Visa Europe Debit Card Terms

IMPORTANT INFORMATION: Please read this Cardholder Agreement carefully before activating the Card. It becomes effective and binding on you when you activate or use the Card. This Cardholder Agreement will apply until the Card expires or until either of us ends this Cardholder Agreement, whichever happens first.

1. Definitions & Interpretation:

Account
The payment account provided by Xapo Bank and opened in accordance with the Xapo Bank Terms and Conditions.
Cardholder Agreement
These terms and conditions relate to the use of the Card(s), which may change from time to time.
App
The mobile application provided by Xapo Bank that allows you to access the Account and carry out certain Card-related functions such as activating the Card, viewing Transactions, blocking and unblocking the Card and raising queries with Customer Services in relation to use of the Card.
Applicable Law
Any law which applies to the provision and use of the Card (including, but not limited to, any local law of the jurisdictions into which the Program is provided and operated), statute, statutory instrument, act, regulation, rule, order, supervisory guidance, policy, instruction or requirement stipulated by an applicable Regulatory Authority, or interpretation published by any Regulatory Authority, any order issued by a court which has authority over you, us or Program Manager, or any rule or requirement set by Visa related to the Card and/or services to be provided under this Cardholder Agreement or any other rule that we consider to be valid and as amended from time to time.
Available Balance
The value of unspent funds loaded onto the Account and available to spend with your Card.
Business Day
Monday to Friday, 9am to 5pm CET, excluding bank and public holidays in Gibraltar.
Card
Any Card which we issue to you under this Cardholder Agreement.
Customer Services
The contact center for dealing with queries about the Card. You can contact Customer Services by:
i. Calling +350 200 77714 (your network provider may charge a fee for calling this number); or
ii. e-mailing [email protected] from the email address registered to the App.
Expiry Date
For Physical Cards: The expiry date showing on the Card.
For Virtual Cards: the expiry date shown on the Virtual Card in the App.
Fee
Any fee payable by you as referenced in the Fees & Limits Schedule.
Fees & Limits Schedule
The schedule contained in this Cardholder Agreement.
KYC
Means “Know Your Customer” and constitutes the verification of your Personal Details.
Visa
The payment network applicable to the Card.
Physical Card
A physical/plastic Card that you can use to carry out Transactions.
PIN
Personal Identification Number; that is, the security number provided for use with the Card.
Program Manager
Means Xapo Bank.
Retailer
A retailer or any other person that accepts payment by Card.
Transaction
Using the Card to make (i) a payment, or a purchase of goods or services from a Retailer where you pay (in full or in part) including where you pay over the internet, by phone or by mail order or (ii) a cash withdrawal from an ATM or bank.
Username and Password
A set of personal codes selected by you in order to access the App.
Virtual Card
A non-physical Card that you can use to carry out Transactions. When we refer to a Physical Card in this Cardholder Agreement, we are referring only to the Physical Card and not to the Virtual Card.
Website
www.xapobank.com
we, us or our
Transact Payments Malta Limited (“TPML”), a company incorporated in Malta with registered address at Vault 14, Level 2, Valletta Waterfront, Floriana, FRN 1914, company registration number 91879 and which is authorised by the Malta Financial Services Authority as an electronic money institution.
Xapo Bank
Xapo Bank Limited, a company registered and incorporated in Gibraltar with company No. 111928 whose registered office is at Suite 23, Portland House, Glacis Road, Gibraltar, GX11 1AA.
you or your
You, the person who has entered into this Cardholder Agreement with us by virtue of your use of the Card and any other person you have authorised to use any Cards in accordance with this Cardholder Agreement.

2. Your Cardholder Agreement and Card

2.1 Please read these Terms carefully before you start using the Card. These Terms provide you with information on the Card and how you may use it, what to do if there is an issue with your Card and other important information that is relevant to your use of the Card.

2.2 These terms and conditions (“Terms”) govern your use of the Card.

2.3 The Card is issued by us in accordance with our Visa licence and you must use the Card in accordance with this Cardholder Agreement.

2.4 This Agreement will commence when you apply and order your Card or when you activate it and start using it and will terminate in accordance with these Terms. You will have accepted these terms by applying for, ordering or using your Card.

2.5 You can download or print the latest version of this Cardholder Agreement at any time from the App, the Website and/or request a paper copy from Customer Services, or such other durable medium such as via email or via the Xapo platform. If you do not agree with or accept any of these terms and conditions, you must either not apply for or order the Card, or you should cancel your existing Card.

2.6 The Card is a debit card which is connected to the Account provided to you by the Program Manager.

2.7 TPML only provides the Card and not the Account. TPML does not provide, and is not licensed to provide, cryptocurrency or services for exchanging, storing, buying or selling cryptocurrency.

