Last revised 26.03.2026
PLEASE READ THESE TERMS CAREFULLY BEFORE ACTIVATING OR USING YOUR CLAPP CARD
These Card Terms and Conditions ("Card Terms") constitute a binding legal agreement between you ("User", "you", or "your") and Clapp Limited, a company incorporated in Hong Kong ("Clapp", "we", "us", or "our"). They govern your application for, activation of, and use of the Clapp Visa debit card (the "Card") and any related services.
These Card Terms supplement and should be read together with the Clapp Terms of Service (the "General Terms"), which continue to apply in full. Provisions of the General Terms relating to account eligibility, prohibited activities, liability, and privacy are incorporated by reference and have full effect in the context of the Card Program. In the event of any conflict between these Card Terms and the General Terms on a Card-specific matter, these Card Terms shall prevail.
By applying for, activating, or using the Card, you confirm that you have read, understood, and agreed to these Card Terms and the General Terms.
In these Card Terms, capitalized words have the following meanings unless context requires otherwise:
| Term | Meaning |
|---|---|
| Account | Your Clapp user account, including all associated Wallets and balances. |
| Card | The Clapp Visa debit card (physical and/or virtual) issued pursuant to these Card Terms. |
| Card Issuer | The licensed financial institution that issues the Card pursuant to a licence from Visa, as identified in the Clapp App or notified to you from time to time. |
| Card Network | Visa Inc. and its affiliates, whose rules and standards govern Card Transactions. |
| Card Program | The arrangement between Clapp, the Card Issuer, and Technical Partners under which the Card is made available to eligible users. |
| Digital Assets | Cryptocurrencies and other digital tokens held in your Wallet on the Clapp platform. |
| Fiat Currency | Government-issued currency (e.g., USD, EUR, HKD) into which Digital Assets are converted to fund Card Transactions. |
| Force Capture Transaction | A Transaction processed and settled by a merchant without a prior real-time authorization request to the Card Issuer, including certain offline scenarios (e.g., in-flight purchases, transit systems). |
| General Terms | The Clapp Terms of Service at /terms-and-conditions, as amended from time to time. |
| MCC | Merchant Category Code – a four-digit code assigned by the Card Network to classify a merchant's primary business type. |
| Overcapture | The settlement of a Transaction at an amount higher than the originally authorized amount, as permitted under Card Network rules for certain merchant types. |
| Technical Partners | Third-party providers engaged by Clapp or the Card Issuer to facilitate the Card program, including card program infrastructure providers, processors, and compliance partners. |
| Transaction | Any payment, cash withdrawal, or other debit instruction processed against the Card. |
| Wallet | A Digital Asset or fiat balance account held in your name on the Clapp platform. |
| You / User | The individual who applies for, activates, or uses the Card. |
2.1 The Card is issued by the Card Issuer pursuant to a licence from Visa. Clapp acts as program manager and technology interface. By accepting these Card Terms, you acknowledge a contractual relationship with both Clapp and the Card Issuer. Visa may also have rights against you in connection with Card use.
2.2 The Card is a debit instrument – it is not a credit card or charge card. Transactions are funded in real time from your Clapp Wallet. No credit is extended to you.
2.3 The physical Card remains the property of the Card Issuer at all times and must be returned or destroyed upon request.
2.4 Use of the Card is subject to Card Network rules, which take precedence over these Card Terms where applicable. Clapp may modify the Card program at any time to comply with Card Network requirements or applicable law.
3.1 To be eligible for a Card, you must: (a) satisfy all eligibility requirements set out in the General Terms, including being at least 18 years of age (or the legal age of majority in your jurisdiction, if higher); (b) have an active Clapp Account in good standing; (c) have successfully completed Know Your Customer and Anti-Money Laundering verification as required by Clapp and the Card Issuer; (d) not be a resident, national, or citizen of any country listed in Schedule A (Restricted Issuance Countries), or otherwise be subject to applicable sanctions under the United Nations, OFAC, or Hong Kong sanctions regimes; and (e) not be located in or transacting from any country listed in Schedule B (Prohibited Spending Countries).
