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.
Your credit card key features
4.1 Credit Limit Your Credit Limit is £[***Credit Limit***]. Subject to You giving Us Your consent, We may vary the Credit Limit to such sum as We may from time to time determine is reasonable and affordable under this agreement. We will give You at least 30 days’ notice of any proposal to increase Your Credit Limit. If You want Us to reduce Your Credit Limit, please contact Customer Services.
4.2 Repayment
a) On or by the Payment Date specified in the Statement of Account You must pay at least the Minimum Repayment plus any fees or charges incurred in the last Monthly Statement Period (excluding the Annual Fee).
b) Your repayments shall be made to a bank account held by AFL. On receipt of Your repayment, AFL will issue e-money in the sum of the amount of Your repayment. Those funds will then be repaid to Us to reduce the Balance Outstanding on Your Account. This means Your Account will temporarily show a positive balance and Your Statement of Account will include two entries in respect of any repayments You make as follows: • the receipt of Your repayment by AFL, resulting in the issuance by AFL of e-money (and a positive balance on Your Account); and • the corresponding debit via the payment of the e-money funds to APS in (part or whole) settlement of the Balance Outstanding which You owe to Us under this agreement.
c) Where You pay less than the Balance Outstanding or make further drawings against the Credit Limit then repayment of the remaining Balance Outstanding will be deferred to the Subsequent Payment Date. You will continue to make the repayments in
(a) above each month and may defer repayment of the remainder of the Balance Outstanding for the duration of this agreement to Subsequent Payment Dates. You can also make additional repayments on any Payment Dates or at any time to reduce the Balance Outstanding.
d) If You fail to pay at least the Minimum Repayment on or by the Payment Date, You consent to and expressly authorise Us to make one attempt to debit the amount of the Minimum Repayment from Your registered debit card on the first business day after the Payment Date.
e) We will make available to You via the online servicing site an electronic monthly Statement of Account showing the amount of the Minimum Repayment, the Balance Outstanding, any Available Credit and the next Payment Date.
f) Minimum Repayment: The higher of 5% of the Balance Outstanding, £10 or, if the Balance Outstanding is less than £10, the amount of the Balanc...
