Monavate Terms and Conditions



These terms and conditions of use (“Terms”), and the provisions of the schedule (“Schedule”), in relation with the use of the payment Card issued by UAB Monavate (collectively the “Agreement”) constitute a binding agreement between You and UAB Monavate. 

"You" and "Your" means the "Contract Holder" of the Card and as applicable, the Card User on the Contract Holder’s behalf. "We", "Our" or “Us” means UAB Monavate, a company incorporated in Lithuania with registered address Konstitucijos pr. 21a, LT-08130, Vilnius and company registration number 12472532 and authorised by the Bank of Lithuania (“Monavate”). Program Manager means Universal Cover SA (trading as Coverflex), incorporated and registered in Portugal with company tax number 515428515 and registered office at Avenida Barros e Soares, 423, Braga, Portugal.

You will be asked to confirm Your acceptance of this Agreement when You apply for Cards via the Corporate Account Platform. If You refuse to accept this Agreement then the Program Manager will not be able to complete Your order for Cards. The Agreement will be governed by the Terms and Schedule in force as displayed on the Website and the Corporate Account Platform.  

Please read the Terms and Schedule carefully and retain a copy for future reference. 

Definitions and Interpretation 

  1. Account: The electronic money account in the name of Universal Cover S.A. trading as “Coverflex” provided by Currencycloud B.V. opened in accordance with the Currencycloud B.V. Account Terms and Conditions and which holds the Flexible Retribution Expense Allowance funds.  For the avoidance of doubt, the issuance of electronic money is not governed by this Agreement.
  2. Mobile App means the Mobile Application indicated in the Schedule, where Card Users may perform certain operations in relation to their Card such as activation, viewing Transactions, viewing remaining Flexible Retribution Expense Allowance, blocking and unblocking and raising queries with Customer Services in relation to use of the Card.
  3. Applicable Law means any applicable law (including but not limited to, any local law of the jurisdictions into which the Card is provided and the Program is operated), statute, statutory instrument, act, regulation, rule, order, supervisory guidance, policy, instruction or requirement stipulated by an applicable Regulatory Authority, or interpretation promulgated or published by any Regulatory Authority, any order issued by a court having jurisdiction over a party, or any applicable rule or requirement of any Card Scheme related to the issuance, sale, authorisation or usage of the Card and/or services to be provided under this Agreement or such other rule as deemed valid by Monavate from time to time.
  4. Business Day means Monday to Friday, 9am to 5pm CET, excluding bank, national and public holidays in Lithuania.
  5. Card means each plastic payment card, as set out in the Schedule, issued to You by Us pursuant to licence by the Card Scheme, with an underlying Account holding the balance of the Card in the Denominated Currency. References to the Card include all Card details, Security Details and PINs.  
  6. Card Scheme has the meaning defined in the Schedule.
  7. Card Services means any services provided by Us, Program Manager or any third-party service providers in connection with a Card.
  8. Card User means an individual to whom a Card is supplied and who is validly authorised by You to use and to utilise funds held in the Account via a Card subject to this Agreement and on Your behalf. 
  9. Contract Holder means You, the corporate entity to whom the Cards are issued and which, subject to its Corporate Account Platform agreement, authorises use of the available funds that make up the Flexible Retribution Expense Allowance that can be used by the Card User.
  10. Corporate Account Platform means the online platform where Cards can be ordered. Use of the Corporate Account Platform is regulated by an agreement entered into between the Contract Holder and Coverflex. 
  11. Customer Services means the Coverflex Customer Services department in charge of providing customer support for the Card as further indicated in the Schedule.
  12. Denominated Currency has the meaning given to it in the Schedule.
  13. Flexible Retribution Expense Allowances means the funds available and allocated for employee expense entitlements in the Account which are provided by the Flexible Retribution Provider pending payment by the Contract Holder, in accordance with the Corporate Platform Agreement.
  14. Insolvency Event: occurs, with respect to any party, in the event of
    - that party passing a resolution, or a court making an order, that that party be wound up (except for the purposes of a bona fide, solvent reconstruction or amalgamation);
    - an order being made for the appointment of an administrator in relation to that party or a receiver, administrative receiver or manager being appointed over all or any part of that party's assets or undertaking;
    - that party being unable to pay its debts within the meaning of any insolvency law;
    - there being proposed in respect of that party any voluntary arrangement under any insolvency law; or
    - any circumstances occurring that are the equivalent of (a) to (d) above under the legislation and related case law and practice applicable to that party (where (a) to (d) above do not apply for any reason to that party).
  15. Personal Data means any registered personal identity details relating to the use of the Card including (but not limited to) an individual’s: name, date of birth, home address, email address and telephone (landline and/or mobile) number. Full details of the Personal Data which we process are set out in our Privacy Policy.
  16. PIN or PIN Code means the personal identification number used to access certain Card services, provided to the Card User.
  17. Regulatory Authority means as the context requires, any Scheme and/or any regulator or agency having jurisdiction over Issuer or Program Manager related to the issuance, marketing, sale, authorisation or usage of the Cards, Program(s) or services provided under this agreement, including without limitation the Bank of Lithuania.
  18. Security Details means certain information, including personal information, given by You on behalf of the Card User when applying for the Card and as notified to Program Manager by You from time to time.
  19. Program Manager means Universal Cover SA (trading as Coverflex), incorporated and registered in Portugal with company tax number 515428515 and registered office at Avenida Barros e Soares, 423, Braga, Portugal.
  20. Transaction means Your use of the Card to make a payment, or a purchase of goods or services from a Merchant over the internet, by phone or mail order.
  21. Website means the website indicated in the Schedule, where Card Users may perform certain operations in relation to their Card such as activation, viewing Transactions, blocking and unblocking and raising queries with Customer Services in relation to use of the Card.