2.8 You are not permitted to resell the Card.

2.9 You cannot use your Card for business purposes.

2.10 Your card must only be used by you, the person to whom the Card was issued.

3. Applying for and activating the Card

3.1 To apply for, and use, a Card you must be at least 18 and resident in the European Economic Area.

3.2 You may apply for a Card via the App and we may require you to provide information/documentary evidence to prove your identity and address and/or we, or the Program Manager on our behalf may carry out electronic identification verification checks (known as ‘KYC’) on you.

3.3 A Physical Card will be sent to you through the post to your verified address.

3.4 We reserve the right to refuse to issue you a Card, in either physical or virtual form or both, at our sole discretion.

3.5 When you receive the Physical Card, you must activate it by following the instructions in the App. You do not have to activate the Virtual Card.

3.6 Provided the Program Manager has been able to successfully complete KYC on our behalf, you will receive an activation confirmation on the App and you will be able to use the Card.

4. Personal Details

4.1 When you buy goods or services online, some websites may require you to enter your Personal Details. If this happens, you should enter your up-to-date Personal Details.

4.2 We are required by law to carry out all necessary security, identity verification, customer due diligence and other screening checks and procedures on you before you are issued with a Card.

4.3 During the application and ordering process to order a Physical Card and/or a Virtual Card, you may be asked for further personal information that we and the Program Manager will use to confidentially verify your identity and to carry out checks to assess whether you are eligible for a Card. You acknowledge that these checks may delay the time we take to process your application and order for a Card.

4.4 You must notify the Program Manager on our behalf of any change in your Personal Details as soon as possible by contacting Customer Services or updating the details in the App. You will have to pay for any loss that happens directly as a result of any delay in telling the Program Manager about a change or if you have not told the Program Manager because you’ve been grossly negligent or committed fraud. Program Manager will, on our behalf, need to verify your new Personal Details and may request relevant KYC information/documents from you.

4.5 We, or Program Manager, reserve the right at any time to satisfy ourselves that your Personal Details are correct (for example, by requesting relevant original documents) including so that we can prevent fraud and/or money laundering. Also, you authorise us or Program Manager to undertake electronic identity verification checks on you either directly ourselves or using relevant third-party companies, when you apply for a Card or at any time in the future. You agree to fully cooperate with all requests made by us or a third party acting on our behalf, to identify or authenticate your identity or validate your source of funds or your transactions.

5. Using the Card

5.1 You can use the Card subject to the Fees which you can find in the Fees & Limits Schedule at the bottom of this Cardholder Agreement. The Fees will be deducted from the Available Balance as they are charged to you.

5.2 Any Fees which are charged on a regular basis shall be payable by you proportionally up to the time when this Cardholder Agreement ends. If you pay any Fees in advance, they shall be reimbursed to you proportionally.

5.3 Your Card is to be used to spend the funds on your Account. Please refer to section 14 of the Xapo Bank Terms and Conditions for information on how to add funds into your Account.

5.4 Unless we inform you otherwise, you can use the Card at any Retailer which accepts Visa. You will not be able to use the Card to make any purchases from some Retailers. A list of Merchant Category Codes (MCCs) might be blocked in order to prevent the potential use of the Card for unauthorised or unlawful activity.‍

5.5 You must always ensure that you have sufficient Available Balance for each Transaction you authorise (including enough funds to cover value added tax and any other taxes, duties and applicable fees). If the Available Balance is insufficient to pay for a Transaction, some Retailers may not allow you to combine paying by Card with other payment methods.

5.6 If for any reason a Transaction is carried out but the amount is greater than the Available Balance, you must pay the Program Manager the difference immediately. If you don’t pay the Program Manager after receiving a notification from them, they may take steps to recover the difference, including legal action.

5.7 There are certain circumstances where a Retailer may require you to have an Available Balance which is greater than the value of the Transaction you wish to make. Retailers may request this as they may need to access more funds than you initially planned to spend for example, when you make hotel or rental car reservations. If this happens, you will not have access to the blocked amount of funds until the Transaction is completed or, at the latest, up to a period of 30 days. Program Manager will only block access to the exact amount of funds which you authorise with the Retailer. You will only be charged for the actual and final value of the Transaction.

5.8 You cannot use the Card at Retailers who cannot check that you have sufficient Available Balance for the Transaction (for example, Transactions made on trains, ships, some in-flight purchases and tollbooths which are not online). We or the Program Manager are not responsible if a Retailer refuses to accept payment using the Card.

