Hugosave Cardholder Supplement to the Customer Agreement

(Last updated: 15 September 2022)

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The terms set out in your Customer Agreement apply to your use of the card. This Supplement is a supplement to, and must be read together with, your Customer Agreement, which sets out the terms in relation to your Hugosave Account. This Supplement contains 17 sections. You may go directly to any section by selecting the link provided. The headings are for reference only. Some capitalised terms have specific definitions in section 3, or are defined in your Customer Agreement. Underlined words in this Supplement contain hyperlinks to further information.

1. Why You Should Read This Supplement

1.1 What the Cardholder Supplement covers. The Supplement covers the terms and conditions on which we provide a “card” to you.

1.2 Why you should read it. Please read this Supplement carefully before you start using the card. This Supplement (always together with the documents referred to in it) tell you who we are, features of the card and how you may use it, how this Supplement may be changed or ended, what to do if there is a problem and other important information. If you think that there is a mistake in this Supplement or require any changes, please contact our Customer Support.

1.3 You agree to the Cardholder Supplement. All future changes set out in the Customer Updates section of our website at the time you apply for the card are incorporated into this Supplement. Please do not apply for or continue using the card if you do not agree to the Supplement.

1.4 By applying for, or using, your card, you confirm that you accept and agree to this Supplement (including any future amendments and additions to this Supplement as published from time to time, and your continued use of the card after any such changes, whether or not reviewed by you, shall constitute your consent and acceptance of the revised Supplement). We reserve the right to enhance, modify or cancel any features and benefits of the card without prior notice.

1.5 You can always see the most current version of this Supplement on our  Website. If you want a paper copy of this Supplement,please contact our Customer Support.

2. Card-issuing Terms and Programme Manager

2.1 These Cardholder Terms (“Terms”) govern the use of the personal, non-transferable, card scheme-branded debit card (the “card”) which you have been or will be issued with Payrnet and the Programme Manager, “Hugosave”.

2.2 These Terms are between you (the “User”, “you” or “your”) and Hugosave, “Hugosave” a wholly owned brand of Atlas Consolidated Pte. Ltd, hereinafter referred to as “Atlas”, “we”, “us” or “our”). Atlas is a company incorporated in Singapore (U.E.N. 201942617W), and whose registered office is 143 Cecil Street #07-01 GB Building Singapore 069542. Atlas is regulated as a Major Payment Institution (MPI) by the Monetary Authority of Singapore (MAS) under the Payment Services Act (No. 2 of 2019).

2.3 Atlas Consolidated Pte. Ltd is an authorised card distributor and programme manager (“Programme Manager”) of Payrnet Pte. Ltd (UEN 201913150C), hereinafter referred to as “Payrnet”, a company incorporated in Singapore whose registered address is 160 Robinson Road, #14-04.

2.4 Payrnet is part of the Railsbank group of companies. Payrnet are currently exempted by the Monetary Authority of Singapore pursuant to the Payment Services (Exemption for Specified Period) Regulations 2019 and carry out in Singapore:

(a) Account issuance;

(b) Domestic money transfer;

(c) E-money issuance services. 

Please note that you may not be able to recover all the money you paid to Payrnet if Payrnet’s business fails.

3. Definitions

ATM - stands for automated teller machine or cash machine. It is an electronic telecommunications device that enables customers of financial institutions to perform financial transactions, such as cash withdrawals, deposits, funds transfers, or account information inquiries, at any time and without the need for direct interaction with bank staff.

Card - refers to your ‘Physical Card’, the Hugosave Visa Platinum Debit Card. Our card is a digital first design from Visa which means it is numberless, i.e. it has no card account number, expiry date or CVV number on the actual physical card. All this information concerning the card is held and retrievable from within your Hugosave app.

CVV - stands for Card Verification Value. This number is vital for completing online transactions and should never be shared with anyone.

My Hugosave Card - this is the dashboard area within your Hugosave app. Here you can look up all your card details, including your ‘PIN’ block your card, report stolen or lost and request a replacement card.

PIN - this is your secret Personal Identification Number. This is a security code which can be used to verify your card transactions at merchant payment terminals when in person and when withdrawing monies from ATMs.

