Please read this Product Disclosure Sheet before applying for LookCard+ Credit Card. Do also read the governing terms and conditions stated in the LookCard+ Credit Card Cardholder Agreement (hereinafter referred to as “Cardholder Agreement”) and LookCard additional terms and conditions (collectively referred to hereafter as “LookCard Terms”), which are accessible via the web link https://lookcard.io/docs/lookcardcreditcard-terms-and-conditions/.

In this Product Disclosure Sheet words and expressions shall have the same assigned meanings in the Cardholder Agreement and LookCard Terms, unless the context otherwise requires.

What is LookCard+ Visa Credit Card?
The LookCard+ Credit Card is a premium financial product offered by Lookcard Limited, designed to provide enhanced benefits, flexibility and the added convenience of using digital currency for payments. Designed for the modern user, this card combines the global acceptance of Visa with the innovative potential of digital currencies.

As a crypto-collateralized credit card, users can secure their credit line by locking a specific amount of cryptocurrency as collateral, ensuring seamless integration of traditional financial systems with the security and utility of digital assets.

KEY FEATURES:

a) Global Acceptance: The LookCard+ Visa Credit Card is accepted at millions of locations worldwide, allowing you to make purchases and withdraw cash wherever Visa is accepted.

b) Digital Currency Integration: Seamlessly use popular digital currencies such as USDT & USDC to repay your monthly bill & act as collateral to obtain your credit limit.

c) Privacy and Anonymity: Transactions made with digital currencies provide an additional layer of privacy, as they can be processed with minimal personal data.

d) Reward Program: Earn reward points or cashback on every purchase, which can be redeemed for other perks.

e) Credit Limit: Access a flexible credit limit based on your creditworthiness, with the option to increase it over time.

f) Digital ID: The platform also integrate digital ID capabilities, ensuring secure and seamless verification for all transactions and services.

g) Security Features: Enjoy advanced security features, including fraud protection, zero liability for unauthorized transactions, and real-time transaction alerts.

h) Transaction Benefits: LookCard+ offers zero transaction fees for both domestic and international purchases, ensuring exceptional value and convenience for users worldwide. A foreign exchange (FX) rate may apply, as set by the network provider, similar to other credit cards.

i) Additional Perks: LookCard+ cardholders may also enjoy exclusive perks such as travel insurance, extended warranties, and access to special offers or discounts.

j) Upcoming Features: LookCard+ Credit Card is part of an evolving platform that will soon offer exciting new features, including crypto investment opportunities and crypto loans, providing users with enhanced financial flexibility.

What are my obligations?

As a cardholder, you have the following obligations:

a) Keep Your Information Up To Date
Ensure that all your personal and contact information, such as your name, address, and mobile number, are accurate an updated within the LookCard app or with customer support.

b) Protect Your Card And PIN
Safeguard your card and PIN at all times. Do not share your PIN with anyone and report any loss, theft, or unauthorized use of your card immediately.

c) Use The Card Responsibly
Use your LookCard for lawful purposes only. Avoid exceeding your credit limit or making fraudulent transactions.

d) Make Timely Payments
If applicable, ensure that you pay any outstanding balances or fees associated with your card by the due date to avoid penalties or interest charges.

e) Review Your Statements
Regularly check your account statements for any discrepancies or unauthorized transactions and report them to LookCard immediately.

f) Comply With Terms And Conditions
Adhere to all the terms and conditions associated with your LookCard, including any updates or changes that may occur.

g) Notify Of Changes
Inform LookCard of any changes to your personal information, such as a change in your mobile number or name, to ensure continued access to your account and services.

h) Report Issues Promptly
If you encounter any issues with your card or account, contact LookCard’s customer support as soon as possible to resolve the matter.

What are the fees and charges I have to pay?

Disclaimer: All fees and charges associated with the Credit Card are subject to change at the discretion of Lookcard Limited. Such changes may occur without prior notice and will be communicated to users in accordance with applicable terms and conditions. It is advisable to review the terms periodically for any updates.  

What are the key terms and conditions?
Here are the key terms and conditions you should be aware of as a LookCard Cardholder:

1. ELIGIBILITY AND ACCOUNT SET UP
   You must meet specific criteria, such as age and residency requirements, to apply for a LookCard+ Credit Card and LookCard Platform Account. All information provided during the application process must be accurate and truthful.Your Virtual Credit Card will be issued upon approval. To activate your virtual credit card and obtain credit limit, you are required to make a deposit, which will act as collateral. The minimum credit limit to activate the card is USD 500.
2. CARD USAGE
   The LookCard is intended for personal use. You must not use the card for illegal activities or transactions that violate local or international laws. Your card may have daily or monthly transaction limits, which can be vary based on your own account setting.
3. FEES AND CHARGES
   There are no transaction fees for domestic or international purchases. However, foreign exchange (FX) rate may apply, as set by the network provider, similar to other credit cards. Depending on card type, there may be monthly maintenance fees or applicable charges. Please refer to the Terms and Conditions for detailed information.
4. PAYMENTS AND BILLING
   If your card includes a credit facility, you are required to make timely payments towards any outstanding balance. Late payments may result in interest charges or penalties. You will receive monthly statements outlining your transactions, fees, and any balance due. It is your responsibility to review and ensure the accuracy of these statements.
5. SECURITY AND PRIVACY
   You are responsible for securing your card, PIN, and account credentials. Report any loss, theft, or unauthorized access immediately. Your personal and transaction information is protected under LookCard’s Privacy Policy, which outlines how your data is collected, used and shared.
6. DISPUTE RESOLUTION
   In the event of a dispute over a transaction, you may request a chargeback. The chargeback process can take three to four months, and outcomes will be communicated to you. If successful, the disputed amount will be credited back to your account. Any dispute that arise will be handled according to LookCard’s dispute resolution procedures, which may include mediation or arbitration.
7. CREDIT CARD TERMINATION
   Upon termination of your Credit Card, the remaining collateral deposit will be refunded, subject to any outstanding fees or charges. Please note that the termination of your credit card does not result in the closure of your lookcard.io platform account. You may continue to use other services offered by the platform unless you choose to close your entire account.
8. ACCOUNT TERMINATION
   You may close your LookCard account at any time by notifying customer support, provided all outstanding balances and fees are settled.
9. CHANGES TO TERMS AND CONDITIONS
   LookCard may update or modify the terms and conditions at any time. You will be notified of significant changes, and continued use of the card implies acceptance of the new terms.
10. LIABILITY
    LookCard is not liable for any losses or damages arising from unauthorized transactions if you have failed to safeguard your card or account information.  LookCard is not responsible for any delays, failures, or disruptions in service due to events beyond its control, such a s natural disasters or technical issues.

What if I fail to fulfil my obligations?
If you miss a payment or fail to pay the minimum amount due, you may be charged late payment admin charge on the outstanding balance. This can increase your total debt and negatively impact your credit score record in LookCard Platform.

LookCard may temporarily suspend your account, restricting your ability to make transactions, until you fulfil your obligations or resolves any outstanding issues.  Persistent failure to meet your obligations, such as repeated missed payments continuously for three (3) months,  or fraudulent activities, can result in the suspension of your LookCard Credit Card. You are required to settle all outstanding balances immediately before the credit card is activate again. However, if notice is given after three months of non-payment and. no payment is made within fifteen (15) days of receiving the notice, all of the initial deposited amount will be forfeited.

In cases of severe non-compliance, LookCard may take legal action to recover any outstanding debts. This could involve pursuing legal proceedings, which may result in additional costs to you. If you fail to report the loss or theft of your card, or if you do not secure your account information, you may be held liable for any unauthorized transactions that occur.

Failing to meet your obligations could lead to the loss of cardholder benefits, such as reward points, cashback, or access to special offers. These benefits may be forfeited permanently if your account is closed or terminated.

Your failure to fulfil obligations with LookCard could make it more difficult to apply for new credit cards, or other financial products in the future with LookCard Platform.

What are the major risks?

a) FINANCIAL RISKS: If you do not manage your spending and payments carefully, you could accumulate debt that may be difficult to repay, especially if interest and late fees are applied. If you failed to make payments for an extended period (3 months) and do not respond within the given notice period, your initial deposit may be forfeited.

b) SECURITY RISKS: If your LookCard or account information is lost, stolen, or compromised, you may be at risk of unauthorised transactions. While LookCard provides measures to protect against fraud, you may still be liable for some or all losses if the card was not properly secured. Be cautious of phishing attempts and scams that try to trick you into revealing your account information or making unauthorized transactions.

c) LEGAL AND COMPLIANCE RISKS: Failure to fulfil your obligations, such as not making required payments, could result in legal action from LookCard. This might include debt recovery efforts or other legal proceedings that could lead to additional costs and potential legal penalties. Changes in laws or regulations could affect your rights and responsibilities as a cardholder. Failure to comply with these changes may expose you to additional risks.

d) OPERATIONAL RISK: There may be occasional disruptions in service due to technical issues, maintenance, or other unforeseen events. This could temporarily affect your ability to access funds, make transactions or use the LookCard app. Persistent failure to meet your obligations or engaging in prohibited activities could result in your account being closed, which could disrupt your financial activities and access to funds.

e) MARKET RISKS: Transactions in other currencies may result in fluctuations in exchange rates, which affect the value of your transactions and may result in higher costs than anticipated.

f) PERSONAL RISKS: If your personal information is compromised, it could lead to identity theft, which may have long-term financial and personal consequences. In extreme cases, such as account suspension or closure due to non-compliance, you might temporarily or permanently lose access to your funds

What do I need to do if there are changes to my mobile number?
If you need to update your mobile number, please log in to the lookcard.io app and navigate to the account settings. From there, you can edit your personal information. For security reasons, you may be required to verify your identity. If you encounter any issues our customer support team is available to assist you.

Where can I get further information?
You can obtain further information as follows:

1. Call for Customer Support at +852 3001 1108 (Monday to Friday, 10:00 – 20:00)
2. Email at: cs@lookcard.io / support@lookcard.io
3. Visit our website: www.lookcard.io
4. Download lookcard.io (IOS)
5. Download lookcard.io (Android)
6. LookCard Social Media Accounts