Terms and Conditions for Coop Corporate Cards

Ikano Bank AB (publ) Norway Branch is hereinafter called Ikano Bank and the credit applicant is called the account holder. The Coop Corporate Card account and the associated card of the account are hereinafter referred to as the Card.

1. Card Issue

Ikano Bank decides on the application how many cards to be issued to the account holder. The cards are issued to the account holder, but are provided with different card numbers and card details, such as department name, if stated in the application. Issued Cards can only be used with associated PINs. The cards are issued for a time-limited period, indicated on the Card, and are automatically renewed upon expiration of the term provided that the account holder has complied with the current account conditions and the agreement is not terminated, see paragraph 12. The cards are Ikano Bank’s property and shall be returned on request. The account holder agrees that information relating to the agreement can be disclosed to Coop Norway.

2. Card usage

The card can be used for purchases in all Norwegian Coop chains and stores, as well as in Coop’s warehouses and elsewhere if Coop Norge Handel and Ikano Bank agree on this. The card can also be used in all Circle K outlets for i.a. fuel, as well as Best petrol stations. The account holder has the right to use the Card for payment of goods and services that arise from purchases at the above-mentioned points of sale. The card cannot be used to acquire cash. Returned goods are credited to the account holder through the issuance of a credit note, see point 9. The Coop Corporate Account does not entitle the account holder to any credit other than the one mentioned above.

3. Credit

The application will be evaluated by Ikano Bank, using a credit score model to get the credit limit. This represents the upper limit for the purchases account holder can make with the Cards associated with the account at any time. Purchases beyond the credit limit must be approved by Ikano Bank.

4. Loss of cards

Loss of Cards shall be immediately notified to Ikano Bank (PO Box 295, 1372 Asker, tel. 66 85 86 55). The card is then blocked and cannot be used for purchase. A New Card is issued immediately. If the Card reappears it shall be destroyed by cutting it in half and returned to Ikano Bank. The account holder is responsible for all use of the Card, until notification of lost Card is registered with Ikano Bank.

5. Announcement of changes to account holder

Changes to the account holder’s business name, company form, address / invoice address or other circumstances that may affect the relationship between the account holder and Ikano Bank shall be immediately notified to Ikano Bank. Cards with incorrect information must be destroyed immediately by cutting it in half and returned to Ikano Bank, which then issues new / new Cards.

6. Force majeure

Ikano Bank disclaims any liability if the Card cannot be used due to circumstances beyond Ikano Bank’s control (force majeure).

7. Authorization and settlement

At each purchase use a Card Terminal and enter the approved PIN code. The Account Holder holds all responsibility for ensuring that the persons using the Card are authorized to do so. Each month is divided into two periods, with one invoice for each period. The Invoice has a 32 days payment delay, and must be paid in full. In case of a non- or reduced payment, costs are incurred according to the pricelist.

8. Sales deposit

Ikano Bank has a sales deposit on goods purchased using the Card. Until the full settlement of the invoice has taken place, the account holder has no right to dispose of or hand over purchased products to others without the prior written consent of Ikano Bank. Naturalia is not covered by this provision.

9. Complaints

Any claims for defects in purchased goods, missing or delayed delivery, do not entitle the account holder to withhold payment of the invoice, either in whole or in part. Claims must be directed to the point of sale, which may credit the account.

10. Interest and fees

In the event of non-payment, the account holder is charged late interest on the outstanding due balance according to Ikano Bank’s current price list, currently 24% p.a. In addition to all other costs related to the collection of due balance. In case of a late payment beyond 7 days, a reminder fee of 35, – is accrued.

11. Termination

The agreement can be terminated in writing by both parties with a one – month advance notice. In that case, the account holder must immediately cut all the Cards in two and return them to Ikano Bank. Ikano Bank has the right to terminate the agreement with immediate effect and to revoke the issued Card if changes occur in the account holder’s financial situation or other conditions that were the basis for the granting of the account holder’s application, or if the account holder does not comply with the current account conditions. If the main agreement between Coop Norge Handel AS and Ikano ceases without a transfer, the agreement will be terminated at the same time.

12. Amendments to terms and conditions

Ikano Bank may amend these Account Terms and Conditions at any time, without prior notice. By retaining and / or using the Card after the changes have been notified to the account holder, the account holder is deemed to have accepted the changes. If the account holder does not accept the changes, he can terminate the agreement in writing in accordance with 11. Termination

13. Transfer of the contractual relationship

Ikano Bank has the right to transfer its rights and obligations under this agreement to another financial institution or other institution as mentioned in section 1, second paragraph, letter a, d, e or f of the Finance Contracts Act. The card issuer shall notify the Cardholder in writing of the transfer. The institution to which the contractual relationship is transferred shall have the same rights and obligations under this agreement as the Card Issuer. The transfer of the contractual relationship could, among other things, happen if the main agreement between Ikano Bank and Coop Norge ceases.

NB! Information on interest rates, fees etc. as stated in these account terms apply as of 01.04.2018 and may have been changed after this time. Information on current interest rates, fees etc. can be obtained from Ikano Bank customer service (tel. 66858655, e-mail: coop@ikano.no) or on our website coopbedrift.no.