Rewards Terms

Netcoins Card Rewards Program Terms and Conditions

Netcoins Card Rewards Program Terms and Conditions


Welcome to Netcoins. Our Bitcoin-back Rewards Account (“Rewards Account”) is a non-interest-bearing cryptocurrency repository account that allows you to hold Bitcoin earned from the Netcoins Prepaid Card (“Card” or “Netcoins Card”) Rewards Program (the “Rewards Program”). Please read and keep these Reward Terms. If you need a physical copy of these Reward Terms or if you have any questions, you can contact us via email at or visit (the “Website”). These Reward Terms are incorporated by reference into the Netcoins Terms of Service, which may be found at:




In these Rewards Terms, the holder of a Rewards Account is sometimes referred to as “you” or “your.” The provider of the Rewards Account, Netcoins Inc., is referred to as “Netcoins,” “we,” “us” or “our.” You understand and acknowledge that we may share with Bank and/or Servicer (each as defined in the Netcoins Prepaid Visa Card Agreement, which may be found at: (the “Cardholder Agreement”)) any information you provide to us in connection with these Account Terms. In addition, you understand and acknowledge that Netcoins, Inc. and its affiliates are entitled to rely on the acknowledgements and agreements that you have made as a Card holder under the Cardholder Agreement.


By opening a Card, you are eligible to participate in the Rewards Program and open a Rewards Account with us. If you participate in the Rewards Program and open a Rewards Account with us, you agree that the terms and conditions contained in these Reward Account Terms, as modified from time to time, will govern your participation in the Rewards Program and your Rewards Account. We reserve the right to update these Reward Account Terms at any time and may notify you of such changes via the Website or by email at the address specified in your Card application, but we have no obligation to notify you of every update.

Opening a Card and Rewards Account

  1. In order to qualify to participate in the Rewards Program and open a Rewards Account, you must meet the following requirements: (i) open a Netcoins Account with us, (ii) apply for and be issued a virtual or physical Netcoins Card, (iii) hold your Card in good standing, and (iv) not hold a negative balance on your Netcoins Account. Your Rewards Account may be automatically opened upon issuance of your Card.
  2. In order to open your Rewards Account, we will first confirm your identity by requiring you to provide acceptable forms of identification when opening your Netcoins Account. To help the government fight the funding of terrorism and money laundering activities, the law requires us to obtain, verify, and record information that identifies each person or entity that opens a Rewards Account. We may also ask for your driver’s license or other identifying documents. You represent and warrant that any and all information provided to us pursuant to these Account Terms or otherwise is true, accurate and not misleading. If any such information changes, it is your obligation to update such information as soon as possible.
  3. Geographic restrictions may apply to Rewards Accounts in any country to which Canada or the United States embargoes goods or imposes similar sanctions. Rewards Accounts are not available in any jurisdiction in which we determine we would not be able to or choose not to offer Rewards Accounts. Due to the dynamic nature of regulatory requirements and interpretations in the cryptocurrency market, we reserve the right to update the list of prohibited jurisdictions where we determine it is appropriate to do so in our sole and absolute discretion.
  4. Your Rewards Account is not deemed to be opened, and we have no responsibility to you unless and until you have received written (which may be electronic) confirmation from us that your Rewards Account has been opened. We reserve the right not to open a Rewards Account for any applicant in our sole and absolute discretion.

A. How Cards and Rewards Accounts Can Be Owned

Rewards Accounts can be held by individuals only. Corporations shall not be permitted to maintain a Rewards Account.