3.2 You must provide accurate, complete, and up-to-date information at all times. Clapp and the Card Issuer conduct KYC and AML checks in accordance with applicable law. We reserve the right to request additional documentation at any time and to decline or suspend your Card if satisfactory verification cannot be completed or maintained.
3.3 Eligibility is assessed on an ongoing basis. Changes in your personal circumstances, residence, or sanctions status may result in suspension or termination of the Card.
3.4 Your Card is activated through the Clapp App. A Card not activated within the period specified in the Clapp App may be cancelled.
3.5 By applying for or activating the Card, you consent to receive all legal notices, disclosures, agreements, and communications relating to the Card program electronically via the Clapp App or your registered email address. Your electronic activation of the Card constitutes your electronic signature and has the same legal effect as a handwritten signature.
4.1 You may use the Card to purchase goods and services at merchants that accept Visa (including in-store, contactless, online, by telephone, or via mobile applications) and to withdraw cash at ATMs displaying the Visa acceptance mark, subject to applicable limits and fees. The Card is intended primarily for personal, family, or household purposes. Use for business purposes is permitted only where expressly supported by your Account type.
4.2 The Card may not be used for Transactions in, or with merchants located in, countries listed in Schedule B. Clapp and the Card Issuer reserve the right to restrict Card use in additional jurisdictions at any time, without prior notice, in compliance with applicable law or Card Network rules.
4.3 Certain merchant types, as identified by their Merchant Category Code (MCC), are blocked from Card use, and Transactions at such merchants will be automatically declined. Blocked categories include, without limitation: gambling establishments, online betting and wagering platforms, casinos, and lottery services; adult content, adult entertainment, and related platforms including subscription-based adult content services; cryptocurrency purchases, digital asset exchanges, and crypto ATMs; dark web or unlicensed marketplace transactions; unlicensed internet pharmacies and controlled substance vendors; escort, prostitution, or trafficking-related services; counterfeit goods vendors; pyramid or Ponzi scheme operators; drug-related businesses including cannabis and CBD where not lawfully permitted; political campaign contribution platforms; and any other category required to be blocked by applicable law, regulation, Card Network rules, or Clapp's risk and compliance policies. The full list of blocked MCCs may be updated at any time without prior notice. We do not guarantee that the Card will be accepted at every Visa-accepting merchant, and we accept no liability for losses arising from declined Transactions at restricted merchants.
4.4 In addition to Section 4.3, you may not use the Card for any activity prohibited under the General Terms or applicable law, including money laundering, terrorist financing, fraud, sanctions evasion, transacting on behalf of a third party or sanctioned entity, market manipulation, or circumventing spending limits and account verification requirements. The full list of prohibited activities is set out in the General Terms at /terms-and-conditions.
4.5 The Card Issuer and we reserve the right to decline any Transaction at our discretion, including where we suspect fraud, unusual activity, regulatory risk, insufficient funds (including insufficient funds to cover any applicable Overcapture reserve), or a breach of these Card Terms. We are not liable for any losses, costs, or inconvenience arising from a declined Transaction.
4.6 We do not currently impose fixed standard spending or withdrawal limits. However, we reserve the right to impose daily, weekly, monthly, or per-transaction limits at any time, with or without prior notice, based on regulatory requirements, your verification level, risk assessment, or the Card Issuer's policies. Any applicable limits will be communicated via the Clapp App.
5.1 Your Card is linked to your Clapp Account. All Transactions are funded from the stablecoin balances (currently USDC and USDT) held in your Clapp Wallets, which are converted at a rate of 1:1 into the settlement currency of the Transaction without any conversion fee charged by us.
5.2 When you use the Card, Clapp automatically uses the necessary amount of Digital Assets to fund the Transaction in Fiat Currency. This conversion occurs at the moment of authorization, or as close to that moment as technically practicable.
5.4 Your Card is denominated in US dollars. For Card Transactions made in a currency other than US dollars, the exchange rate applied is determined by Clapp at the time of conversion, incorporating the mid‑market rate plus our FX Conversion Fee as set out in Section 7. Exchange rates fluctuate continuously, and the rate applied to your Transaction may differ from publicly quoted rates at that moment.
