A: TERMS AND CONDITIONS
These terms & conditions apply to your JulCard. By activating your card you agree to the following terms and conditions.
In these terms & conditions:
- "Contract Owner” means the provider of the Smart Contract, i.e. JULC LLC, with its business address in the Cayman Islands, registered in the commercial register of the Commercial Court of the Cayman Islands under License Number —---;
- "Distributor” or “We” means JULC LLC.
- Debit Card / Banking Provider” means Evolve Bank & Trust and Celtic Bank (our “Banking Services Provider”) United States of America or any subsidiary thereof.
- "Governance” means user who are voted by other user and have certain rights to co-create the system.
- "JulCard” is a virtual and physical debit card distributed by Distributor, which allows users to make payments on over 60 million merchants worldwide with pure decentralization until funds reach the payment provider.
- "JulWallet” means the wallet that you have with JulWallet directly to store your digital assets.
- "JulWallet” is a decentralized Finance System.
- “KYC” means “know your customer” and describes certain identity checks which in this case are carried out to access the JulWallet.
- “Master Wallet” means the wallet where the exchange from crypto currency to fiat takes place.
- “The Signer Wallet” is a wallet provided by JulWalletwhich signs the transactions after either a withdrawal request or a payment is made with the debit card and the API from the decentralized provider is called.
- “Payment Provider” means Solid Financial Technologies Inc,2955 Campus Dr #110, San Maeo, CA 94403
- “User” means any person who has an account at JulWallet
- “You” means the named account holder being the authorized user of the JulWallet account and JulCard.
1. About JulCard
A JulCard is a virtual and physical debit card, which allows users to make payments on over 60 million merchants worldwide.
You can only spend money in the form of digital assets that you hold in your JulWallet. To access the JulWallet a KYC is needed. After the KYC is approved, the JulCard Menu can be accessed while signing with your KYC verified wallet. The login allows you to upload different pre-selected and also governance-selected crypto currencies.
Your funds have only two options after being deposited into the Debit Card Smart Contract, which are:
- The funds will be transferred with user confirmation to the Master Wallet from the integrated Signer Wallet, which pays the Debit Card Provider instantly when a payment is made with your debit card. The pre-selected payment currency will be immediately converted into USDC or any other stablecoin to keep the value near to the USD.
- Withdraw your funds to your JulWallet from which you made the deposit, which works like a multisig: the Signer Wallet and your Wallet need to sign the transaction.
The JulWallet is provided by the Distributor. When you make a transaction with your JulCard, the cryptocurrency is transferred by SAFU DMCC (License Number DMCC-825721, Unit No: ALMAS-48-CV37 ALMAS Tower, Plot No:JLT-PH1-A0 Jumeirah Lakes Towers Dubai, United Arab Emirates) into the from Solid accepted Cryptocurrency.
The Distributor may at its own discretion choose further or other Payment Service Provider or Debit Card Provider.
Only the owner from your KYC-verified and Debit Card Contract-assigned wallet can interact with the debit card - your identity and funds are secured due to your private key and passphrase.
All transactions and approvals are documented on the blockchain.
2. JulCard Governance
All Users who stake a minimum of 10 million JulD can publish a proposal in the JulWallet App. After the proposal is published, all people who stake (irrelevant of the JulD staking balance) can vote. The proposal needs a minimum of 50 million positive votes in the first 3 days after being published to be activated. If the proposal gets approved by the governance, then it takes 4 more days until the proposal gets activated. In total there will be 7 days from the proposal creation until activation, if approved.
The Governance has the power to add future tokens to the debit card contract as payment tokens and to add a new Signer Wallet to keep the contract always alive.
3. The rights of the Contract Owner
The Contract owner has the power to
- Activate and deactivate listed tokens which are used as payment to avoid payment token listing which don’t have enough liquidity. This is to protect the debit card smart contract (i.e. deactivating means only the users can’t use it anymore as payment in the card but they still can deposit it into the contract and withdraw it)
- Increase and decrease the different staking levels to engage with price changes
- Change daily spend limits for a specific user (within regulatory guidelines)
- Change daily spend limits based on the staking level (within regulatory guidelines)
- Change the Master Wallet, which receives the crypto payments after the payment is done - Change takes 48 hours (should there be any change from the provider)
- Change Fee Wallets, which receive the monthly and transaction fees
- Establish Emergency Debit Card contract stops, which enables the user to withdraw into their own wallet but deposits and debit card transactions will not be accepted anymore. Should there be any unexpected issues, the option is available.
- Change the fee for each transaction (if the payment provider makes a change or it is financially needed)
4. Personal requirements for applying for the JulCard
You must be at least 18 years old and an resident of one of the not prohibited countries (Prohibited Country List: https://help.julwallet.com/article.php?id=a015Y00001DQmNnQAL) to be issued with a JulCard. You must provide the information needed to create an account and to issue a JulCard.
You may need to provide us with documents to check your identity.