4. Hugosave Roundups Terms and Conditions

4.1 Everytime you make a transaction with your Hugosave Visa Platinum Debit Card, your transactions will be rounded up to the nearest Singapore Dollar.

4.2 Once the merchant you have transacted with settles the payment and the transaction successfully posted into your account, the corresponding Roundups amount will be deducted from your account. 

4.3 You may view the amount under the respective transactions. You can also view your Roundups Activity simply by tapping on the Roundups Banner from the home screen. 

4.4 Roundups will be invested into Gold and kept in your Hugosave Gold Vault, every Wednesday by 2359hrs (SGT). The corresponding physical Gold will be purchased based on the prevailing rates. You will receive a notification when the Roundups are converted to Gold.

4.5 You may check your Gold Vault transactions for the converted grammage and Singapore dollar amount equivalent thereafter under “Round Up to Gold”.

5. About Your Hugosave Card

5.1 The Hugosave Platinum Visa Debit Card is a debit product which can be used to pay for online goods and services, over the phone or in person. The card can only be used to withdraw money from ATMs outside Singapore which accept Visa. Cash withdrawals in Singapore are not allowed under the Payment Services Act.  Please note the card is not a guarantee card, charge card or credit card.

5.2 Your card is issued by Payrnet and managed by us Hugosave, as the card Programme Manager. Payrnet is the sole issuer of the card, which shall remain our property.

5.3 Hugosave as the card distributor and card programme manager, alsos provides you with the e-money account (the “Account”) where the funds, which can be spent using the card, are held. The services provided by us for the Account are governed by our Customer Agreement.

5.4 If you wish to cancel the card or complain about our Service you have been provided with pursuant to these terms please contact us at [email protected] and follow the complaints procedure at our site

5.5 If you suspect your card has been lost or stolen, immediately block the card in your Hugosave app. Please follow the guidelines as provided by MAS on protecting your Account and related card, as presented in our Customer Agreement - section 15 ‘Keeping Your Hugosave Account Safe and Secure’.

5.6 Please report any unauthorised Transactions (as defined in paragraph 7.1 below) relating to your card. You can contact us by the Live Chat in your Hugosave app. Please see in our Customer Agreement section 18 - ‘Communications, Customer Support and Complaints’ ]for more details on more ways to contact our  Hugosave Customer Support..

5.7 Any changes to your telephone number, email address or postal address or other contact details must be notified by you immediately and in accordance with our communication methods in Clause 1.5.

6. Loading Money for Your Hugosave Card Use

6.1 How to load money. Your card is linked and supported by your Hugosave Account. You can load money to your Hugosave Account by bank transfer, please refer to our Customer Agreement.

7. Ordering and Activation Your Hugosave Card

7.1 Ordering your Hugosave Card. You order your card from within your Hugosave app, when you on-board. You will be delivered your card, within 5 to 7 working days of ordering from your Hugosave app.

7.2 Your Digital First Card. Hugosave issues Digital First card from VISA, which helps reduce third party fraud on your card. This means although the Hugosave Physical card has your name and a signature strip, it is ‘numberless’:

(a) the card will not have details of your card account number, the Expiry Date of the card and the CVV code printed on it (the “Physical Card”);

(b) when you receive your card to use it, first you will have to activate it, as prompted in your Hugosave app and then to access your card details you go to the ‘My Hugosave Card’ area in your Hugosave app;

(c) in the Hugosave app you will also be able to access and retrieve at any time your secret personal identification number (“PIN”);

(d) we recommend you should memorise your PIN but do remember you can retrieve it in your Hugosave app anytime to refresh your memory;

(e) do keep your card safe and secure and do not write down or tell anyone your card PIN or details of the card. If you have not protected your PIN and your card is used without your knowledge using the correct PIN, this may be classed as negligence for the purposes of section 14.

7.3 No negative balance in your Hugosave Account. You must not make purchases that exceed the amount of money available in your Hugosave Account. Please see our Customer Agreement, section 13 - ‘Maintaining your Hugosave Account’ and section 14 - ‘Our Right to Offset’.

8. When your Hugosave Card Expires

8.1 Your Card has an expiry date. This date is accessible to view only in your Hugosave app in the ‘My Hugosave Card’ area. The card shall remain valid until the Expiry Date.