Purpose of the Card

  1. The Card is a payment card featuring immediate debit of funds from the Account and systematic authorisation. The Card allows Card Users to access available funds that have previously been credited to the Account for the purposes of payment of Flexible Retribution Expense Allowances. The Card is not a credit card and all use is limited to the amount held in the Account and any other limits referred to in this Agreement.
  2. The Card is issued by Us at the Contract Holder’s request and upon acceptance of said request to Program Manager via the Corporate Account Platform. Plastic Cards will be sent directly to the Card Users (as directed by the Contract Holder) as per the address specified on the Card order request completed on the Corporate Account Platform. 
  3. The Card can be used in Italy to purchase agreed Flexible Retribution expense allowances only wherever You see the Card Scheme symbol displayed (subject to local laws and regulations in the country of use), provided there are sufficient funds available in the Account for the Transaction, including any applicable fees (subject to local laws and regulations in the country of use).
  4. The Card remains at all times Our property and must be returned to Us or destroyed upon Our request. Use of the Card is personal to You and the Card Users. You cannot assign Your rights under this Agreement, and the Card User is strictly prohibited from transferring or giving the Card to any third party or from allowing any third party to use the Card. The authorisation for You and/or Card Users to use the Card may be revoked at any time, in accordance with clause 15 below.
  5. The Contract Holder shall be liable for all acts and omissions of Card Users purported to be carried out pursuant to the activities anticipated by this Agreement. The Contract Holder warrants, represents and undertakes that it shall ensure that all Card Users are made aware of the content of this Agreement and understand the obligations regarding the use of the Card.