5.9 We do not recommend using a Virtual Card to buy an item over the internet that would require you to show a Physical Card in order to collect that item. For example, certain theatre ticket purchases, hotel stays, car rentals and online purchases picked up in person.

5.10 You will not be able to withdraw cash using a Virtual Card.

5.11 You can use the Card in accordance with the limits placed on it. The limits are set out in the Fees & Limits Schedule. Program Manager may, at its reasonable discretion, decline or limit the use of your Card for situations including, but not limited to:

i. fraudulent activity is suspected or that a transaction may involve (or has a high risk of involvement in) money laundering, terrorist financing, fraud, or any other type of financial crime; or

ii. where it is not possible for the supplier of the good or service to obtain online authorisation that you have sufficient Available Balance for the transaction. For example: transactions on trains, ships, and some in-flight purchases.

5.12 You must not use the Card for any illegal purposes.

6. Authorising Transactions

6.1 You must give your consent to each Transaction by a) using your PIN or other security code personal to you; b) providing the Card details; and/or c) providing any other details personal to you and/or the Card. Once you have given your consent to the Transaction, we will consider it to be authorised by you.

6.2 When you make a Transaction, we consider it to be received when it is received by our processing partner.

6.3 Once a Transaction has been authorised by you and received by us, it cannot be reversed.

6.4 Where you are provided with a refund on your Card the processing time may take some days. This can take at least 10 Business Days starting from the date the refund is requested to the date the refund will be applied to your Account.

6.5 Certain Retailers may not accept payments made through the Card and we accept no liability for this: it is your responsibility to check the restrictions of each Retailer.

6.6 Your ability to use or access the Card may occasionally be interrupted, for example if the Program Manager or any third-party service providers need to carry out maintenance on their systems or websites. Please contact Customer Services if you experience any problems using the Card and these will be resolved as soon as possible.

7. Managing & Protecting the Card

7.1 You will need a Personal Identification Number (PIN) in order to make payments at a Retailer with the Card. You can create a PIN in the App.

7.2 If you forget your PIN, you can retrieve it from the App. For further assistance with any PIN-related queries, please contact Customer Services.

7.3 The Card can be frozen (temporarily deactivated) and unfrozen (reactivated) by you anytime via the App. In the App you will find various options that will allow you to set controls over your Card usage. You should familiarise yourself with these controls so that you can enjoy the best experience possible when using your Card.

7.4 You must not give the Card to any other person or allow any other person to use it. All activities on your Card shall be deemed as activity carried out by you, the verified customer. You should only use the Card to transact on your own Account and not on behalf of any other person or entity. 7.5 You are responsible for the Card, PIN and any related security details (we will refer to these as ‘Security Details’ in the rest of this clause 7) and must take all possible measures to keep them safe and entirely confidential. Examples of these measures include (but are not limited to):

i. never letting any other person use your Security Details;

ii. never writing your Security Details on the Card or on anything you usually keep with the Card;

iii. keeping your Security Details secret at all times for example, by not using your PIN if anyone else is watching.

7.6 If you don’t keep your Security Details safe, you may not be able to claim any losses if we or the Program Manager can show that you have intentionally failed to keep the information safe or you have acted fraudulently, with unreasonable delay or with gross negligence. In all other circumstances, the maximum amount you will be required to pay will be €50.

7.7 If you believe that someone else knows any of your Security Details, you must notify the Program Manager by contacting Customer Services immediately.

7.8 If we or the Program Manager on our behalf suspects or believes that there may be a security threat or a threat of fraud to the Card, Program Manager will notify you securely via [email protected] email.

7.9 Once your Physical Card has expired or if it is found after you have reported it as lost or stolen, you must destroy it by cutting it in two through the magnetic strip.

8. Cancellation

8.1 You may cancel the Card and end this Cardholder Agreement at any time in the App or by contacting Customer Services.

8.2 Once the Card has been cancelled, you must destroy your Physical Card(s).

9. Expiry

9.1 Your Card will expire on the Expiry Date on the card. You will not be able to use the Card following its Expiry Date. This Cardholder Agreement shall end on the Expiry Date unless you receive a replacement Card.

9.2 We may issue you with a replacement Card if the Program Manager determines that, at its sole discretion, your Account is active and in good standing, your previous Card use has complied with the rules under this Cardholder Agreement and that it is appropriate for new cards to be issued under the Program.

9.3 Any arrangements for the issuance of a replacement Card will be described to you in the App. If you do not want your Card to be renewed, you must close your Card before its expiry date, or close your Account by following the instructions in the Xapo Bank Terms and Conditions. If you close your Account your Card will be deactivated and you will not be able to use it anymore.