8.2 We will aim to provide you with your new card details to use 3 months before your current card will expire. You’ll need to confirm the address to which you’d like the card to be sent to. A replacement card fee may apply.

8.3 If you do not want your card to be renewed, you can simply let it expire without ordering a replacement. Your card will be deactivated and you will not be able to use it after its expiry. Any outstanding balance in your Hugosave Account will remain usable by you in accordance with the terms of the Customer Agreement.

9. Replacement Hugosave Cards

9.1 If you require a replacement card, access the ‘My Hugosave Card’ area in your Hugosave app and lock your current card. You will be prompted about how to receive a replacement card.

9.2 The card is part of an e-money product and as such it is not covered by the Deposit Insurance Scheme administered by the Singapore Deposit Insurance Corporation pursuant to the Deposit Insurance and Policy Owners' Protection Schemes Act (Cap 77B). You may only use the card for lawful Transactions.

10. Keep Your Hugosave Card Safe and Secure

10.1 Keep your Card safe. Never let another party use your card, and keep it safe. Memorise your PIN and never disclose this and other security information to anyone. Sharing these details can lead to unauthorised access to your account and you will be solely responsible for transaction(s) made in this situation. Hugosave will not be liable for any loss arising due to any such unauthorised transaction(s).

10.2 Keep your Hugosave Account safe. You should also observe the security measures as set out in section 15 - ‘Keeping Your Hugosave Account Safe and Secure’ of the Customer Agreement.

10.3 Check your transaction history regularly. We rely on you to regularly check on your Hugosave Account history and contact us in the case of unauthorised, incorrect, or misdirected transactions.

10.4 Report any suspicious incidents. If your card is lost or stolen, if you suspect that someone else knows your PIN, or if you think your card, card number or PIN may be misused, you agree that you must stop using the card and contact our Customer Support immediately. If you find the card after you have reported it lost, stolen or misused, you must cut it up and tell us as soon as possible.

10.5 Replacement of card. If your card, or any replacement card, is lost or stolen, you can request a replacement. We will charge a fee for the replacement card. The details for the relevant replacement can be found here.

10.6 Disclosure of information to law enforcement authorities. If your card is used without your permission, or is lost, stolen or if you suspect the card may be misused, we may disclose to law enforcement agencies any information which we reasonably believe may be relevant.

11. Authorised Hugosave Card Transactions

11.1 Authorised Card Transactions. Should the relevant card scheme and/or programme allow, you may use your card to enter into the following transactions (each being a “Transaction”):

(a) purchasing goods and/or services from merchants affiliated with the card scheme on your card;

(b) withdrawing cash from authorised banks worldwide:

(c) receiving rebates from merchants (merchant dependent):

(d) making cash withdrawals from automatic teller machines (“ATMs”), outside of Singapore.

11.2 You can authorise a Transaction by:

(a) the card is tapped against a “contactless” enabled reader and accepted by such reader;

(b) inserting the card into a chip & PIN device and the correct PIN being entered;

(c) allowing a merchant to swipe the magnetic strip of the card and the corresponding sales slip being signed;

(d) providing relevant information to the merchant that allows the merchant to process the Transaction, for example, providing the merchant with the PAN, the Expiry Date and the CVV2 in the case of an internet or other non-face-to-face Transaction;

(e) relevant information being provided to the payment initiation service provider that allows the payment initiation service provider to process the Transaction.

11.3 If any of the methods of authorisation set out in clause 11.2 are used, we shall be entitled to assume that you have authorised a Transaction unless we were informed that the relevant details of the card have been lost, stolen or misappropriated prior to the Transaction taking place.

11.4 You acknowledge the correctness of the amount of each Transaction which you authorise.

11.5 Once you have authorised a Transaction, the Transaction cannot be stopped or revoked. You may in certain circumstances be entitled to a refund in accordance with these Terms.

11.6 On receipt of notification of your authorisation of a Transaction and the Transaction payment order from the merchant and/or authorised bank, normally we will deduct the value of the Transaction, plus any applicable fees and charges, from the available funds in your Hugosave Account. We will execute the Transaction by crediting the account of the merchant’s or ATM operator’s or bank’s (as applicable) payment service provider by the end of the next business day following the notification. If the notification is received on a non-business day or after 4:30 pm on a business day, it will be deemed received on the next business day.