B. How Points are Earned

  1. Only authorized charges for the purchase of goods or services made with your Card, less any credits for charge reversals or other refunds (“Qualifying Purchases”), will earn 1% back which will be converted to Bitcoin at the Rewards Distribution Date. The Rewards Distribution Date will most likely be on the 10th of the next month in which the qualifying purchase was made. There may be occasions where rewards will be issued by the 15th of the next month. Qualifying Purchases do not include cash advances, balance transfers, convenience checks, payments made for stored value cards such as gift cards and similar cards, wire transfers, money transfers, travellers checks and similar products that may be converted to cash, such as money orders and certified checks charged to your Card, all incidental charges and fees charged by us (for example: voluntary payment protection costs, finance charges, service charges, and ATM fees), or purchases made when your Card is not in good standing or if you have a negative balance on your Netcoins Account. WE RESERVE THE RIGHT TO DETERMINE IN OUR SOLE DISCRETION WHETHER A PARTICULAR TRANSACTION IS A QUALIFYING PURCHASE OR TO INCLUDE OR EXCLUDE OTHER CHARGES FROM THE DEFINITION OF QUALIFYING PURCHASES. Your Bitcoin back reward balance may be reduced by any returns, credits or other refunds, charge reversals, chargebacks or other disputes, and a negative balance may result if such reductions for a particular billing cycle exceed the Bitcoin back balance for purchases of goods and services. If your Bitcoin back balance is negative, we will apply any new purchase rewards that you subsequently earn to your balance, and no Bitcoin will be credited to your Netcoins account until your balance becomes positive.
  2. At the Bitcoin Reward Distribution Date, qualifying purchases, excluding returns, will be totalled. You may receive 1% back, which will be converted to Bitcoin at the Rewards Distribution Date. The CAD total will be converted for Bitcoin at the then-current market price(s) (“Rewards”) (subject to applicable fees), and transferred to your Netcoins Account in accordance with Section C below, provided that all conditions are met.

C. How Rewards Are Paid

As long as your Card remains open and in good standing, we will credit your account with the Bitcoin you earn monthly. On the monthly distribution date, all eligible purchases will be converted into Bitcoin at the applicable market price at the time of disbursement (subject to applicable fees) and calculated and paid to the one hundred millionth of the relevant unit of cryptocurrency. Any digits beyond that will be truncated; balances on Rewards Account statements will be truncated to eight decimal digits (one hundred millionth of a unit). Such Rewards will be deposited in cryptocurrency into your Netcoins Account. Your Netcoins Account must be open, have passed the KYC process, accepted the risk statement and be in good standing on such date in order for you to receive payment of such Rewards. We recommend that you review the crypto asset statement on the website before trading or withdrawing your Bitcoin reward.

D. Transfers to your Netcoins Account, as applicable

  1. Netcoins and our third-party partners may experience cyber-attacks, extreme market conditions, or other operational or technical difficulties which could result in the immediate halt of transfers and withdrawals of cryptocurrency either temporarily or permanently. Netcoins is not and will not be responsible or liable for any loss or damage of any sort incurred by you as a result of such cyber-attacks, operational or technical difficulties or suspensions of transfers or withdrawals.
  2. After cryptocurrency has been transferred to your Netcoins Account, as applicable, the cryptocurrency, and any subsequent transfers or withdrawals, will be subject to the Netcoins Account Terms, which may be found at:

E. Suspensions

We have the right to suspend redemption rights of your Bitcoin back in the event there is a dispute between Netcoins and you. You will forfeit your accrued rewards and any rewards held in your Rewards Account immediately if you are in default under the Cardholder Agreement, if we determine that you have violated the redemption rules of these Account Terms, if you are in any way involved in fraud, theft, or other illegal activity, if we determine that your Card was used for manufactured spending (purchasing cash equivalents or similar liquid assets for the primary purpose of earning Points), if your Card is closed, terminated or suspended, or if we terminate or suspend your Rewards Account for any reason. Unless required by applicable law, we will not give you notice of forfeiture. You are not entitled to compensation from us or any other entity when your Points or Rewards are suspended or forfeited for any reason.

