These Terms and Conditions form a legal agreement between you, as Loop Client, and Loop Financial Inc. and its subsidiaries ("Loop" or "us") that govern your participation in the Loop Rewards Program ("Program"). Please read these Terms and Conditions carefully. They contain important information about the Program, including how to earn and redeem your Rewards.
You understand and agree that your participation in the Loop Rewards Program is also subject to all of the terms and conditions of your Platform Agreement, your Multi-Currency Account Agreement and your Loop Business Cardholder Agreement.
In these Terms and Conditions, the terms below have the following meaning:
"Account" means the card account opened and maintained by Loop for your Card.
"Account Statement" means the monthly paper or electronic statement for your Account that Loop prepares and sends to you.
"Balance Transfer" means a cash advance transaction by which you borrow money on your Account to pay the outstanding balance on another credit card (other than a credit card issued by us or one of our affiliates) and thereby transfer the balance owing on that other credit card to the Account.
"Business Cardholder" means the business who applied for the opening of the Account and the issuance of a Card and in whose name the Account has been opened and to whom a Card has been issued under this Agreement.
"Card" means any Loop Global VISA Card issued under the Account.
"Cash Advance" includes the following: (i) a cash advance obtained from an automated bank machine or a financial institution that accepts your Card; (ii) use of your Card or Account for Cash-Like Transactions or Balance Transfers; and (iii) any other Transaction where you withdraw cash from the Account.
"Cash-Like Transaction" means a Transaction involving the purchase of items that are directly convertible into cash or are similar to cash. Cash-Like Transactions include electronic funds transfers, wire transfers, travellers cheques, money orders, prepaid card purchases and gaming transactions, including betting, off-track betting, race track wagers, lottery tickets and casino gaming chips.
"Eligible Purchase" means any purchase for which payment has been made using your Card but excludes all Balance Transfers, Cash-Like Transactions, and other Cash Advances, interest charges, Account payments and credit adjustments, fees, and any other transaction that we may determine is excluded from eligibility under the Program.
"Good Standing" means an Account that is not more than 7 days past due, credit has not been revoked and the Card has not been cancelled.
"Individual Cardholder" means a person who has been issued a Card under the Account with the authorization and at the request of the Business Cardholder.
"Loop Card-based Credit Facility Terms and Conditions" means the terms and conditions applicable to Loop Revolving Credit Facility and available in the Portal.
"Loop Card-based Credit Facility" means a credit card loan facility made available to the Cardholder by Loop or an affiliate thereof pursuant to the terms of the Loop Card-based Credit Facility Terms and Conditions.
"Loop Client" means a verified business entity that maintains an active account pursuant to the Loop Platform Agreement.
"Loop Rewards" means the redemption functionality available through the Loop Portal that allows cardholders to redeem Rewards through eligible redemption options offered under the Program.
"Loop Rewards Account" means the nominal account we open and maintain in the name of the cardholder for the crediting and debiting of the Rewards earned in connection with the Program.
"Net Purchases" means all Eligible Purchases charged to your Account, less returns, refunds, chargebacks and merchant credits.
"Portal" means the Loop online portal.
"Program" means the Loop Rewards Program that allows you to earn Rewards.
"Rewards" means a certain percentage of Net Purchases charged to the Account and also referred to in these Terms and Conditions as "points".
All other capitalized terms used but not defined herein have the meaning given to them in the Loop Card-based Credit Facility Terms and Conditions.
The Program is a benefit that is available for Loop Clients and is offered at no extra cost to you. Only one Loop Rewards Account will be set up for each Loop Client. This means that all Rewards earned by all Individual Cardholders will be credited to the one Loop Client Loop Rewards Account.
You can earn Rewards when using your Card or by completing an action that earns points. Rewards for Card usage are earned on Net Purchases. Rewards for Card usage are earned on a per transaction basis as long as the Account is in Good Standing and are reflected in your Loop Rewards Account as set out below.
Please see "Appendix 1 – Earn Rates" for the earn rates of how we calculate points earned for Card usage.
We will multiply the value of each Net Purchase by the earn rate. If the result includes a fraction of a point, we will round down to the nearest whole point. For example, if your Net Purchase is $1.05 and your earn rate is 1 point per $1, you will earn 1 point.
Rewards are calculated based on the applicable earn rate associated with your selected Plan tier. Rewards are usually reflected on the next business day after a Net Purchase becomes settled in your Loop Rewards Account which can be viewed online by logging into the Portal and viewing the Loop Rewards pages of the Portal. For clarity, Rewards are earned and available for redemption once the Net Purchase for which the Rewards are earned is posted to the Account Statement.
Rewards credited to your Loop Rewards Account on any Eligible Purchase made with your Card that you subsequently return will be adjusted and reflected in your Loop Rewards Account. Your Loop Rewards Account balance will be reduced by the number of Rewards equivalent to the amount originally credited. You should be aware that in some cases your Loop Rewards Account balance may become negative. In such case, if Rewards are earned in the future, they are first used to offset the negative balance.
We accept no liability for any errors in the Rewards balance in your Loop Rewards Account. If any Rewards are awarded to your Loop Rewards Account in error, we reserve the right to deduct the number of Rewards awarded in error at any time, and without notice to you. We are not obligated to honour a request to redeem Rewards added to a Loop Rewards Account in error.