11.7 We are not liable if, for any reason, the affiliated merchants or authorised banks do not accept the card, or accept it only partly, nor are we liable in the case of late delivery of, or failure to deliver, goods or services. In the event of disputes or complaints of any kind concerning goods or services, or the exercise of any right in this connection, you should contact the affiliated merchant and/or authorised ban and/or ATM operator.

11.8 It is your responsibility to ensure that there are available funds in your  Hugosave Account to cover any spend, allowing for any foreign exchange fees and other applicable fees under these Terms. A Transaction will be automatically declined if there are insufficient funds in your Account.

11.9 For card usage conducted in other currencies (other than the currency of the card), you shall accept the exchange rate used by VISA.

11.10 Any changes in exchange rates may be applied immediately and without notice. The exchange rate, where applicable to a Transaction, will be shown in your Hugosave app. Please be careful when opting to use a merchant’s, bank or ATM operators' exchange rates as they are often less competitive than the card scheme’s exchange rate.

11.11 The maximum amount you may withdraw in cash shall be subject to a daily limit, irrespective of the available funds in the Account. As prescribed by law, there is a maximum amount of funds that we will allow you to hold in your Account and the total value of Transactions in a calendar year is also subject to a threshold. Please contact the Programme Manager to learn more regarding these maximum thresholds that apply to your use of the card. Please see the Fee section in the Customer Agreement. We are entitled to impose fees and charges from time to time, including for card account maintenance, administrative fee for production of documents, service charge/administration fee for any action taken by us in carrying out any of the cardholder's instructions and/or requests, fee for SMS alerts, and transaction fees for foreign currency transaction and foreign cash withdrawals to the extent permitted by Singapore law.

11.12 We have the right to impose, review and change the spending or ATM limits on the card at any time. You will be notified of any such changes in-app notifications and or email and changes will be posted at the Website within the Terms.

12. Non-execution of a Hugosave Card Transaction

12.1 In certain circumstances we may refuse to execute a Transaction that you have authorised. These circumstances include:

(a) if we have reasonable concerns about the security of the card or suspect the card is being used in a fraudulent or unauthorised manner;

(b) if there are insufficient funds available to cover the Transaction and all associated fees at the time that we receive notification of the Transaction or if there is an outstanding shortfall on the balance of the Account;

(c) if we have reasonable grounds to believe you are acting in breach of these Terms;

(d) if there are errors, failures (mechanical or otherwise) or refusals by merchants, payment processors or payment schemes processing Transactions;

(e) if we are required to do so by law;

12.2 Unless it would be unlawful for us to do so, where we refuse to complete a Transaction, we will notify you as soon as reasonably practicable that it has been refused and the reasons for the refusal, together, where relevant, with the procedure for correcting any factual errors that led to the refusal. Where the refusal is reasonably justified, we may charge you a fee when we notify you that your payment request has been refused.

12.3 You may also claim a refund for a Transaction that you authorised provided that your authorisation did not specify the exact amount when you consented to the Transaction, and the amount of the Transaction exceeded the amount that you could reasonably have expected it to be taking into account your previous spending pattern on the card, these Terms and the relevant circumstances.

12.4 Such a refund must be requested from us within 8 weeks of the amount being deducted from the card. We may require you to provide us with evidence to substantiate your claim. Any refund or justification for refusing a refund will be provided within 10 business days of receiving your refund request or, where applicable, within 10 business days of receiving any further evidence requested by us. Any refund shall be equal to the amount of the Transaction. Any such refund will not be subject to any fee.

13. Your Hugosave Account Transactions and Available Funds

13.1 In your Hugosave app, you can view the available balance in your Account and view the details of any Transactions you have entered into.

13.2 You can retrieve and download monthly transaction information (“e-statement”) from your Hugosave app and send it to yourself by email or other electronic messaging channels. The statement will provide you with:

(a) a reference enabling you to identify each Transaction;

(b) the amount of each Transaction;

(c) the currency in which the card is debited;

(d) the amount of any Transaction charges including their breakdown, where applicable;

(e) the exchange rate used in the Transaction by us and the amount of the Transaction after the currency conversion, where applicable;

(f) the Transaction debit value date. 

