED
- Additional cashback on selected merchants (Grab, McDonald's, Shopee,
  SimplyGo at 5%/5%/6.67% by tier; groceries MCC 5411 at NIL/2.67%/4.67%;
  Shell 1.67% at Tier 3; Singapore Power 1%), capped at S$120 per statement
  month and payable only if the quarterly minimum was met. The rate depends
  on WHICH band was reached, which the DSL cannot express. This UNDERSTATES
  the card, materially for heavy Grab/Shopee users.
- Base Cashback of 0.03% of annual spend, paid only if no quarterly cashback
  was earned all year.
- Pro-rating of the first quarter (clause 3.2).

EVIDENCE
- Rewritten 2026-07-27 against the issuer's full T&C. The earlier version
  modelled a flat 3.33% per-dollar rebate, which was a fabrication that
  happened to approximate Tier 3 at exactly S$6,000 of quarterly spend.
- May's statement ties exactly: S$60 against the Feb-Apr quarter.