F. Taxes

  1. You will be able to see a record of the transactions related to your Rewards Account. You may wish to use such records for the purposes of making any required tax filings or payments. It is your responsibility to determine what, if any, taxes apply to any gains or losses or to the payments you make or receive, and to collect, report, and remit the correct tax to the appropriate tax authority.
  2. We will make any tax withholdings or filings that we are required by law to make, but we are not responsible for determining whether taxes apply to your transaction, or for collecting or remitting any taxes arising from any transaction. You are responsible for complying with all applicable law, whether federal, provincial, local, or international. You agree that neither Netcoins nor any of its affiliates is responsible for determining whether or which laws may apply to your transactions, including tax law. You are solely responsible for paying any taxes arising from your Rewards Account and filing any reports that you are required to file.

G. Ownership of Cryptocurrency

You hereby represent and warrant to us at all times during which you hold cryptocurrency in your Rewards Account that: (i) any cryptocurrency controlled by you in connection with your Rewards Account is owned by you, except as set forth in these Account Terms; and (ii) you are validly authorized to carry out transactions using such cryptocurrency and that all transactions initiated with your Rewards Account are for your own account and not on behalf of any other person or entity.

H. General Rules Governing Rewards Accounts

  1. We may make changes to the Rewards Program, and we may add to and/or change these Account Terms at any time. To be clear, this means that Netcoins can, without specific notice to you:
    • Change the percentage of Bitcoin back you can earn for eligible purchases;
    • Impose caps and/or fees on earning and/or using Bitcoin back; or
    • Add new rewards or cancel particular rewards and/or the Rewards Program entirely.
  2. All of our actions relating to your Rewards Account, including these Account Terms, will be governed by the laws and regulations of Canada and, to the extent not preempted, the laws and regulations of British Columbia. Any lawsuit regarding your Rewards Account must be brought in a proper court in Vancouver, British Columbia. If any part of these Account Terms is determined to be invalid or unenforceable, such determination will not affect the remainder of these Account Terms.
  3. We reserve the right at all times to monitor, review, retain and/or disclose any information as necessary to satisfy any applicable law, regulation, legal process or governmental request.
  4. These Account Terms and the relationship created hereby do not create a fiduciary relationship between us.
  5. Periodic statements for your Rewards Account will be made available to you on the Netcoins website, which will show the activity on your Rewards Account and will contain information sufficient to allow you to reasonably identify each conversion of CAD rewards into Bitcoin and other transactions. You must examine the statement and notify us of any unauthorized use or any error or irregularity on the statement within 60 calendar days after the statement is sent or made available to you. If we do not receive such notice within the 60-calendar day period, then we will have no liability to you and any losses will be entirely yours.
  6. Rewards Accounts are not transferable or assignable to another person in whole or in part.
  7. You must promptly notify us of any change in your residential mailing or email address. Failure to notify us may result in delayed receipt or non-receipt of Netcoins correspondence.
  8. We may record and monitor our telephone conversations with you and your electronic communications with us (chat, e-mail and other forms of electronic exchange). Unless the law requires otherwise, you consent in advance to such recording and monitoring and we do not need to remind you of these activities.
  9. We reserve the right to limit access to your Rewards Account, which can include temporarily or permanently removing your online access, restricting your Rewards Account and/or closing your Rewards Account without prior notice to you unless prior notice is required by law. We do not bear liability for such actions. In addition, Netcoins reserves the right to withhold or delay the transfer or withdrawal of funds or assets belonging to you if you fail to comply with these Account Terms.

I. Indemnification and Limitation of Liability; Attorneys’ Fees and Costs for Lawsuits

  1. You will indemnify and hold us and our affiliates harmless from any losses, damages, suits and expenses, of whatever kind, including reasonable attorneys’ fees, which we may incur in connection with or arising out of your use of your Rewards Account or our activities in connection with such Rewards Account, your violation of any law, regulation, order or other legal mandate, or the rights of a third party, or any act or omission by your agent, representative or third-party service provider while using your Rewards Account, regardless of whether the specific use was expressly authorized by you.
  2. We are not liable to you for claims, costs, losses or damages caused by an event that is beyond our reasonable control (e.g., the acts or omissions of third parties, natural disaster, emergency conditions, disease epidemics/pandemics such as Covid-19, government action, equipment or communications malfunction).
  4. Our liability to you for a claim is limited to the face value of the item or transaction, or the actual value of any Rewards not properly credited or debited.