13.3 If for any reason you have some available funds left in your Account following the termination of these Terms, we reserve the right to charge you additional fees for maintaining your Account following the termination in the event these funds are not redeemed by you or cannot be returned to you otherwise despite our attempt to do so.

13.4 We may set aside or place a hold on an estimated amount in relation to any transaction on the day such transaction is presented to us for payment or on the day we receive notice of such transaction. The available balance in your Hugosave Account  will  be  reduced  by  such  amounts  that  we set  aside and you may not stop payment on such transactions or use any sum set aside or held by us.

14. Loss of your Hugosave Card and Refunds

14.1 As soon as you become aware of any loss, theft, misappropriation or unauthorised use of the card, PIN or other security details, you must immediately block your card in your Hugosave app in the My Hugosave Card area and notify us using the Live Chat or as outlined in section 18 Communications, Customer Support and Complaints of the Customer Agreement for more details on more ways to contact Hugosave customer support.

14.2 If you suspect identity theft or theft of your money we suggest that you contact the local law enforcement as well.

14.3 If we believe you did not authorise a particular Transaction or that a Transaction was incorrectly carried out, in order to get a refund you must contact us as soon as you notice the problem using the contact details in accordance with clause 14.2 above, and in any case no later than 13 months after the amount of the Transaction has been deducted from your Account.

14.4 We will refund any unauthorised Transaction and any associated Transaction fees and charges payable under these Terms subject to the rest of this section.

14.5 This refund shall be made as soon as practicable and in any event no later than the end of the business day following the day on which we become aware of the unauthorised Transaction, unless we have reasonable grounds to suspect fraudulent behaviour and notify the appropriate authorities. If we become aware of the unauthorised Transaction on a non-business day or after 4:30 pm on a business day, we will be deemed to have only become aware of the unauthorised Transaction at the beginning of the next business day.

14.6 If we are liable for an incorrectly executed Transaction, we will immediately refund you the amount of the incorrectly executed Transaction together with and any associated Transaction fees and charges payable under these Terms. Depending on the circumstances, we may require you to complete a dispute declaration form relating to the incorrectly executed Transaction. We may conduct an investigation either before or after any refund has been determined or made. We will let you know as soon as possible the outcome of any such investigation.

14.7 If a Transaction initiated by a merchant (for example, this happens when you use the card in a shop) has been incorrectly executed and we receive proof from the merchant’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 these Terms.

14.8 We are not liable for any incorrectly executed Transactions if we can show that the payment was actually received by the merchant’s payment service provider, in which case they will be liable.

14.9 If you receive a late payment from another payment service provider (e.g. a refund from a retailer’s bank) via us, we will credit the Account with the relevant amount of any associated fees and charges so that you will not be at a loss.

14.10 We will use practical and reasonable efforts to limit your liability for any losses incurred in respect of unauthorised Transactions but we make no guarantees. You will be liable for all losses incurred in respect of an unauthorised Transaction if you have acted fraudulently, or have intentionally or with gross negligence failed to: (a) look after and use the card in accordance with these Terms; or (b) notify us of the problem in accordance with this paragraph 10.

14.11 If our investigations show that any disputed Transaction was authorised by you or you may have acted fraudulently or with gross negligence, we may reverse any refund made and you will be liable for all losses we suffer in connection with the Transaction including but not limited to the cost of any investigation carried out by us in relation to the Transaction. We will give you reasonable notice of any reverse refund.

15. Blocking of Your Hugosave Card

15.1 If you suspect that your Account or card may have been used by someone other than you and an unauthorised transaction has been made, block your card in your Hugosave App.

15.2 If your card is lost or stolen, also immediately block your card in your Hugosave app and contact Hugosave support to inform the customer support team.

15.3 We may block the card, in which case you will not be able to execute any further Transactions, if we have reasonable concerns about the security of the card or suspect the card is being used in a fraudulent or unauthorised manner. We will notify you of any such blocking in advance, or immediately after if this is not possible, and of the reasons for the suspension unless to do so would compromise reasonable security measures or otherwise be unlawful. We will unblock the card and, where appropriate, issue a new card, PIN and other security features free of charge as soon as practicable once the reasons for the suspension cease to exist.