Use of Card

Activation and General Use of the Card

  1. The Card cannot be used unless it has been activated within the notified time by the Card User. An activation procedure will be provided with each plastic Card. You must know, and ensure that Card Users know, and follow the steps required to activate the plastic Card and the instructions must be followed.  You shall only supply the Card to the Card User and You shall be responsible for ensuring that each Card User complies with this Agreement where applicable. 
  2. The Card is only for use by the Card User and expires on the date on the front of the Card. The Card cannot be used after it has expired.
  3. The amount relating to each Transaction and any associated fees will be deducted from the balance on the Account.
  4. When using the Card at certain merchants, including hotels and restaurants, the merchant may hold an additional amount to cover tips/gratuities, temporarily reducing the balance available on the Card. 
  5. The Card may not be used as: (i) a guarantee of payment, for example as a deposit for hotels, cruise lines or car rental, as merchants such as these may estimate the final bill and this amount will be temporarily unavailable to access or spend or as (ii) an arrangement for periodic billing as any debits as a result of such arrangements will be considered to have been authorised by You.   
  6. You agree to accept a credit to the Account if a Card User is entitled to a refund for any reason for goods or services purchased using the Card.
  7. We are not responsible for ensuring that point of sale terminals (“POS”) will accept the plastic Card.
  8. Certain POS, particularly those situated in moveable property such as trains and ships, and certain static payment terminal machine such as in car parking lots, and toll ways are not connected in real time to the Card Scheme approval. We accept no responsibility, and shall not be liable for, any inability of Card Users to use their Cards in such POS or machines. 
  9. If You use Your Card for a transaction in a currency other than the currency that the Card is denominated in, the transaction will be converted to the currency that the Card is denominated in by the VISA scheme network at a rate set by VISA Incorporated. The exchange rate varies throughout the day and is not set by Us, therefore We are not responsible for and cannot guarantee You will receive a favourable exchange rate. Changes in the exchange rates may be applied immediately and without notice. You can ask Us for information about the exchange rate used after the transaction has been completed by contacting Our Customer Services team in accordance with Schedule. You will also be notified of any applicable exchange rate for each transaction in Your online account, which is updated daily, where the exchange was performed by Us.
  10. You must comply with all laws and regulations (including any foreign exchange controls) in respect of the Card, in the country of purchase and/or use.
  11. This Agreement will commence on Account opening and will terminate in accordance with clause 
  12. This Agreement and all communications between Us and You shall be in Italian.

Available funds

  1. The Card User should check on the Mobile App that sufficient Flexible Retribution Expense Allowances      are available in the Mobile App prior to attempting to make any Card Transaction to avoid disappointment or embarrassment if the Card is declined. 
  2. If there are insufficient funds to pay for a Transaction the Card may be declined or the retailer may allow payment of the balance by some other means.
  3. The Card can only be used if You have sufficient Flexible Retribution Expense Allowance remaining in the Account to pay for the Transaction. 
  4. The Card User may obtain certain information concerning the Card and recent Transactions via the Website, Mobile App or contacting Customer Services by telephone. 

Temporary blocking of the Card

  1. The Card User and/or Contract Holder may request to have the Card temporarily blocked by contacting Customer Services or temporarily blocking the Card in the Mobile Application. 
  2. You and/or the Card User may request that the Card be unblocked at any time via the Corporate Account Platform or the Mobile Application (as applicable) using the information and according to the procedures set out in the Schedule.
  3. Applying for a Card to be temporarily blocked shall not satisfy the obligation of the Card User or Contract Holder to inform Program Manager of the suspected or actual loss, theft, misuse or fraudulent use of the Card or of the related data.
  4. If We block or suspend a Card, Program Manager shall notify You and/or the Card User by e-mail, SMS text message or in-Mobile Application notification, if possible prior to blocking or suspending the Card, and at the latest, immediately after, unless We reasonably believe that providing such information would constitute a security risk or We are not permitted to provide such information by any applicable law. The Card User and/or Card Holder can at any time request that the block be removed from their Card by contacting Customer Services at the contact details specified in the Schedule, but the discretion to unblock the Card or resume provision of Our services will be at Our discretion. 

Card Renewal: Any Card renewal, if applicable, shall be subject to the Schedule.

Refund: Goods or services paid for with the Card cannot be refunded by a retailer unless there was a prior Card Transaction debited from the Account by that retailer of an equal or higher amount than the refund requested. If the Card User and retailer agree a refund, the retailer may process the refund via a POS terminal. Amounts credited to the Account via the Retailer as refunds shall be available no more than 3 (three) days after the time the refund order was received. If an amount is credited to the Card that does not correspond to a refund, We reserve the right to terminate the agreement.