10. Termination or Suspension of the Card

10.1 When this Cardholder Agreement is terminated, the Card is closed. We, or Program Manager for us, may terminate this Cardholder Agreement at any time by giving you two months’ advance notice (which will be sent to the email address that you have provided to the Program Manager).

10.2 We, or Program Manager for us, can suspend the Card, restrict its functionality or terminate this Cardholder Agreement at any time immediately and without notifying you of the decision if:

i. you haven’t given us or the Program Manager information that we requested or we or the Program Manager believes that any of the information that you have provided to us was incorrect or false; or

ii. a Transaction has been declined because you don’t have sufficient funds in the Account or you do not repay money that you owe to the Program Manager; or

iii. you do not provide the Personal Data that we need to be able to comply with our legal obligations and to fulfil this Cardholder Agreement; or

iv. we or the Program Manager on our behalf reasonably suspect that the security of the Card has been compromised or that you, or any third party, have used, or intend to use the Card in a grossly negligent way or for fraudulent or other illegal purposes;

v. your agreement with the Program Manager in relation to the Account has been suspended, restricted or terminated; or

vi. we or the Program Manager on our behalf believes that your use of the Card may result in harm to us or our systems or the systems of the Program Manager; or

vii. we or the Program Manager on our behalf believes that your continued use of the Card may damage our reputation; or

viii. you become bankrupt; or

ix. we or the Program Manager on our behalf are required to suspend/restrict the Card or terminate this Cardholder Agreement under Applicable Law or if we or the Program Manager on our behalf believes that your continued use of the Card may be in breach of Applicable Law; or

x. the Program Manager cannot process some or all of your Transactions due to the actions of third parties; or

xi. you have breached this Cardholder Agreement in a serious or persistent way.

10.3 If we do suspend or terminate the Card then, if we are legally allowed to, we or the Program Manager shall notify you in advance or as soon as possible afterwards. We may advise anyone involved in the Transaction if a suspension has taken place. If we suspend or block the Card, we will unblock it as soon as the reasons for blocking no longer exist.

10.4 You may choose to terminate this Cardholder Agreement at any time and doing so shall automatically cancel your Card. This option will keep your Account and its other features open but you won’t be able to use your Card anymore. To exercise this option please use the dedicated feature in the App or contact Customer Services through the App or via [email protected] email.

11. Loss or Theft of the Card

11.1 You are responsible for protecting the Card as if it were cash in your wallet – if it is lost or stolen, you may lose some or all of the money on the Card unless you contact us as set out in this clause.

11.2 You must stop using your Card and contact Program Manager without delay by calling their 24-hour lost and stolen card helpline on +350 200 77714 (your network provider may charge a fee for calling this number) or reaching out to the Customer Services via email or the App, or by freezing or cancelling/terminating the Card in the App and reporting it as lost, stolen or damaged, if you know or suspect that a Card (whether a Physical Card or a Virtual Card) is lost, stolen or damaged, or if you know or suspect that the Card was used without your permission or that the PIN or any of the Security Details is known to anyone else or if you think that a Transaction has not been carried out correctly.

11.3 If you have misplaced your Card, but you do not suspect that someone else knows your PIN, or that your Card, its number or PIN may be misused, you can freeze it via the dedicated feature in the App. If you later find your Card and you are sure that its security has not been compromised, this being a conclusion which you are solely responsible for determining, you can unfreeze it.

11.4 If the Card was lost, stolen or used by someone without your permission and you have reported it to the Program Manager on our behalf, you must pay the first €50 of losses. If our or the Program Manager’s investigations show that you authorised a Transaction that you’re disputing or that you acted fraudulently or that you negligently or intentionally breached the terms of this Cardholder Agreement (for example, by not keeping the Card or PIN safe), neither we, nor the Program Manager will refund you the amount spent.

11.5 Once you report a loss, theft or unauthorised use of the Card to us, the Program Manager on our behalf will block the Card so that it cannot be used.

11.6 After you have notified the Program Manager of the loss, theft or risk of misuse of your Card, and provided that the Program Manager is able to identify your Card and satisfy certain security checks, a replacement Card will be sent to the most recent address you have provided to us and will be subject to a Fee.

11.7 You agree to cooperate with us and the Program Manager, our and the Program Manager’s agents, any Regulatory Authority and the police if the Card is lost, stolen or if we or the Program Manager suspect that someone has used it fraudulently. We or the Program Manager on our behalf may disclose to these law enforcement agencies any information which we or the Program Manager reasonably believe may be relevant.

