Last updated: 26th September 2024
1.1 These terms and conditions (Rewards Terms) are an agreement between New Wave Capital Limited trading as Capital on Tap (us and/or we) and you, the business who has entered into a Revolving Credit Facility Agreement (the Credit Agreement) and/or an E-Money Facility Agreement (the E-Money Agreement) with us for the provision of a revolving credit facility (Credit Account) and/or a preloading facility, respectively.
1.2 These Rewards Terms set out the terms on which we award you reward points when you make a Card Purchase (as such term is used in your Credit Agreement) or a Bill Pay Payment (as such term is used in your Bill Pay Agreement) (Points).
1.3 Any terms defined in the relevant Credit Agreement have the same meaning here.
1.4 By agreeing to these Rewards Terms, you will become a member of our rewards scheme (Rewards Membership). We will set you up with a Points account (the Points Account) where we will keep a record of the balance of the Points you have earned with us.
2.1 Each time you make a Card Purchase, you will accrue one (1) Point for every pound (£) spent on the Card provided your Credit Account remains in good standing and your Rewards Membership has not been terminated.
2.2 Each time you make a Bill Pay Payment (as defined under the Bill Pay Agreement), you will accrue one (1) Point for every pound (£) spent, provided your Credit Account remains in good standing and your Rewards Membership has not been terminated unless you opt-out of earning Points when making a Bill Pay Payment in exchange for a lower Bill Pay fee, in which case you will accrue no Points.
2.3 You will not earn Points on any Cash Withdrawals or Cash Drawdowns (as such terms are used in your Credit Agreement or your E-Money Agreement) or on any fees we may charge you. The Schedules which form part of these Rewards Terms may also specify other transactions on which you will not earn Points.
2.4 We will assess the amount of Points you are entitled to by reference to the amount of each Card Purchase and/or Bill Pay Payment that you make, but we will round down each separate request to the nearest pound to calculate your Points earned.
2.5 Points will be added to your Points Account and will be able to be claimed as long as your Credit Account is in good standing and your Rewards Membership has not been terminated. You can claim your Points as described in clause 3. If you have a purchase refunded, we will cancel the Points earned for that purchase which may result in a negative Points balance.
2.6 We may from time to time enable you to accrue Points on alternative, but no less advantageous, bases or methods to that set out above. Subject to the foregoing, we reserve the right to vary or withdraw such alternative bases or methods at any time and at our sole discretion. Such bases or methods will be subject to any additional terms and conditions as we may specify at the time of making them available.
2.7 If we make it available to you, you may be eligible to receive Points for any Referral Bonus you earn (under the Refer a Friend Programme terms and conditions) for a referral you make in accordance with our Refer a Friend Programme.
3.1 Your Points can be claimed if your Credit Account is in good standing and your Rewards Membership has not been terminated. This means, amongst other things, that your Credit Account has not been suspended by us, you must have no arrears on your Credit Account and no payment is overdue.
3.2 Depending on the type of Rewards Membership we have enrolled you in:
3.2.1 you will be able to exchange Points for rewards (a Points Redemption), and some or all of the ways to make a Points Redemption may be available to you at any given time; and
3.2.2 we may make available to you certain complimentary offers and benefits, each a Redemption Option.
3.3 The types of Redemption Options which are available to you will be shown in your Online Portal, are subject to change and may be subject to separate terms and conditions. We may also contact you with additional Redemption Options from time to time.
3.4 You may exercise a Points Redemption as follows:
By applying your Points toward the current outstanding balance on your Credit Account. Every Point is equivalent to the conversion rate set out in your Online Portal. We will calculate the total equivalent value of your Points and apply them so as to reduce the amount you owe us under your Credit Agreement. These reductions in your outstanding balance will not count towards any monthly payment that you are required to pay under the Credit Agreement. Although there should never be any arrears amounts on your Credit Account when you claim your Points, in the unlikely event that there were, these credits will reduce any amount of arrears that you owe us.
By converting your Points to get a cash payment to a bank account registered under either your personal or business name. Every Point is equivalent to the conversion rate set out in your Online Portal. You must claim sufficient Points to give you a cash payment amount of a minimum of £10. We will credit the amount of cash to your bank account within two (2) working days of you making a request to claim your Points in this way.