Card Limits

  1. Transaction limits may apply to the Card as detailed in the Schedule. 
  2. Each time the Card User uses the Card, the value of the Transaction shall be debited from the Account at the time of the payment authorisation or on receipt of the payment demand by the merchant. If the value of the Transaction exceeds the balance of the funds available in the Account, the Transaction will be declined.

Card Security

  1. Card Users must sign the back of the plastic Card as soon as they receive it. 
  2. You should treat the Card like cash. If it is lost or stolen, You may lose some or all of Your money on Your Card, in the same way as if You lost cash. 
  3. You must keep the Card, Security Details and PIN (as applicable) safe by taking appropriate measures, including, but not limited to, the following:
  4. never allowing anyone else to use the Card or sharing the PIN or Security Details with anyone;
  5. not carrying the PIN with the Card or recording the PIN where it may be accessed by other people;
  6. not interfering with any magnetic stripe or integrated circuit on the Card;
  7. complying with any reasonable instructions We give about keeping the Card and the PIN safe and secure;
  8. using only secure internet sites for making Card Transactions online;
  9. choosing strong passwords that mix alpha and numeric characters when managing the Account on-line;
  10. shredding any personal information or Security Details relating to the Card that could be used by an identity thief; and
  11. reporting thefts of any Security Details relating to the Card to any relevant organisations to warn them of any potential attempts to commit identity fraud in Your name.
  12. You shall never be required to provide Your PIN by telephone or on the internet in order to pay for goods or services or carry out a Transaction. If anyone asks You to reveal a PIN, the request should be refused and reported to Customer Services. 
  13. The PIN may be disabled if an incorrect PIN is entered three (3) times at a POS terminal. If the PIN is disabled, please contact Customer Services to reactivate the PIN. There may be a twenty-four (24) hour delay in reactivating Your PIN.
  14. You undertake, represent and warrant to Us that the Transactions that the Card User will undertake using the Card do not contravene any applicable law and that You and the Card User shall at all times comply with all applicable laws in relation to the performance of Your obligations under this Agreement.
  15. The Card User shall obtain a receipt for every Transaction undertaken with the Card. The Card User must retain their receipts to verify their Transactions. 
  16. Card Users shall not under any circumstances send their active Card to Us or any third party, by post or any other unsecure delivery method.
  17. Information sent over the internet may not be completely secure. The internet and the online systems are not controlled or owned by us so We cannot guarantee that they will be secure and function at all times and We accept no liability for unavailability or interruption.

Authorising Transactions

  1. You will need to give your consent to each Transaction by, where applicable, by presenting the Card and a) using your PIN or other security code personal to you or signing a sales voucher; or by b) providing the Card details and/or providing any other details personal to you and/or your Card. Once you have given such consent to the Transaction, it will be deemed to be authorised.
  2. If a Transaction order is received after 4pm on a Business Day then it will be deemed to have been received on the next Business day.
  3. Once a Transaction has been authorised by you, it cannot be revoked and the time of receipt of a Transaction order is when it is received by our processing partner.
  4. Your ability to use or access the Card may occasionally be interrupted, for example if Program Manager or any third-party service providers need to carry out maintenance on their systems or websites. Please contact Customer Services should you experience any problems using your Card or Account and these will be resolved as soon as possible.
  5. If a transaction transaction initiated by a retailer (for example, this happens when You use Your Card in a shop) has been incorrectly executed and We receive proof from the retailer’s payment service provider that We are liable for the incorrectly executed transaction, We will refund as appropriate and immediately the transaction and any associated transaction fees and charges payable under this Agreement.
  6. We are not liable for any incorrectly executed transactions if we can show that the payment was actually received by the retailer’s payment service provider, in which case they will be liable.
  7. We execute transactions in accordance with the transaction detail received. Where the detail was provided to us by you and it was incorrect, we will not be liable for incorrectly executing the transaction, but we will make reasonable efforts to recover the funds involved. In such a case we may charge you a reasonable fee to cover our administration costs, of which we will notify you in advance.