16. Termination and Suspension of Your Hugosave Card Services.

16.1 Termination of services. We may, at any time, terminate your card or any service associated with it without giving you any prior notice or reason for doing so. You may terminate your card with us at any time by contacting our Customer Support.

In particular, we may at any time suspend or terminate your card without notice if:

(a) you breach any provision of this Supplement;

(b) your customer verification processes are incomplete or you decline to provide relevant information or documents for account or transaction verification purpose;

(d) we have reason to believe you are in violation of any applicable law or regulation;

(e) we are requested or directed to do so by any competent court of law, government authority, public agency, or law enforcement agency; or

(f) we have reason to believe you are involved in any fraudulent activity, money laundering, terrorism financing or other criminal and/or illegal activity.

16.2 Suspension or termination of transactions. We have the right to suspend, or later reverse, the processing of any transaction where we believe that the transaction may be unauthorised, fraudulent, illegal, or involves any criminal activity or where we believe you to be in breach of this Supplement or our Customer Agreement.

16.3 Termination due to specific events. You agree that we have the right to terminate your card and our agreement under this Supplement immediately in the event that you are:

(a) declared bankrupt, insolvent or enter into liquidation or such other scheme of arrangement or administration;

(b) found in default of your debt obligations to a licensed bank by a Singapore court; or

(c) deceased.

In the event of any of the above, we reserve the right to deal with any such trustee, executive or representative of the Singapore courts as in its sole discretion is considered appropriate in relation to the administration of any outstanding balance in your Hugosave Account.

17. Important notes

17.1 No warranty for services. Other than expressly set out in this Supplement or in our Customer Agreement, neither Hugosave, nor our officers, directors, employees, suppliers, agents and relevant entities make any specific promises about our services. For example, we do not make any commitments about the quality, safety, legality, or any other aspect of any goods or services purchased with the card. We are also not liable for any loss arising from any merchant refusing to accept your card, or any ATM failing to dispense cash.

17.2 No guarantee of service. To the extent possible, we will try to make sure that you will be able to use the card when needed, but we do not guarantee that the services will always be available or uninterrupted. We may suspend, withdraw, discontinue the use of your card or any part of our other services without notice. We will not be liable to you if for any reason the card is unable to be used for you at any time or for any period.

17.3 “As is’ basis. The card and our services are provided to you strictly on an “as is” basis. All conditions, representations and warranties, whether express, implied, statutory for other, including without limitation, any implied warranty of merchantability, fitness for a particular purpose, or non-infringement of third party rights, are here excluded and disclaimed to the highest and maximum extent allowed under Singapore law.

17.4 No liability for loss or damage. To the fullest extent permitted by law (and without limiting any other provision in this Supplement), we, and our related entities, exclude all liability to you or anyone else for any loss or damage of any kind (howsoever caused or arising) arising from or in connection with the Services.

17.5 Services provided only for personal use. The card can only be used for your personal and private use. If you use the card for any commercial or business purpose, we will not be liable to you for any loss of profit, loss of business, business interruption, loss of business opportunity, or consequential loss.

17.6 Hold harmless. To the fullest extent permitted by applicable law, you shall be responsible and hold us (and our officers, directors, employees, suppliers, agents and related entities) harmless from any and all loss, damage, liabilities, claims, costs and expenses due to, or arising out of or in connection with, your breach of this Supplement or any applicable law or regulation, your use of the card and/or any fraud by you. This provision shall continue to be in force even after you cease using the card.

    Copyright © Hugosave 2022. All Rights Reserved.

    Atlas Consolidated Pte. Ltd (UEN 201942617W) is the owner of the Hugosave brand, regulated as a Major Payment Institution (MPI) by the Monetary Authority of Singapore (MAS) under the Payment Services Act (No. 2 of 2019). Hugosave is an authorised card distributor and programme manager of Payrnet Pte. Ltd (UEN 201913150C), incorporated in Singapore whose registered address is 143 Cecil Street #07-01 GB Building Singapore 069542.