Terms of Service
Loompay Card Terms
These Loompay Card Terms (the “Card Terms”) constitute a binding agreement between you (“you” or “your”), Loompay Pte. Ltd. (“Loompay”, “we”, “us”, or “our”) and the Issuer, including its affiliates, successors, and assigns. These terms govern your use of the Loompay Card, including the process for obtaining, managing, and using the Loompay Card, as well as access to your Loompay Account.
Important Disclosures
Rates, fees, and other important information regarding your Loompay Card (“Card”) are provided below. Effective as of 5th December 2024
Interest Rates and Interest Charges: 0% Annual Percentage Rate (APR) for Purchases: 0%
Your Loompay Card currently carries 0% interest on all purchases. Loompay and the Issuer reserve the right to introduce interest or other charges in the future for new purchases. Any such changes will be disclosed to you prior to implementation.
By using the Loompay Card, you acknowledge and agree that you have reviewed the list of authorized countries where the Card can be used. Loompay reserves the right to update this list at any time at its discretion. You are responsible for ensuring compliance with local laws and regulations when using the Loompay Card. For regions not included in the authorized list, usage of the Loompay Card is considered to be initiated by you under the principle of reverse solicitation.
Loompay and its partners make no representation or warranty that the use of the Loompay Card is lawful in any particular jurisdiction. You agree to use the Card at your own risk and discretion. Loompay and its partners are not liable for any legal or regulatory issues arising from your use of the Card, whether in authorized or unauthorized regions. You agree to indemnify and hold Loompay and its partners harmless from any claims, damages, or liabilities resulting from the use of your Loompay Card in violation of local laws.
Fees
The following are the maximum potential fees that may apply. Please check our website or official channels for the most up-to-date fee structure.
Transaction Fees
Foreign Purchases
Foreign Exchange Fee (non-USD): up to 3%, currently 1% (charged by Visa; no Loompay markup)
Cross-Border Fee: up to 3%, currently 0% (local interchange fees may apply)
ATM Fees (non-USD withdrawals incur FX fee)
Balance Inquiry: $0.60
Decline Fee: $0.60
Withdrawal Fee: $1.00 + 0.65%
Penalty Fees
Late Payment: up to $40
Returned Payment: up to $29
Liquidation Penalty: up to $35
1. Background
The Loompay Card is issued on behalf of Loompay Pte. Ltd. to users of the Loompay platform, connected to their self-custodial blockchain wallets.
Your Loompay Account facilitates transactions made using your Card, subject to spending limits determined by Loompay. You understand that your access to the Loompay Card and associated services is limited to the authorization granted by Loompay.
By using the Card, you agree to repay Loompay or its Issuer according to your User Agreement and these Terms.
Please refer to the Loompay Privacy Policy for details about how Loompay collects, uses, and handles your personal data. By opening, using, or maintaining a Loompay Card, you consent to Loompay sharing necessary transaction and account information with the Issuer and relevant partners.
2. Issuer Information
The Loompay Card program is issued under license from Visa. Information about card costs and fees is accurate as of 5th December 2024 and may change thereafter.
To inquire about updates, contact: [email protected]
Loompay and the Issuer may amend these Card Terms or impose additional conditions at any time, with or without notice. Continued use of your Card constitutes acceptance of such amendments.
3. Defined Terms
Card Networks: Payment networks such as Visa or Mastercard.
Charge: A payment made to a merchant that accepts the Loompay Card.
Chargeback: A dispute initiated by you against a merchant for unauthorized or incorrect charges.
Fee: Any charge imposed by Loompay related to your Card use.
Issuer: The entity issuing your Loompay Card (identified on your physical or digital card).
Supported Blockchains: Networks including Ethereum, Polygon, Arbitrum, Optimism, and others added at Loompay’s discretion.
4. Agreement & Eligibility
These Terms become effective when you activate your Loompay Card. By activating or using your Card, you agree that:
You are not subject to any U.S. sanctions or restrictions (e.g., OFAC list).
You will use the Card only for lawful, personal, or household purposes.
All information provided to Loompay is true and accurate.
You are not a U.S. citizen and acknowledge that the Loompay Card is intended for non-U.S. users.
5. Collateral & Spending Limits
Your Loompay Card spending limit is determined by the collateral (digital assets) held in your linked blockchain wallet. Collateral must equal or exceed your total spending amount. If the market value of your collateral falls below your outstanding balance, Loompay may initiate liquidation to cover obligations.
Loompay does not take custody of your collateral. Liquidation, if necessary, is executed through smart contracts or approved third parties.
6. Payments
You agree to repay all amounts charged to your Loompay Card. Loompay may issue Periodic Statements summarizing your activity and outstanding obligations.
Failure to repay may result in liquidation of your collateral or collection actions. Prepayment is allowed at any time without penalty.
7. Fees
Loompay may assess or adjust fees upon 30 days’ notice. Possible fees include, but are not limited to:
Interest or finance-related charges
Replacement card fees
Foreign transaction fees
Late or returned payment fees
Liquidation event fees
Foreign transactions are converted to USD using Visa’s exchange rates. Loompay does not control these rates.
8. Card Management
You are responsible for safeguarding your Loompay Card and account credentials. Lost or stolen cards must be reported immediately to [email protected].
Replacement cards may be issued at Loompay’s discretion and may include new card numbers requiring merchant updates for recurring payments.
9. Chargebacks
You must review statements promptly and dispute unauthorized or incorrect charges within 60 days of posting. If unresolved with the merchant, disputes may be escalated as Chargebacks via your Loompay Account. Loompay follows Visa’s chargeback process and may request supporting documentation.
10. Termination & Changes
Loompay may suspend or terminate your account at any time, with or without notice. Termination does not relieve you of obligations for any outstanding payments.
Loompay reserves the right to amend these Terms at any time, as permitted by law. Continued use of your Loompay Card signifies your acceptance of updated terms.
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