Travel Card Terms and Conditions
These Terms and Conditions govern the issuance, usage, and management of the Lulu Exchange Travel Card (hereinafter referred to as the 'Card'). The Card is issued by Lulu Exchange (hereinafter referred to as the 'Issuer') in the United Arab Emirates under license and sponsorship from Zand Bank PJSC (hereinafter referred to as the 'BIN Sponsor'). It operates under the Visa payment network for international and Jaywan UAESwitch for domestic UAE-based transactions. By applying for, activating, or using the Card, the applicant (hereinafter referred to as the 'Cardholder') agrees to abide by these Terms and Conditions as amended from time to time
Definitions
For the purpose of these Terms and Conditions, the following expressions shall have the meanings assigned to them as follows:
The term 'Card' refers to a reloadable, multi-currency, prepaid card, issued to the Cardholder under these Terms and Conditions. It may be issued in either a digital or physical form and is enabled for both domestic and international usage.
The term 'Cardholder' refers to the individual whose name is registered against the Card and who has successfully completed the Know Your Customer (KYC) process as mandated by applicable laws and regulations.
The 'Issuer' refers to Lulu Exchange, a financial services provider licensed by the Central Bank of the UAE and authorized to issue the multicurrency travel prepaid cards under Bin Sponsorship.
The 'BIN Sponsor' is Zand Bank PJSC, which supports the issuance and lifecycle of the Card under the applicable network schemes.
The 'Available Balance' refers to the actual amount of funds held in the Card's wallet(s), after deduction of any applicable fees, charges, and pending transactions.
The term 'Wallet' or 'Purse' shall denote a currency-specific digital balance held on the Card, which may include, but is not limited to, AED, USD, EUR, GBP, INR, and PHP.
The 'Base Currency' shall refer to the default conversion currency, AED, used for the purpose of converting funds when transactions are executed in unsupported or unallocated currencies.
A 'Domestic Transaction' refers to any transaction carried out within the UAE in AED.
An 'International Transaction' refers to any transaction initiated outside the UAE or conducted in a foreign currency.
The term 'Transaction' encompasses any activity that impacts the Card balance, including but not limited to ATM withdrawals, point-of-sale purchases, e-commerce transactions, balance inquiries, wallet transfers, fees, and other authorized charges.
The term 'Know Your Customer' or 'KYC' refers to the regulatory and procedural framework under which the Issuer is required to collect and verify information concerning the identity, address, nationality, and source of funds of the Cardholder in order to comply with anti-money laundering (AML), counter-terrorism financing (CTF), and customer due diligence obligations under UAE law.
The term 'Reload' denotes the process of adding monetary value to the Card via any of the Issuer’s authorized channels, including physical branches, mobile applications, or third-party service providers, subject to applicable limits, fees, and verification protocols.
The term 'Unload' refers to the withdrawal or redemption of any unused balance from the Card, either partially or in full, in accordance with the rules specified herein and subject to applicable fees and compliance requirements.
The term 'Mobile App' or 'Portal' refers to the digital platforms made available by the Issuer for the purpose of enabling Cardholders to view transaction history, manage wallets, reload or unload balances, initiate disputes, or modify personal settings.
An 'Inactive Card' is defined as a Card on which no financial or non-financial transaction has occurred for a continuous period of six (6) months. Inactivity may lead to the application of fees or suspension of services as described in these Terms and Conditions.
Eligibility and Card Issuance
The Card shall be made available only to individuals who are residents of the United Arab Emirates, aged eighteen (18) years or above, and who hold a valid Emirates ID. The issuance of the Card is contingent upon the successful completion of all required KYC checks, including but not limited to identity verification, address validation, and source-of-funds declaration.
Upon successful application and approval by the Issuer, the Card may be issued in either a digital format, which can be activated and used immediately, or in a physical format, which will be delivered within a standard period of three (3) to five (5) business days. The Issuer reserves the right to reject any application without assigning a reason and shall have no obligation to justify such refusal.
Activation and Usage of the Card
The Digital card shall be activated upon the first successful loading of funds. Once activated, the Card may be used for making purchases, both domestically and internationally, at point-of-sale terminals, e-commerce platforms, and for withdrawing cash at ATMs that accept Visa. The Card shall support contactless payments, chip-and-PIN authentication, and 3D secure protocols for enhanced transaction security.
The Physical card needs to be activated in Lulu Money App and a secure pin set. The first transaction needs to be a contact payment, thereafter, the card can thereafter be used for making purchases, both domestically and internationally, at point-of-sale terminals, e-commerce platforms, and for withdrawing cash at ATMs that accept Visa.
Cardholders are expressly advised not to use the Card for transactions requiring pre-authorization, such as hotel check-ins, car rental bookings, or fuel station holds, as such use may result in funds being blocked or held temporarily without the Cardholder's ability to use those funds.
Loading, Wallet Management, and Currency Handling
The Card supports multiple currencies through 26 distinct wallets and at any given time can keep up to 5 currency wallets in addition to the default AED base currency wallet. Funds may be loaded onto the Card only in AED, either through Lulu Exchange branches, mobile application, or designated partner channels. Upon loading, the Cardholder may allocate or convert AED into any of the supported and selected wallets based on prevailing exchange rates as determined by the Issuer.
