Vault – New Zealand Physical Mastercard® Single Use Gift Card Terms and Conditions

Definitions:

The following definitions apply throughout this terms and conditions, unless otherwise stated:

Account means the account held by Vault Payments

Business Day means a day that is not a Saturday, Sunday or public holiday being a day on which banks are open for general banking business in New Zealand.

Card means the Prepaid Mastercard® issued by Change Labs New Zealand Pty Ltd.

Cardholder means a person who is nominated by the account holder to use a card.

Card Facility means the card facility related to the Prepaid Mastercard® described in this terms and conditions.

Card Mailer means the letter sent to the cardholder including a card, and instructions on how to use the card, together with other important information.

Card Number means the 16-digit number that embossed on the front of a card.

Card Statement means an electronic statement of transactions completed with the cards.

Cash Advance means any transaction that we consider to be a cash advance, including transactions involving:

• the drawing of cash from the Card using an ATM or at a financial institution;
• receiving from a Merchant a cash substitute or a cash refund (including, but not limited to, using the Card to load Value to a stored value card or facility);
• using the Card to pay bills through a third party where the Merchant does not accept credit payments;
• using the Card to pay bills over the counter at a financial institution; or
• transferring, or arranging the transfer of, funds from the Card to another

Change Financial means Change Labs New Zealand Pty Ltd NZBN 942 904 8682916

Contactless Terminal means a terminal that can be used to make a Contactless Transaction.

Contactless Transactions means a transaction made by holding a card (which can make a Contactless Transaction) in front of a Contactless Terminal, to complete a transaction, rather than inserting the card into the terminal.

Direct Debit means a debit from your card that you arrange through a merchant or other service provider by providing your card number.

EFTPOS means any Electronic Funds Transfer at Point of Sale. You authorise an electronic funds transfer by using your Card with your associated PIN at an approved merchant’s point of sale terminal.

Expiry Date means the expiry date printed or displayed on the card.

Issuer means Change Labs New Zealand Pty Ltd (NZBN 942 904 8682916, FSP 1002611)

Mastercard means Mastercard International Incorporated.

Mastercard Scheme Rules means the Mastercard Scheme Rules and the Mastercard Technical Operational and Security Rules.

Offline transactions mean the process by which funds are withdrawn from a card when an EFTPOS terminal is out of operation, or a merchant does not have EFTPOS facility.

Personal Information means the information that we collect from you and the cardholder, including any application form, correspondence, identification, emails, telephone calls, internet

communications and transactional information, in connection with the card or the card account

Physical card means the plastic Mastercard issued as part of the card facility.

PIN means the 4-digit Personal Identification Number

Recurring transaction means a regular transaction on your Card that you have authorised another person or company (merchant) to make by providing your 16-digit card number.

Stored Value means the monetary value available to a cardholder through the use of the card from time to time.

Terms and Conditions means the terms and conditions set out in this document.

Transaction means any purchase or withdrawal.

Unauthorised Transaction means a transaction not authorised by you but does not include any transaction carried out by you or anyone performing the transaction with your knowledge or consent.

Vault Payments means Vault Payment Solutions Group Pty Ltd, ABN 66 632 373 105

We, us, our means Change Financial and, except where the context indicates a different intention, also includes any agent acting on behalf of Change Financial.

Website means Vault Payments’ website http://www.vaultps.com.au

You or Your means the Cardholder

Terms and Conditions

Overview:

The Card is a Mastercard branded single-load prepaid card (Prepaid Mastercard®). Change Labs New Zealand Pty Ltd (Change Financial) (NZBN 9429048682916, FSP 1002611) is the issuer of the card.

Change Financial (We, us, our) authorises Vault Payment Solutions Group Pty Ltd, ABN 66 632 373 105 (“Vault”) to distribute the card on behalf of Cardholders. The Card provides the Cardholder with the means to access the value loaded on the card to purchase goods and services at any domestic merchant that accepts Mastercard.

The Cardholder agrees to be bound by these terms and conditions by consenting to the issue of a card to a cardholder or a cardholder activating or using a card. The Cardholder acknowledges that it is responsible to ensure that each Cardholder adheres to the terms and condition applicable to cardholders.

These Terms and Conditions are issued by Change Financial. By accepting the offer of the card facility made by Vault, the Cardholder is bound by these terms and conditions in respect of the card. It is important that You read and understand the terms and conditions that apply to the use of the card facility.

