DEFINITIONS

“Account” means the prepaid electronic money account and the associated Card(s) issued to You.

“Agreement” means these terms and conditions.

“AISP” means an account information service provider, which provides account information services, (i.e. online services providing consolidated information on one or more payment account(s) held by You with one or more payment service provider(s)).

“ATM” means an automated teller machine or automatic teller machine also commonly known as a ‘cash machine’ or ‘cash dispenser’.

“Available Funds” means, at any given time, any unspent funds loaded onto Your Account which are available to pay for transactions, fees and/or charges payable under and in accordance with this Agreement.

“Business Day” means any day other than a Saturday, Sunday or national public holiday in Gibraltar and the UK, on which banks are open for business.

“Cardholder” means You, the person to whom the Account is issued.

“Card”, “Prepaid Card” or “Finity Prepaid Mastercard”, means an electronic money card issued by Us to You.

“Commencement Date” means the date You activate Your Account.

“EEA” means the European Economic Area.

“Expiry Date” means the date printed on Your Card which is the date on which Your Card will expire and therefore cease to function.

“PIN” means Your unique personal identification number, which is provided to You for use with Your Card.

“PISP” means a payment initiation service provider, which provides payment initiation services, (i.e. online services to initiate a payment order at Your request, with respect to Your Account held with Us).

“Finity Points” means points accumulated on the Finity Rewards Platform.

“Finity Rewards Platform” means the rewards platform operated by Finity Back Office Limited, accessible via the Website, and where you can earn and spend Finity Points and manage your Card.

“We”, “Us” or “Our” means IDT Financial Services Limited, Crunch Payments Limited acting as Programme Manager on its behalf and/or Finity Back Office Limited acting as cobrand on its behalf, as applicable and as the context may require.

“Website” means https://finity.co.uk

“You” or “Your” refers to the Account holder.

1. INFORMATION ON WHO WE ARE AND THIS AGREEMENT

1.1

This Agreement sets out the general terms and conditions that apply to Your Account. This document also forms the Agreement between You and Us governing the possession and use of Your Card. By using the Account or activating it (see clause 2.4) You agree to be bound by the terms of the Agreement. Copies of these terms and conditions can be found on the Website. Copies of this Agreement can be obtained free of charge by contacting Our Customer Services team in accordance with clause 15.

1.2

Cards are issued by IDT Financial Services Limited pursuant to a licence from Mastercard International. IDT Financial Services Limited is regulated and authorised by the Financial Services Commission, Gibraltar. The Registered Office of IDTFS Financial Services Limited is situated at 57-63 Line Wall Road, Gibraltar and its Registered No. is 95716. At all times the Card remains the property of IDT Financial Services Limited.

1.3

The production of the Cards and the background technology systems required to operate the Cards and Account are provided by Crunch Payments Limited (registered in the England and Wales).

1.4

Finity Back Office Limited provides the Finity Rewards Platform, including customer support for Cards as set out in clause 15. All communications in connection with the Account should be sent to Finity Back Office Limited, Spaces London Liverpool Street, New Broad Street House, 35 New Broad Street, London, England, EC2M 1NH.

1.5

Subject to clause 1.6, this Agreement will commence on the Commencement Date and will terminate in accordance with clause 10. This Agreement and all communications between Us and You shall be in English.

1.6

We reserve the right to refuse Your application to activate the Card. if the results of the checks carried out pursuant to clause 3, or otherwise, give Us reason to suspect that You may be involved in, or intend to use the Card for, money laundering, terrorist financing, fraud or other illegal activity. If We refuse Your activation and use of the Card, We will inform You of the refusal but may not give reasons for doing so.

1.7

Finity Points are governed by separate Finity Membership Terms and remain the property of Finity until they are redeemed or cancelled. If You redeem Your Finity Points, Finity will exchange them for the appropriate equivalent balance, which will be loaded to Your Card, ready to be spent. Finity Points are not issued by or connected with IDT Financial Services Limited or Crunch Payments Limited in any way.

2. CARDS

2.1

Your Card is a prepaid payment card which may be used to pay for goods and services at participating retailers that accept prepaid Mastercard cards. It is designed for use in shops and retail locations where You are physically present and also for online, telephone and other distance purchases. Like any payment card, We cannot guarantee that a particular retailer will accept the Card – please check with the retailer before attempting the transaction if You are unsure. You will not be able to use Your Card to make any purchases from some selected retailers; such selected retailers have been blocked by Our systems in order to prevent the potential mis-use of cards for unauthorised or unlawful activity.

2.2

Your Account is an electronic money account that may be loaded with the funds that have been exchanged from Finity Points on the Finity Rewards Platform for the purpose of then loading Your Card.