5.5 You bear the full risk of fluctuations in the value of your Digital Assets between the time of deposit and the time of conversion. Clapp does not guarantee any particular exchange rate.
5.6 If your total Wallet balance is insufficient to fund a Transaction, including applicable fees and any required reserves, the Transaction will ordinarily be declined. Certain Transactions may, however, create an overdraft‑related balance or obligation, in which case such amounts and any applicable charges will be governed by the relevant provisions of these Terms and Conditions.
6.1 When you use the Card, a temporary hold is placed on funds in your Wallet equal to the authorized Transaction amount plus applicable fees. Held funds are not available for other use until the Transaction is fully settled or the hold is released. Settlement typically occurs within 1–5 business days.
6.2 Certain merchant types routinely place pre-authorization holds that may significantly exceed the expected final Transaction amount. Hotels, resorts, and cruise lines may hold for the estimated duration of stay plus an additional buffer; car rental companies may hold for the estimated rental period plus a damage or excess buffer that substantially exceeds the base rental cost; and petrol and fuel stations may hold a fixed pre-authorization amount of USD 100 or more, regardless of the actual fuel dispensed. Pre-authorization amounts are adjusted to reflect the final settled amount once the Transaction clears.
6.3 Card Network rules permit certain merchant types to settle a Transaction at an amount higher than the originally authorized amount, which is referred to as Overcapture. This commonly occurs where the final charge is not determined at the time of authorization, for example, at restaurants where tips may be added, at taxis and ride-share services, and at bars, nightclubs, beauty shops, and spas. To protect against insufficient funds at settlement, we will reserve an additional buffer in your Wallet above the authorized Transaction amount when you transact at Overcapture-eligible merchants. The buffer is determined by applicable Card Network rules and currently ranges up to 30% above the authorized amount for most eligible categories, with higher limits applying for specific merchant types or regions as set by the Card Network. The buffer is held until the Transaction settles at the final amount, at which point any excess hold is automatically released. The merchant types subject to Overcapture and the permitted buffer percentages are set by us and may be updated at any time without prior notice. If your Wallet balance is insufficient to cover both the authorized Transaction amount and the applicable Overcapture buffer, we may decline the Transaction.
6.4 Due to Overcapture and pre-authorization mechanics, the amount ultimately debited from your Wallet may differ from the amount displayed at the point of sale. You authorize Clapp and the Card Issuer to debit your Wallet for the final settled amount as received from the Card Network.
7.1 The following fees apply to the Card. Fees are deducted from your Wallet at the time they are incurred. Unless otherwise stated, all amounts are in USD or their equivalent in the applicable Fiat Currency.
| Fee Type | Amount | Notes |
|---|---|---|
| Card Issuance | USD 9.99 | One-time fee upon card approval and dispatch. |
| Monthly Maintenance | Free | No recurring fee for active accounts. |
| Digital Asset Conversion (FX) Fee | 1.5% | Applied to every Transaction requiring conversion. Incorporated into the rate applied at conversion. |
| ATM Cash Withdrawal | USD 3.00 + 2% per withdrawal | Per withdrawal. ATM operators may charge additional fees beyond our control. |
| Low-Value Transaction Fee | USD 0.75 | Applied when converted Fiat value falls below USD 25.00. Covers minimum processing costs for small-value transactions. |
| Declined Transaction Fee | USD 0.25 | Applied each time a Transaction is declined, including for insufficient funds, MCC restrictions, or risk controls. |
| Card Replacement | USD 9.99 | Per replacement (lost, stolen, or damaged). First replacement in any 12-month period may be waived at Clapp's discretion. |
| Inactivity Fee | USD 2.00 / month | Applied after 12 consecutive months of no Card Transaction. Ceases on resumption. Will not reduce your balance below zero. |
| Chargeback / Dispute Processing Fee | As applicable, per chargeback/dispute | Per dispute submitted. Refundable if resolved in your favour by the Card Network. |
7.2 We may change, introduce, or remove fees at any time. We will provide at least 14 days' advance notice of any material fee increase via the Clapp App or your registered email address. Continued use of the Card after the effective date constitutes acceptance of the updated schedule.