In the event a transaction is initiated in a currency that matches one of the Card’s wallets and sufficient funds are available in that wallet, the transaction amount will be deducted directly from that currency wallet. If insufficient funds are available in the relevant wallet, the system will attempt to deduct funds from other wallets in a pre-defined order of priority, converting amounts as necessary at the applicable exchange rate, which may include a currency conversion fee.
The Issuer makes no guarantees regarding exchange rates and shall not be liable for any foreign exchange losses or fluctuations. The Cardholder is encouraged to maintain adequate balances in the intended transaction currency to avoid additional fees.
Fees, Charges, and Limits
The Card is subject to various service charges, including but not limited to, issuance fees, ATM withdrawal charges, currency conversion margins, inactivity fees, and account closure or refund charges. These fees may be amended at the discretion of the Issuer and are published in the Issuer’s Fee Schedule available on its website or digital platforms.
Spending and loading limits apply to the Card, including a maximum wallet balance, daily ATM withdrawal cap, daily point-of-sale transaction limits, and annual load caps. These limits are subject to change in accordance with the Issuer’s internal risk policy and relevant regulations in the UAE.
The limits of the primary/main card will be inclusive of the limits assigned to its Supplementary Cards. The overall holding limit/funding limit/spending limit etc., before and after the issue of Supplementary cards, must remain the same.
No interest shall accrue on balances held in any wallet, and the Card shall not support overdraft facilities. Any attempt to exceed the Available Balance shall result in transaction decline, and in exceptional cases where a negative balance arises, the Cardholder shall immediately reimburse the Issuer.
Security, Lost or Stolen Cards, and Fraudulent Use
The Cardholder shall be solely responsible for ensuring the confidentiality and security of the Card, the associated PIN, and any access credentials used in the mobile application or online portal. In the event of loss, theft, or unauthorized access, the Cardholder must immediately report the incident to the Issuer's 24/7 customer service hotline.
Upon notification, the Card shall be blocked to prevent further transactions. The Issuer may issue a replacement card upon verification of the Cardholder’s identity and payment of the applicable replacement fee. Transactions conducted prior to such notification shall remain the liability of the Cardholder unless proven to be fraudulent and unauthorized.
Transaction Disputes and Fraud Resolution
The Cardholder is expected to review all transactions made on the Card through the mobile application, online portal, or monthly statements. Any discrepancies, unauthorized transactions, or suspected errors must be reported to the Issuer within thirty (30) calendar days from the date of the transaction.
Disputes must be raised by submitting a formal Dispute Resolution Form, accompanied by supporting documentation. The Issuer shall investigate the matter in accordance with internal policies and regulatory requirements and will endeavor to resolve the dispute within ninety (90) days. If the dispute is resolved in the Cardholder’s favor, the disputed amount will be credited back to the appropriate wallet on the Card.
Data Privacy and Communication
The Issuer shall collect, process, and store the Cardholder’s personal and transactional data in accordance with applicable UAE data protection laws and international best practices. By accepting these Terms and Conditions, the Cardholder consents to the sharing of personal data with Zand Bank PJSC, Visa, the program manager, and any regulatory or governmental authority, where required by law.
The Cardholder agrees to receive all notifications, including transaction alerts, statement summaries, updates to these Terms and Conditions, and promotional content via email, SMS, or mobile push notifications. It is the responsibility of the Cardholder to ensure that contact information remains up to date at all times.
Card Inactivity, Expiry, and Closure
If a Card remains unused for a period of six (6) consecutive months, it shall be classified as inactive. In such cases, an inactivity fee shall be applied monthly, and such fee shall continue to be deducted until the balance is exhausted or activity resumes.
A Card that remains inactive for a period of twelve (12) months will be automatically closed and may be re-activated only upon receiving a request from the customer via appropriate authentication process. If requested, any available balance will be refunded to the Cardholder after deduction of applicable closure fees and currency conversion charges.
The Card shall remain valid until the expiry date printed on its face or as notified digitally. Upon expiry or voluntary closure by the Cardholder, any remaining balance, net of applicable fees, may be refunded to the Cardholder in AED, subject to verification of identity and compliance with AML and KYC procedures. Refunds may take up to fifteen (15) business days to process.
The Issuer reserves the right to suspend or terminate the Card at any time, with or without notice, in the event of suspicious, fraudulent, or unauthorized activity or in case of regulatory requirement or breach of these Terms and Conditions.
The Cardholder may voluntarily terminate the Card by submitting a request through the official customer service channels.
Amendments to Terms and Conditions
These Terms and Conditions are subject to amendment from time to time at the sole discretion of the Issuer. Any such amendments shall be published on the Issuer’s official website and may also be communicated via email or mobile application. Continued use of the Card following any amendments shall constitute the Cardholder’s acceptance of the revised Terms and Conditions.
Governing Law and Jurisdiction
These Terms and Conditions shall be governed by and construed in accordance with the federal laws of the United Arab Emirates. Any disputes arising in connection with the Card shall be subject to the exclusive jurisdiction of the competent courts of Dubai.
Customer Service and Support
For assistance related to the Card, including balance inquiries, transaction disputes, card replacement, or general queries, the Cardholder may contact the Issuer through its dedicated customer care helpline, by email, or by visiting any of its branches during regular business hours. Details are available on the official website of Lulu Exchange.
Legal Liability and Indemnity
The Cardholder agrees to indemnify and hold harmless the Issuer, its affiliates, the BIN Sponsor, and payment scheme partners from any claim, demand, loss, or damage arising out of misuse of the Card, breach of these Terms and Conditions, or violation.