It is important that you read and understand the terms and conditions and keep a copy for your records. The card issued to a cardholder must be activated before it can be used – activation is achieved by completing a successful transaction with PIN. By activating, or using the card, the cardholder agrees to be bound by these terms and conditions.

The prepaid card does not involve Change Financial offering or issuing any “debt security” as defined under the FMCA. The money loaded on the prepaid card will be held by Change Financial on trust at a New Zealand registered bank and will be paid at the direction of the cardholder (as the beneficiary of that trust).

1. The Card

By providing You the Card, Change Financial are granting you the right to use the Card in accordance with this terms and conditions. By activating, or using the Card, you agree to be bound by these terms and conditions.

• The Card is a Prepaid Mastercard®. You must have funding available to the Card, in accordance with these terms and conditions before the card can be used.
• The Card is redeemable anywhere that displays the Mastercard® logo
• The Card is not a credit card;
• The Card account is not a deposit account;
• The Card is not transferable;
• The credit balance or value stored on a Card does not earn interest;
• The Cardholder will be liable for any transactions initiated by another person with the Card where the cardholder allows that person to use their device and to make a purchase with the Card,
• The Card remains the property of the Issuer and you must not copy or reproduce a Card.

2. Using the Card

• The Card must be activated before it can be used – activation is achieved by following the instructions provided by Vault Payments.
• The Card can only be used if the account has a credit balance.
• The Cardholder can use the Card before expiry and within the applicable limits outlined in these terms and conditions, provided that the total transactions does not exceed the available balance.
• Acceptance of an EFTPOS transaction does not imply that you have sufficient funds on the card to cover a transaction. In exceptional circumstances (for example when an EFTPOS terminal is down), a transaction on the card may exceed the available balance without the card declining. We are obliged to honour the transaction where this happens, and you agree to pay the excess immediately.
• The card can be used at any merchant within New Zealand wherever the Mastercard® logo is displayed (subject to individual merchant’s discretion).
• The card does not permit withdrawal of cash or cash
• The card cannot be used for illegal transactions or to purchase illegal goods or
• We will not be held liable if any merchant or an EFTPOS terminal does not accept the
• The cardholder must check that the amount for a transaction is correct:
  • before they sign a voucher or transaction record given by any merchant, and
  • before they enter their PIN at an EFTPOS
• By signing a voucher or transaction record or entering the PIN at the EFTPOS terminal, the cardholder confirms the validity of the amount of the transaction.
• We may suspend or terminate the use of the card if we notice excessive uses of the card or other suspicious activities.

3. Limitations of use of the card

This Card is subject to a balance limit as advised to you upon issuance of the Card.

Your Card may be declined at some merchants (such as merchants who choose not to accept prepaid Mastercard cards). We will not be held liable if any approved merchant either refuses to accept a

card as a payment method or does not permit certain types of goods and services to be paid with the card, except where the authorisation has been declined because of an act or omission on our part.

The following table illustrates the transaction and limits applicable to the card, within the limits of the available balance. Some merchants may impose additional limits not included in this table.

 

Transaction Types	Limit
Maximum Card Balance	NZD $4999
Maximum Transaction Limit Per Day	NZD $2000
Maximum Transaction Limit Per Transaction	NZD $1000
Maximum Number of Transactions Per Day	20
Cash	No access to cash

 

4. Fees and Charges

All transaction fees are charged at the time of transaction and, where applicable, are included in the total purchase price.

Certain merchants may charge an additional fee if the card is used to purchase goods and/or services. This fee is determined and charged by the merchant and is not retained by us.

5. Pre-Authorised Transactions

In some cases, merchants may request confirmation that your card account has sufficient funds to pay for the goods and services they will supply. This is done through obtaining a pre-authorisation

(pre-auth) which will put a temporary hold on your card balance. This means that the balance in your card account may not indicate the correct amount until the authorisation is cleared.

The merchant may request a subsequent authorisation for the actual costs when the goods and services have been supplied. A pre-auth, once obtained, typically hold the funds for up to 7 business days if the purchase or pre-auth amount is not completed.

We reserve the right to decline any pre-auth for any transaction on the card account, for example, if the transaction would cause the card account to go into debit balance.

6. Card Expiry

An expiry date is printed on the Card. The card is valid until the expiry date unless cancelled before. When a card expires, cardholders cannot access available balance or value loaded on the card,

except when a replacement Card is issued to the Cardholder.

7. Transaction Disputes

It is the responsibility of a cardholder to keep all voucher and transaction records given by any merchant when using the card and regularly review transaction history to identify unauthorised transactions.

