Welcome offer is applicable to both New Customer and Existing Customer: New Customer shall mean applicants who, during the New Card approval process have not applied for or held, and in the 12 months prior to the date of application for the New Card have not held and/or cancelled any principal credit card (including Co-branded Cards and COMPASS Credit Card) issued by the Bank. Existing Customer shall mean applicants who, during the New Card approval process have applied for or held, or in the 12 months prior to the date of application for the New Card have held or cancelled any principal credit card (including Co-branded Cards and COMPASS Credit Card) issued by the Bank.