Finstro Master Card® - Terms & Conditions
Effective 2020
1. Terms and Conditions
1.1 These terms and conditions (Terms and Conditions) describe the terms of your (you, your, user or cardholder) agreement with Finstro Securities Pty Ltd ACN 632 777 238 (Finstro) as it relates to your use of the Finstro Mastercard. It is important that you read this document carefully and understand your rights and obligations.
1.2 You have entered into a Finstro Master Facility Agreement with Finstro which is a business credit facility. The Finstro Mastercard can be used for purchasing goods and services where using the Available Balance of your Finstro Master Facility anywhere Mastercard is accepted for electronic transactions.
1.3 The Finstro Mastercard is issued by EML Payment Solutions Limited ABN 30 131 436 532 AFSL 404131 (EML). INC.C Payments Pty Ltd ABN 94 623 555 699 (INCC) arranges the distribution of the Finstro Mastercard. Finstro is the provider of the Finstro Master Facility and distributor of the Card. Finstro provides the Finstro Mastercard as part of its arrangement with you under the Finstro Master Facility Agreement.
1.4 EML deals with funds loaded onto the Finstro Mastercard in accordance with its arrangements with INCC.
1.5 Finstro reserves the right to change these Terms and Conditions at any time.
2. Acceptance of these terms
2.1 You signify your acceptance of these Terms and Conditions by acknowledging you have read and accepted them either via the Finstro Website or the Finstro App. Acceptance of our Terms and Conditions forms part of the Finstro Mastercard activation process that must be completed prior to using your Finstro Mastercard.
3. Important Information about the Financial Claims Scheme
3.1 The Financial Claims Scheme is a scheme administered by APRA to protect depositors of authorised deposit-taking institutions from potential loss due to the failure of these institutions.
3.2 The Financial Claims Scheme only applies to deposits. Your Available Balance is not a deposit with Finstro, INCC or EML. Accordingly, the Financial Claims Scheme does not apply in relation to the Finstro Mastercard or your Available Balance in the event of Finstro’s, INCC’s or EML’s failure.
3.3 For more information on the Financial Claims Scheme, see APRA's website at https://www.fcs.gov.au/.
3.4 We disclose and you acknowledge that the Finstro Mastercard is not a gift card as that is defined within the section 99A of the of the Australian Consumer Law (contained in Schedule 2 of the Competition and Consumer Act 2010). This means that there is no requirement for the Finstro Mastercard to have a minimum expiry date of 3 years from the date it is supplied.
4. Activation
4.1 To activate your Finstro Mastercard, please visit the Finstro Website or download the Finstro App and enter the 16-digit Card Number and CVV where you will be asked to read and accept these Terms and Conditions, after which you will be prompted to set your PIN.
4.2 Once activated, the funds loaded onto the Finstro Mastercard will be available immediately.
4.3 The Finstro Mastercard must be activated prior to use and at least one (1) week prior to its expiry date.
5. Expiry and cancellation
5.1 The Finstro Mastercard expires three years after the “valid from” date identified on the Finstro Mastercard (Expiry Date).
5.2 After the Expiry Date, the Finstro Mastercard:
(a) will be unable to access the Available Balance; and
(b) will be declined when presented for use.
6. PIN and Pass Codes
6.1 To make purchases with your Finstro Mastercard you may need a PIN. When activating your Finstro Mastercard at either the Finstro Website or the Finstro App, you will be prompted to choose your own PIN. You can change your PIN online at the Finstro Website or via the Finstro App at any time.
6.2 A Pass Code may be provided to your registered Device to complete a transaction - this is often referred to as Two Factor Authentication. Where you are provided a Pass Code in these circumstances, you must not disclose that Pass Code to any other person.
7. Where you can use your Finstro Mastercard
7.1 The Finstro Mastercard is a reloadable card that can be used for purchasing goods and services where Mastercard is accepted for electronic transactions (excluding transactions at automated teller machines (ATM) or over the counter at financial institutions).
7.2 When you access the Available Balance through use of the Finstro Mastercard, there may be interest payable by you as determined by Finstro under the Finstro Master Facility Agreement.
7.3 The Finstro Mastercard is only available to businesses for business use. The Finstro Mastercard must not be used for personal expenses at any time. The Finstro Mastercard may not be used for, and authorisation may be declined for, any illegal transactions or for any transactions not approved by Finstro.
7.4 Some Merchants may choose not to accept Mastercard.
7.5 If you have a problem with a purchase, you must contact the Merchant and not Finstro or INCC. The Merchant's own policies in respect of refunds or returns will apply.
7.6 The Finstro Mastercard cannot be used to obtain or redeem cash, for making direct debits, recurring or regular instalment payments, or to withdraw cash via an ATM. The Finstro Mastercard is not a credit facility, is not a credit card, and is not linked to a deposit account held with Finstro, INCC or EML.