11.8 If you think that a Transaction has been made that you didn’t authorise or you think that it was incorrect, you must tell the Program Manager on our behalf as soon as possible, and no later than 13 months after the Transaction date, and the Program Manager will refund the amount immediately. Neither we, nor the Program Manager, will refund you if we or the Program Manager believe that the incident may have been caused by a breach of this Cardholder Agreement, through gross negligence or if we or the Program Manager have reasonable grounds to suspect fraud.

11.9 If you don’t think the Transaction was correctly carried out, the Program Manager will immediately try to trace the Transaction and will notify you of the outcome. Neither we nor the Program Manager will charge you for doing this. If we or the Program Manager are liable for the Transaction, the Program Manager will refund the amount as soon as they can, together with the amount of any charges which may have been charged to you.

11.10 If a Transaction that you carried out within the European Economic Area arrived later than it should have according to the terms of this Cardholder Agreement, you may ask the Program Manager to contact the receiving bank to ask them to treat it as if it was made on time.

11.11 If you ask the Program Manager to investigate a Transaction which is initiated by a Payee (for example, a recurring payment that you have authorised) and the exact Transaction amount was not specified when you authorised the payment and the amount was more than you could have reasonably expected, taking into account your previous spending pattern, the terms of this Cardholder Agreement and the relevant circumstances of the case, the Program Manager will refund that amount.

11.12 The Program Manager won’t refund you if an amount relates to currency exchange fluctuations, if you have given your consent to execute the Transaction directly to the Program Manager or if information on the Transaction was provided or made available in an agreed manner to you at least 4 weeks before the due date of the Transaction.

11.13 The Program Manager will only provide a refund if you request it from them within 8 weeks of the date on which it was debited.

12. Payment Disputes

12.1 If you dispute a Transaction that you have authorised, and which has been processed on the Card, you should settle this with the person you bought the goods or services from; we or the Program Manager are not responsible for the quality, safety, legality or any other aspect of goods or services purchased with the Card.

12.2 If the dispute cannot be resolved, you should contact the Program Manager on our behalf at Customer Services, and they will try to help you resolve it.

12.3 If you think that a Transaction was carried out without your consent or in error, you may ask the Program Manager to investigate it on our behalf. If an investigation occurs, the disputed amount will be unavailable to spend until the investigation is complete. If the Program Manager receives information that proves the Transaction was genuine, the relevant amount will be deducted from your Available Balance and the Program Manager may charge you an investigation fee (as set out in the Fees & Limits Schedule). If you do not have sufficient Available Balance, you must repay the amount immediately when the Program Manager asks for it.

13. Foreign Exchange

13.1 The currency of the Card is United States Dollar (USD). If you use the Card in a currency other than the currency of the Card (we will refer to this amount in this clause as the “Foreign Currency Transaction”), the Program Manager will use an exchange rate set by Visa to convert the amount to the currency of the Card and they will deduct it from your Available Balance. For example, if you buy a product in Pounds Sterling, the Program Manager will convert the Pounds to USD and then deduct the USD amount from your Available Balance. The mechanism and other useful information on Foreign Exchange can be found in the FAQ and in the App.

13.2 If you receive a refund on a Card payment in a currency that is supported by the Program Manager, your Account will be credited in that currency. If you receive a refund in a currency that is not supported by the Program Manager, the amount will first be converted at the Visa rate to a supported currency and then credited to your Account. We or the Program Manager shall not be liable for any loss that you may incur when you receive a refund into your Account and a conversion is applied to it.

13.3 You may also be charged a foreign exchange Fee. If you are charged this, it is set out in the Fees & Limits Schedule below.

13.4 You can compare charges for currency conversion with other Cards’ charges by checking the real-time percentage difference between the amount that will be charged on the Card for a Foreign Currency Transaction (which consists of the mark-up applied by Visa) and the latest available foreign exchange rates issued by the European Central Bank. You can view this information on the www.xapobank.com webpage before you make a Foreign Currency Transaction.

  1. Cardholder Benefits - General Rules

14.1 When available, the Program Manager on our behalf shall make certain benefits available to you, if you have an active Card and are located in a region where the benefits are made available to you.

14.2 Each and all of the benefits may be available from time to time. You will be informed of the benefits available to you when ordering your Card. For more information on these benefits please check the FAQ's in your App. You will also find a dedicated benefits tab in your app.

14.3 The benefits and/or any of them individually may be unavailable, inaccurate or interrupted from time to time for a variety of reasons. Neither we, nor the Program Manager are responsible for any unavailability, interruptions, inaccuracies or errors of the benefits or their features or descriptions. The Program Manager may delay your access to benefits, including earned cashback, where Program Manager has made an information request to you for information relating to your identity or any other request it has made to you in relation to your Account.