7.3 Unless expressly stated otherwise in these Card Terms or required by applicable law, all fees are final and non-refundable. In particular, FX Conversion Fees, Low-Value Transaction Fees, and ATM fees are non-refundable regardless of whether an associated dispute is raised.
7.4 Merchants, ATM operators, and other third parties may impose their own fees. Clapp has no control over and is not responsible for such charges.
8.1 Certain Transactions are processed by merchants without a prior real-time authorization request. These Force Capture Transactions include purchases made on airlines and other in-transit environments such as trains, ferries, and ships; certain public transport ticketing and road toll systems; offline point-of-sale terminals operating without network connectivity; and some parking meters and automated fuel dispensers. In these cases, a Transaction may be processed and settled even if your Wallet balance was zero or insufficient at the time of processing.
8.2 If a Force Capture Transaction, an Overcapture settlement, a fee deduction, or any other debit results in a negative Wallet balance, you are immediately and unconditionally liable for the full amount of that negative balance, regardless of how it arose.
8.3 In the event of an outstanding negative balance on your Card, you remain fully liable for the full amount due. Clapp reserves the right to take appropriate measures to settle the negative balance and any associated costs.
8.4 Your Card will be automatically suspended upon a negative balance and will remain suspended until the negative balance is repaid in full and Clapp is satisfied that your Account is in good standing. Additional Clapp services and products may also be restricted during this period.
8.5 Any future deposits to your Clapp Account, whether in Digital Assets or Fiat Currency, may be automatically applied to offset an outstanding negative balance before becoming available to you.
8.6 Clapp will notify you of a negative balance as soon as reasonably practicable via the Clapp App or your registered email. However, Clapp's rights under Section 8.3 apply automatically upon the negative balance arising, regardless of whether notification has been delivered.
8.7 You are liable for all reasonable costs incurred by Clapp or the Card Issuer in recovering a negative balance, including administrative costs and any currency conversion losses.
9.1 You must sign the physical Card immediately upon receipt, keep your PIN, Card number, CVV, and all Account credentials strictly confidential, never share your Card or Card credentials with any third party, store the Card securely and take all reasonable steps to prevent unauthorized access, and immediately freeze the Card via the Clapp App if you suspect any compromise, loss, or unauthorized use.
9.2 If your Card is lost, stolen, or you suspect unauthorized use, you must immediately freeze the Card using the Clapp App, contact Clapp support as soon as possible to report the incident, and cooperate with any investigation by providing any information reasonably requested.
9.3 Subject to applicable law and Card Network rules, including Visa's Zero Liability Policy where applicable, you will not be liable for unauthorized Transactions made after you have notified Clapp that the Card has been lost, stolen, or compromised, provided you have not acted fraudulently or with gross negligence. You may be liable for unauthorized Transactions occurring before notification if you failed to protect your Card or credentials, permitted a third party to use the Card, or otherwise acted negligently. Visa's Zero Liability Policy applies to qualifying unauthorized Transactions as specified by Visa from time to time; contact Clapp support for details.
9.4 The Card is issued solely for your personal use. You must not permit any third party to use the Card on your behalf.
9.5 We are not liable if a merchant refuses to honour the Card, fails to deliver goods or services, or provides substandard products. You should raise such issues directly with the merchant before submitting a chargeback.
10.1 If you identify a Transaction that you believe is incorrect, unauthorized, or fraudulent, you must notify Clapp as soon as possible and in any event no later than 60 days after the Transaction date. Failure to report within this period may limit or extinguish your ability to raise a dispute.
10.2 Disputes must be submitted via the Clapp App or to our support email and must include your Account details, the date, amount, currency, and merchant name of the disputed Transaction, a clear description of why you are disputing the Transaction, and any supporting documentation such as receipts, merchant correspondence, or screenshots.
