Credit Card template agreement
NOTICE: This English translation is a courtesy and office translation only - applicants for the consumer credit cannot derive any rights from the translated version. Upon applying for the consumer credit this credit limit agreement will be provided in Lithuanian. The Lithuanian language version of this credit limit agreement shall apply and prevail and be conclusive and binding. The Lithuanian version shall be used in any legal proceedings.
CREDIT LIMIT AGREEMENT
This credit limit agreement No <Agreement Number> (“Credit Limit Agreement”) is made by and between:
- <customer’s name surname>, <address> (“You” or “Borrower”); and
- Revolut Bank UAB, a company established under Lithuanian law, with its registered office in Vilnius, Konstitucijos ave 21B, LT-08130, Vilnius, Lithuania, registered in the Register of Legal Entities of the Republic of Lithuania under no. 304580906 (“Bank”, “we”, “us” or “our”).
This Credit Limit Agreement consists of part A and part B and sets out important information in relation to your credit limit, including what our obligations are to you and what your obligations are to us.
Revolut Bank UAB is authorised and regulated by the Bank of Lithuania in the Republic of Lithuania and by the European Central Bank.
Special Conditions – About your Limit
The Special Conditions below set out the important features of your credit limit. They are calculated using a drawdown date of <Agreement signing date Year> <Agreement signing date Month> <Agreement signing date Day>.
Total Amount of the Credit Limit
This means the maximum amount of credit being made available by us to you under this Credit Limit Agreement and available to you using the credit card issued by us (including virtual credit card/cards) and making payments from the credit card account.
<credit limit amount>EUR
Term of Credit Limit Agreement
Frequency of Repayments
A Repayment means a portion of the credit limit, which you must repay to us each month, or payment of any interest, default interest or other amount, that is payable by you to us under this Credit Limit Agreement.
Amount of monthly Repayment
5% of the amount of the credit limit used on the first day of each month but in all cases not less than EUR 5 (or equivalent).
Annual Percentage Rate of Charge (APR)
This means the total cost of credit, over a year, expressed as a percentage.
Total amount repayable
This means the sum of the Total Amount of the Credit Limit and the Total Cost of Credit.
<Total repayment> EUR
Total Cost of Credit
This means all costs, including interest, commissions and any other kind of fees which you are required to pay in connection with the Credit Limit Agreement, except for notarial costs.
Interest rate type
Annual interest rate
<<annual interest rate>%
Purpose of the credit limit
<credit type: if personal loan -> “Asmeninėms Kredito gavėjo reikmėms”, if family loan -> “Kredito gavėjo šeimos poreikiams”>
Type of the credit
consumer credit (credit limit in the credit card account)
Costs related to the Payment Account
This means any costs which are associated with your Payment Account (as defined in Part B of this Credit Limit Agreement).
None, presuming that the Borrower uses the Standard plan of services provided by us.
You have a right to cancel this Credit Limit Agreement for 2 calendar days after the conclusion of this Credit Limit Agreement (“Cooling-off Period”). See Part B of this Credit Limit Agreement for further details.
You also have a right to withdraw from this Credit Limit Agreement within 14 calendar days of entering into it. See Part B of this Credit Limit Agreement for further details.
1. Calculating the Total Cost of Credit and the APR
The APR has been rounded up to two decimal places. Where the last decimal digit is 0, it is not displayed.
We have made the following assumptions when calculating the Total Cost of Credit and the APR:
1.1. For the purpose of calculating the Total Cost of the Credit, the credit limit is granted for 3 month;
1.2. The Total Amount of the Credit Limit will be fully disbursed and used within the period indicated in point 1.1 of this Credit Limit Agreement;
1.3. The credit limit will not be exceeded;
1.4. You will not exercise your right for the Grace Period as it is described further in this Credit Limit Agreement or an option to reschedule the repayment of the credit;
1.5. You and we will fulfil our obligations, within the specified time limits, under this Credit Limit Agreement; and
1.6. The interest rate and other costs referred to into the Credit Limit Agreement will not change and will be applied until the end of the Credit Limit Agreement.
