These Karat Premium Terms (these “Terms”) are provided to you (“you” or “your”) by Karat Financial Technologies Incorporated (collectively “Karat,” “we,” or “us”) and apply to you if you have been approved to participate in the Karat Premium program (“Program”). By accepting these terms, you agree to participate in the Program and consent to these Terms. These Terms supplement our general Terms of Use available at www.trykarat.com/terms-of-use (the “General Terms”), which also apply to the Program. These Terms are incorporated by reference into, and form a part of, the General Terms. In the event of a conflict between the terms of these Terms and the General Terms, these Terms will supersede and control but only with respect to the Program. All capitalized terms used but not defined in these Terms have their respective meanings as set forth in the General Terms. All services provided by us under these Terms, including the Program and related services, are considered “Services” under the General Terms.
THE GENERAL TERMS CONTAIN A MANDATORY INDIVIDUAL ARBITRATION AND CLASS ACTION/JURY TRIAL WAIVER PROVISION THAT REQUIRES THE USE OF ARBITRATION ON AN INDIVIDUAL BASIS TO RESOLVE DISPUTES, RATHER THAN JURY TRIALS OR CLASS ACTIONS.
1. Karat Premium Services
2. . Karat Premium is a paid membership program that provides certain benefits to you, which will be disclosed to you from time to time (the “Premium Benefits”). Premium Benefits may be updated and modified from time to time. We will charge you monthly, as further described in this section, for your membership in the Program. However, we will waive your monthly membership fee if your Bank Account for such month has an average daily balance exceeding an amount that we disclose to you from time to time. The average daily balance is calculated by adding the principal in the Bank Account for each day of the period and dividing that figure by the number of days in the period. Certain Premium Benefits, such as Karat Perks and Savings (and any other discount offerings and coupon books) (the “Karat Coupons”), may not be made available to you, even if you subscribed to the Program, unless you meet the terms and conditions related to the Karat Coupons disclosed to you at the time of sign up, which includes maintaining a daily balance exceeding an amount that we disclose to you from time to time in your Bank Account.
UNLESS YOU CANCEL, BY DEFAULT (AND WITH PRIOR NOTICE TO THE EXTENT REQUIRED BY APPLICABLE LAW), YOUR MEMBERSHIP IN THE KARAT PREMIUM PROGRAM WILL AUTOMATICALLY RENEW MONTHLY, AND THE APPLICABLE MEMBERSHIP FEE WILL BE AUTOMATICALLY CHARGED TO YOUR LINKED BANK ACCOUNT ON FILE FOR YOUR ACCOUNT OR YOUR BANK ACCOUNT. Monthly membership fee is charged in arrears. That is, the monthly fee will be charged the month immediately following the month in which you enroll and each month thereafter, until you cancel your membership, in which case, the last monthly fee will charged to your payment method in the month following the month in which you canceled.
In certain circumstances, your billing date may change. For instance, if we are unable to successfully charge your Linked Bank Account or Bank Account for the Karat Premium membership fee on a given day (e.g., a Federal holiday or technical failures). Membership fees are fully earned upon payment.
If your Linked Bank Account details change, your payment method or Linked Bank Account provider may provide us with updated payment details. We may use these new details or details from other payment methods on file in order to help prevent any interruption to your Karat Premium membership. If you do not want to have your payment method or Linked Bank Account automatically updated, you can opt out of these services by contacting your financial institution or contacting us at [insert]. If you would like to use a different payment method or if there is a change in payment method, please update your billing information on your [Karat account page]. All billing information you provide to us must be true and accurate and you represent that you are authorized to use the payment method in the manner contemplated here. If the payment method you provided to us for payment is declined or if a payment was not successfully made by you, you remain responsible for any uncollected amounts. If a payment is not successfully made, we may suspend your access to the Program, until we have successfully charged a valid payment method.
If we increase the cost of the Karat Premium membership, we will notify you prior to the increase of any such fee.