14.4 The benefits and all the information relating to them are provided entirely for information purposes only on an “as is” and “as available” basis. Neither we, nor the Program Manager make any warranties, representations, or guarantees of any kind, which are express or implied, including but not limited to, accuracy, currency, or completeness, the operation of the benefits, the information, materials, content, availability, and products.

14.5 Neither we, nor the Program Manager shall have any liability for any printing, production, typographical, mechanical or other errors in the benefit summaries in the App, in your Account or at the websites or mobile applications of any third parties that provide the benefits. To the fullest extent permitted by applicable law, we and the Program Manager disclaim all warranties, express or implied, including but not limited to, implied warranties of merchantability and fitness of the benefits for a particular purpose. Neither we, nor the Program Manager shall be liable for any claims or disputes that may arise between you and any of the third parties that provide the benefits.

14.6 You may only use the benefits in good faith and for lawful purposes. In the instance that fraudulent activity is suspected, the Program Manager may, on our behalf, suspend your Account and Card whilst further investigation is undertaken. In doing so the Program Manager may request evidence in the form of receipts or other information to support the transactions associated with your Account and Card.

14.7 The Program Manager may on our behalf, at any time and at its sole discretion, restrict, suspend, modify or discontinue, temporarily or permanently, the benefits or any part thereof with or without notice to you and without further obligations to you.

14.8 Any conduct detrimental to us or the Program Manager, or any misrepresentation or fraudulent activities in connection with the benefits may result in the termination of your participation in the benefits, as well as forfeiture of any Cashback obtained, as determined by the Program Manager in its sole discretion.

14.9 Any attempt by any person to undermine the legitimate operation of the benefits may be a violation of criminal and civil law, and, should such an attempt be made, the Program Manager may seek damages from any such person as permitted by applicable law.

14.10 You are responsible for the payment of all taxes which may result from your participation in the benefits.

14.11 The Program Manager may offer from time to time a cashback program through which you may earn cash or similar rewards (“Cashback”) from qualifying purchases you make with your Card. The Program Manager may (but does not have to) credit the Cashback to your Account or within the App if you meet the applicable requirements.

14.12 The Program Manager may pay you Cashback in any supported currency and to use any number of supported currencies for any Cashback payment. The Program Manager may change any supported currency it chooses for Cashback to another supported currency at any time without prior notice to you.

14.13 In the event that the Program Manager chooses to pay any amount of Cashback in a supported currency that is different to the default Available Balance attached to your Card, you agree that we authorise the Program Manager to exchange the Cashback amount to Xapo Bank’s chosen supported currency at the prevailing exchange rate (or rates in the event that it uses more than one supported currency) when such an exchange takes place. Neither we, nor the Program Manager can provide any type of guarantee whatsoever on: the exchange rates to be applied, being able to obtain the best available rate, or offering any type of protection against fluctuations in the applicable exchange rate that may occur during the exchange.

14.14 If for whatever reason, the Program Manager is not be able to directly handle the exchange of the Cashback amount or part of it into a supported currency, you agree that we authorise the Program Manager to instruct at its sole discretion an affiliate or third party to carry out this exchange on its behalf. This replacement affiliate or third party will be chosen by the Program Manager to carry out this exchange on its behalf and only upon its instructions and directions will this third party deposit the exchanged interest payment to your credit within the App. The Program Manager will remain responsible for your Cashback during this exchange process when it is done by any affiliate or third party.

14.15 Cashback will not be earned for denied or failed transactions or any part of a purchase you make with your Card at a qualifying retailer that is paid for with store credit, gift certificates or cards, vouchers or payment types other than with your Card. The transaction must be successful and made directly using the Card with the qualifying retailer in order to earn the Cashback.

14.16 Any Cashback earned from a qualifying purchase made with your Card shall be forfeitable where you return that purchase and are given a refund for it. If your original transaction was made in a currency that is not a supported currency, the amount of the initially-assigned Cashback and the revised amount of the Cashback you forfeit may be slightly different due to fluctuating foreign exchange rates. Where this happens the difference will be made up from your Available Balance.

14.17 You have the sole responsibility of ensuring that Cashback is properly credited to your Account. Any claim for Cashback not credited accurately must be received by the Program Manager within fifteen (15) days of the date of claimed accrual of such Cashback. Manual issuance of Cashback can take up to sixty (60) days.

14.18 If the Program Manager considers, at its sole discretion and on our behalf, that Cashback has been improperly credited to your Account or you have obtained it illegally or fraudulently, the Program Manager may refuse to credit you with the Cashback, and invalidate and reverse the Cashback in the event it has already been credited to your Account or within the App.