7.7 The Finstro Mastercard cannot be used to make transactions that exceed the Available Balance. For such a transaction you need to pay the difference by another method if the Merchant agrees. In the event the Available Balance is less than the purchase amount, some Merchants may not allow the cardholder to combine multiple payment types (such as cash, cheque or another payment card) to complete the transaction.
7.8 Finstro may restrict or stop the use of the Finstro Mastercard if excessive use, attempts to use or other suspicious activities are noticed or are otherwise prohibited transactions under the Finstro Master Facility Agreement.
7.9 If you permit someone else to use the Finstro Mastercard, you will be responsible for any transactions initiated by that person.
7.10 Finstro, INCC and EML are in no way liable if the Finstro Mastercard is declined unless as a result of an unlawful deliberate act or omission by Finstro, INCC or EML.
8. Checking your transaction history and balance
8.1 You are responsible for checking your transaction history and balance which you can do at any time by visiting the Finstro Website and/or the Finstro App by entering your Card Number and your PIN.
9. Security
9.1 You must make sure that you keep the Finstro Mastercard, Identifiers and any PIN's or Pass Codes safe and secure. The precautions we require you to take (Security Requirements) are set out in 9.2 below.
9.2 You must not:
- allow anyone else to use the Card;
- unnecessarily disclose the Card Number;
- carry the PIN, the Device Pass Code with the Device, or record the PIN or Device Pass Code on anything carried with the Finstro Mastercard or liable to loss or theft simultaneously with a Device, unless you make a reasonable attempt to protect the security of the PIN or Device Pass Code;
- voluntarily disclose the PIN, Device Pass Code or Pass Code to anyone, including a family member or friend;
- When using your Device, you should:
- always lock your Device and never leave your Device unattended;
- assign a Device Pass Code to unlock your Device;
- not share your Device Pass Code to anyone;
- not store anyone else's Biometric Identifier within your Device;
- remove any other registered Biometric Identifier which is not your own from your Device.
10. Lost, stolen or damaged Finstro Mastercard
10.1 If you know or have reason to suspect that your Finstro Mastercard or Device is lost, stolen or damaged, likely to be misused or you have reason to suspect that someone else may know the PIN, Identifiers or Pass Codes you must immediately lock the Finstro Mastercard via the Finstro Website or the Finstro App so that the Finstro Mastercard can be disabled.
10.2 You may be required to confirm details of the loss, theft or misuse in writing (and to provide particular information in the confirmation) and you must comply with that requirement.
10.3 We will not reimburse you for any transactions conducted by an unauthorised person prior to you informing us of the Finstro Mastercard's loss. You will be liable for losses resulting from Unauthorised Transactions where we can prove on the balance of probability that you or the User or holder of the Finstro Mastercard concerned have contributed to the loss or losses through unreasonably delaying notification of the misuse, loss or theft of the Finstro Mastercard, or that liability in this case is limited to losses occurring between the time that you became aware of the Unauthorised Transaction, or should reasonably have become aware in the case of lost or stolen Finstro Mastercard.
10.4 You will not be liable for any loss or damage in excess of the Available Balance of the Finstro Mastercard unless you are separately liable under the Finstro Master Facility Agreement.
10.5 In some circumstances, you may be able to request a chargeback of a transaction when you have a dispute with a merchant, such as the merchant's failure to supply the goods or services you paid for.
10.6 A chargeback is a right under the Mastercard Scheme rules by which a transaction can effectively be reversed by EML debiting an amount to the merchant's financial institution and crediting back to your Available Balance. We can only process chargebacks if the Mastercard Scheme Rules allow us to.
10.7 If you believe that you are entitled to a chargeback, you must notify Finstro as soon as possible.
10.8 The Mastercard Scheme Rules impose time limits for initiating chargebacks. The time limit is generally 90 days from the date of the disputed transaction.
10.9 If you request a chargeback, we may need you to provide additional information. If we do ask you for additional information and you do not provide it within 10 days, then you may lose any rights to the chargeback and if it has already been processed, we may reverse it.
10.10 Please note that if we process a chargeback, the merchant may have rights under the Mastercard Scheme Rules to have the transaction investigated further, and this can in some circumstances result in the chargeback being reversed (which means the original transaction might be reinstated by being debited to your Available Balance).
11. Liability
11.1 You are responsible for all fees, fines, penalties and other liability incurred by Finstro as a result of or arising from your breach of these Terms and Conditions or your use of the Finstro Mastercard. You agree to reimburse and indemnify Finstro for such liability and authorise Finstro to deduct all fees, fines, penalties or other liability from the funds loaded on your Finstro Mastercard. If you do not have sufficient funds on your Finstro Mastercard, you acknowledge that Finstro may engage in collection efforts (either through itself or a collection agency) to recover such amounts from you and you will be liable for all such costs associated with this on a full indemnity basis (including legal fees on a full indemnity basis).