Cardholders must notify Vault Payments immediately if they notice any error (or possible error) in any transaction or statement relating to a card.

8. Chargebacks (Reversing a transaction)

In some circumstances, Mastercard scheme rules may allow us to reverse the transaction where you have dispute with the merchant. This is known as chargeback.

You must notify Vault Payments immediately if you believe that you are entitled to a chargeback. Mastercard card scheme rules impose time limits for initiating chargebacks which is generally 90 days from the date of the disputed transaction. We are not able to reverse a transaction after the expiry of this time limits. We may need you to provide additional information for a chargeback request. A Cardholder who does not provide requested information within 10 days may lose any rights to the chargeback.

Merchants may have rights under the Mastercard card scheme rules to have any chargeback transactions investigated further. In some cases, the chargeback we processed may be reversed and resulting in the original transaction being reinstated.

9. Your PIN

When using the card, you will need to successfully use the PIN provided to you.

If you enter an incorrect PIN three times when a transaction is attempted using the card, the card will be suspended temporarily for 24 hours. You must adhere to this terms and conditions by not disclosing your PIN to any other person.

10. Protecting the card or PINs

For security reason, you must take the following steps to protect your cards or PINs:

• never leave the card unattended;
• never give the card to anyone, including family member or friend;
• never communicate the PIN to anyone, including family member or friend;
• try to prevent anyone else seeing the PIN when paying with an EFTPOS device;
• report to Vault Payments immediately the loss, stolen, damaged or unauthorised use of any card;
• check your account statement, balance and transaction history to identify and report, as soon as possible, any instances of unauthorised use; and
• on the expiry date, cut the physical card diagonally in half before

12. Lost or stolen cards/PINs

The security of the card is very important, and you must take reasonable steps to protect your card from loss of theft. If you become aware that the card or device is lost or stolen or damaged, or you have reason to suspect that someone else may know the PIN, you or the cardholder must notify Vault Payments immediately by:

• contacting Vault Payments via live chat within the website or mobile application between 8am and 6pm Monday to Friday; or
• contacting Change Financial on +61 3 9661 8200 after business hours; or
• sending a notification by email to info@vaultpaymentsolutions.com.au We will cancel the card as soon as a report is made.

If you or the cardholder make a reasonable attempt to contact Vault Payments or Change Financial by telephone during the hours of operation stated above and Vault Payments or Change Financial is unable to answer your call, you or the cardholder will not be liable for any losses occurring due to non-notification provided that you or the cardholder notify Vault Payments or Change Financial on the next Business Day or within a reasonable time.

You or the cardholder may be required to report in writing and provide details of the loss, theft, or misuse of the card. When a report is made verbally through telephone, you will be given a

notification number or some other form of acknowledgement. You or the cardholder should retain this as evidence of the time and date of your report.

If the card or device has been lost or stolen and the card or lost device is found after making the report, the cardholder must not attempt to use the physical card, or the card associated with that device.

13. Complaints

If you have any complaint, concern or issue with a product or service, or a dispute with a merchant, this must be addressed directly with the merchant. If the concern or issue is not resolved, or you are not satisfied with the way in which the merchant deal with your concern or issue, you can contact Vault Payments Customer Support during business hours. Vault Payments Customer Support can be contacted via email at info@vaultpaymentsolutions.com.au

14. Enforcement by Change Financial

Under these terms and conditions, the cardholder’s obligations are to the Vault. Although Change Financial is not a party to the contract between the Cardholder and Vault, it can enforce the

obligations against the cardholder. These terms and conditions cannot be altered or varied without Change Financial’s written consent.

15. Security

Cardholders must keep the card and PIN safe and secure by following the precautions set out below. A cardholder must never:

• give the card to anyone, including family members or friends;
• temper with any magnetic stripe or integrated circuit on the card;
• disclose the card number, except where necessary;
• leave the card unattended;
• communicate the PIN to anyone, including family members or
• allow another person to register and store a Biometric Identifier on their device;

16. Payments to the Card Account

The available balance of the card account will reduce when purchases are made using the card, and other fees and charges are debited to the card account.

The card cannot be used to make or complete a transaction that exceeds the available balance on the card.

17. Transactions

It is your responsibility to keep all voucher and transaction records given by any merchant when using the card and regularly review your transaction history to identify unauthorised transactions.

It is also your responsibility to notify Vault Payments immediately if you notice any error (or possible error) in any transaction or statement relating to a card. You may be required to provide additional information concerning any error (or possible error).