10.3 Clapp will facilitate the chargeback process by submitting your claim to the Card Issuer and the Card Network. You acknowledge that Clapp does not adjudicate chargebacks and the final decision rests with the Card Network and/or Card Issuer, that chargeback outcomes are not guaranteed, that you must cooperate fully and provide all requested documentation within the timeframes set by the Card Network, and that submitting a chargeback does not suspend your payment obligation for the disputed amount.
10.4 Clapp is not obligated to provide provisional credits during a dispute investigation. If a provisional credit is issued and the dispute is subsequently resolved in the merchant's favour, Clapp will immediately reverse the credit and debit your Account accordingly.
10.5 Regardless of a dispute outcome, original FX Conversion Fees, Low-Value Transaction Fees, Declined Transaction Fees, and other processing costs incurred at the time of the Transaction are non-refundable, as the underlying cost was incurred when the Transaction was processed.
10.6 A Chargeback Processing Fee, as set out in Section 7, is charged per dispute submitted and is refundable if the dispute is resolved in your favour by the Card Network.
10.7 If you are dissatisfied with our handling of a dispute, you may escalate via the formal complaints process described in the General Terms or by contacting Clapp support.
11.1 We may suspend your Card immediately and without prior notice if we suspect fraudulent, illegal, or suspicious activity on your Account or Card; you breach any provision of these Card Terms or the General Terms; your Account carries an outstanding negative balance; suspension is required by a court order, regulatory authority, or Card Network directive; your Account fails ongoing KYC/AML screening; or we determine in our reasonable judgement that continued Card access poses a material financial, regulatory, or reputational risk to Clapp or the Card Issuer.
11.2 We may terminate the Card for your Account by giving reasonable advance notice, except where immediate termination is required by law, a court order, or Card Network rules.
11.3 You may request termination of your Card at any time via the Clapp App or by contacting support. Termination does not affect your obligations in respect of Transactions already processed or pending settlement.
11.4 Upon termination, your Card is immediately deactivated, and the physical Card must be destroyed; any outstanding negative balance remains immediately due and payable; Clapp's rights under Section 8 continue to apply until all outstanding amounts are fully settled; and any remaining balance in your Clapp Wallet will remain accessible in accordance with the General Terms and applicable law.
12.1 The value of Digital Assets is highly volatile and can fall sharply and without warning. The Fiat value of your Wallet may decrease significantly between the time you deposit Digital Assets and the time you use the Card. You assume all market risk.
12.2 Because conversion occurs at the moment of Transaction authorization, the Fiat amount debited may differ from any rate or amount displayed moments earlier if market conditions move.
12.3 Funds held in your Clapp Wallet are not deposits with a licensed bank and are not covered by the Hong Kong Deposit Protection Scheme or any equivalent government-backed deposit insurance. You may lose some or all of the value of your Digital Assets.
12.4 We are not responsible if a merchant or ATM operator refuses to accept the Card, is unable to process a Transaction, or imposes its own restrictions.
12.5 Card services depend on the availability of the Card Network, Clapp's systems, and the infrastructure of Technical Partners. We do not guarantee uninterrupted service and are not liable for losses arising from downtime, maintenance windows, or technical failures.
12.6 The regulatory framework for Digital Assets and crypto-linked payment products is evolving. Changes in applicable law or regulation may require us to restrict, modify, or discontinue aspects of the Card program at any time.
12.7 You are solely responsible for determining and discharging your tax obligations arising from Card use, including any tax liability triggered by the conversion of Digital Assets. Clapp does not provide tax advice, and you should seek independent professional advice regarding your tax position.
13.1 Clapp processes your personal data in accordance with the Personal Data (Privacy) Ordinance (Cap. 486) of Hong Kong ("PDPO") and our Privacy Policy, available at /privacy-policy.
13.2 In connection with the Card program, we collect and process personal data, including identity verification documents, Transaction records, merchant, device and usage data, and communications with Clapp support.
13.3 To provide Card services, your personal data will be shared with the Card Issuer and its processors; the Card Network (Visa) and its affiliates; Technical Partners involved in transaction processing, fraud prevention, and program infrastructure; and regulatory or law enforcement authorities where required by applicable law. By using the Card, you expressly consent to this sharing of Transaction data and personal information for the purposes of delivering Card services and complying with regulatory obligations.