Rewards cannot be earned after the date your Account is closed or the date the Program is terminated.
In the event of a dispute about the amount of your Rewards earned, redeemed or deducted, our record of all Rewards will be considered conclusive unless you notify us of any discrepancy within 30 days of your statement date. You must notify us of any discrepancy through the Portal.
We may establish rewards tiers with separate criteria for participation, and with distinct benefits, such as access to certain restricted rewards or different rewards multipliers. While we may publicize certain requirements for participation in a rewards tier, we will ultimately make independent evaluations as to whether you qualify for any given rewards tier. We may use any information that you provide to us, or that we have access to, when determining qualification for a rewards tier and we are under no obligation to disclose the factors taken into consideration when making our determination. Your eligibility for a rewards tier may be changed at any time in our sole discretion. Please contact us through the Portal if you believe that you qualify for a specific rewards tier.
Loop may offer referral bonuses in the form of points from time to time. To receive a referral bonus, your Account must be in Good Standing. You agree to only make recommendations to known friends and family members with whom you have a relationship and who have confirmed to you that they want to receive this communication. You must not send recommendations to people you do not know. You agree that other cardholders on your Account may also make and send recommendations. Additional terms and conditions will be set out in the promotional materials.
Rewards may be redeemed through the redemption catalog available in the Portal. Redemption options may vary and are subject to availability. Loop may modify, replace, limit, suspend, or discontinue any redemption option or the entire catalog at any time, with or without notice.
Rewards cannot be redeemed for cash, applied as a statement credit, or used to offset amounts owing on the Account. Rewards also cannot be redeemed toward Net Purchases.
Certain redemption options may be provided through third-party partners. These options may be subject to additional terms, conditions, availability limits, and fulfillment timelines determined by the third-party partner. You are responsible for reviewing and understanding any applicable third-party terms. Loop is not responsible or liable for any actions, delays, errors, or performance issues of third-party partners.
Redemptions are processed using the balance available in your Loop Rewards Account at the time of the request. Once a redemption is submitted, it may not be reversed, cancelled, or refunded.
Authorized Cardholders on your Account may view and redeem Rewards on behalf of the Loop Client.
Reward redemptions will be reflected in your Loop Rewards Account once they have been processed and made available to Loop by the third-party partner providing the redemption.
Loop may exchange Program and Account related information about you with other parties, such as participating partners, merchants or service providers, as required to administer the Program. All personal information will be collected, used, disclosed or otherwise treated in accordance with the Loop Privacy Policy.
Any federal and/or provincial tax liability and reporting obligations for any taxes (including but not limited to personal and business income tax reporting) arising from the accrual of Rewards is your responsibility. You release Loop from all liabilities in this regard and acknowledge that Loop will not issue tax receipts.
Subject to applicable law, we may make changes to the Program and these Terms and Conditions as they apply to you, in whole or in part, at any time and from time to time, without giving you notice. These changes may include, but are not limited to:
We reserve the right to terminate the Program, in whole or in part, at any time on 30 days' prior written notice. If the Program is ever terminated, any Rewards in your Loop Rewards Account will be applied towards your Account Statement balance at a value per point that we determine in our sole discretion.
You may be disqualified from participating in the Program if at any time: (a) any of your payments you owe to Loop or an affiliate thereof (whether under these terms and conditions, the Loop Card-based Credit Facility Terms and Conditions or otherwise) are past due, (b) any prior payments were late, (c) there is any abuse of the Program's privileges or failure to follow it terms, (d) there is a breach of policies or other agreements with Loop, (e) misrepresentation or (f) an attempt to otherwise game or misuse the Program. Where we determine, in our sole discretion, that you no longer satisfy the requirements for participation in the Program, we may disqualify you and you may lose any Rewards or points that you may have accrued.
In the event of a (a) payment failure, (b) delinquency, (c) suspension, or (d) termination of your Loop Account, your accrued Rewards or points may be forfeited, and we may freeze your ability to redeem Rewards. We may refuse any request to use Rewards or points, or terminate your participation in the Program if your Loop Account is not in good standing, if any payments are past due, if your Loop Account has been terminated, or if you have otherwise breached any of your obligations under the Agreement. You lose all accrued Rewards or points when your account is terminated, either by you or us. In the event that your Loop Account is delinquent, you do not accrue Rewards or points.
Rewards do not expire as long as your Account remains open. Loop Rewards can only be redeemed if your Account is in Good Standing.
Any abuse of the Program's privileges, failure to follow its terms, or misrepresentation may result in Loop ending your participation in the Program and such termination may result in the loss of accumulated Rewards. From time to time it may be necessary for Loop to restrict, suspend or otherwise alter aspects of the Program, with or without notice to you.
Rewards do not constitute property, do not give rise to any vested right, and cannot be assigned, transferred, or inherited. Rewards may not be resold, pledged or hypothecated in any way. All notices and other communications required or permitted to be provided under these Terms and Conditions will be provided in the manner set forth in the Loop Card-based Credit Facility Terms and Conditions.
| Currency | Basic Plan | Plus Plan | Power Plan |
|---|---|---|---|
| 1 CAD | 1 point | 2 points | 2 points |
| 1 USD | not eligible | 1 point | 2 points |
| 1 EUR | not eligible | 1 point | 2 points |
| 1 GBP | not eligible | 1 point | 2 points |