2.3

Your Card and Account are electronic money (“e-money”) products regulated by the Financial Services Commission (“FSC”), Gibraltar. The Card is a prepaid card, not a credit card, and is not linked to Your bank account. You must ensure that You have sufficient Available Funds on the Account to pay for each attempted purchase using the Card. The Account is intended for use as a means of payment, and funds loaded onto the Account do not constitute a deposit. You will not earn interest on the balance of the Account. Your Card will expire on the applicable Expiry Date and will cease to function. Please check clause 8 of this Agreement for further information.

2.4

When You receive Your Card, it will be issued to You in an inactive state. You will receive an activation code to Your registered email address and You will need to activate your Card, by entering the activation code within the section titled ‘add activation code’ on the dashboard screen of the Website. If You don’t activate Your Card, any transactions that You attempt to carry out will be declined.

3. IDENTIFICATION REQUIRED FOR PURCHASE OF CARDS

3.1

The Account is a financial services product, and We are therefore required by law to obtain and verify certain information about Our customers. We use this information to administer Your Account, and to help Us identify You and Your Card in the event that it is lost or stolen. We only keep this information for as long as is necessary and for the purposes described. Please see clause 17 for more information.

3.2

In order to obtain an Account, You must be at least 18 years old and a UK resident. We may require evidence of Your identity and residential address. We may ask You to provide documentation to corroborate these details and/or We may carry out identification checks on You electronically.

3.3

When We carry out these checks, Your personal information may be disclosed to credit reference agencies and fraud prevention agencies. These agencies may keep a record of the information, and a footprint may be left on Your credit file, although the footprint will denote that the search was not a credit check and was not carried out in support of a credit application. It is an identity check only, and will therefore have no adverse effect on Your credit rating.

3.4

The activation of Your Account will indicate to Us that You consent to the checks described in this Agreement being undertaken.

4. FEES, CHARGES AND LIMITS

4.1

The fees and charges associated with this Account form an integral part of this Agreement. All applicable fees and charges are set out below and may also be found on the Website. In addition, copies may be obtained on request by contacting Our customer support team in accordance with clause 15 on 0203 916 5945
or by emailing customer.success@finity.co.uk. You are also hereby notified that other taxes or costs may exist that are related to the Card but are not paid via Us or imposed by Us.

4.2

By using Your Account and Prepaid Card You agree to pay all applicable fees per Account as set out below:

Transaction Fees

Administrative Fees

Card Limits – Loading*

Card Limits – Spending

*Loading amounts are subject to the available balance already on the Card.

5. HOW TO USE THE CARD

5.1

A Card may only be used by the person to whom the Card was issued. The Card is nontransferable, and You are not permitted to allow any other person to use the Card, for example by disclosing Your PIN or allowing them to use Your Card details to purchase goods via the internet. Prior to use, the Card should be signed on the signature strip located on the back of the Card.

5.2

We will be entitled to assume that a transaction has been authorised by You where, either:

5.2.1

the magnetic strip on the Card was swiped by the retailer or the Card was inserted into a chip & PIN device;

5.2.2

the Card PIN was entered, or a sales slip was signed;

5.2.3

relevant information was supplied to the retailer or PISP that allowed the transaction to be processed, for example, by providing the retailer with the 3-digit security code on the back of Your Card in the case of an internet or other non-face-to-face transaction; or

5.2.4

Your Card is tapped against a Contactless-enabled reader and accepted by such reader.

5.3

Typically, We will receive notification of Your authorisation by way of an electronic message in line with the rules and procedures of the payment scheme (Mastercard). Once You have authorised a transaction, it cannot be stopped or revoked. However, You may in certain circumstances be entitled to a refund in accordance with clauses 13 and 14.

5.4

On receipt of notification of Your authorisation of a transaction and the transaction payment order, typically We will deduct the value of the transaction, plus any applicable fees and charges, from the Available Funds on the Card. Transactions will be executed as follows:

5.4.1

Within the European Economic Area We will execute any transaction:

5.4.1.1

in euro;

5.4.1.2

in sterling or Gibraltar pounds within Gibraltar or between Gibraltar and the United Kingdom in sterling; or

5.4.1.3

involving only one currency conversion between the euro and sterling, provided that the required currency conversion is carried out in Gibraltar and, in the case of cross-border transactions, the cross-border transfer takes place in euro,

by transferring the amount of the transaction to the payment service provider of the retailer by the end of the next Business Day following the receipt of the payment order.

5.4.2

Any other transactions within the EEA will be executed no later than 4 Business Days following receipt of the payment order.

5.4.3

If the payment service provider of the retailer is located outside the EEA, We will execute the transaction as soon as reasonably possible.

5.4.4

The payment order will be received when We receive it from the retailer’s payment service provider or directly from You. If We receive the payment order on a nonBusiness Day or after 4:30 pm on a Business Day, it will be deemed received by Us on the following Business Day.

5.5

Under normal circumstances, if any payment is attempted that exceeds the Available Funds on the Card, the transaction will be declined. In certain circumstances, a transaction may take Your Card into a negative balance; this will normally be where the retailer has failed to seek authorisation for the transaction. In these cases, We will attempt to recover some or all of the money from the retailer if We can, providing that We are satisfied that You have not deliberately used the Card in the manner that would result in a negative balance. We will handle such instances on a case-by-case basis, but where there is a negative balance on Your Card, We may require You to make up the shortfall and, until there are Available Funds on Your Card, We may restrict or suspend the use of Your Card.