13.4 Your personal data may be transferred to and processed in jurisdictions outside Hong Kong, including where Technical Partners or the Card Issuer operate. Clapp ensures that such transfers are conducted in compliance with applicable data protection law.
13.5 Subject to applicable law, you have the right to access, correct, and request deletion of personal data held about you. Requests should be directed to our Data Protection Officer at [email protected].
13.6 We will not use your Card Transaction data for direct marketing purposes without your separate and explicit consent.
14.1 To the maximum extent permitted by applicable law, Clapp, the Card Issuer, Technical Partners, and their respective officers, employees, and agents shall not be liable for indirect, incidental, consequential, special, or punitive damages of any kind; loss of profits, revenue, business opportunities, or data; losses arising from fluctuations in Digital Asset prices during or after the conversion process; losses caused by merchant refusal, ATM failures, Card Network outages, or actions of third parties; or losses resulting from your failure to comply with your security obligations under Section 9.
14.2 To the extent our liability is not excluded by Section 14.1, our aggregate liability to you in any 12-month period shall not exceed the total fees paid by you to Clapp under these Card Terms in the three months preceding the event giving rise to the claim.
14.3 Nothing in these Card Terms excludes or limits our liability for fraud or wilful misconduct, death or personal injury caused by our gross negligence, or any other liability that cannot be excluded by law.
15.1 These Card Terms are governed by and construed in accordance with the laws of England and Wales, without reference to conflict of law principles.
15.2 Any dispute, controversy, or claim arising out of or in connection with these Card Terms, including any question regarding their existence, validity, breach, or termination, shall be referred to and finally resolved by arbitration administered by the Hong Kong International Arbitration Centre (HKIAC) in accordance with the HKIAC Administered Arbitration Rules in force at the date of the Notice of Arbitration. The arbitration shall be seated in Hong Kong, conducted in the English language, and determined by a sole arbitrator unless the HKIAC determines otherwise based on the complexity or amount in dispute.
15.3 Nothing in this Section limits any mandatory statutory rights you may hold as a consumer under applicable law that cannot lawfully be excluded by agreement.
16.1 We may amend these Card Terms at any time. We will provide at least 30 days' advance notice of material amendments via the Clapp App or your registered email address. Non-material changes, such as corrections or clarifications, may take effect immediately upon posting.
16.2 Continued use of the Card after the effective date of any amendment constitutes your acceptance of the updated Card Terms.
16.3 If you do not accept an amendment, you must stop using the Card and request termination in accordance with Section 11.3 before the effective date of the change.
17.1 These Card Terms, together with the General Terms and the Privacy Policy, constitute the entire agreement between you and Clapp in relation to the Card program and supersede all prior representations, discussions, and agreements.
17.2 If any provision of these Card Terms is held to be invalid, unlawful, or unenforceable, it shall be severed without affecting the validity or enforceability of the remaining provisions.
17.3 Clapp's failure to enforce any provision at any time does not constitute a waiver of that provision or of any future breach.
17.4 Clapp may assign its rights and obligations under these Card Terms to a successor entity, Card Issuer, or Technical Partner without your consent, provided this does not materially reduce your rights. You may not assign your rights under these Card Terms.
17.5 These Card Terms are published in English. In the event of any inconsistency between the English version and any translation, the English version shall prevail.
17.6 Nothing in these Card Terms creates a partnership, joint venture, employment, or agency relationship between you and Clapp.
The Card is not available for issuance to residents of the following countries:
Belarus · Cuba · India · Iran · Iraq · Israel · Myanmar · Nepal · Nicaragua · North Korea · Russia · Syria · Turkey · Ukraine · Venezuela · Vietnam · China (People's Republic, Mainland)
The Card may not be used to make payments in, or with merchants located in, the following countries:
Cuba · Iran · North Korea · Russia · Syria · Ukraine · Venezuela
Additionally, the Card may not be used for Transactions involving any person or entity subject to applicable sanctions under the United Nations, OFAC, or Hong Kong sanctions regimes.