We reserve the right to refuse applications due to certain regulatory rules, especially if otherwise certain legal requirements could not be met.
The card is non-transferable to other persons.
5. Usage guidelines for Transactions
As soon as you receive your JulCard you must activate your card by logging into your account and following the steps described. Your card may be automatically cancelled if you do not activate the card within the required time-frame.
You can use your JulCard to authorise any transactions that accept Visa debit card payments. However, we cannot guarantee a third party or ATM will accept your card.
An authorisation for a transaction may not be withdrawn by you due to the fact that the process is decentralized.
The card may not be used as payment for an illegal purchase.
6. Validation period of JulCard
Your card is only valid for the period shown on it. You will not be able to use your card after its expiry date. You can request a new card for replacement up to the expiry date or your Debit Card / Banking Provider will automatically send you a new card, which will automatically extend this agreement. This agreement shall terminate when your card is cancelled or expires and is not replaced.
You may be charged with the following fees:
- Monthly subscription fee
- Blockchain fee
- Fiat exchange fee
All fees may be amended from time to time. We will inform you about any changes.
The fees are exclusive of any taxes or duties with may be imbursed on you by authorities.
Monthly Subscription Fee
As a cardholder you need to pay a monthly subscription fee of currently 6.99 USD (10% less by using JulD). The fee can be paid in any crypto which is available as a payment option in the debit card contract. The fees will be paid the first time you create your virtual card and activate your account. After the first payment, the fee will be deducted after 30 days automatically. If the payment cannot be provided, the virtual card will be deactivated and you will be unable to use the debit card.
If you desposit or withdraw from the debit card, a transaction fee must be paid, which is a very small amount on the Fantom Blockchain (approximately 2 cents for each transaction) but can be different on other blockchains. If you make a payment with your debit card, the contract exchanges fiat money or any other currency into USD Coin (USDC) or other stablecoins (average is 5 cents for each transaction).
We reserve the right to change or add different blockchains.
If you make a payment in another country with different currencies than your standard currency on your card you may be charged with exchange fees (2,5 % fee for each transaction).
8. Saftety Guidelines
All data, including the passphrase and funds (including the funds in JulCard Contracts), are encrypted and protected via your JulWallet password. In case of any loss of your JulWallet account you can restore it with the seed phrase/secret recovery phrase.
Please keep your card and security credentials safe and secret. We are not responsible for any loss of your card or loss of credentials caused by any negligence of you.
If you lose your card or it is stolen, or you suspect that someone else has found out your PIN or security information or accessed your account without your permission, you must tell us without undue delay by calling us or logging onto your account through the mobile app or website and notifying us. Your card will be cancelled imediately and your account may be blocked.
9. Limitation of Liability
You are fully responsible for all transactions processed by the use of your JulCard, whether or not processed with your knowledge or your authority, expressed or implied. If unauthorised transactions occur after you have notified us of the loss, theft, compromise or unauthorised use of your card or account, and you have not acted fraudulently or in breach of these terms and conditions, then we will be liable.
We will not be liable for any direct or indirect loss or damage you may suffer, including loss of revenue, loss of reputation, goodwill, opportunity, or anticipated savings as a result of your total or partial use or inability to use your card, mobile app, website or account or the use of your card or account by any third party (unless otherwise required by law).
We will not be liable for non-availability of funds credited to the account due to causes beyond our control.
We are not liable for refusing to authorize a transaction or in any event that a merchant refuses to accept your card.
We will not be liable for cancelling or suspending the use of your card or your account.
Nothing in these terms and conditions shall operate to exclude liability for death or personal injury due to negligence or for fraud or fraudulent misrepresentation or for any statutory liability that cannot be excluded or amended by agreement between the parties.
10. Refusing transactions, cancellation of your account
We may refuse to pay a transaction or cancel your account if we are concerned about the security of your card or account or we suspect your card or account is being used in an unauthorised or fraudulent manner or if we have reasonable grounds to believe that you are not using the card or account in accordance with these terms & conditions.
All fees and charges will be apportioned up until the time of the termination of the contract, and any fees and charges paid in advance will be reimbursed proportionally. You will not be entitled to a refund of money you have already spent on transactions authorised or pending or any fees for use of the card or account before the card or account is cancelled or expires.
Should we need to take these actions and where possible, we will give reasons for doing so except where restricted by law.
You may terminate the JulCard with a notice-period of two weeks to the end of the month by a written notice from your registered e-mail to us ([email protected]). You are liable for all charges incurred, up to the receipt of the written notice of termination.
12. Final provisions
We may change these terms & conditions by notifying you by email or other agreed means at least two months before the change is due to happen. We will assume that you agree with the change. If you do not agree with the change you must tell us before the change happens and we will cancel your account immediately. If you cancel your account in this way then we will return any balance on the account to you and you will not be charged a redemption fee.
These Terms & Conditions will be construed in accordance with Cayman Islands Law.