2. Promotions From time to time, Karat may offer you trial or other promotional memberships to Premium Benefits or the Program. Such trial or promotional memberships are subject to these Terms, except as otherwise stated in the promotional offer, including which customers are eligible for the promotional memberships or services. Only one trial or promotional membership is available per person, merchant or entity and may not be combined with any other promotion. Prior to the end of your free trial period or promotional membership period, we will notify you that your free trial period is coming to an end and will automatically charge you the applicable monthly membership fee to the Linked Bank Account or Bank Account. If you cancel your membership or enrollment in the Program before the free trial or promotional membership period has expired, we will not charge you for the subsequent Program membership term unless you restart your membership. We may change the monthly or annual fee charged for membership at any time. Where the fee has increased, we will notify you prior to the renewal of your membership of the relevant fee increase.
3. Cancellation If you do not want your membership to automatically renew, you can cancel your Karat Premium membership at any time using this link or cancelling your Karat Premium membership through the [Karat Premium membership] page. You may cancel your membership at any time; however, you are responsible for the membership fee for the month in which you cancel (such amount to be charged and debited in arrears the following month), regardless of the date on which you cancel in such month. You will continue to enjoy the benefits of your Karat Premium membership through the end of the month in which you canceled.
4. Termination by Karat. We reserve the right to accept, refuse, or cancel your Karat Premium membership at any time in its sole discretion, as well as your participation in the Program. Without limiting our rights under the preceding sentence, we may also terminate your participation in the Program if: (1) you violate or are in default under these Terms or the General Terms or any agreement you may have with us; (2) you engage in any fraudulent or other illegal activity in connection with the Program, or otherwise engage in activity that we deem to be abusive or “gaming” conduct under the Program, as determined in our sole discretion; (3) you engage in fraudulent activity on any service or product we may offer or service; (4) we terminate your Account or the General Terms for any reason; (5) we terminate your participation in the Program; (6) you have failed to give us the information we need, or we have reason to believe that the information you have given us is false; (7) you owe us money and, despite us asking you to pay us, you have not done so within a reasonable period of time; (8) you declared bankruptcy; or (9) we must do so under any law, regulation, or court order.
5. Changes to the Program. We may change other terms or conditions applicable to the Program from time to time. Any changes to these Terms will be in effect as of the “Last modified” date referred to at the top of this page or such later date as may be specified in the updated Terms. Your continued access or use of the Program or Premium Benefits after the modifications have become effective will be deemed your acceptance of the modified Terms. You agree that you will abide by all such changes and that they will apply to you and the Program. If you disagree with the changes to your current Karat Premium membership terms, you may cancel your membership. From time to time, we may offer additional benefits or features to Karat Premium members. These additional benefits or features may not be available to all members and may be subject to additional terms. We reserve the right to modify or terminate any additional benefits or features at any time and you agree that such additional perks or benefits are not guaranteed as part of your membership.
6. Miscellaneous You may receive certain benefits under the Program that may qualify as taxable income to you. You acknowledge and agree that you are responsible for determining, paying, withholding, filing, and reporting all taxes, duties, and other governmental assessments associated with your activity in connection with the Program. We are not responsible for determining whether you owe taxes in connection with your participation in the Program or for collecting, reporting, or remitting taxes arising from your participation in the Program, except for our own income taxes.
You represent and warrant that you will not access or use the Program to engage in any illegal, fraudulent, or other illicit activity. The Program is owned and administered by us, and is subject to all applicable laws and regulations. It is void where prohibited.
Your membership cannot be transferred or assigned. All interpretations of these Terms will be determined by us in our sole discretion.
In addition to any other indemnification obligations under the General Terms, you agree to indemnify and hold us and our third-party service providers and their respective affiliates, directors, officers, employees, agents and contractors harmless from and against any loss, damage, liability, cost, or expense of any kind (including attorneys’ fees) arising from your or an authorized user’s: (i) participation in the Program; or (ii) any fraud or misuse of the Program.