Loss, theft and misuse of cards

  1. If the Card is lost, stolen, misused or is likely to be misused by a third party or You or the Card User suspect that someone else may know the related PIN or Security Details or has carried out an unauthorised Transaction, You must stop using the Card and notify Customer Services directly as soon as possible on becoming aware of such loss, theft, misappropriation or unauthorised use of the Card. The Card shall be suspended to avoid further losses upon Your notification to Customer Services in accordance with this clause. 
  2. We may also suspend a Card with or without notice if We suspect that the Card, PIN or any other Card-related security details have been, or are likely to be, misused, if any Transactions are deemed to be suspicious and/or are identified as being fraudulent, if We have reason to believe that You have broken an important condition of these Terms or that You have repeatedly broken any term or condition and have failed to remedy it, or if We suspect illegal use of the Card.
  3. You and/or the Card User may be required to assist Us, Program Manager, Our representatives or the police if the Card is stolen or We suspect the Card is being misused. 
  4. You shall be liable to Us for all losses, fees and other expenditure incurred by Us in relation to the recovery, cancellation or reversing of Transactions resulting from the misuse of the Card by You or the Card User or where You break any important provision or repeatedly break any provision of this Agreement and fail to remedy it.
  5. Replacement Cards will be sent to the most recent address you have provided.
  6. If any reported lost Card is subsequently found it must not be used.

Unauthorised Transactions

  1. If You and/or the Card User notice a Card transaction that is not recognised You and/or the Card User must notify Customer Services by emailing [email protected] or via the 'Contact us' link on the Website without undue delay, and in any event no later than thirteen (13) months after the debit date. We may request that You and/or the Card User provide additional written information concerning any such transaction on Our dispute form.
  2. You are responsible for regularly checking the Card activity and transaction history to confirm that there are no suspicious or fraudulent transactions and for reporting the same to Customer Services.
  3. Provided that You or the Card User has notified Us in accordance with clause 12.1 and subject to the provisions of this clause 12, You may be entitled to a refund of that transaction if the unauthorised transaction arose from the loss, theft or misappropriation of your Card.  We will refund the amount involved, except the first €50.00, for which You may be liable and we will have no further liability to you for any other losses you may suffer. 
  4. Where We have reason to believe (based on the evidence available to Us at the time You report the unauthorised transaction) that the transaction was either: (i) authorised by You and/or the Card User (ii) caused by You and/or the Card User breaking any important term or repeatedly breaking any term of these Terms & Conditions and failing to remedy it; (iii) allowed to happen because of Your or the Card User’s gross negligence; or (iv) We have reasonable grounds to suspect fraudulent activity on Your or the Card User’s part, We will not make any refund and You will be liable for the full amount of all losses incurred.
  5. If We make an immediate refund in accordance with clause 12.3, or make a refund after investigating the transaction, We reserve the right to reverse the refund if We do not receive a completed dispute form providing details of the unauthorised transaction from You within ten (10) working days of Our request. 
  6. Further to clause 12.3, if We do not make an immediate refund and You and/or any Card User still wish to dispute the transaction as unauthorised, We reserve the right to request additional written information in the form of a statement signed by You and/or the Card User providing evidence to support the claim that the disputed transaction was unauthorised. You and/or the Card User may be prosecuted in the event You make a fraudulent claim for an unauthorised transaction whether or not You have received a refund. 