14.19 You will not earn Cashback where the nature of the transaction would mean that granting you the Cashback would be in contravention of any applicable law, rules or regulations that would prohibit the Program Manager from offering the Cashback, and you will not earn Cashback where you are making a payment to another account or payment card.

14.20 In the event that the Program Manger discontinues Cashback or this Cardholder Agreement is terminated no further Cashback will be earned or redeemed after the date of discontinuation or termination. The Program Manager may waive and/or vary the percentage of the Cashback it offers for any reason.

14.21 The value of the Cashback and other useful information on the benefits can be found in the FAQ and in the App.

15. Our Liability

15.1 Neither we, nor the Program Manager shall not be liable for:

i. any loss, fault or failure that is a result of abnormal and unforeseeable circumstances and which occurs from anything which is directly or indirectly beyond our control. Examples of this include: if there aren’t enough funds in an ATM, if the ATM network fails, if you can’t withdraw funds due to the ATM operator settling limits on funds that can be withdrawn or if their data processing system doesn’t work properly;

ii. any loss of profits, loss of business, or any indirect, consequential, special or punitive losses;

iii. any loss which happens as a result of any use of the Card that does not comply with this Cardholder Agreement;

iv. the quality, safety, legality or any other aspects of any goods or services that are bought with the Card; and

v. anyone refusing to accept the Card;

vi. any damages that you suffer due to loss, fraud or theft that you have reported to us or the Program Manager later than 13 months after the event/debit date; or

vii. any acts or omissions that are a consequence of our compliance with any applicable laws, rules and regulations.

15.2 If the Card is faulty and this is our fault, our sole responsibility (via the Program Manager) will be to replace the Card.

15.3 If funds are incorrectly deducted from your Available Balance and this is our fault, the Program Manager’s sole responsibility will be to pay you the correct amount.

15.4 Nothing in this Cardholder Agreement shall exclude or limit our liability for death or personal injury resulting from our negligence or fraud.

15.5 The above exclusions and limitations set out in this clause will also apply to any of our partners, including Visa and other suppliers, contractors, representatives and any of their partners (if any) which may arise in connection with this Cardholder Agreement.

16. Complaints

16.1 If you would like to make a complaint about the Card, please send an email to the Program Manager’s Customer Service department at [email protected].

16.2 Customer Service will try to respond to you as quickly as possible and at the latest within 15 Business Days.

16.3 If you’re not happy with the response from Customer Service, you can escalate your complaint to TPML’s Complaints Department by writing to [email protected]. Please ensure you include the required Personal Details so that we can properly identify and contact you.

16.4 If TPML’s Complaints Department is unable to respond to your complaint immediately, you will receive confirmation that your complaint has been received and a formal investigation will be conducted. You will receive a formal response of their findings within 35 Business Days of your complaint.

16.5 We and the Program Manager on our behalf will make every effort to reach a resolution to your complaint and will fully explain the reasoning behind the decision.

16.6 In the unlikely event that we or the Program Manager are unable to resolve your issue to your satisfaction you have the right to refer your complaint to the Arbiter for Financial Services at the following address: Office of the Arbiter for Financial Services, 1st Floor, St Calcedonius Square, Floriana FRN 1530, Malta (Telephone+ 356 21249245, Website: https://financialarbiter.org.mt).

17. Third Party Arrangements

17.1 The Program Manager may on our behalf enter into arrangements with third parties (such as service providers and merchants) to offer you additional services or features on your Card.

17.2 These additional services or features are provided to you on a best efforts basis only and will be subject to separate terms to these which you will need to separately agree and sign. Neither we nor the Program Manager shall have any liability for any type of error whatsoever in the additional services or for any losses or damages you may suffer in connection with these services or features when accessed through the Program Manager.

17.3 The Program Manager may at any time and from time to time to restrict, suspend, modify or discontinue, temporarily or permanently, any such additional services or features or any part thereof. The Program Manager shall provide you with sufficient notice of such actions where necessary or where it is required by applicable law.

18. General Communication

18.1 When we or the Program Manager communicate with you, we’ll do it by notification on your App and/or by [email protected] email. We’ll use the latest contact details which you have provided us with.

18.2 You may contact Customer Services via the details which are set out in clause 1 of this Cardholder Agreement.

19. Personal Data

19.1 We will collect certain information about you so that we can provide and operate the Card program. We need you to provide your Personal Data (for example, your name and address) so that we can carry out our obligations under this Cardholder Agreement (for example, so that we can send you a card with your name on it and send it to the right address). Sometimes, we may need to use your Personal Data so that we can take certain steps, where you ask us to, before we enter into this Cardholder Agreement. If you don’t provide the Personal Data which we ask you for, we will take steps to end this Cardholder Agreement in accordance with clause 10.2.iii above.