By exchanging your Points for a gift card with a range of retailers. The conversion rate and the minimum number of points required to exchange your Points for each gift card is set out in your Online Portal.
If you are enrolled in a Rewards Membership that allows it, by converting your Points to Avios.
3.5 Once you have redeemed your Points this cannot be reversed or transferred.
3.6 Some Redemption Options, including gift cards, Priority Pass and Avios, are provided by third parties (Rewards Partners). We are not liable for claims regarding any failure or breach with respect to goods and services provided as rewards by Rewards Partners.
3.7 When you are making a Points Redemption:
You may have to agree to the terms and conditions of the relevant Rewards Partner to access a Redemption Option. You acknowledge that we have no responsibility or control over such terms and conditions provided by the Rewards Partner, and that any such agreement to access the relevant Redemption Option is between you and the relevant Rewards Partner only.
The rate at which we convert Points for Redemption Options may change. We will tell you what the conversion rate is when you ask to redeem your Points. The applicable conversion rate may also be found in your Online Portal. Different conversion rates may apply to different Redemption Options.
The Online Portal may set out minimum redemption thresholds which may apply. This means that in some circumstances you will need to redeem a minimum number of Points to access a Redemption Option.
If as part of your Rewards Membership we have enrolled you in a scheme that provides you with Priority Pass lounge access, then the Priority Pass Terms will apply. The Priority Pass Terms are set out in Schedule A to these Rewards Terms.
If as part of your Rewards Membership we have enrolled you in a scheme that enables you to convert your Points into Avios, then the Avios Terms will apply. The Avios Terms are set out in Schedule B to these Rewards Terms.
4.1 A fee may be payable in order to obtain Rewards Membership, and to access some or all of the benefits of Rewards Membership. The amount of the fee, the frequency and the manner in which the fee is paid is as per the specific terms we offer to you and you accept when you sign up for it or when it renews, as applicable. This may be by Direct Debit (as set out in your Credit Agreement), applied to your balance on your Credit Account or an alternative method which we inform you of.
4.2 Where the fee is applied to the balance of your Credit Account, you will pay interest on such balance in accordance with the Credit Agreement. The interest rates applicable to any applicable fee will be the same as for Card Purchases as set out in clause 4 and Schedule 1 of your Credit Agreement.
4.3 You will not be charged any renewal fee if you cancel your Rewards Membership before the date of the next payment for your renewal which would otherwise be due.
4.4 Where we have made available to you the option to pay the annual fee in monthly instalments (or another frequency), you agree that you will continue to pay such instalments for the whole year of the term. You will continue to have access to the Rewards Membership until the end of the yearly term.
4.5 We reserve the right to charge a termination fee if you cancel your Rewards Membership before the end of the yearly term.
5.1 If you are late paying under your Credit Account by more than 14 days, you may lose all Points in your Points Account that you have earned but not yet claimed by that time, and you will not earn any Points on any transactions you make while you are in arrears.
5.2 Once you are no longer in arrears, you will start earning Points again but they will continue to be forfeited whenever the relevant monthly payment is not made by the payment due date.
6.1 We may terminate your Rewards Membership immediately if:
you are in breach of any material obligation under these Rewards Terms, the Credit Agreement and/or the E-Money Agreement, and you have failed to remedy the breach within a reasonable time of us requesting you to do so;
your Credit Agreement and/or E-Money Agreement has been suspended, cancelled or terminated by us in accordance with its terms; or
we reasonably believe that you have attempted to, or engaged in, any fraud or material abuse related to your Rewards Membership, such as seeking to obtain an advantage through unfair or deceptive means whether relating to Points or otherwise.
6.2 If we terminate your Rewards Membership in accordance with this clause 6, we will withdraw you from the Rewards Membership scheme and you will lose any Points that you have earned. Any fee paid in accordance with clause 4 of these Rewards Terms will be forfeited, and any outstanding fees (if applicable) will become immediately due and payable.
6.3 Where we reasonably believe that you have attempted to, or engaged in, any fraud or material abuse related to your Rewards Membership, such as seeking to obtain an advantage through unfair or deceptive means whether relating to Points or otherwise, you agree to indemnify us for any loss that we may have suffered as a result of this (such as repaying to us any cash payment made to your bank account through conversion of Points, paying us an amount equal to any reduction made to your Credit Account through Points conversion or paying us a sum equal to the value of any Avios which you have converted with Points).
