Mastercard Cardholder Agreement

Netcoins Cardholder Agreement
Netcoins Cardholder Agreement

This Cardholder agreement (the "Agreement") applies to your Netcoins Prepaid Mastercard®. By activating or using your Card or allowing anyone else to use your Card, you are agreeing to the terms and conditions in this Agreement.

Definitions
  • "Card"or "Netcoins Card" means a Netcoins Prepaid Mastercard.
  • "Cardholder" means an individual who requests, activates, receives or uses a Card.
  • "Netcoins Account" means your regular account with Netcoins supported by the Netcoins website or App.
  • "Netcoins App" means the Netcoins application downloaded from the App Store or Google Play Store, as well as any affiliated web interface(s) made available to sign-up for Netcoins products and services.
  • "You" and "your" means a Netcoins user, including a Cardholder.

Netcoins Customer Service: 1-866-331-8748

1. SUMMARY OF IMPORTANT CARD DETAILS

Use of Card: You can use your Card anywhere that Mastercard is accepted to make purchases or ATM withdrawals. When you use your Card, your Netcoins Account CAD balance will decrease. You must ensure that there is a sufficient balance in your Netcoins Account CAD balance to cover the full amount of transactions made with the Card or you will risk not earning all your rewards.

Card Information, Expiry and Balance: For up-to-date Card terms and conditions or to view your balance, check the Netcoins app or contact Netcoins customer service. Your right to use the CAD balance in your Netcoins Account will not expire but your Card may expire. If you wish to continue using your Netcoins Card, you may order a new Card on the Netcoins App or contact Netcoins customer service for instructions on how to receive a replacement Card free of charge or to arrange for the return of your funds.

Fees and Limits: Certain fees and limits will apply to the use of your Card – see the Fees and Limits section of this Netcoins Cardholder Agreement. These are subject to change. Please keep your contact information up to date.

Card Restrictions: Cardholders must be of the age of majority in the province or territory where they reside. You may not use your Card to commit or facilitate any illegal or prohibited activity. We may suspend or deactivate your Card and/or decline a transaction at any time if we suspect illegal activity or fraud. You do not have the right to stop the payment of any transaction you conduct with the Card. Your Card (or card number) cannot be used for "cashback" transactions where a merchant charges you an amount greater than the price of the goods and services purchased. The Card is not currently available to residents of Quebec. Your Card may not work at unattended terminals (such as parking or pay at the fuel pump stations). Use of your Card in certain countries may be restricted by applicable law. Funds loaded onto the Card are not a "deposit" and are not insured by the Canada Deposit Insurance Corporation (CDIC).

Protection of Card and PIN; Lost or Stolen Cards: You must take all reasonable steps to protect your Card and PIN against loss, theft or unauthorized use. You should not maintain a written record of, or disclose the PIN to a third party, including family members and friends. Avoid PIN combinations that may be easily guessed by others. If you lose your Card and/or PIN or you become aware that your PIN may have become known to someone else, or if you have reason to believe that someone has made an unauthorized transaction with your Card or may attempt to use your Card without your permission, you must IMMEDIATELY lock your Card in the Netcoins App and notify customer service. If you do not notify customer service IMMEDIATELY then all transactions carried out on your Card before you notify customer service will be considered to have been made by you.


2. CARD USE

(a) Using Your Netcoins Card: Subject to the Card limits and other terms of this Netcoins Cardholder Agreement, you can use your Card anywhere that Mastercard is accepted to make purchases or ATM withdrawals. When you use the Card, the amount of the purchase or withdrawal, plus any applicable fees and taxes, will be deducted from your Netcoins Account CAD balance. Your Card may not be used for any illegal or prohibited activity. If you authorize another person to use the Card you agree, to the extent permitted by law, that you will be liable for all transactions arising from that person’s use of the Card.