5.6

The Card may be used in full or part payment for purchases. In the case of part payment, the Cardholder will be required to pay the outstanding amount of the purchase by an alternative means, for example, cash, debit card or credit card.

5.7

You are able to use Your card to conduct Contactless transactions. When using Your card for Contactless transactions, a maximum limit will apply. The limit is regulated by MasterCard and may vary from time to time. We will advise You what the limit is and of any changes to the limit via Our Website.

5.8

If You use Your Card for a transaction in a currency other than the currency that the Card is denominated in, the transaction will be converted to the currency that the Card is denominated in by the MasterCard scheme network at a rate set by MasterCard International Incorporated (https://www.mastercard.com/global/currencyconversion). The exchange rate varies throughout the day and is not set by Us; therefore We are not responsible for and cannot guarantee You will receive a favourable exchange rate. Changes in the exchange rates may be applied immediately and without notice. You can ask Us for information about the exchange rate used after the transaction has been completed by contacting Our Customer Services team in accordance with clause 15. You will also be notified of any applicable exchange rate for each transaction in Your online Account, which is updated daily, where the exchange was performed by Us.

5.9

Normally, We will be able to support transactions 24 hours per day, 365 days per year. However, We cannot guarantee this will be the case, and in certain circumstances – for example a serious technical problem – We may be temporarily unable to receive or complete transactions.

6. RESTRICTIONS ON USE OF CARD

6.1

You must ensure that You have sufficient Available Funds on Your Account to pay for each purchase or payment made using the Card or Account.

6.2

The Card is not linked to a bank deposit account and is not a cheque guarantee card, charge card or credit card, nor may it be used as evidence of identity.

6.3

The Card may not be used for gambling payments, or for any illegal purposes. Furthermore, certain types of unauthorised transactions may be blocked.

6.4

Spending limits apply to the Card. For details see clause 4.

6.5

Any preauthorisation amount (such as a hotel booking or car hire) will place a “hold” on Your Available Funds until the retailer sends Us the final payment amount of Your purchase, which may take up to 30 days. Once the final payment amount is received, the preauthorisation amount on hold will be removed. During the hold period, You will not have access to the preauthorised amount.

7. MANAGING YOUR CARD

7.1

We will notify you by email each month when Your monthly statement is available to download or print. Your monthly statement will include a reference enabling You to identify each transaction; the value of each transaction; the currency in which Your Account is debited; the amount of any transaction charges including their break down, where applicable; the exchange rate used in the transaction by Us and the amount of the transaction after the currency conversion, where applicable; and the transaction debit value date.

If there are no transactions on the Account for more than a month then we will not provide you with a statement.

7.2

Access to the internet is required to manage Your Account. You may check the balance and Available Funds on Your Account or view a statement of recent transactions, which will be updated daily, by visiting https://finity.co.uk, accessing Your secure personal login area and following the login request for the online account.

7.3

You may request the information specified in clause 7.1 to be made available as specified in clause 7.2 instead (in the online account). If You chose to do so, You must separately request this in writing. If You have any questions, please contact Customer Services (see clause 15).

7.4

If You would like Us to provide You with the information set out in clause 7.1 more often than monthly or not by email (or if agreed differently under clause 7.3, more often than agreed or in a different manner than agreed) then We may charge You a reasonable administration fee to cover our costs of providing the information more often or in a different manner.

8. EXPIRY OF THE CARD AND DURATION OF THE AGREEMENT

8.1

Your Card will expire on the applicable Expiry Date. On that date, subject to clause 8.2 below, this Agreement will terminate in accordance with clause 10, the Card will cease to function, the value of the Available Funds on the Account will be converted back to Finity Points and You will not be entitled to use the Card any longer.

8.2

If You are likely to require a new Card following the expiry of a prior Card then please call customer services before the Expiry Date where possible and in accordance with clause 15. In some cases, We may issue a new Card to You shortly before the Expiry Date if requested, however, We are not obliged to do so, and may elect not to issue a replacement Card at Our sole discretion. If We do issue a new Card, a new Expiry Date will apply and the new Card will expire on that Expiry Date.

8.3

The “cooling off” period described in clause 9.1 will not apply to any replacement Card issued by Us. If You do not wish to receive a replacement Card, You may terminate the Agreement free of charge as set out in clause 10.3.

8.4

Although the initial duration of the Agreement expires on the Expiry Date, due to the fact that it is possible for the Agreement to be extended, as set out in clause 8.2, We will treat the Agreement as an indefinite Agreement for the purposes of payment regulation and will not charge You a Redemption fee if You terminate the Agreement before the Expiry Date. Your right to cancel the Agreement in clause 10.3 remains unaffected.