How can we help?

Frequently asked question

lookcard.io Platform is a sophisticated payment solution platform that offers a seamless integration of digital currencies for transactions. It features a versatile current account within the LookCard Platform ecosystem, allowing users to manage their finances with ease.

Lookcard.io featuring a crypto-collateralised credit card on the Visa payment network that offers a unique payment experience by allowing users to collateralise and unlock their spending limits using cryptocurrency. It combines the convenience and acceptance of a traditional credit card with the flexibility and security of cryptocurrencies; enabling users to make purchases in fiat currencies while the repayments using cryptocurrencies, such as USDT & USDC. This innovative platform enhances the convenience and flexibility of financial transactions, positioning itself as a leader in the digital payment solutions industry.

Providing a photo of your ID or passport is a crucial part of the identity verification process. Here’s why it’s necessary:

  1. Verify Identity:
    To confirm your identity and ensure that the person applying for the LookCard is who they claim to be. The photo helps match your submitted information with official identification documents.
  2. Prevent Fraud:
    To protect against fraudulent activities and ensure that only legitimate users are issued a LookCard. Verifying your ID or passport helps prevent identity theft and unauthorized account access.
  3. Compliance with Regulations:
    To comply with financial regulations and anti-money laundering (AML) requirements. Identity verification is a legal requirement in many jurisdictions to ensure regulatory compliance.
  4. Enhance Security:
    To maintain the security and integrity of the LookCard system. Ensuring that all users are properly verified helps safeguard your account and personal information.
  5. Facilitate Account Setup:
    To complete the account setup and activation process smoothly. Providing your ID or passport allows LookCard to finalize your registration and issue your card.
 

How is my ID/Passport photo used and protected?
Your ID or passport photo is used solely for the purpose of verifying your identity and is stored securely. LookCard implements stringent data protection measures to ensure your personal information is kept safe and confidential.

LookCard+ Credit Card is a crypto-collateralized credit card/ secured credit card, a type of credit card that requires the cardholder to provide a security deposit as collateral and to obtain credit line as financial background check is not required. This deposit acts as a safeguard for the credit card issuer in case the cardholder fails to make payments. Here are the key aspects of a collateralized credit card:

  1. Security Deposit:
    The cardholder must provide a refundable collateral amount, which usually determines the card’s credit limit, in a ratio of 80:20 (80% as credit line; 20% as collateral).

    For example, a $10,000 deposit typically results in a $8,000 credit limit & $2,000 in collateral.

  2. Building or Rebuilding Credit:
    These cards are often used by individuals who are building or rebuilding their credit history. Once there is sufficient records for the credit score, user could request for credit limit increment without pledging additional deposit.
  3. Similar to Regular Credit Cards:
    Collateralized credit cards function like regular credit cards. Cardholders can make purchases, earn rewards, and are required to make monthly payments. Interest rates and fees apply if the balance is not paid in full each month.
  4. Refundable Deposit:
    If the cardholder decides to terminate the credit card, the security deposit is refundable after deducting all the outstanding balance, if any.

The review and processing of the Credit Card applications typically take an average of three (3) working days. During this period, our team evaluates your application to ensure all information is accurate and complete.

What should I do if my application has been under review for more than 3 working days?
If your application has been under review for more than 3 working days, please contact our customer support team for an update on the status of your application. They will assist you in resolving any issues or provide additional information regarding your application.

What factors can affect the processing time of my Credit Card application?
Several factors can impact the processing time of your application, including:
a) Incomplete Information: Processing may be delayed if any required information or documents are missing.
b) Volume of Applications: High application volumes may lead to extended processing times.
c) Verification Issues: Additional time may be required if there are issues with verifying your identity or documentation.

There is no minimum amount required to deposit into your current account wallet. However, when activating your card and obtaining a credit limit, an initial refundable deposit of a minimum of USD 500 is required , transferring from Current Account Wallet to Credit Limit Wallet. This deposit is allocated as follows:

  • 80% will be used to establish your credit limit; and
  • 20% will be retained as a minimum stored value or collateral.

To increase your credit limit, you may transferring additional funds into Credit Limit Wallet, as outline below:

  • Top up additional funds to your Current Account Wallet (if there is insufficient funds to be transferred to Credit Limit Wallet).
  • Enter the amount you wish to transfer from your Current Account Wallet to Credit Limit Wallet, aligning with the new credit limit you aim to obtain.
  • Review the details and confirm the transfer.
  • Your credit limit has been increased successfully.

 

However, if you have sufficient credit score or a strong financial record with us, you may request a credit limit increase without pledging additional funds.

  • Ensure your credit score is in good standing with Lookcard platform.
  • Send in a request via email to request for credit limit increment.
  • The team will review the application request.
  • You will be notified once there is updated status on the application.

At LookCard, security stands as our foremost priority, and we continuously strive to fortify our platform’s safety measures. Here’s an insight into our robust security protocols:

  1. ACCOUNT AND DATA PROTECTION
    We employ the latest Transport Layer Security (TLS) to encrypt your data during transit, ensuring its confidentiality. Your login credentials remain solely on your device, never stored on our serves or in the cloud. Utilizing AES-256 encryption, the same standard trusted by major financial institutions and governments globally, guarantees the security of your data.
  2. PAYMENT SECURITY MEASURES
    To safeguard transactions, we implement 2-step verification, deterring unauthorized access to your account. LookCard is PCI Certified under the Payment Card Industry Data Security Standard, adhering to stringent requirements for securely handling cardholder data during transactions.
  3. SECURE INFRASTRUCTURE
    Our servers reside in ISO 27001 compliant data centers, fortified against potential threats. Services are operated on the Amazon Web Services cloud, shielding users from web-based attacks and abuse. We prioritize system availability with automatic responses to security risks, guaranteeing uninterrupted services.
  4. CONTINUOUS SECURITY ENHANCEMENTS
    Our platform undergoes rigorous security penetration tests regularly, pre-empting potential vulnerabilities before external threats arise.

We remain vigilant, consistently upgrading our systems to mitigate emerging security risks and uphold the integrity of our platform.

IOS Device:
– The app requires iOS Version 13.4 or later.

ANDROID Device:
– Android Version 14 or later.

Please check the respective app store for the latest system requirements.

IOS Device:
– The app requires iOS Version 13.4 or later.

ANDROID Device:
– Android Version 14 or later.

Please check the respective app store for the latest system requirements.

Didn't find an answer?

Our team is just an email away and ready to answer your questions

Lost or stolen
LookCard?

Report a lost card by calling LookCard Customer Support Hotline or Whatsapp us at:

+852 3001 1108

×
Community Program

Cross-Border Access Restrictions

Please be advised that the promotion or distribution of our products and services beyond Hong Kong may be subject to regulatory requirements. The content on this website is intended solely for residents of Hong Kong.

By clicking “Continue,” you acknowledge that you have read and understood this advisory and are accessing the website independently, without any solicitation or promotion from LookCard+