Our Liability to You

  1. We will not be liable to You in respect of any losses You or the Card User may suffer in connection with or arising from the Card, except where such losses are due to a breach by us of this Agreement or due to Our negligence. In addition, We will not be liable for disputes concerning the quality of goods or services purchased from any merchant that accepted a Card or for any additional fees charged by the operator of POS terminals (e.g. when You are offered dynamic currency conversion at a point of sale). In particular, We will not be liable for any loss due to: (i) any failure due to events outside Our reasonable control; (ii) any system failure or industrial dispute outside Our control; (iii) any retailer refusing to or being unable to accept the Card; (iv) the way in which any refusal to accept the Card is communicated to You; (v) any infringement by You of any currency laws; (vi) Our taking any action required by any government, federal or state law or regulation or court order; or (vii) anything specifically excluded or limited elsewhere in this Agreement.
  2. Unless otherwise required by law, we shall not be liable for any direct or indirect loss or damage you may suffer as a result of your total or partial use or inability to use your Card, or the use of your Card by any third party (including any fraudulent or unauthorised Transactions and subsequent unsuccessful chargebacks). 
  3. You agree to indemnify Us against any and all actions, claims, costs, damages, demands, expenses, liabilities, losses and proceedings We directly or indirectly incur or which are brought against Us if You have acted fraudulently, been negligent or have misused the Card or any of the services which We provide to You.
  4. The above exclusions and limitations set out in this paragraph shall apply to any liability of our affiliates such as the Schemes, and other suppliers, contractors, representatives and any of their respective affiliates (if any), to you, which may arise in connection with this Agreement. For all intents and purposes of law, we are appearing hereon also as agents for our affiliates such as the Schemes, and other suppliers, contractors, representatives and any of their respective affiliates (if any), limitedly for the purpose of this clause.
  5. Program Manager will at any time replace a Card reported as being defective. The defective product must be returned to Program Manager in that condition by registered post. Postage costs will be reimbursed by adding them to the Account if the product is proven to be defective after being inspected by Program Manager’s technicians. 
  6. If Our inspection of a returned Card reported by You or the Card User as being defective shows this to be incorrect then the Card shall be returned to You or the Card User and We may apply administrative fees to the Account, which will be deducted from the available funds in accordance with the Schedule.
  7. Clause 12.5 is not applicable if:
    - the Card is used in a manner which breaks any important term or repeatedly breaks any term of this Agreement; or
    - You have not taken due care in relation to the storage and/or maintenance of the Card (including by avoiding extended exposure to direct sunlight, exposure to water or high humidity and repeated contact with metal objects such as keys). 

Terminating this agreement

  1. This agreement shall continue in force until termination of Your Corporate Account Platform agreement with Coverflex or unless otherwise terminated in accordance with this clause 14 or clauses 15 and 17.3.
  2. The Agreement may be terminated at any time by the Contract Holder by sending 30 days' written notice to Customer Services or by Us, or Program Manager for Us, sending 30 days’ written notice to You.
  3. Once your Plastic Card has expired or if it is found after you have reported it as lost or stolen you must destroy it by cutting it in two through the magnetic strip.

Causes for Termination

  1. We reserve the right, at any time and without prior notice, at Our discretion to terminate the Agreement, to block or suspend use of the Card, restrict its functionality and/or to demand the return of the Card if any of the following circumstances arise:
  2. The plastic Card was not activated within the notified activation period;
  3. We reasonably suspect the security of the Card has been compromised in any way;
  4. The Account with Currencycloud B.V. has been suspended, restricted or terminated; or
  5. We are required to do so under Applicable Law or where We believe that continued use of the Card may be in breach of Applicable Law;
  6. in the event You, the Card User or any third party engage in any actual or attempted fraudulent activity or We reasonably suspect You or the Card User to have done so; 
  7. We believe that Your continued use of the Card may damage Our reputation;
  8. We believe that Your use of the Card may result in harm to Us or Our systems;
  9. You fail to provide the Personal Data necessary for Us to comply with Our legal obligations as an e-money issuer and to fulfil this Agreement;
  10. You haven’t given Us information We need or We believe that any of the information that You have provided to Us is incorrect or false;
  11. You do not access the Account for 3 (three) years;
  12. We cannot process Your Transactions due to the actions of third parties;
  13. You have breached this Agreement;
  14. in case of non-payment of any annual or other applicable fees, as set out in the Schedule; or
  15. You suffer an Insolvency Event or You cease or threaten to cease to carry on Your business. 
  16. As per clause 5.3, We shall remove the block on the Card as soon as practicable after We are satisfied, acting reasonably, that the reasons for blocking or suspending it no longer exist. If the circumstances for blocking or suspending the Card continue for 1 month, We may terminate the Agreement.
  17. Any termination or expiry of the Agreement, howsoever caused, shall be without prejudice to any obligations or rights of either of the parties which may be accrued prior to termination or expiry and shall not affect any provision of the Agreement which is expressly or by implication intended to come into effect on, or to continue in effect after, such termination or expiry. 
  18. The Contract Holder will be responsible for ensuring that all Cards Users have been notified of termination of the Agreement.