7.1 Upon the occurrence of any of the following, your Rewards Membership will terminate automatically:
a) we become unable to pay our debts or are deemed to be unable to pay our debts within the meaning of section 123 of the Insolvency Act 1986;
b) a winding-up petition is presented in respect of us;
c) we enter into liquidation whether compulsory or voluntary (save for the purposes of a solvent reconstruction or amalgamation);
d) a provisional liquidator is appointed in respect of us;
e) a notice of intention to appoint an administrator is filed at Court or an application for an administration order is issued by the Court in respect of us;
f) an administrator, administrative receiver, receiver or manager is appointed in respect of the whole or any part of our assets;
g) we propose to enter or enter into any composition or arrangement with our creditors generally or any class of creditors;
h) any other steps are taken to enforce any encumbrance over all or any part of our assets and/or undertaking; or
i) we are subject to an event analogous to "a" to "h" above in any other jurisdiction.
7.2 We will give you notice before, or immediately after, the termination but termination shall be deemed to have taken effect even where there is a failure to give such notice to you.
7.3 Upon the termination of your Rewards Membership in accordance with this clause 7, you will be deemed to have been automatically withdrawn from the Rewards Membership scheme and all Points that you have earned but not yet claimed will be automatically lost and unavailable to be claimed.
8.1 We can change the Rewards Terms at any time if we reasonably believe that the change is needed for any of the following reasons (which may relate to circumstances existing at the time or those which are expected to apply in the near future):
to respond to changes in the law or the decisions of a court or ombudsman;
to meet relevant regulatory requirements;
to make the terms clearer or fairer;
to provide you with extra benefits or services; or
to respond to new (or changes to) statements or codes of practice or industry guidance designed to enhance consumer protection.
8.2 If we change the Rewards Terms for any other reason, including the amount or timing of any fee payable, we will notify you by e-mail or other agreed means at least two (2) months before the change is due to take effect. The changes we could make include ending the Rewards Membership completely or replacing it with a different reward scheme. If you do not notify us that you object to a change before the date on which it comes into effect, you will be taken to have accepted it. If you do notify us that you object to a change, we will terminate this agreement between us at the point the change would have become effective. Your rights upon our termination of this agreement will then apply. If we make changes to the Rewards Terms which are not to your disadvantage, we will still tell you about it but may notify you less than two (2) months before the change is due to take effect.
8.3 Depending on the type of Rewards Membership we have enrolled you in, you may be eligible to claim a sign up or welcome bonus. You may only claim a bonus once, notwithstanding any tier upgrades or downgrades you may make under your Rewards Membership. We reserve the right to modify the terms of the bonus at any time.
9.1 If you or we end the Credit Agreement under its terms, you will lose any Points that you have earned but which have not been redeemed. You will not be charged a future renewal fee.
10.1 Subject to clause 9, you may cancel your Rewards Membership at any time through your online account or by sending an e-mail to contact@capitalontap.com informing us of your wish to cancel. If you paid a fee, you will still be able to benefit from the services under your Rewards Membership until the end of the period you have paid a fee for. After then, you will no longer have access to the benefits of the Rewards Membership. A termination fee may also be applicable.
10.2 We may cancel your Rewards Membership at any time and, other than a cancellation under paragraph 6 (Termination of your Rewards Membership by us) or 7 (Automatic termination of your Rewards Membership) above, will provide you with at least two (2) months’ written notice before we do this.
10.3 When you or we cancel your Rewards Membership under this clause 10 you will continue to earn Points until your annual membership renewal would have occurred. You will have until the end of your annual membership to redeem the Points in your Points Account. At the end of this period, you will lose any Points that you have earned but which have not been redeemed.
Points accrued and unused will expire under any of the following conditions:
you do not earn or redeem any Points for more than 24 months; or
termination of your Rewards Membership.
The terms in this Schedule A apply if we have agreed to enrol you in Rewards Pro as part of your Rewards Membership. By agreeing to your enrolment in Rewards Pro, you agree to the terms in this Schedule A.
1.1 We may enrol you in the Priority Pass™ membership programme (Priority Pass Programme) provided by Priority Pass Limited (Priority Pass), which is governed by the “Priority Pass Conditions of Use” as published on the Priority Pass website https://www.prioritypass.com/conditions-of-use and the Priority Pass mobile application (Conditions of Use).