You must ensure that there is a sufficient balance in your Netcoins CAD balance to cover the full amount of each transaction made with the Card including applicable fees and taxes or else your transaction may be declined. If the amount in your Netcoins Account CAD balance is not sufficient to cover a full point of sale transaction amount, you may ask the merchant if they will accept a split tender transaction in order to cover the difference with another form of payment (e.g. cash, cheque, credit or debit). If you fail to inform the merchant that you would like to complete a split tender transaction prior to using your Card, your Card may be declined. Merchants do not have to and may not agree to accept split tender transactions. For some transactions, we or the merchant (for example, gas stations, restaurants, hotels or car rental companies) may pre-authorize up to 20% (or more) above the purchase amount to ensure there are sufficient funds available on your Card to cover any tips or incidental expenses. In such cases, your transaction will be declined if your balance will not cover the transaction amount plus the additional amount. A pre-authorization places a ‘hold’ on an amount of your available Netcoins Account CAD balance until we release it, which in some cases we will not do until the merchant sends us the final payment amount of your purchase. The hold is typically removed between 5-15 business days for most transactions. During the hold period, you will not have access to the pre-authorized amount.

(b) Loading Funds on Your Card: The time before funds become available may vary between load methods, but generally funds loaded to your Netcoins Account will be available immediately after the load is confirmed by us. Your CAD balance will be available for use on your Card. Funds loaded into your Netcoins Account are not a deposit, and they do not establish a separate individual deposit account. You will not receive interest on your balance.

(c) Transactions Made in Foreign Currencies: If you make a purchase using your Card in a currency other than in Canadian dollars, the amount deducted from the available funds on your Card will be converted by Mastercard into Canadian dollars (CAD). The applicable exchange rate will be determined by Mastercard from the range of rates available in wholesale currency markets for the applicable processing date, which may vary from the rate Mastercard itself receives. The exchange rate used for the conversion on the processing date may be different than the rate that was in effect on the date you performed the transaction and may include a margin, which is the difference between the exchange rate Mastercard is able to obtain for the foreign currency and the actual foreign exchange rate Mastercard uses for the conversion into Canadian dollars and may be an indirect cost to you. We add the Foreign Exchange Transaction Fee to your transaction amount (see the Card Fees and Limits section). If a foreign currency transaction is refunded to your Card, the exchange rate determined by Mastercard will be used to convert your refund to Canadian dollars and the rate in effect on the day that the refund is processed may differ from the rate in effect on the transaction date or posting date. This means that the amount that is credited to your Netcoins Account for a refund of a foreign currency transaction will, in most cases, be different than the amount that was originally charged to your Card for that transaction. We subtract the Foreign Exchange Transaction Fee from the amount that we refund to your Card (see the Card Fees and Limits section).

(d) Protection Against Loss, Theft, or Unauthorized Use: If your Card is lost or stolen, you must lock your Card in the Netcoins App and notify customer service immediately. If you lose the Card, someone might be able to use the funds from your Netcoins Account CAD balance. It can be used without a PIN to make purchases. If you lose your Card and/or PIN or you become aware that your PIN may have become known to someone else, or if you have reason to believe that someone has made an unauthorized transaction with your Card or may attempt to use your Card without your permission, you must IMMEDIATELY lock your Card in the Netcoins App and notify customer service. If you do not notify customer service IMMEDIATELY then all transactions carried out on your Card before you notify customer service will be considered to have been made by you. We will refund any remaining balance after we have processed all transactions completed before we had an opportunity to act on your information or, if the Mastercard Zero Liability Policy applies, all transactions for which you are covered under the Mastercard Zero Liability Policy. A replacement Card with any remaining balance (less any applicable fees as stated in the “Card Fees and Limits” section) will be issued to you after you report the Card lost or stolen, consent to a card re-issue and confirm your address.

With the Mastercard Zero Liability Policy, you will not be liable for any unauthorized use of the Card on any transactions processed by Mastercard if you meet the policy conditions. The Mastercard Zero Liability Policy will not generally apply to commercial cards or to transactions that are not processed by Mastercard, and you must establish to our satisfaction that you are not responsible for the disputed transaction. Verification of a Zero Liability claim can take up to 120 calendar days once all the paperwork has been received and confirmed by us, and may require a police investigation.

