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Purse Money Spend Corporate Card Program Terms
Last Updated: September 3, 2024

 
Card Terms

Important Disclosures

Rates, fees, and other important information regarding your Purse Money Spend Corporate Card (“Card”) are set forth in these Important Disclosures.

Effective as of September 3, 2024

Interest Rates and Interest Charges

Annual Percentage Rate (APR) for Purchases
Your Purse Money Spend Visa® Corporate Card currently offers a 0% interest rate on all purchases. Purse Money reserves the right to implement interest rates for new purchases in the future. Any changes will be disclosed prior to implementation.

Fees

Transaction Fee

Foreign Purchases
Foreign Exchange Fee (non-USD): Up to 3%
Cross Border Fee: Up to 3%
Penalty Fees

Late Payment: Up to $40
Returned Payment: Up to $29
Liquidation Penalty: Up to $35
The issuer of the credit card program is Third National under license from Visa. For updated information, contact us at support@purse.money.

Arbitration Clause; Notices

Please review the arbitration clause in Section 12 of the Purse Money Dashboard Agreement. Participation in the Purse Money Program, defined below, subjects you to the Dashboard Agreement, including the arbitration clause. The clause significantly affects your rights in the event of a dispute, including your right to participate in a class proceeding.

These Purse Money Spend Card Terms (“Card Terms”) form a binding agreement between the Company (“Company” or “you”) and Signify Holdings, Inc., including its affiliates, successors, and assigns (“Purse Money,” “we,” or “us”), governing your use of Purse Money Cards and the related processes for obtaining and managing the Cards. These Card Terms are incorporated into the Dashboard Agreement.

We may amend these Card Terms, or impose additional obligations or restrictions, at any time with or without notice. By continuing to use the Services, you agree to such amendments or additional obligations. The date on this page shows when the Card Terms were last updated. Capitalized terms are defined in the Dashboard Agreement unless otherwise specified.

Defined Terms

Card Networks: Payment networks including Visa, Mastercard, and other relevant networks.
Charge: Payment for goods or services via a merchant accepting Card Network payments.
Chargeback: A dispute against a merchant regarding an unresolved issue or unauthorized Charge.
Fee: Charges imposed for use of Services or a Purse Money Card.
Periodic Statement: Statements reflecting all Company Card activity within the covered period.
Supported Blockchains: Includes Ethereum, Polygon, Optimism, and Arbitrum; additional networks may be added at Purse Money’s discretion.
 

1. Accepting this Agreement

This Agreement becomes binding upon Card activation or acceptance of the Purse Money Spend Fee Agreement. By creating a Card, you accept this Agreement’s arbitration clause even if the Account or Card remains unused.

2. Issuer Terms

Cards are issued by Third National or another designated issuer and are governed by the terms in this Agreement and any additional terms required by the Issuer. The Issuer funds payments made via Purse Money Card. Additional issuer-specific terms may apply.

3. Collateral

Collateral to secure Card Charges is provided through your primary Linked Wallet or Additional Wallets, in the form of Digital Assets. Purse Money reserves the right to designate acceptable Digital Assets for Collateral or reject forms of Collateral per policy updates.

A Liquidation Event occurs if:

An outstanding payment remains unpaid seven days past the Periodic Statement due date.
The Market Value of your Collateral falls below your outstanding charges, and no additional Collateral is provided.
Collateral will be held in smart contracts on Supported Blockchains, accessible until a Liquidation Event occurs. During a Liquidation Event, Purse Money or its designees may liquidate Collateral to settle outstanding charges. Notification is not required prior to liquidation.

4. Spending Limits

Purse Money may set or adjust Card or aggregate spending limits based on available spending power or market conditions. Any authorized Charge reduces your spending limit by the corresponding amount. Company Administrators may set specific user limits within the Company’s overall limit.

5. Purchases

The Account is intended for corporate expenses only. Purse Money reserves the right to block or suspend accounts for activity inconsistent with business purposes. Prohibited purchases include but are not limited to:

Traveler’s checks, foreign currency, money orders, and similar cash-like transactions.
Lottery tickets, casino gaming chips, and gambling transactions.
Person-to-person transfers and third-party bill payments.

6. Payments

Promise to Pay: You agree to repay all amounts charged to the Account, including interest and fees.
Periodic Statements: Statements reflecting Charges, Fees, refunds, and Collateral amounts are available through your Purse Money Account.
Repayments: If you fail to make a required payment, Purse Money may liquidate Collateral to satisfy the obligation. This does not waive future payment obligations.
Prepayment: You may pay off all or part of the outstanding balance without penalty.

7. Fees

Purse Money may impose fees, including late payment, foreign transaction, cash advance, service, and liquidation fees. Fee changes will be disclosed with 30 days’ notice.

7.1 Penalty Fees

Liquidation Fee
Returned Payment Fee: $29 for returned payments; not charged if a late fee applies to the same payment.
Additional Fees: Additional fees for special services may apply.
7.2 Foreign Currency Transactions
Foreign transactions are converted to USD at an exchange rate set by the credit card association or government rate, subject to additional Foreign Transaction Fees.

8. Managing Your Purse Money Cards

Requesting and Replacing Cards: Administrators may request, restrict, or replace Cards via the Purse Money Account. Replacement Cards may require updates with merchants.
Permitted and Unauthorized Use: Cards are for business use only. Company is responsible for authorizing Users and managing compliance with all terms.
Lost or Stolen Cards: Notify us immediately at support@purse.money if a Card is lost or stolen. Assistance with investigations may be required.

9. Chargebacks

Dispute unauthorized or incorrect Charges within 60 days of appearing on the Periodic Statement. Chargebacks resolved in your favor will be credited back to your account.

10. Termination

We may suspend, revoke, or cancel Account privileges, Card use, or deny transactions at any time, with or without notice. You remain responsible for all outstanding balances.

11. Change of Terms

We may change terms at any time, including interest rates, based on anti-fraud policies, compliance, or economic factors. Notice will be provided as required by law.

12. Remedies

If in default, we may:

Declare the Account balance immediately due.
Pursue legal action, including collection and attorneys' fees as permitted by law.
13. Delay in Enforcement
We may delay enforcement of rights under this Agreement without waiving those rights.

14. Communications and Call Recording

You consent to receive communications from Purse Money and its partners, including automated messages regarding your Account. You understand that charges may apply. To revoke this consent, contact us at support@purse.money with the subject "END COMMUNICATIONS" or by following opt-out instructions provided.

 

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