Confidentiality and Data Protection

  1. We collect certain information about You in order to operate the Card programme. Coverflex and Monavate are data controllers of Your personal data, and will manage and protect Your personal data in accordance with the applicable Lithuanian and Spanish data protection laws. 
  2. We may transfer Your personal data outside the EEA to Our commercial partners where necessary to provide Our services to You, such as customer service, account administration, financial reconciliation, or where the transfer is necessary as a result of Your request, such as the processing of any international transaction. When We transfer personal data outside the EEA, We will take steps to ensure that Your personal data is afforded substantially similar protection as personal data processed within the EEA. Please be aware that not all countries have laws to protect personal data in a manner equivalent to that of the EEA. Your use of Our products and services will indicate to Us that You agree to the transfer of Your personal data outside the EEA. If You withdraw Your consent to the processing of Your personal data or its transfer outside the EEA, which You can do by using the contact details in the Schedule, We will not be able to provide Our services to You. Therefore, such withdrawal of consent will be deemed to be a termination of the Agreement.
  3. You have the right to request details of the personal information that is held about You, and You may receive this by writing to Us. Where legally permitted, We may charge for this service.
  4. Please refer to the Privacy Policy of Monavate, and Coverflex’s Privacy Policy at for full details, both of which You accept by accepting the Agreement

Changes to the Agreement

  1. We may, at Our discretion, alter this Agreement at any time. 
  2. We shall instruct Program Manager to give You 1 month’s prior notice by post or email before We make the change, unless the change is required to be implemented earlier by any applicable law, regulation or rule by Card Scheme, or if it relates to a change in the exchange rate. The version of this Agreement displayed on the Website and Corporate Account Platform at any time shall constitute the binding version and shall render any previous one obsolete. You understand that the Website and the Corporate Account Platform should regularly be checked.
  3. If You do not agree to the change You should terminate the Agreement in accordance with the provisions of this Agreement. If You do not do so We will assume that You agree to the change and it will be implemented upon the expiry of the notice period.


  1. Nothing in this Agreement will confer on any third party any benefit under, or the right to enforce this Agreement.
  2. We may assign any of Our rights and obligations under this Agreement to any other person or business, subject to such party continuing the obligations to You herein. 
  3. We may contact You by letter or email using the contact details You provide on the Corporate Account Platform.