19.2 We will manage and protect your Personal Data in accordance with all applicable data protection laws. For full and comprehensive information about when and why we collect personal information about you, how we use it and the conditions under which we may disclose it, please refer to our Privacy Policy available here.

19.3 Please note that the Program Manager relies on us for our help with the issuing of the cards. We will act as an independent controller, which means that we can legally decide how processing of your personal data will take place, including legal grounds, data retention and additionally, how your data protection rights can be exercised. Our contract with them simply establishes the collaboration, but this aspect is handled independently. For details or complaints about their processes, please check our Privacy Policy available here.

20. Changes to the Terms and Conditions

20.1 We may update or amend this Cardholder Agreement at any time if we give you at least 2 months’ notice first. If we do this, we shall ask the Program Manager to notify you on the App and/or by [email protected] email (using the latest contact details you have provided us the Program Manager).

20.2 If you do not agree with the changes to the Cardholder Agreement, you may end this Cardholder Agreement at any time within the 2-month notice period in accordance with clause 8. If you don’t notify the Program Manager before the 2-month deadline, we will consider that you have accepted the changes to this Cardholder Agreement.

20.3 If any part of this Cardholder Agreement does not comply with any regulatory requirements, then we will not rely on that part but we’ll treat it as if it did actually reflect the relevant regulatory requirement. If we or the Program Manager need to make operational changes before we or they can fully comply with a new regulatory requirement, we and the Program Manager will make those changes as soon as we reasonably can.

21. Language

The English language version of this Cardholder Agreement, any communications that we send to you and any content on the App or Website content will apply. If we translate this Cardholder Agreement or any other content relating to the Program into another language, the translated version is for reference only.

22. Governing Law

This Cardholder Agreement is governed by Maltese law.

23. Jurisdiction

You agree to the non-exclusive jurisdiction of the courts of Malta. ‘Non-exclusive jurisdiction’ means that you may also have the right to refer a dispute to the court of another country.

24. Miscellaneous

24.1 Any delay or failure to exercise any right or remedy under this Cardholder Agreement by us or the Program Manager shall not be construed as a waiver of that right or remedy or preclude its exercise at any subsequent time. This means that if we don’t enforce our rights against you at a particular time, we are still able to do so at a later time.

24.2 The Card is a payment service product and not a deposit or credit or banking product. It is therefore not governed by the Depositor Compensation Scheme. Please refer to the Xapo Bank Terms and Conditions for further information about how your funds are safeguarded.

24.3 If any provision of this Cardholder Agreement is deemed unenforceable or illegal, the remaining provisions will continue in full force and effect.

24.4 You may not assign or transfer any of your rights and/or benefits under this Cardholder Agreement and you shall be the sole party to the contract between us. You will remain liable until all Cards issued to you are cancelled or have expired and all sums due under this Cardholder Agreement have been paid by you in full. We may assign our rights and benefits under this Cardholder Agreement to a third party and may subcontract any of our obligations under this Cardholder Agreement, if we reasonably believe that this would not have a significant negative effect on your rights.

Fees and Limits Schedule

Issuing FeesFees (USD)($)
Metal Card Issue Fee
89 USD
Virtual or Physical Card Issue Fee
0 USD
Transaction Fees and usage
ATM withdrawal in and outside Gibraltar up to 100 USD per month
0 USD. ATM operator fees may apply
ATM withdrawal in and outside of Gibraltar above 100 USD per month
2% of the withdrawal amount. ATM operator fees may apply
Debit Card payment
0 USD, operator fees may apply
Foreign Exchange charge
0% (above the mark-up exchange rate charged by Visa)
Miscellaneous Fees
First replacement card in a calendar year
0 USD
Additional replacement card in a calendar year
25 USD
Emergency replacement card
25 USD + shipping fees, depending on shipping address
Emergency cash access
120 USD
Closed card: fee charged if a Card is cancelled by you a new one is subsequently requested
25 USD
Dispute fee (charged in case of a non-substantiated dispute)
45 USD

LIMITS

Limit TypeFrequencyUSDMaximum number
Purchases (POS)
1 day
 50,000
 25
Purchases (POS)
1 month
 250,000
 250
Purchases (POS)
1 year
 1,000,000
 3,000
Cash (ATM)
1 day
 2,000
 10
Cash (ATM)
1 month
 15,000
 25
Cash (ATM)
1 year
 100,000
 300

© Xapo Holdings Limited 2025. All Rights Reserved.