2. Your credit card
2.1. If you hold a payment account opened with Revolut Bank UAB (the “Payment Account”) and you signed this Credit Limit Agreement you’ll be able to order a credit card. You can order either a virtual or physical credit card (or even both!) via the Revolut App.
2.2. You may start using your credit card after we grant a credit limit to you as set out in this Credit Limit Agreement.
2.3. You can make payments and withdraw cash using your credit card and make transfers from your credit card account (together, “Card Spending”).
2.4. Card Spending will be funded from the credit limit. We will record your Card Spending against your “Credit Card Account” and you will be able to see your used credit limit that must be repaid according to the terms and conditions of this Credit Limit Agreement.
2.5. Your Credit Card Account is a separate account to your Payment Account. You can still use your other Revolut cards when you order a credit card, however, you can only use them to spend the funds in your Payment Account. In case you use your credit card to make payments or you make transfers or withdraw cash from your Credit Card Account, this will be funded from your credit limit granted under this Credit Limit Agreement).
2.6. We may temporarily or permanently disable a credit card you have ordered if the credit card expires, the credit card is lost, if the credit limit is not available to you (e.g. is terminated or your Credit Limit Agreement has expired) or in other instances set out in the Personal Terms. If we do so, we will give you notice in the Revolut app.
2.7. You may temporarily or permanently disable a credit card you have ordered at any time in the Revolut App.
2.8. If you choose to switch from “Standard” plan to another, we may charge fees for any credit card that we issue. Our fees are set out in the Fees page.
2.9. We will automatically renew your credit card, and send you a replacement, every 5 years unless you give us notice to end it before the automatic renewal.
3. Granting of the credit limit
3.1. The credit will be granted in your Credit Card Account up to the Total Amount of the Credit Limit immediately, and in all cases not later than within 1 day after we conclude this Credit Limit Agreement with you. We will notify you (by email or through the Revolut App) that the Credit Limit Agreement has been agreed and that the credit limit has been granted.
3.2. Where you carry out any Card Spending transaction or miss to repay the interest as agreed in this Credit Limit Agreement we will grant for you the credit for the amount of Card Spending or outstanding interest up to the Total Amount of the Credit Limit under the terms set out in this Credit Limit Agreement. The credit limit is granted despite the balance in your Payment Account being positive.
3.3. The credit limit will be granted in the currency of your Payment Account.
3.4. We retain the right to restrict you from using your credit limit if you fail to repay monthly Instalment. If this happens, we will let you know in the Revolut app or by email.
3.5. We may reduce or cancel the credit limit granted for you at any time for objectively justified reasons, e.g. changes in your creditworthiness, missed Repayments or any false, inaccurate or misleading information provided by you. We will notify you about the reduction of the credit limit no later than 14 days in advance of such reduction via email provided in your Revolut account. We may notify you in advance about the cancellation of the credit limit, although it is not mandatory for us. If we decide to notify you, we will specify the reasons of cancellation only, if this is not prohibited by law.
4. Overrunning of the credit limit
4.1. We without your consent may grant a credit exceeding the amount of the credit limit if the credit limit has been fully exhausted. This might happen if you do not pay fees related with the credit card (in case they are applicable for you), also in the cases where according to the rules of credit card schemes (VISA/MasterCard) or market practice, in executing payment transactions using the credit cards, the balance on the Credit Card Account is not checked in advance or as a fee for a cash withdrawal from your credit card also to cover interests agreed in the Credit Limit Agreement.
4.2. If the credit limit is overrun, you must immediately, but no later than until the date of payment of the next monthly Repayment, repay to us the amount of the credit exceeding the credit limit.
4.3. You also must pay for us the interest set in the Credit Limit Agreement for overrunning the credit limit.
5. Repayment of the credit limit
5.1. You must repay to us the used credit limit by monthly Repayments calculated from the amount of the credit limit used on the first day of each month no later than the last day of the same month. Your Repayments must be made in the currency of the credit limit.