With the Mastercard Zero Liability Policy, you will not be liable for any unauthorized use of the Card on any transactions processed by Mastercard if you meet the policy conditions. The Mastercard Zero Liability Policy will not generally apply to commercial cards or to transactions that are not processed by Mastercard, and you must establish to our satisfaction that you are not responsible for the disputed transaction. Verification of a Zero Liability claim can take up to 120 calendar days once all the paperwork has been received and confirmed by us, and may require a police investigation.

(e) Ownership of the Netcoins Card: The Card is issued, owned by and will remain the property of KOHO Financial Inc. This Agreement is between you and KOHO. Netcoinsis a distributor of the NetcoinsCard. We may refuse to issue a Card to you or allow you to use your Card to make a purchase at any time and for any reason. We will mail the physical Card to the address you provide during the know your customer (“KYC”) onboarding process. You must contact Netcoins customer service if your address has changed since completing KYC, which is typically done during registration. All Cardholders must be the age of majority in the Canadian province or territory where they live. You must return or destroy the Card upon our request. You will be solely and completely responsible for the possession, use and control of the Card. Netcoinsmay also offer and provide services to Cardholders and those Netcoinsservices are subject to separate terms and conditions, if any, between you and Netcoins. KOHO DOES NOT PROVIDE THOSE NETCOINSSERVICES AND IS NOT RESPONSIBLE FOR THEM, OR ANY LOSS, HARM OR DAMAGE OF ANY KIND YOU MAY SUFFER AS A RESULT OF USING NETCOINS SERVICES.

(f) Who Holds the Balance for your Card: Your Netcoins portfolio CAD balance and the prepaid program are held according to the Netcoins Terms. KOHO does not hold the funds in your Netcoins portfolio CAD balance. As and when you carry out payment transactions with your Card, as per the Netcoins Terms, some or all of your Netcoins portfolio CAD balance shall be used in order to settle the Transaction Amount. The transfer or conversion of your Netcoins portfolio CAD balance occurs pursuant to the Netcoins Terms and are initiated by your use of the Card to make a payment or withdraw funds at an ATM. The Card enables you to access your Netcoins portfolio CAD balance as long as you act in accordance with this Agreement and with the Netcoins Terms.

3. ADDITIONAL CARD FEATURES AND OPTIONS

Rewards: You can find full details regarding Bitcoin back rewards in the Rewards Policy on https://netcoins.app/mastercard-rewards-terms

4. COLLECTING AND USING YOUR PERSONAL INFORMATION

Personal Information Consent: By applying for or using a Card, you consent to the collection, use, disclosure and retention of your personal information, including your full legal name, date of birth, address, email address and phone number, by us and our service providers for purposes relating to your application for a Card and your use of a Card (if issued to you), including to verify your identity, process your transactions, protect our systems and services from fraud, for legal compliance, and as otherwise described in the Netcoins Privacy Policy. Netcoins may disclose your personal information to third parties where necessary to process payments, resolve disputes, detect and prevent fraud, and report to regulatory bodies such as provincial securities commissions. If you do not consent to the collection, use, disclosure and retention of your personal information, you may not apply for or use a Card. The file containing your personal information will be maintained on our servers or those of our service providers and will be accessible by authorized employees and agents who require access for the purposes described in this section. If you have any questions (including with respect to use of service providers outside of Canada), would like to request access to or correction of your personal information, or have any other questions or concerns about personal information handling practices, please contact Netcoins Customer Service by email at support@netcoins.com.

Use by Netcoins or other parties: If you consent to Netcoins or another third party collecting and using your personal information for their own purposes (not as our service provider), including to provide you products and services Netcoins or to send marketing and promotional messages to you, then we will not have any control over, and will not be responsible or liable for, the collection, use, disclosure and retention of your personal information by Netcoins or third party, the marketing or promotional messages that they send to you, or any other wrongful act or omission by Netcoins or third party.