  1. If you are not satisfied with any aspect of the service offered, please contact Customer Services by emailing [email protected] or via the 'Contact us' link on the Website or write to [email protected].  A copy of our complaint’s procedure is available on the Website or upon request.
  2. We will try and resolve complaints about the provision of the services immediately, but where this is not possible, we will send you a prompt acknowledgement confirming the name of the person dealing with the matter. We aim to resolve complaints within 15 business days upon receipt of your complaint. However, if we need longer to carry out a detailed investigation, we will send you an update on the progress of your complaint which will include the deadline by which you should receive a final reply which should be within 35 business days. 
  3. The disputes between you and us shall be solved through negotiations. 
  4. You have the right to apply to the Bank of Lithuania for the settlement of a dispute with us, which is an alternative dispute resolution institution between financial service providers and the Consumers in accordance with the following terms and procedures: (i) before applying to the Bank of Lithuania for dispute settlement, you must apply to us, specifying the circumstances of the dispute and your claim. You shall apply to us no later than within 3 months from the day when you became aware of possible violation of your rights; (ii) in the event where our reply does not satisfy you or you have not received our reply within the terms specified in the Clause 19.2, you shall have the right to apply to the Bank of Lithuania for the dispute settlement within 1 year after we have been contacted. Upon expiration of this term, you lose the right to apply to the Bank of Lithuania for the same dispute.
  5. You may apply to the Bank of Lithuania for a dispute with us: (i) via the electronic dispute settlement tool "E-Government Gateway"; (ii) by filling in the Consumer Application Form available on the website of the Bank of Lithuania and sending it to the Bank of Lithuania Supervision Service at Žalgirio str. 90, LT-09303, Vilnius, Lithuania, or by e-mail [email protected]; (iii) by filling in the free form application and sending it to the Bank of Lithuania Supervision Service at Žalgirio g. 90, LT-09303, Vilnius, Republic of Lithuania, or by e-mail [email protected].
  6. Information on the dispute settlement procedure is available on the website of the Bank of Lithuania:
  7. When you consider that we have violated the legislation regulating the financial market, you have the right to file a complaint with the Bank of Lithuania regarding possible violations of financial market legislation.
  8. Your complaint to the Bank of Lithuania can be submitted as follows: (i) in writing, by sending a complaint to the address: Totorių str. 4, LT-01121, Vilnius, Republic of Lithuania or Žalgirio str. 90, LT-09303, Vilnius, Republic of Lithuania; (ii) by e-mail: [email protected] or [email protected]; (iii) by fax (8 5) 268 0038; (iv) by filling in the online form at the designated section of the Bank of Lithuania website; (v) by other means specified by the Bank of Lithuania.
  9. In case a dispute cannot be resolved through negotiations, the dispute may be solved in the courts of the Republic of Lithuania in accordance with the procedure set forth by the laws of the Republic of Lithuania.


  1. If any court or competent authority finds that any provision in this Agreement (or any part of any provision) is invalid, illegal or unenforceable, that provision (or part) shall, to the extent required, be deemed to be deleted, and the validity and enforceability of the other provisions of this Agreement shall not be affected.

Governing law and jurisdiction

  1. The law of the Republic of Lithuania is applicable to this Terms and Conditions, its annexes, and relations of the Parties that are not regulated by this Terms and Conditions, including cases when a dispute between you and us falls within jurisdiction of a court of another state.

Contact details

  1. If you have any queries regarding your Card and its functionality or use, please refer to the Website or to your Account.
  2. We can be contacted using the details in the ‘Contact us’ link on the Website, via the Mobile App Chat or by writing to Customer Support, [email protected]
  3. Any notice sent by either party under the Agreement: if by email, shall be deemed delivered on the date the email is sent, unless the sending party received an electronic indication that the email was not delivered; and if by post, shall be deemed delivered three (3) working days after the date of posting.


This schedule (“Schedule”), together with the Terms and Conditions (“Terms”) govern the use of the Card.  Both the Schedule and the Terms are referred to as the Agreement

You will be asked to confirm Your acceptance of this Agreement when You apply for Cards via the Coverflex Mobile Application. If You refuse to accept this Agreement, We will not be able to complete Your order for Cards. 

Unless specifically stated otherwise, words and expressions in this Schedule have the same meaning and interpretation as defined in the Terms. 


  1. Card Scheme: VISA Incorporated. VISA is a registered trademark of VISA Incorporated. 
  2. Denominated Currency: Euro
  3. Website:
  4. Mobile App: Coverflex     

Customer Services: The Customer Service Department can be contacted via the below channels:

  1. By e-mail: [email protected]     
  2. On the Website; or
  3. Via the Mobile App Chat

Information to be provided in order to activate the Card

The Card user must activate the Card as soon as it is received by following the instructions detailed on the information documents accompanying the Card. The Card User will set the PIN in the Mobile Application at the end of the Card activation process.

Your Limits 

Below are the limits for the card profiles. The limits are in the currency of the card.  

EUR Physical

Maximum Spend 

  • Value and Frequency
    - 10,000 EUR per day
    - 25,000 EUR per week
    - 25,000 EUR per month
    - 50,000 EUR per year

POS Transaction Limits

  • Per Transaction
    - 10,000 EUR     
  • Number and Frequency
    - 20 per day
    - 50 every 4 days