5.2. Any Repayment will be deemed to have been repaid when it is received by us.
5.3. Any Repayment received by us will be applied as follows:
a) It will first be applied to our costs accrued while making a claim and other recovery costs that we paid for your debt collection;
b) Once any outstanding costs for making a claim and debt recovery are repaid in full, it will be applied to default interest;
c) If all outstanding default interest is repaid, it will be applied to any interest owing;
d) Any remaining amounts will be applied to repay the credit limit.
5.4. Any Repayment will be recorded on your Credit Card Account and reflected in the Revolut App.
5.5. You can get monthly statements of your Credit Card Account and information about the outstanding amount of the credit limit, payable monthly Repayment, and interest at any time in the Revolut App, free of charge.
5.6. If you cannot make the Repayment from the Payment Account (e.g. if the Payment Account has been blocked), contact us via Revolut App and we will notify you of an alternative method of making Repayments and, you must use that method following receipt of the notice.
6. Your consent for Repayments to be made
6.1. In order to enter into this Credit Limit Agreement, you must already hold a Payment Account. You undertake not to close your Payment Account until you have fully discharged all of your obligations under this Credit Limit Agreement and have been notified by us that your credit has been fully and finally repaid.
6.2. Repayments will be collected from your Payment Account at the beginning of the day on which the Repayment is due. For this reason, you must make sure that you have sufficient funds in your Payment Account the day before the Repayment is due.
6.3. In order for us to provide you with our services, you consent and authorise us until full implementation of your obligations under the Credit Limit Agreement, regardless of the withdrawal or termination of the Credit Limit Agreement to do the following:
a) When any Repayment becomes due, to transfer the funds for the Repayment from your Payment Account to us;
b) If the Repayment cannot be made (in full or at all) on the due date, to repeat the transfer of funds at the same time on each following day until the Repayment due is made in full; and
c) If a Repayment cannot be made at any time due to a lack of funds on your Payment Account, to use the provided stored card linked to your Payment Account to make a top up to your Payment Account on the third, thirteenth and twenty-eight day following the due date of the Repayment to cover the shortfall.
7.1. You must pay us interest on any used amount of the credit limit granted for you.
7.2. Interest will commence being charged on the date of granting the credit unless the Grace Period applies and will continue being charged until the credit is repaid.
7.3. Interest calculated daily based on the used credit limit amount and accumulated on a monthly basis and is paid for the previous month on the last day of the each month. In calculating interest, it is deemed that a year and a month have an actual number of days.
7.4. The interest rate is a fixed interest rate.
8. Grace Period
8.1. We will not require interest on the portion of the credit limit used for the Card Spending and we will call this “Grace Period”. Grace Period is not applied to cash withdrawals, money transfers and card payments for gambling and investments (“Non-eligible Transactions”). To benefit from the Grace Period you should fully repay the credit limit used at the end of the previous month by the last day of the current month two months in a row.
8.2. If you fail to meet any of the conditions listed in point 8.1 above, interest will be calculated daily for the whole Grace Period starting from the first use of the credit limit subject to the actual amount of used credit on each day during the calculation period.
8.3. You can get information about the portion of the credit limit used for Non-eligible Transactions with your credit card which is relevant for you to benefit from the Grace Period in the Revolut app at any time, free of charge.
9. Early repayment of the credit limit
9.1. You may choose to repay your credit limit, in full or in part, at any time before the dates specified in the Revolut App (an “Early Repayment”). You can do this in the Revolut App.
9.2. There are no fees or charges for Early Repayments.
9.3. Once you make an Early Repayment it will be applied and recorded in the same manner as for monthly Repayments, as set on in section 5 above.
10. Default interest
10.1. If you fail to make a monthly Repayment on time and in accordance with this Credit Limit Agreement, any shortfall will immediately become an “Overdue Debt”. We will contact you to request that you make the Repayment immediately.
10.2. Upon an amount becoming an Overdue Debt, default interest will be charged. Default interest will be charged on the Overdue Debt at the rate of 0.05 percent for each delayed day. Default interest will be charged for a period not exceeding 180 days.