5. OTHER LEGAL REQUIREMENTS

(a) Disputes: If you believe a transaction on your Card is incorrect, you must notify us of your dispute within sixty (60) calendar days of the transaction date. Following your notification, you will need to complete and email a dispute form to the customer service team within ninety (90) calendar days of the transaction date. You can obtain a dispute form by emailing customer service at support@netcoins.com or by calling 1-866-331-8748. Please note that this form must be received within ninety (90) calendar days of the date of the disputed transaction or you will have been deemed to have accepted such transaction

If you identify an error in any transaction record, you must address such error with the applicable merchant or ATM operator. If there is any dispute regarding purchases you make using the Card, you agree to settle such disputes with the merchant from whom the purchase was made. Please ask the merchant for any return policy that may apply to purchases made with the Card. We are not responsible for any problems you may have with any goods or services that you purchase with your Card, whether with regard to quality, safety, legality, or any other aspect of your purchase. If you are entitled to a refund for any reason for goods or services obtained with the Card, you will receive a credit in your Netcoins account but no rewards will be earned. If rewards were already issued, you agree that the reward amount will be debited from the next month’s rewards.

(a) Cancellation: You may cancel this Agreement at any time by contacting Netcoins customer service or notifying the Netcoins team in writing at support@netcoins.com. You will be required to answer verification questions before the Card cancellation can take place. We may cancel this Agreement at any time, with or without cause. Upon cancellation by you or us, you must immediately stop using and destroy your Netcoins Card. Given that your account is in good standing, funds loaded in your Netcoins Account will remain available for trading and withdrawing


6. CARD FEES AND LIMITS

Fees: The following Fees will apply to the use of your Card.

CARD FEES* Netcoins Prepaid Mastercard
ATM Withdrawals* Free
Foreign Exchange Transaction Fee+ 1,5%

*Additional fees for ATM withdrawals may be charged by the ATM operator, over which we have no control. *More information about Foreign Exchange Transaction Fee is included above in the Transaction Made in Foreign Currencies section of this Agreement. All fees are subject to change, you will be notified by email before any changes are made to the fee schedule.

(b) Card Limits: Your Card is subject to the following limits.

Netcoins Card Limits* Netcoins Prepaid Mastercard
Maximum number of Point of Sale ("POS") transactions per day 15
Maximum amount per single POS transaction $8,000
Maximum daily cumulative amount, POS $8,000
Maximum number of ATM transactions per day 5
Maximum amount per single ATM transaction $2,000
Maximum daily cumulative amount, ATM $2,000
Total daily limit (POS + ATM) $10,000

*These limits are determined based upon Netcoins’ risk management and financial crime compliance policies and may change from time to time. We use a 30-day rolling window to enforce these limits. This chart is representative and reflects the limits at the time of publication of this Agreement. Current limits and a full copy of this Agreement are always available at https://www.netcoins.app/mastercard-cardholder-agreement/. You should regularly check these limits to ensure you have current information and monitor your Netcoins Account notifications on the website for changes.


General Terms

1. Transaction Detail: All Card transactions and the details of your repayments will be reflected in the Netcoins App. If you notice an item in error and wish to dispute it, you must inform Netcoins customer service within 90 days of the date that the item was first posted to the Netcoins App. If you don’t notify us within that time period, then you agree that your transactions and balances are accurate and you will not be permitted to dispute them later. We may debit or make adjustments to your Netcoins Account at any time for any amount that was credited in error.

2. Communications and Notifications: Netcoins and other providers of services related to your Card may use your Cardholder Information (including your phone number and your email address) to contact you, including by regular and electronic mail, telephone call (including by pre-recorded or artificial voice messages and automatic telephone dialing systems) and instant messaging, regarding your Card and related matters, regardless of whether you incur any long distance or usage charges as a result.

Netcoins and other providers of services related to your Card may monitor and record communications and correspondence with you (including emails, online chats and telephone calls) for quality assurance, staff training and legal compliance purposes. You consent to us and our service providers sharing this information for audit related purposes to ensure you are receiving the best possible customer service.

For significant or material changes such as a fee change or important changes to your Netcoins Card, Netcoins will provide you with a clear and conspicuous written notice at least thirty (30) days before the proposed Amendment comes into force. The notice will be sent to you via the Netcoins website or App, or by email drawn up clearly and legibly.

You are responsible for informing Netcoins of any change in your mailing or email address, by contacting customer service at 1-844-515-2646 and for checking the Website for such notifications. Notice will be deemed to be received by you five (5) days after mailing, or the next business day after electronic mail.

