The Prosper Rewards program allows eligible Prosper Platinum Card customers to earn monetary rewards as described below, subject to this Program Agreement and the Cardholder Agreement, which is incorporated herein by reference. Any rewards associated with the Prosper Platinum Card are provided and administered solely by Prosper Marketplace, Inc., or an affiliate.
Definitions. In this document, the following terms have the meanings below:
“Account” means the credit account established with Coastal Community Bank, Member FDIC (its successors and assigns), by the Prosper Platinum Card Cardholder Agreement (“Cardholder Agreement”).
“Available Rewards” means the portion of your Pending Rewards that has transitioned to an eligible status for active redemption because you have paid at least the Minimum Payment Due shown on your monthly billing statement and such payment has successfully cleared our standard verification hold.
“Card” means one or more cards or other access devices, including your Account number or virtual card, issued to you under the Cardholder Agreement.
“Pending Rewards” means the rewards you temporarily accumulate upon the settlement of a qualifying Purchase. Pending Rewards are pending, remain subject to reversal or adjustment, and are strictly unavailable for redemption until they transition to an Available Rewards status.
“Program Agreement” means this document.
“Purchases” is defined in the section of this agreement titled Earning Rewards.
“Rewards” are the rewards you earn under the program.
“Rewards Program” means this Prosper Rewards program.
“We,” “us,” “our,” and “Prosper” mean Prosper Marketplace, Inc. or an affiliate
“You” and “your” mean each person responsible for complying with this Program Agreement and the Account.
Acceptance of the Program Agreement. You agree that use of your Account or any feature of this Rewards Program indicates your acceptance of the terms of this Program Agreement.
Changes to the Program Agreement. To the extent required by law, we will give you notice of any change, addition or deletion to this Program Agreement. These required notices will be sent to you in writing which, at our option, may be delivered to you electronically by email or through our online services, such as prosper.com or the Prosper mobile app, or in your monthly Card billing statement. Notice of any other change, addition or deletion to this Program Agreement will be provided by posting an updated copy of the Program Agreement on our website, prosper.com/rewards. By continuing to use your Account or any feature of this Reward Program, you agree to any such change, addition or deletion. Any such change, addition, or deletion will apply strictly on a prospective basis to future Purchases and future Rewards accruals, and will not retroactively reduce, devalue, or eliminate individual Rewards that you have already earned and that remain validly Pending or Available in your Account prior to the effective date of the change.
How to Earn Rewards. You will earn 2% monetary rewards for settled purchases made with your Card, less returns or refunds (collectively, “Purchases”). Purchases that are canceled, refunded, or that failed to process will not earn Rewards. The following transactions are not Purchases and will not earn Rewards: balance transfers, cash advances, interest assessed on purchases, transfers to your bank, the purchase of checks, checks that access your Account, items returned for credit, disputed or unauthorized purchases, fraudulent transactions, traveler’s checks, foreign currency purchases, money orders, wire transfers (and similar cash-like transactions), ATM withdrawals, transactions executed for the sole purpose of transferring funds to another account maintained or controlled by the same consumer, lottery tickets and gaming chips (and similar betting transactions), loads or reloads of balances on gift cards or prepaid cards or cash equivalents, person-to-person payments, rent or mortgage payments, or transactions otherwise labeled under Merchant Category Codes 6532, 6533, 7994, 8651, 8661, 6010, 6011, 6513, or 6012.
When You Will Receive Rewards. Rewards earned from a Purchase will initially post to your Account as “Pending Rewards” within one billing cycle after the transaction settles. Pending Rewards are not available for redemption. Rewards earned from Purchases during a billing cycle will transition from “Pending” to “Available” for redemption at the end of that billing cycle, provided that a payment equal to or greater than the Minimum Payment Due for that billing cycle has posted to your Account and successfully cleared.
Negative Rewards Balance. If transaction returns or refunds exceed your Purchases, or if a payment to your Account is returned, reversed, or dishonored for insufficient funds (or any other reason) after Rewards associated with that payment or billing cycle have been unlocked or redeemed, we may reverse or adjust your Rewards balance. Any such adjustment may result in a negative Rewards balance. In such instance, any future Rewards you earn will be automatically applied to offset the negative balance until your Rewards balance becomes positive.
Not Redeemable for Cash. Rewards are not redeemable for cash and may only be redeemed as provided in this Agreement.
Who May Redeem. Only you may redeem Rewards.