10.3. No amount will be treated as an Overdue Debt, and no default interest will be charged by us, if your failure to make a Repayment is due to a failure of any payment services provided by us or another Revolut group company.
10.4. Payment of default interest will not release you from performance of your obligations under this Credit Limit Agreement, postpone any agreed deadlines for Repayment, or extinguish the debt owed.
11. Rescheduling repayment of the credit
11.1. You can choose to stop using the credit limit and to reschedule the repayment of the used credit limit and the payment of interest in equal instalments over a period of 24 months in the Revolut App. This is subject to our approval which is at our discretion.
11.2. If we let you reschedule the repayment of the credit, the interest set in the Credit Limit Agreement applies for the rescheduled credit for the entire period of repayment of the credit.
11.3. You will be able to access the rearranged credit and interest payment schedule in the Revolut Account.
12. Your obligations to us
12.1. You agree that:
a) All information you provide to us in relation to this Credit Limit Agreement is complete, accurate, up-to-date and true in all respects;
b) Prior to concluding this Credit Limit Agreement, you received a copy of it and the sheet of Standard Information on Consumer Credit (“SICC”), and have read, understood and accepted both;
c) You have received information about your right to withdraw from this Credit Limit Agreement.
13.1. All existing and future funds in the Borrower’s accounts opened with the Bank and the right of claim to disburse funds (including future claim right) and interest (if any) are subject to an ordinary and maximum pledge for the benefit of the Bank on the basis of the Credit Limit Agreement to secure the fulfilment of the Borrower’s obligations under the Credit Limit Agreement.
13.2. An ordinary pledge secures the main obligation of the Borrower under the Credit Limit Agreement and interest arising from it. A maximum pledge secures penalties and losses which the Bank may incur due to non-fulfilment of obligations under the Credit Limit Agreement. The amount secured by the maximum pledge is equal to 40 percent of the Total Amount of the Credit Limit.
13.3. The Borrower hereby transfers the above-mentioned pledged assets to the Bank as required by law in relation to the application of an ordinary written form to pledge transactions.
13.4. The Bank has the right to provide third parties with information on the pledge of Borrower’s accounts if it is necessary to protect the interests of the Bank.
13.5. If the Borrower properly fulfills the obligations to the Bank, disposal of pledged funds will not be restricted.
14. Borrower’s rights during the Cooling-off Period
14.1. The Borrower has the right to withdraw from this Credit Limit Agreement without specifying the reason and without paying any interest and any other charges, costs, or compensations, during the Cooling-off Period.
14.2. If the Borrower wishes to exercise the right of withdrawal of this Credit Limit Agreement, no later than until the end of the Cooling-off Period the Borrower should notify the Bank through the Revolut App and repay the credit in full.
15. Borrower’s right of withdrawal from the Credit Limit Agreement
15.1. You may, without giving any reason, withdraw from this Credit Limit Agreement within 14 calendar days:
a) from the date of execution of this Credit Limit Agreement; or
b) from the date on which you received the provision and conditions of the Credit Limit Agreement including SICC, provided that the date is after the date of execution of the Credit Limit Agreement.
15.2. Any such withdrawal must be made via Revolut App. .
15.3. Where you validly withdraw from the Credit Limit Agreement within 14 calendar days of entering into it, you and we are obliged to mutually settle and return any monies provided to each other. You shall immediately return in full the credit advanced by us together with any applicable interest, no later than 30 Business Days (meaning a day other than a Saturday, Sunday or a public holiday in Lithuania) after we accept your request to withdraw.
15.4. We will not charge you any fees or charges if you withdraw from the Credit Limit Agreement.
16. Breaches of the Credit Limit Agreement and consequences
16.1. If you breach this Credit Limit Agreement, we may:
a) refuse to grant all or part of the credit, or to suspend the disbursement of the credit, until you rectify the breach; or
b) terminate the Credit Limit Agreement (and any other credit agreement you have with us), if we consider that you have committed a material breach of it
16.2. You will commit a material breach of this Credit Limit Agreement if:
a) You fail to make a Repayment in full within 1 month of it being due and the overdue amount is at least 10% of the outstanding credit; or
b) You fail to make a Repayment in full within 3 consecutive months of it being due (regardless of the amount); .
