Terms and Conditions
This Terms and Conditions document (“Terms and Conditions”) sets forth the rules for the Rewards Program (“Rewards Program”) for your Ambition Mastercard sponsored by College Ave Student Loans Servicing, LLC (“we”, “us”, “our”). Your Ambition Mastercard is issued by Evolve Bank & Trust (“Bank”) and is governed by a separate and independent agreement with Bank (the “Cardholder Agreement”). Bank is not a party to these Terms and Conditions, does not sponsor the Rewards Program, services and/or rewards under these Terms and Conditions and has no obligation, liability or other responsibility for the Rewards Program, membership, Rewards or other services hereunder, including, but not limited to the servicing, management or administration of the Rewards Program and/or Rewards or in connection with or in relation to these Terms and Conditions.
Rewards will be earned and calculated as specified in these Terms and Conditions, which may be changed, updated, or cancelled at any time and at our discretion, including without limitation changing eligibility criteria or adding caps and fees. Redemption values vary and are subject to change without notice. We will provide you prior notice of any changes to these Terms and Conditions if required by law. Please visit www.ambitionmastercard.com/rewards/terms/ for the current version of these Terms and Conditions.
Rewards Calculation
Earning Rewards
Under this Rewards Program, we provide both Base Rewards and Bonus Rewards (collectively “Rewards”) as described below. All Rewards are provided as funds that we will deposit into the secured account established in association with your Ambition Mastercard (the “Secured Account”). The Secured Account is governed by your Cardholder Agreement with Bank.
Rewards are not earned for pending transactions; Rewards will be earned only upon on time payment of the full statement balance during a billing period. This means that if you do not pay the full amount due on your statement by the due date, you will not earn any Rewards for that month.
Where a Rewards offer is based upon the date of a transaction, the Rewards amount is calculated based on the date the transaction posts to your Ambition Mastercard account (“Charge Card Account”). We will attempt to match your payments to associated transactions for purposes of determining Rewards amounts. However, where we determine that is not reasonably possible, we will determine the Rewards value in our sole discretion.
Rewards are calculated based on “Net Qualifying Purchases.” Net Qualifying Purchases are the amount of eligible Qualifying Purchases made with your Charge Card Account after we subtract any returns, disputed charges, unauthorized charges, illegal or fraudulent charges, or other credits for such Purchases. If your Net Qualifying Purchase are negative, you may have a negative Rewards balance, and a negative Rewards balance may reduce any future Rewards you may earn.
No Rewards will be provided retroactively. All Rewards determinations are final and are not subject to review or appeal. Reward amounts for each statement period will be rounded to the nearest whole cent. There is no limit on the number of Rewards that can be earned.
Base Rewards
You will earn 0.5% in Base Rewards for each $1 spent upon timely payment of your periodic statement. This equates to $0.005 in Base Rewards for each $1 spent. For example, if you spend $100 in a billing period, you will earn $0.50 in Base Rewards after you pay your bill on time. We will calculate your Base Rewards for each billing period based on eligible transactions posted and award (or deduct) the resulting Base Reward amounts.
Bonus Rewards
From time to time, we may offer special promotions that will allow you to earn Bonus Rewards in addition to the Base Rewards discussed above. We reserve the right to change, update, terminate, or cancel offering Bonus Rewards at any time. This right includes the right to change the merchants, categories, earn rates, or ceasing offering Bonus Rewards completely. To view the current Bonus Rewards Merchant & Category List, www.ambitionmastercard.com/rewards/cashback/.
You will earn 0.75% in Bonus Rewards for each $1 spent on the merchants and categories in the Bonus Rewards Merchant & Category List upon timely payment of your periodic statement. This equates to $0.0075 in Bonus Rewards for each $1 spent. For example, if you spend $100 on merchants and categories in the Bonus Rewards Merchant & Category List, you will earn $0.75 in Bonus Rewards after you pay your bill on time, in addition to $0.50 in Base Rewards discussed above. We will calculate your Bonus Rewards for each billing period based on eligible transactions posted and award (or deduct) the resulting Bonus Reward amounts.
To determine whether a transaction is eligible for Bonus Rewards, we look at both the name of the merchant as well as the merchant code. A transaction will not earn Bonus Rewards if the merchant’s name does not match the name of the merchant in the Bonus Rewards list or if the merchant’s code is not included within a Bonus Rewards category when the transaction posts on your Charge Card Account. Merchants are assigned a code based upon standard industry practices, and neither we nor Evolve Bank & Trust is responsible for the codes assigned to merchants. In addition, transactions using third-party payment accounts, mobile or wireless card readers, mobile or digital wallets, or similar technology may not receive Bonus Rewards, depending on how the transaction appears and the merchant code used when the transaction posts to your Charge Card Account.
Transactions not Eligible for Rewards
You will not earn Base Rewards or Bonus Rewards for:
- Cash advances or cash-like transactions, including prepaid debit cards, gift cards, travelers checks, foreign currency, money orders, wire transfers, or cryptocurrency transactions
- Lottery tickets, casino gaming chips, racetrack wagers or similar betting transactions
- Unauthorized or fraudulent charges
- Fees of any kind, including the monthly/annual fee, if applicable
Depositing of Rewards
Rewards, prior to being deposited into your Secured Account, cannot be used to pay or reduce the amount owed on your Charge Card Account. To receive Rewards, your Secured Account and Charge Card Account must both be in good standing, which means that neither the Secured Account nor the Charge Card Account can be suspended, restricted, delinquent, or otherwise in default, and we must receive an on-time payment for the full amount due on your Charge Card Account by the due date. You are responsible for monitoring your Charge Card Account activity, balance, and monthly payment amount.
We will usually deposit Base Rewards and Bonus Rewards to your Secured Account no later than 5 business days after the statement due date, regardless of when the on-time payment was made for that billing cycle.
Termination of Charge Card Account, Secured Account or Rewards Program
If either your Charge Card Account or Secured Account is terminated for any reason, you will not be able to obtain additional Rewards. We reserve the right to disqualify any person from participating in this Rewards Program in the event of fraud, abuse of Rewards Program privileges, or violation of these Terms and Conditions, as determined solely in our judgment and without prior notice.
Void Where Prohibited and Taxes
This program is void where prohibited by federal, state, or local law. Determination and payment of any tax liability related to Rewards are your sole responsibility. To the extent required by law, certain Rewards transactions may be included in year-end tax reporting.
Rewards are not Property
Rewards are not your property, have no cash value, and cannot be transferred or moved to another account or person until they are deposited into your Secured Account.
Governing Law and Enforcement
These Terms and Conditions and the Rewards Program are governed by federal law, as well as the laws of Delaware, no matter where you live or use the program. We may enforce these Terms and Conditions at any time, and we may delay enforcement without losing our right to enforce these Terms and Conditions at a later time. If any provision of these Terms and Conditions is found to be unenforceable, we may still enforce all other terms.
Release of Liability
You agree to release us, and all of our employees, affiliates, and agents, from all liability including:
- Any claims, expenses and legal fees arising from or related to any violation of these Terms and Conditions by you or anyone using your Charge Card Account. Any typographical errors or omissions in these Terms and Conditions or any Rewards Program-related document.
- Delayed or lost correspondence sent by U.S. mail or any other form of delivery, including email.
- Any error, omission, interruption, deletion, defect, delay, theft, destruction, unauthorized access to, or alteration of Rewards obtained under these Terms and Conditions.
Effective Date: December 12, 2023