J. Risk Disclosure

Your Rewards Account is not a checking or savings account, and it is not covered by insurance against losses. Cryptocurrency is not legal tender, and is not backed by the government. Rewards Accounts and value balances are not subject to Canadian Deposit Insurance Corporation insurance or protection. Legislative and regulatory changes or actions at the provincial, federal, or international level may adversely affect the use, transfer, exchange, and value of cryptocurrency.

Transactions in cryptocurrency may be irreversible, and, accordingly, losses due to fraudulent or accidental transactions may not be recoverable. Some cryptocurrency transactions shall be deemed to be made when recorded on a public ledger, which is not necessarily the date or time that the customer initiates the transaction. The value of cryptocurrency may be derived from the continued willingness of market participants to exchange government-issued currency for cryptocurrency, which may result in the potential for permanent and total loss of value of a particular cryptocurrency should the market for that cryptocurrency disappear.

There is no assurance that a person who accepts a cryptocurrency as payment today will continue to do so in the future. The volatility and unpredictability of the price of cryptocurrency relative to government-issued currency may result in significant loss over a short period of time. The nature of cryptocurrency may lead to an increased risk of fraud or cyber-attack, including rollback attacks or blockchain reorganizations. The nature of cryptocurrency means that any technological difficulties experienced by Netcoins or any of its affiliates may prevent the access to or use of a customer’s cryptocurrency. Any bond or trust account maintained by Netcoins for the benefit of its customers may not be sufficient to cover all losses incurred by customers. In light of these risks, you should carefully consider whether holding cryptocurrency in a Rewards Account is suitable.

K. Conflict/Disputes Involving Your Rewards Account

  1. We are not liable to you for errors that do not result in financial loss to you. We may take any action authorized or permitted by these Account Terms without being liable to you, even if such action causes you to incur fees, expenses or damages.
  2. If third parties make claims on your Rewards Account, or if we receive conflicting instructions from authorized persons, or if we become involved in or concerned about a dispute between you and an authorized person, we have discretion to act in ways we believe to be appropriate, including by closing your Rewards Account and returning the digital assets in such Rewards Account. You are liable for all expenses and fees we incur for such conflicts or disputes, including internal costs and external attorneys’ fees, and we may charge them to your Rewards Account.
  3. Fraudulent activity, including any attempt to transfer or withdraw funds that you do not own, did not transfer into your Rewards Account, or did not purchase, is strictly prohibited and may result in the return of your Bitcoin and closure of your Rewards Account. Fraudulent activity includes any attempt to take advantage of errors on the Netcoins Website, systems, applications, or technology platforms. Any errors identified should be flagged to for appropriate compensation, where applicable.

L. Legal Process Affecting Rewards Accounts

  1. If legal action such as an attachment, garnishment, seizure, liquidation, levy or other state, federal or international legal process (“legal process”) is brought against your Rewards Account, we may refuse to permit (or may limit) withdrawals or transfers from your Rewards Account until the legal process is satisfied or dismissed. We may also be required to transfer the assets in your Rewards Account at the behest of governmental authorities pursuant to legal and regulatory actions. Regardless of the terms of such attachment, garnishment, levy or other provincial or federal process, we have first claim to any and all funds in your Rewards Account.
  2. We will not contest on your behalf any such legal process and may take action to comply with such legal process as we determine to be appropriate in the circumstances without liability to you. If we incur any expenses, including without limitation, reasonable attorneys’ fees, in connection with any such legal process, we may charge any expenses and fees to your Rewards Account or any other account you may have with us without prior notice to you, or we may bill you directly for such expenses and fees.

M. Waiver

We may delay or waive any rights we have under these Account Terms. If we delay or waive our rights, you are still obligated to pay us fees and other amounts you may owe us under these Account Terms. Any delay or waiver of our rights applies only to the specific instance in which we decide to delay or waive the provision and does not affect our future rights in any way.