11.2 To the extent permitted by law, we will not be liable to you for any loss or damage (whether direct or consequential), nor be in default under these Terms and Conditions for failure to observe or perform any of our obligations under these Terms and Conditions for any reason or cause. We accept no liability for any failure to authorise a purchase transaction (even if the balance exceeds the purchase amount at the time of the authorisation request) if this results from the application of prudent risk management controls or if the terminal or system was not working properly.
11.3 Our liability for breach of a condition or warranty implied by law and which cannot be excluded is limited to either the resupply of the services or the payment of the cost of having the services supplied again.
12. Fees
12.1 There is no charge to check your balance at any time via the Finstro Website of Finstro App.
12.2 The cost to replace any lost, stolen or damaged Finstro Mastercard (whether physical or virtual) is $15.00 per Finstro Mastercard.
12.3 Transactions made in a currency other than Australian dollars will be subject to the prevailing Mastercard exchange rate at the time plus a 2.99% foreign exchange fee. Example of Foreign Exchange Fee:
You make a purchase from a merchant located outside Australia (e.g. USA);
At the time, Mastercard's prevailing exchange rate is US$1.00 = $1.40 Australian;
You spend US$200.00;
The Australian dollar amount is US$200.00 x $1.40 = $280.00;
The foreign exchange fee is therefore 2.99% x $280.00 = $8.37.
13. Privacy and confidentiality
13.1 We do not disclose personal details except for the purpose of managing and processing the Finstro Mastercard as required by law. Information may be disclosed to contractors or third-party service providers who supply administrative, telecommunications, processing or other services in connection with the Finstro Mastercard. Those contractors or third-party service providers may be based outside of Australia and you consent and agree that information may be disclosed to those parties for the purpose of managing and processing your Finstro Mastercard.
13.2 Our Privacy Policy sets out how you can access and correct information we hold about you, how you can complain about a breach by us of your privacy rights and how your complaint will be handled.
13.3 Our Privacy Policy can be accessed from the Finstro Website.
14. Currency
14.1 All amounts referred to in these Terms and Conditions are a reference to Australian Dollars (AUD) unless otherwise provided for.
15. Governing Law
15.1 These Terms and Conditions are governed by the laws of New South Wales and you submit irrevocably and unconditionally to the non-exclusive jurisdiction of the courts of New South Wales.
16. Definitions
In these Terms and Conditions:
Activate means the process of activating the Finstro Mastercard in accordance with clause 4.
APRA means the Australian Prudential Regulatory Authority.
Available Balance means the monetary value recorded by Finstro within your Finstro Master Facility which is available for transactions.
Biometric Identifier means a fingerprint, faceprint or any other similar biometric identifier.
Card Number means the 16-digit number that appears on the front of the Finstro Mastercard.
CVV means the card verification value. The CVV is the 3-digit number on the rear of the Finstro Mastercard and is often required to complete transactions, particularly for online purchases.
Device means a compatible smartphone or wearable device that supports a Device Wallet, enabling you to use the Device as a payment method for purchase transactions.
Device Pass Code means anything used to unlock and access a Device including, but not limited to, a password, numerical code, pattern or Biometric Identifier.
Device Wallet means the Apple Pay, Google Pay or Samsung Pay mobile applications that store the Card as a tokenised card on a compatible phone or wearable device.
Expiry Date has the meaning provided to that term in clause 5.1.
Finstro App means the mobile application owned, operated and made available by Finstro.
Finstro Master Facility means your unique line of credit product issued and administered by Finstro.
Finstro Master Facility Agreement means the terms and conditions of the finance facility issued and administered by Finstro.
Finstro Website means Finstro's website located at www.finstro.com, as updated and replaced from time to time.
Identifier means information that you know but are not required to keep secret and which you must provide to perform a transaction (for example, a Card number).
INCC has the meaning provided to that term in clause1.3.
Mastercard means:
(a) in clauses 7.1, 7.4, 10.6, 10.8 and 10.10 Mastercard International Incorporated (or another relevant company in the Mastercard group of companies); and
(b) everywhere else, the Finstro Mastercard (being a reloadable prepaid card) issued to a User from time to time, being a physical card or tokenised card.
Merchant means any business entity that is authorised to accept the Finstro Mastercard for the payment of goods and services.
Pass Code means a password or code that you must keep secret that is used to authenticate your identity or a transaction. Examples include a code delivered to you by text or email which is required to perform a transaction (often called Two Factor Authentication).
PIN is your 4-digit number combination known only to you that allows you to access your account information and verify and authorise payments on the Finstro Mastercard.
Privacy Policy means our current privacy policy available as available on the Finstro Website, as updated and replaced from time to time.
Unauthorised Transaction means a transaction not authorised or not authorised by you but does not include any transactions carried out by you or by anyone performing the transaction with your express or implied knowledge and consent.
User means the person to whom the Finstro Mastercard is given to use as payment mechanism.