When Rewards May be Redeemed. Rewards may be redeemed only after they move from a Pending status to an Available status, provided that your Account and Card are active and in good standing at the time of redemption. Pending Rewards earned during a billing cycle do not unlock incrementally. If you fail to pay at least the Minimum Payment Due by its applicable payment due date, or if your payment fails to clear, the Rewards earned during that cycle will remain locked in a Pending status and will not transition to an Available status until the billing cycle concludes in which your Account is brought fully current.
How Rewards May be Redeemed. You may redeem Rewards for a statement credit, which will be applied to your account. The redemption amount may not exceed the outstanding Account balance or otherwise result in a negative balance. Your statement credit should appear within two (2) billing cycles after you redeem the Rewards. Once Rewards are redeemed, the transaction is considered final and may not be canceled.
Your Payment Obligations. Statement credits applied to your Account from a Rewards redemption will reduce your outstanding balance but do not satisfy your obligation to make your Minimum Payment Due. You must still pay the Minimum Payment Due shown on your monthly statement by the payment due date, unless the applied statement credits reduce your total outstanding Account balance to zero ($0).
Account Closure. If your Account is closed by us for any reason, or if you close your Account while it is not in good standing, you will immediately forfeit all Pending and Available Rewards, unless prohibited by law. If you voluntarily close your Account while it is active and in good standing:
Rewards Program Termination. If we terminate the Rewards Program, you will have ninety (90) days from the cancellation date to redeem your Rewards. After ninety (90) days, you will lose any remaining Rewards.
Rewards Suspension. If you fail to make payments timely or otherwise default under the terms of your Account, and your Account remains open, you may not be allowed to redeem Rewards until your Account is brought current or you otherwise cure the default.
Additionally, if your Account is placed into an ineligible operational status (such as a hardship program, debt settlement, or collections status), your ability to redeem Rewards will be blocked. Your validly Pending Rewards will be restored and made available for redemption only if and when your Account status reverts to an eligible status (such as a current, normal account standing).
Fraud, Misuse, Abuse, or Suspicious Activity. If Prosper, in its sole discretion, determines there has been fraud, misuse, abuse, or suspicious activity in any way associated with the Account or Rewards Program, Prosper may, without limitation and without prior notice, take any of the following actions: take away your earned Rewards; reverse any redeemed Rewards; prohibit you from earning or redeeming future Rewards; and take legal action to recover redeemed Rewards.
No Cash Value. Rewards have no cash value.
No Property Rights. You have no property rights or other legal interest in the Rewards. Rewards cannot be sold, attached, seized, levied upon, pledged or transferred under any circumstances including, without limitation, by operation of law, upon death, or in connection with any dispute or legal proceeding.
Loss Upon Death. You will lose your Rewards upon your death, and your estate, successors and assigns have no property rights or other legal interest in such Rewards.
Disputes Between You and Other Persons. We are not responsible for disputes between you and other joint owners of the Account or between you and any third-party, involving the Rewards or other aspect of the Rewards Program.
Tax Consequences. The monetary value of the Rewards may be considered taxable income. You are responsible for any personal tax liability. Please consult with your tax advisor.
Limitation on Liability. You agree to release us, our third-party service providers, and all of our and their respective affiliates, directors, officers, employees, agents and contractors, for your participation in the Rewards Program, including in connection with earning Rewards, redeeming Rewards, the expiration and forfeiture of Rewards and changes to or termination of the Rewards Program.
Void Where Prohibited by Law. The Rewards Program and/or any feature of the Rewards Program are void where prohibited by law or regulation and are subject to change as necessary to comply with law or regulation.
Permission to Contact. By providing your contact information to us (including your phone number, mobile number, and email address), you expressly consent and agree that Prosper and its authorized agents may contact you using any such communication methods. This permission allows us to utilize written, electronic, or verbal means, including text messages, email, push notifications, and automated dialing technology or prerecorded voices, to communicate with you regarding the Rewards Program. You acknowledge that standard message and data rates applied by your mobile carrier may apply to these communications. You may opt-out of receiving automated marketing communications at any time by following the unsubscribe links or opt-out instructions provided in our communications.
Assignment of Cardholder Agreement. Your Cardholder Agreement and the underlying debt associated with your Account may be sold, assigned, or transferred to a third party at any time, including in connection with a charge-off or default. You expressly agree that any such sale, assignment, or transfer will strictly exclude this Rewards Program, any earned or pending Rewards, and any Rewards Program benefits. The assignee of your Cardholder Agreement will not assume, inherit, or have any obligation, liability, or responsibility under this Program Agreement, and no Rewards may be used to offset, reduce, or credit any debt assigned to such third party.