Curve Card

Looks like potentially exciting times going forward looking through the T&Cs.

2.2 means they may never open to individuals though (unless said individuals are also self employed...)

2.2 Your Business Account. Your Account is a Business Account...... By opening a Business Account and accepting the terms as outlined in this Agreement, you attest that you are not establishing the Account for personal, family, or household purposes, and its use by you must be limited to business expenses.

The Curve Card attached to your Account is a ‘Commercial Card’ as defined by the EU Multilateral Interchange Fee Regulation therefore
its use by you must be limited to business expenses as set out above.


As they get interchange fees & try to grow a userbase, I suspect that's just in there to cover themselves in terms of EU/FCA etc policies - they'd shoot themselves in the foot if they invoked it. Also some promo images include payments for coffee/Amazon etc. You'd struggle to claim coffee for ONE as a business expense under any claims/recharges/expense policy!!!!!


Also - possible loss leader when it comes to future credit card offerings....??

2.3 Verified status.
a. To obtain Verified status you must complete the following steps:
Either:
.........
or
2) Be successfully approved for and activate Curve Credit; and provide supplemental business information.


Curve Credit = some form of overdraft/short term/payday loan style credit linked to your card? Nifty plan which would negate the need for an ongoing fee.



Linked to the 'fair usage' - it looks like spending limits may be put onto the account - so those of you with Amex etc can't just go for £Xk of cash withdrawals - given that you could withdraw cash in a bank branch by presenting any credit card (now so your Curve card, to get it added to Amex as a big 'purchase'), that seems a sensible precaution.

I processed withdrawals of several thousand before working in banking - nothing to stop somebody, in theory, bouncing between various branches where they hold a current account and requesting cash over the counter multiple times up to the Amex limit (i.e. 5 x £3k or £4k). The limits in Schedule 1, as well as a FUP, go some way to addressing that in that you'd have to go to a bank every single day to get your £1k, and probably be closed down under the FUP before you get to a decent amount. If you used it AS WELL AS normal spending, you'd probably get away with say £20k over the year for Amex (£500 of staggered cash withdrawals @ ATM x 40)


Referring to Schedule 1, table of fees, limits *at present (!)* are:
Maximum daily load £5,000
Maximum monthly load £20,000
Maximum annual load £200,000
Maximum single card payment £5,000

Daily ATM withdrawal limit £1,000
Monthly ATM withdrawal limit £20,000
Annual ATM withdrawal limit £100,000

these are for HIGHEST verification status - i.e. those that jump through a lot of hoops, and probably have a registered LTD company. What limits are for sole traders will be interesting to see!

* Highest card limits only available to users who have completed all Curve KYC / risk checks

Also the standard 'no gambling' to stop you buying £1k of lottery tickets on your credit card...

The following merchant category codes are restricted:
Gambling Transactions
Dating / escort services
Massage parlours
Automated fuel pumps
Direct marketing – inbound telesales

Interesting to see if they enforce automated fuel pumps - one of my old business cards did, and it was an absolute nightmare when my expenses from work were paid back into that account.