1.2 Unless otherwise defined in these Rewards Terms, definitions have the meanings given to them in the Conditions of Use.
1.3 The Priority Pass Programme is designed to enable Customer access to Lounge and Merchant locations using a Means of Access. The details of the Priority Pass Programme (including lounge information, facilities available, and specific conditions (if any)) may be obtained on Priority Pass’ website and mobile application.
1.4 You acknowledge and agree that:
1.4.1 all members of the Priority Pass Programme including the main Account holder and any guest must adhere to the Conditions of Use;
1.4.2 the Conditions of Use are subject to change without notice;
1.4.3 only the main Account holder is entitled to complimentary lounge access, subject to fair and reasonable use and we reserve the right to take any action including suspending or cancelling your use of the Priority Pass Programme if we consider, at our sole discretion, that your use in any given period is excessive or unreasonable;
1.4.4 you are entitled to two complimentary guest passes per year (with “year” commencing from the date we agree to enrol you in Rewards Pro and renewing annually), and the fee for any additional guest passes shall be at the rate set out in the Online Portal;
1.4.5 you will be responsible for the cost of any visits not funded by us (such as additional guest passes) and any relevant fees will be applied to the balance on your Credit Account in accordance with clause 4 of these Rewards Terms after you have signed for the visit and it has been reported to Priority Pass by the participating lounge;
1.4.6 some lounges may not admit guests, and guest access policies may vary by location and are subject to change; and
1.4.7 access is subject to space availability.
2.1 We may issue a metal card to the main Account holder. You can only hold one metal card at any time.
2.2 If you lose your metal card or it is stolen, we will provide one metal card replacement a year without charge. We may charge a fee for any further replacements (and such fee shall be at the rate set out in the Online Portal), or you may opt to receive a plastic card replacement without charge.
2.3 You acknowledge and agree that we cannot guarantee the functionality of the metal card (including the embedded chip), and that we will not be responsible for any loss arising from interruptions in functionality or your inability to use the card.
Notwithstanding anything to the contrary in this Schedule or the Rewards Terms, you will not earn Points on fees related to:
3.1.1 additional guest lounge passes; or
3.1.2 replacement metal cards.
4.1 If we make it available to you, you may upgrade from Business Rewards to Rewards Pro. If you have already paid a fee for Business Rewards, we will issue a pro-rata refund for any unused prepaid fees to your Credit Account. We will then charge you the applicable fee in accordance with clause 4 of the Rewards Terms.
5.1 If we make it available to you, you may be entitled to receive a higher Referral Bonus (under the Refer a Friend Programme terms and conditions) for a referral you make in accordance with our Refer a Friend Programme.
1. The terms in this Schedule (Avios Terms) apply if we have agreed that you may convert Points into Avios as part of your Rewards Membership. By agreeing to Rewards Membership and the ability to convert Points into Avios, you agree to the terms in this Schedule B.
2. Avios points (Avios) are issued by British Airways Plc and are also subject to BA Executive Club (BAEC) Terms and Conditions which can be found on the BA website (ba.com).
3. You must be a member of BAEC in order to convert Points into Avios. Where you are a partnership, limited company or limited liability partnership, only you (as the main account holder) can receive any Avios points converted from Points, and you consent to receive Avios points as such.
4. The rate at which you can convert Points into Avios is displayed in your Online Portal. In order to convert Points into Avios, select Avios as the conversion mechanism and follow the instructions displayed.
5. A minimum number of Points may be required to make a conversion into Avios and this will be set out in your Online Portal.
6. Avios will be credited to your BAEC account within 24 hours.
7. For missing Avios, please contact contact@capitalontap.com.
8. Avios are issued and redeemed in accordance with Avios Terms and Conditions, for further details please visit www.britishairways.com/avios. You cannot convert Avios back into Points once the associated BAEC account has been credited.
9. British Airways reserve the right to remove any Avios points and close any account that they believe has dishonestly obtained or redeemed Avios.
10. We make no representations as to any income, use, excise or other tax liability of which you may incur as a result of participation in Rewards Membership or the BAEC. Such a tax liability may arise, for example, if you obtain Avios and or Points as a result of business expenditure. You should check with an accountant or tax adviser for further information.