First: Definitions

The following words and phrases as contained in this card application form shall have the definitions opposite to them:

The customer: Means Commercial Bank of Kuwait's customer who applies for Multi-Currency Prepaid MasterCard and maintains banking accounts with Commercial Bank of Kuwait and is referred to hereinafter as the "Customer".

The Bank: Means Commercial Bank of Kuwait (KPSC) and is referred to hereinafter as the “Bank or CBK".

The card: Means a multi-currency prepaid card bearing MasterCard logo issued by Commercial Bank of Kuwait and equipped with EMV technology. The card can be used by customers to make various purchase transactions when reloading it with all or some of the currencies of their choice and as set out in this card application form.

Purchases: Means all purchase transactions made by the cardholder at the diverse stores and outlets and via internet and through POS terminals that accept MasterCard. Such purchase transactions can be made by the customer after loading the card with the designated currency as required for the purchase transaction.

Currency Wallet: A wallet shall be designated for each currency chosen by customer among his currency wallets to be used by this card. The credit balances loaded by the customer himself shall be added to this wallet by debiting the customer’s CBK accounts. Furthermore, the wallet shall include any debit balances arising from any purchase transactions made by the customer using the card or those debit balances resulting from cash withdrawals.

Acknowledgement on Fees & Commissions: Means the acknowledgement attached to this card application form and which includes all applicable fees, commissions and expenses related to this card and which are charged & collected by the Bank in consideration of the transfers made between multiple currency wallets available on the card.  

Currency Exchange Rate: Means the rate set and applied by the Bank for conversion between different currencies at the time of processing each transaction made by the customer using the card.     

Second: Currency Wallets Available on the Card

This card includes multiple wallets with different currencies as set out below. The customer can select, via CBK Mobile App or Al-Tijari Online Service, the currency that he wishes to use in the transactions to be made using this card. Below are the following currencies:

Third: Terms & Conditions on the Card Usage:

1. This card is a prepaid card loaded by the customer by a debit being made to his KD credit balance as available in any of his CBK accounts. As such, the customer can load the card with the activated currency that he wishes to use in the purchase transaction.
2. The card is valid for five years commencing from its issuance date and shall be automatically renewed every year throughout this period. The customer, hereby, authorizes the Bank to deduct the annual renewal fees as outlined in the attached acknowledgment from the credit balance available in any of his accounts with the Bank. The card will expire by the end of the five-year period and in case the customer wishes to renew the card, he should submit an application to the Bank for the card renewal.
3. The credit balance available in the currency used by the customer to load the card shall be maintained in a designated wallet. However, the customer can load the card by any of the following methods:
   • Visiting any of the Bank's branches in Kuwait.
   • The Bank's online banking service (Al-Tijari Online)
   • CBK Mobile App.
   • The Banks Automated Teller Machines
4. The Bank shall not calculate any fees when the customer transfers funds from KD credit balance as available in any of his CBK accounts to load KD wallet available on the card.   
5. In case the customer transfers funds from KD credit balance as available in any of his CBK accounts to load any non-KD wallet available on the card, the Bank will calculate the currency exchange rate of the currency as per the wallet loaded by the customer based on the exchange rate as determined by the Bank at the date of the transfer plus additional commission as set out in the acknowledgement attached to this card application form.
6. The customer can transfer funds between the credit balances in the currency wallets available on the card to make diverse purchase transactions in any currency preselected by the customer when applying for the card, and in this case the Bank will calculate the exchange rate of the currencies converted between wallets based on the conversion rate as determined by the Bank at the conversion date plus additional commission as set out in the acknowledgement attached to this card application form.    
7. The customer can transfer KD credit balance as available in the relevant wallet on this card to his CBK’s KD account without any fees, commissions or expenses being charged to him for such transfer.
8. The credit balances available in non-KD wallets on this card can be transferred by the customer to his CBK’s KD account but the Bank shall calculate currency exchange rate as determined at the date of transfer without charging any fees, commission or expenses on such transfer.
9. In case the credit balance available in non-KD wallet that the customer wishes to use to make a purchase transaction is insufficient, he can use the credit balance available in any of the other KD or non-KD currency wallets to make this transaction, provided that the credit balance in any of such wallets is sufficient to cover the value of the purchase transaction to be made by the customer. However, in that case the Bank shall calculate the exchange rate based on the currencies used in that transaction as per the rate determined by the Bank at the date of purchase transaction plus additional commission as outlined in the acknowledgement attached to this card application form.    
10. In case the Bank cancels the card for any reason whatsoever, the customer, hereby, authorizes the Bank to transfer all credit balances in any of the wallets available on this card to the customer's CBK account, and in this case the Bank shall calculate currency exchange rate as determined by the Bank at the date of this transfer without charging any fees, commissions or expenses on such transfer.
11. The Bank cards supports contactless (NFC) payments whereby digital terms and conditions of this service shall apply upon activation.
12. The use of this card shall be restricted to the credit balance loaded by the customer through debiting any of his CBK accounts. In case the credit balance in any of the currency wallets available on this card is insufficient, the purchase transaction will be declined.
13. The customer is not allowed to load this card in cash and he must abide by any of the methods outlined in this card application form to move money from the credit balance available in any of his banking accounts in order to load the currency wallets available on this card.
14. The maximum monthly limit of the credit balance available on the card shall not exceed KD 30,000 or the equivalent in foreign currencies.
15. The maximum number of purchase transactions made by this card shall not exceed 10 transactions per day and the maximum number of cash withdrawals made using this card shall not exceed 5 withdrawals per day.