3. Amendments: We reserve the right, in our sole discretion, to modify, alter or otherwise update these terms and conditions at any time, including the eligibility criteria or any of the other terms and conditions. Netcoins will give you advance notice of any changes where required by law and this Agreement will always reflect the most current terms and conditions. Changes will take effect on the date specified in any notice, or else on the date that an updated Agreement is posted on the Netcoins website. You are responsible for informing Netcoins of any change in your mailing or email address, by contacting Netcoins customer service and for checking the Website for such notifications or updates to this Agreement. If you use your Netcoins Card after we have made a change to this Agreement and Netcoins has given any required notice, you will be considered to have agreed to the change.

4. Termination and Suspension: You may terminate this Agreement by contacting Netcoins customer service. We may terminate all or part of this Agreement at any time. If this Agreement is terminated by you or by us, you must immediately follow the Card cancellation procedures set out above. We may also suspend or limit usage on your Card if we believe you are acting outside of the intended usage.

If your Card is inactive for 12 months, we may contact you to cancel the Card. If your Card is inactive for 15 months, we may cancel it for you. Ordering a new Card is free through the Netcoins App.

5. Limitation of Liability: This section is not applicable to Quebec consumers. To the fullest extent permitted by applicable laws, Netcoins and KOHO Financial Inc. will not under any circumstances be liable to you or any other person in any way in contract, tort (including negligence), civil liability or otherwise for any loss or damages (whether direct, indirect, special, economic, incidental, consequential, punitive or exemplary, including without limitation loss of revenue, data, anticipated profits or lost business) in respect of your access to, or lack of access to any Netcoins or KOHO Financial Inc. product or service, or in respect of our provision of Netcoins products or services or our suspension or termination of a product or service. WE MAKE NO REPRESENTATIONS OR WARRANTIES OF ANY KIND TO YOU, WHETHER EXPRESS OR IMPLIED, REGARDING ANY SUBJECT MATTER OF THIS AGREEMENT, INCLUDING, WITHOUT LIMITATION, ANY IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR THOSE ARISING BY STATUTE OR OTHERWISE IN LAW OR FROM A COURSE OF DEALING OR USAGE OF TRADE.

6. No Warranty of Availability or Uninterrupted Use: From time to time, the Netcoins Card may be inoperative, and when this happens, you may be unable to use your Netcoins Card, including making purchases, obtaining information about the balance on your Card or requesting an advance. Please notify Netcoins customer service if you have any problems using your Netcoins Card. You agree that we are not responsible for any interruption of service.

7. Governing Law: Unless you are a Quebec consumer, this Agreement is governed by the laws of Ontario and the federal laws of Canada applicable therein, excluding any conflict of laws which would lead to the application of any other laws. You hereby irrevocably submit and attorn to the courts of the province of Ontario for any disputes or matters arising from, connected with, or relating to this Agreement.

At this time, residents of Quebec are not eligible to apply for the Netcoins Card.

8. No Waiver: No consent or waiver by either party to, or of any breach or default by, the other party in its performance of its obligations under this Agreement will be deemed or construed to be a consent to, or a waiver of, a continuing breach or default or any other breach or default of those or any other obligations of that party. No consent or waiver will be effective unless in writing.

9. Severability: If any part of this Agreement is found by a court to be unlawful, void, or for any reason unenforceable, then that part will be deemed to be severed from the rest of the Agreement and will not affect the validity and enforceability of the remainder of this Agreement.

10. Assignment: You may not assign any of your rights or obligations under this Agreement. We may sell, assign, or transfer all or any of our rights and obligations under this Agreement at any time to a third party.

11. Entire Agreement: This Agreement sets forth the entire understanding and Agreement between you and us, whether written or oral, with respect to the subject matter hereof and supersedes any prior or contemporaneous understandings or Agreements with respect to such subject matter.

12. Miscellaneous: The Card is issued by KOHO Financial Inc. pursuant to license by Mastercard International Incorporated. Mastercard® is a registered trademark of Mastercard International Incorporated. All other trademarks and service marks belong to their respective owners.