N. Digital Images, e-Signatures, & Facsimile Signatures

  1. We accept digital images, e-signatures, and facsimile signatures for documents that need to be signed. However, we will not be liable if use of a device was unauthorized or if the size, colour or quality of the signature is different from that of any signature previously presented to us.
  2. We may rely on facsimile signatures when the facsimile signature resembles or purports to be the signature of an authorized person. You agree to reimburse us (and we may charge your Rewards Account) for all claims, costs, losses and damages, including reasonable attorneys’ fees, that result from our reliance on a facsimile signature or by a facsimile or digital image that we otherwise believe you authorized.

O. Closing a Rewards Account

We have the right to close your Rewards Account at any time for any reason without advance notice. In addition, your Rewards Account may be closed automatically within six (6) months of any termination of your Card. We will cooperate with any regulatory or governmental entity’s instructions or requests with regard to your Rewards Account, including freezing it and seizing its assets if mandated.

P. Liability for Failure to Make Transfers

If we do not complete a transfer from your Rewards Account according to these Account Terms, we will not be liable for any actual losses or damages to you except such losses or damages that result from our gross negligence or willful misconduct. For example, we will not be liable: (i) if, through no fault of ours, you do not have enough cryptocurrency in your Rewards Account to make the transfer; (ii) if circumstances beyond our control (such as fire, pandemic or flood) prevent the transfer, despite reasonable precautions that we have taken; (iii) in the case of preauthorized credits, if the data from the third party is not received, is incomplete or erroneous; (iv) if your Rewards Account is not in an active status; (v) due to legal requirements or regulatory restrictions; and (vi) in the case of other exceptions stated in these Account Terms or in another agreement with you.

Q. Disclosure of Rewards Account Information

We will disclose information to third parties about your Rewards Account: (i) where it is necessary for completing transfers; (ii) in order to verify the existence and condition of your Rewards Account for a third party, such as a credit bureau or merchant; (iii) in accordance with the Netcoins Terms of Service; (iv) if you give us your written permission; (v) if we close your Rewards Account due to a deficient balance, excessive instances when you do not have sufficient funds in your Rewards Account or to protect or enforce our legal rights; and (vi) in order to comply with government agency or court orders.

R. Rewards Account Errors or Questions

  1. Our platform allows you to review your Rewards Account and conduct certain other transactions online. You must maintain adequate security and control of any and all IDs, passwords, hints, or any other codes that you use to access your Rewards Account through our online platform. Any loss or compromise of the foregoing information or your personal information may result in unauthorized access to your Rewards Account. We assume no responsibility for any loss that you may sustain due to compromise of your sensitive information. You accept all risks of unauthorized access and use of your Rewards Account.
  2. Contact us at, as soon as you can, if you think your statement is wrong or if you need more information about an item listed on the statement. We must hear from you no later than sixty (60) days after we send you or make available to you the first statement on which the problem or error appeared.
  3. We may require that you send us your complaint or question in writing in an email, and we may request additional information within ten (10) business days. We will endeavor to determine whether an error occurred within ten (10) business days after we hear from you and will correct any error promptly. If we need more time, however, we may take up to forty-five (45) days to investigate your complaint or question. For errors involving new Rewards Accounts, we may take up to ninety (90) days to investigate your complaint or question. If we decide to do this, we will credit your Rewards Account within twenty (20) business days for the amount of the error, so that you will have the use of the funds during the time it takes us to complete our investigation. For new Rewards Accounts, we may take up to thirty (30) business days to credit your Rewards Account for the amount you think is in error.
  4. If we ask you to put your complaint or question in writing, or request additional information, and do not receive it within ten business days, we may not credit your Rewards Account. If we decide that there was no error, we will send you a written explanation. You may ask for copies of the documents that we used in our investigation.

Account Terms Last Modified: 8/12/2022