18. Statements

Statements are available in electronic form on Vault Payments Mobile application and will show the transactions history of the card and available balance. You can view your statements through the mobile application.

19. Liabilities and Disclaimers

We are not liable:

• where a Card has been lost – the Card is like We have no obligation to replace or refund value for misused, lost, stolen or damaged Cards except where we have breached any condition or warranty implied under consumer protection legislation that cannot be excluded in these terms and conditions (for example, warranties as to the exercise of due care and skill in providing services and as to fitness for purpose of materials we provide).
• where it is not our fault that the available balance is insufficient to cover a transaction;
• where a terminal or system malfunctions and it is not our fault;
• for circumstances beyond our control to prevent a transaction, despite any reasonable precautions having been taken by us;
• for any loss resulting from any failure due to events beyond our control;
• for any loss resulting from any system failure or industrial dispute beyond our control;
• for the way any rejection to accept the card is communicated;
• for any dispute between you or the cardholder and any merchant regarding any goods or services purchased with the card;
• for our action to meet our obligations as required by any government agencies, regulations or a court order; or
• for anything specifically excluded or limited elsewhere in these terms and

In any circumstances, our liability shall not exceed the amount of the available balance except in relation to:

• unauthorised transactions; and
• consequential losses that result from a malfunction of a system or equipment supplied by any party to a shared electronic network. (unless you should reasonably have been aware that the system or equipment was unavailable or malfunctioning, in which case our liability is limited to correcting any errors and refunding any fees or charges imposed on you or the cardholder).

Change Financial:

• is not liable for any loss, including indirect or consequential loss You suffer in relation to the card account. This includes failure to provide the card or loss, stolen, or destruction of the

There may be circumstances where Change Financial delays or fails to enforce a term of these terms and conditions, and it does not imply or constitute a waiver of these terms and conditions.

20. Communication

You agree to receive written notices or other communications from Change Financial under or in connection with these terms and conditions. We will either:

• send the notice, information or communication using electronic communication; or
• use electronic communication to notify you that the notice, information, or communication is available from a website.

If we give a notice, information, or other communication to you:

• electronically – you are taken to have received it on the day it is
• by writing to you – you are taken to have received it when it would be delivered in the ordinary course of the post; or
• by giving it to you personally or leaving it for you – you are taken to have received it on the day of delivery.

You may update your email address for electronic communication by notifying us directly, providing that we are satisfied with your identity. In addition, we may give you notices, information or other communications to you relating to the card facility:

• by writing to you at your residential or postal address last known to us;
• by giving it to you personally or leaving it at your residential or postal address last known to us;
• by Electronic Communication to your nominated email address last known to us for sending notices and communications to you; or
• if the notice or communication is not personal to you – by posting it to the

When telephone communications are originated or received by us or where electronic communications is received by us or through the website, you agree that we may:

• verify your identity by reference to any or all of the information provided by you when applying for the card facility or during the card activation or any changes made to this information; and
• proceed on the basis that we are satisfied by that

21. Keeping Your Contact Details Up to Date

You must notify Vault Payments of any change of name, address and other contact details immediately. We will not be held responsible or liable if you do not receive any notice or correspondence that has been sent to the contact details you have provided.

We accept no responsibility or liability for late, lost, or misdirected SMS messages or emails caused by inaccurate personal details provided by you, or by system constraints or failures experienced by your email or mobile phone service providers.

22. Changes to These Terms and Conditions

We may change these terms and conditions (including fees and charges and load and transaction limits) at any time without your consent for one or more of the following reasons:

• to comply with any change or anticipated change in any relevant law, code of practice, guidance, or general banking practice; or
• to reflect any decision of a court, ombudsman, or regulator;
• to reflect a change in our systems or procedures, for security reasons; or
• as a result of changed circumstances (including by adding benefits or new features); or
• to respond proportionally to changes in the cost of providing the card facility; or
• to make them clearer.

If the change involves an increase to our fees and charges or the introduction of a new fee or charge, and any changes that are not materially adverse, we will give you notice at least 30 days before any changes to these terms and conditions take effect.

We will notify you of the above changes to these terms and conditions by electronic communication.

If a change to this terms and conditions, including these terms and conditions, is not materially adverse, we may update the information by making information about the change available on the website. You can obtain a paper copy of this information on request free of charge.

Any changes necessitated by an immediate need to restore or maintain the security of the system in which the card facility is used can be made subject to the law without prior notice.