 Fourth: General Terms & Conditions

In addition to the customer's acknowledgements & obligations outlined in this form, the customer hereby acknowledges his full understanding and agreement to the following:

1. The card remains the property of the Bank and may be recalled by the Bank immediately upon demand and the Bank also may cancel the card at any time without any prior notice to the customer. The customer undertakes to secure this card against damage or any amendment of information printed on it and to use it in accordance with the applicable rules to avoid any breakdown/damage to ATMs "Automated Teller Machine" and that the Bank is deemed to be the only party that may determine the cost(s) of this breakdown/damage thereto. The customer also undertakes that in case the card is lost or stolen, he will immediately notify the Bank in writing and complies to indemnify the Bank for any damages that may be incurred by the Bank as a result of loss of the card of the PIN. However and if found, the customer undertakes to return the lost card to the Bank.
2. The customer acknowledges that the accounting statements on the paper slip retained in the ATM machine or POS terminal as a result of his cash withdrawals / purchases shall be deemed correct and fully binding on his part, and that his cash withdrawal from ATM or his transaction made via POS terminal shall always be evidenced through original copy of the slip dispensed by the machine and obtained by the customer. The customer agrees to any future amendments or any new terms & conditions added to the herein contained terms and such new terms shall be effective and binding on the customer after being notified of such terms & conditions in the way the Bank deems appropriate. In case the customer violates any of the terms & conditions contained herein or any terms & conditions as added or amended in the future, he complies to indemnify the Bank against the material or moral damages that may be incurred and the Bank may take any action it deems appropriate for protecting its interests. The customer acknowledges his full understanding that joint account holders shall jointly and legally be liable to all terms and conditions outlined in this card application form or those which were added or amended.
3. This card shall be used for conducting banking transactions through ATM/POS which accept MasterCard.
4. All documents related to ATM/POS/MasterCard transactions are regarded as an irrefutable and conclusive proof evidencing the Bank's rights towards the customer.
5. The customer, hereby, undertakes to pay the Bank the card issuance and renewal fees and any other fees, commissions or expenses applicable as per the Bank's fees & commission list and any changes that may be introduced thereto in the future and approved by the Central Bank of Kuwait.
6. The details contained in the statement of account – hard or electronic copy – will be considered correct unless the Bank is notified in writing to the contrary within 15 days from the date of the statement.
7. This agreement is governed by the laws of Kuwait and the Courts of Kuwait shall have sole jurisdiction in any dispute that may arise out of this agreement.  
8. The customer, hereby, acknowledges that he will entirely bear legal responsibility for the transactions made using the card or via Al-Tijari Online Service or CBK Mobile App. The following cases will be considered as an evidence and confirmation on the validity of the transactions made using this card.These cases include without limitation:
   • The customer signing any purchase transaction or cash withdrawal receipt or if the card was presented at a merchant POS terminal and used for making purchase transaction or obtaining services offered by a third party.   
   • Entering the correct PIN to make a transaction by the card.
   • Conducting a transaction without presenting the card, including online purchases and other transactions.
   • The customer accepting the mobile confirmation SMS/  Push Notifications or E-mail which reflect the cash withdrawal or purchase transaction as made by the customer.    