16.3. If you miss the due date of any Repayment, we may:
a) Recover any overdue debt and default interest in the manner prescribed by law;
b) Assign any overdue debt to any third parties, or to refer your overdue debt to a collection agency and, if we do, to transfer your personal data an information covered by bank secrecy to those parties or agencies; and
c) Exercise any other rights we have in this Credit Limit Agreement or prescribed by laws.
16.4. In the event of any delay in Repayment, we may refer the case to court which may result in additional costs for you.
17. Termination of the Credit Limit Agreement
17.1. This Credit Limit Agreement may be terminated by either us or you, as set out in this section 17.
17.2. You may terminate this Credit Limit Agreement at any point during the term of the Credit Limit Agreement via the Revolut App.
17.3. We may terminate the Credit Limit Agreement either:
a) in the event of a material breach of the Credit Limit Agreement. In this case, we shall notify you by post, email or via the Revolut App. If you fail to rectify the material breach of this Credit Limit Agreement within the time limit set in the notice, we will notify you a second time and set a time limit of 14 days for its rectification. If you still fail to rectify the material breach of the Credit Limit Agreement, it is deemed to have been terminated without a separate notice 14 days from the date of dispatch of the second notice; or
b) at any time by notifying you 60 days in advance. At the end of the termination period, your right to use the credit limit expires and you must repay us the credit in full, pay interest, default interest and make other Repayments, calculated until the date of repayment of the credit.
17.4. Upon termination of the Credit Limit Agreement, all of your Repayments immediately will become due.
17.5. The termination of the Credit Limit Agreement does not suspend the calculation of interest and default interest, nor does it remove your obligation to make Repayments.
18. Expiration of the Credit Limit Agreement
The Credit Limit Agreement shall expire when the Credit Limit Agreement is terminated either by you or us and used credit limit as well as other outstanding amounts payable to us under this Credit Limit Agreement is received by us.
19. Other legal bits and pieces
19.1. Processing of personal data
We have the right to carry out the monitoring, analysis and evaluation of your actions as the Borrower (and, where applicable, the spouse), performed in the Revolut Account (including payment transactions and other transactions). Also we have the right to obtain your and/or the spouse personal data and transfer your data (such as name, surname, personal number, place of residence, information on the obligation under this Credit Limit Agreement to make Repayments or interest, information on debt liabilities) to persons related to us and third parties: entities managing data files of joint debtors, entities managing credit bureau information systems, entities providing debt recovery services, competent public authorities, registers and other third parties to the extent necessary to ensure the implementation of our rights and legitimate interests, the assessment of your solvency, the fulfilment of the provisions of this Credit Limit Agreement and legal requirements. The list of such data providers and recipients is published on our website.
If you owe us any amount under this Credit Limit Agreement, we may, without notice to you, use funds in any accounts that you hold with us to pay off that amount (this is called set-off).
If you have any complaint in relation to our products or services, please contact us. We will accept and consider any complaint sent by you to us. Our final response to your complaint, or a letter explaining why the final response has not been completed, will be provided to you within 15 Business Days after your complaint has been made, and in exceptional circumstances, within 35 Business Days (and we will let you know if this is the case). If you are unhappy with how we have dealt with your complaint, you can refer it to the Bank of Lithuania within 1 year of the date you sent us your complaint. In this case the Bank of Lithuania would act as out of court dispute resolution authority dealing with disputes between consumers and financial service providers. Their address is: Žalgirio str. 90, 09303 Vilnius, the Republic of Lithuania. For more information please refer to the Complaints Policy on the Revolut website where you can find full details on our complaints handling procedure. Alternatively, if you have any queries on our complaints handling procedure, please contact us by using your Revolut App.
19.4. Supervisory Authority
Financial supervision of us is carried out by the Bank of Lithuania, located at: ave Gedimino. 6, LT-01103, Vilnius. The Bank of Lithuania's website is: www.lb.lt/en/.