9. The customer, hereby, complies not to use the card for any illegal purchase transactions, services or purposes and he will entirely bear legal responsibility that may result from the violation of this clause.   
10. The customer, hereby, complies to provide the Bank with his own mobile number and also complies to provide the Bank with the correct mobile number if changed by the customer himself. Further, the customer acknowledges that he fully understands that the Bank shall not provide him with any electronic services in case the customer’s correct and active mobile number is not provided to the Bank. The customer also undertakes to entirely bear legal responsibility for any transaction made by the mobile that he changed its number without advising the Bank in writing of such change.
11. The customer acknowledges that the Bank has thoroughly and adequately explained all terms & conditions outlined in this card application form when submitting it to apply for the card and signing this application form.
12. The acknowledgement attached to this card application form is an integral part thereof and is complementary to all its terms & conditions.

Acknowledgement on all Fees, Commissions and Expenses Applicable on The Multi-Currency Prepaid MasterCard

I, hereby, acknowledge that I am fully aware of all fees, commissions and expenses applicable at Commercial Bank of Kuwait for all transactions to be made by the Multi Currency Prepaid MasterCard as outlined below: 

1. Card issuance fees: KD 10/- (ten Kuwaiti dinar) or the equivalent in foreign currency.
2. Card renewal fees: KD 10/- (ten Kuwaiti dinar) or the equivalent in foreign currency.
3. Card replacement fees: KD 5/- (five Kuwaiti dinar) or the equivalent in foreign currency.
4. Minimum initial deposit to the foreign currency wallet is KD 20/- (twenty Kuwaiti dinar) or the equivalent in foreign currency.
5. Cash withdrawal fees: 0/500 fils (five hundred fils) for cash withdrawals made using ATMs or the equivalent in foreign currency for withdrawals made in Kuwait or abroad.
6. The Bank will calculate currency exchange rate as determined by the Bank at the date of transfer in case I transfer funds between currency wallets available on this card.
7. The Bank will calculate currency exchange rate as determined by the Bank at the date of the purchase transaction in case I use the credit balance available in KD wallet to make purchase transaction outside Kuwait.
8. The Bank will charge commission of 2.5% over currency exchange rate as determined by the Bank at the date of the purchase transaction in case I use the credit balance available in KD wallet to make purchase transaction outside Kuwait.
9. The Bank will calculate currency exchange rate as determined at the date of the purchase transaction in case I use the credit balance available in non-KD wallet and the currency used is different from the currency of the country in which the purchase transaction is made.
10. The Bank will charge commission of 2.5% over currency exchange rate as determined at the date of the purchase transaction in case I use the credit balance available in non-KD wallet and the currency used is different from the currency of the country in which the purchase transaction is made.

I, hereby, acknowledge that I will maintain a sufficient balance in the card to cover the value of purchase transaction or cash withdrawal in addition to all actual fees, commissions and expenses outlined in this acknowledgement. Further, I hereby acknowledge that the cash withdrawal or purchase transaction made by me is considered as an explicit consent from my part that the Bank may deduct all fees, commission & expenses related to such transaction and I may not have recourse on the Bank in the future for any of such transactions and the related fees, commissions and expenses given the fact that the Bank has thoroughly and adequately explained the same as well as all the terms & conditions contained in this acknowledgement & the card application form when I signed it.    

This acknowledgement and undertaking is an integral part of the Multi Currency Prepaid MasterCard application form and complementary to its terms & conditions.