19.5. Our Rights
You acknowledge and agree that each of the terms set out in this Credit Limit Agreement for the sole and exclusive benefit of us may be waived by us at its absolute discretion and without your prior consent.
If at any time we choose not to exercise, or to delay in exercising, any right, power or privilege that we have under this Credit Limit Agreement, this does not mean that we have waived the right, power or privilege entirely and we may exercise it at a later date. If we exercise, in whole or in part, any right, power or privilege that we have under this Credit Limit Agreement on one occasion, we may exercise it, or any other right, power or privilege again, at any other time.
The rights and remedies set out in this Credit Limit Agreement are in addition to, and not exclusive of, any rights or remedies provided by law.
You acknowledge and agree that you will promptly do any act or sign any documents that we may reasonably require (and in such form as we may specify and, if we require, in favour of our nominees) for the exercise of any of our rights, powers and remedies provided under this Credit Limit Agreement or by operation of law.
19.6. Entire Agreement
This Credit Limit Agreement represents the entire understanding between you and us in respect of your credit limit and supersedes any other arrangements, agreements, understandings or promises between you and us in respect of your credit limit (whether in writing or in any other form) that have been made or come into existence prior to signing this Credit Limit Agreement.
This Credit Limit Agreement will continue to apply until you repay your credit limit in full.
The Borrower may not assign its rights or obligations arising from the Credit Limit Agreement. We reserve the right to assign of all or part of this credit (including our rights under this Credit Limit Agreement) to any member of the Revolut Group or to any third party. We can do this at any time and without notice to you or without obtaining your prior consent. If we do, we can give any proposed assignee (and their professional advisors), any information that we deem necessary relating to you and/or your credit limit. You agree to execute, at our cost, any documentation that we may require you to execute in order to facilitate the assignment. You appoint us to act as your attorney in order to sign such documentation.
19.8. Governing law and jurisdiction
This Credit Limit Agreement, and any non-contractual obligations arising out of or in connection with this Credit Limit Agreement, are governed by and interpreted in accordance with the laws of Lithuania.
You agree that any dispute or claim arising out of or in connection with this Credit Limit Agreement (including any dispute or claim relating to its existence, validity or termination) or any non-contractual obligations arising out of or in connection with it will be dealt with by the courts of Lithuania.
Your contractual relationship related to the Payment Account is governed by the terms and conditions, and governing law, that you have separately agreed with us.
From time to time, we may contact you by means of the Revolut App and you consent to such contact by the Revolut App.
We may vary this Credit Limit Agreement by providing you with not less than two months’ (in any case - not less than 60 days in advance) written notice. We will only make such a variation to reflect current market practice, the requirements of any law, code, regulation, guidance or guidelines, to clarify an existing clause in this Credit Limit Agreement or where an update is required in respect of changes within the Revolut group. In case you disagree with such amendments, you can terminate this Credit Limit Agreement and repay the credit and all outstanding amounts before the date indicated in our notice.
If, at any time during the term of this Credit Limit Agreement, any one or more of the terms of this Credit Limit Agreement are deemed to be invalid, illegal or unenforceable, the remaining terms under the Credit Limit Agreement will be unaffected and will continue in existence and you will continue to be bound by those terms.
Our Legal Entity Code is: 304580906. Our registered office is at Konstitucijos ave 21B, LT-08130, Vilnius, Lithuania.
Data about us is collected and saved in the Register of Legal Entities of the Republic of Lithuania.
The Credit Limit Agreement is deemed to have been executed when you accept the Credit Limit Agreement in the Revolut App. We may require you to accept the Credit Limit Agreement in accordance with the procedure for authentication of the Revolut App user and transaction approval provided for in the Revolut App (including requirement to enter a password or use biometric elements).
This Credit Limit Agreement shall be concluded in electronic form and any amendments to the Credit Limit Agreement shall also be made in electronic form.
We shall make the Credit Limit Agreement and any amendments to the Credit Limit Agreement available to you in a durable medium.
REVOLUT BANK UAB
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