Loom Credits Terms

These Loom Credits Terms explain how Loom Credits work. They form part of the Terms of Service between you and Anirudh Negi. If these terms conflict with the Terms of Service on a matter relating to credits, these terms apply.

“Loom Credits” are a prepaid, closed-loop balance that you can use only to buy licenses for Assets on AssetLoom. For pricing purposes, one credit has a value of US$0.01.

Credits are a contractual right to buy licenses on the Service and have no value outside it. They are not money, electronic money, a bank deposit, a prepaid payment instrument, a security, an investment, a virtual digital asset, or a cryptocurrency. They do not earn interest, and they are not your property in any sense beyond the rights set out in these terms.

Your wallet shows two separate balances:

• Purchased credits are credits you paid for. Each purchased credit corresponds exactly to the amount you paid for it.
• Promotional credits are credits we give you free of charge, for example as a bonus on a top-up, a welcome offer, a competition prize, or a goodwill gesture. Promotional credits have no cash value and may carry their own conditions, which we will show when we award them.

Creator earnings are separate from credits, are recorded in US dollars, and are covered by the Creator Terms.

You can buy credits by topping up any amount we make available at checkout, subject to a minimum purchase of US$10. We may also offer packages and set maximum amounts or limits on how often you can top up, for example to prevent fraud. Prices are shown in US dollars; your bank may apply its own currency conversion.

Credit purchases are processed by our payment provider, which may act as the merchant of record for the transaction. In that case the provider's name may appear on your statement, it will collect applicable taxes such as GST, VAT, or sales tax, and its own terms will apply to the payment. We do not receive or store your full card details.

Credits are added to your wallet once the payment provider confirms the payment. If a payment fails, is reversed, or is later found to be unauthorised, we will remove the related credits.

Credits can only be used to buy licenses on AssetLoom. Prices are shown in credits, along with an approximate amount in a fiat currency for information. The checkout page shows the exact number of credits before you confirm.

When you buy something, we use your promotional credits first, then your purchased credits, unless we tell you otherwise at checkout. If your balance is not enough, you need to top up before completing the purchase.

You may not:

1. withdraw, cash out, or redeem credits for money or anything other than licenses on AssetLoom;
2. transfer, gift, sell, or trade credits, or move them between accounts;
3. combine credits with creator earnings, or convert one into the other; or
4. buy or use credits for fraud, money laundering, or to move value between people, including through collusive purchases from a Creator.

If we offer a gift or team feature in future, it will be governed by its own terms and these restrictions will apply except as those terms say.

You can share your personal referral link, shown in your wallet. If someone who does not already have an AssetLoom account signs up through your link and their settled credit purchases add up to $10 or more (in one or several top-ups), we will add 100 “referral bonus credits” to your wallet, once for each person you refer. Promotional credits, refunded or charged-back payments, and taxes do not count towards that amount.

Referral bonus credits are promotional credits. That means:

• they have no cash value and are never paid out, refunded, or exchanged for money, gift cards, or anything other than licenses on AssetLoom;
• they cannot be transferred, sold, or moved to another account;
• they are spent before your purchased credits and may expire, as described in the expiry section below; and
• we do not pay cash rewards, commissions, or referral payouts of any kind, including through our payment provider.

Limits apply. Each account can be referred by only one person, and only when it is new. You cannot refer yourself or another account you control. We award bonus credits for at most 50 referrals per referrer in each calendar month, and we may hold a bonus until the referred person has verified their email address.

If a purchase that counted towards a referral is refunded or charged back, or if we reasonably suspect abuse of the programme (for example fake or duplicate accounts, self-referrals, or purchases made only to earn a bonus), we may withhold the bonus, remove bonus credits that have not been spent, and suspend your use of the programme. Where abuse is established, bonus credits are forfeited.

We may change the reward, the qualifying amount, or the limits, or pause or end the referral programme at any time. Changes do not affect bonus credits already added to your wallet, which remain subject to these terms.

If credits are added to your wallet by mistake, we may remove them. If you believe your balance is wrong, contact us within 60 days and we will investigate; every movement of credits is recorded in an append-only ledger, so we can trace exactly what happened.

Please contact us before disputing a credit purchase with your bank. If you open a chargeback, we may remove the related purchased credits from your wallet, revoke licenses bought with them if the chargeback succeeds, and suspend your account while we investigate. If the dispute is resolved in our favour, we will restore what we removed.

If we reasonably suspect fraud, money laundering, or abuse of promotions, we may freeze credits while we investigate and, where fraud is established, cancel them to the extent permitted by law.

If you want to close your account and have unused purchased credits, ask us for a refund first under the section above. Once your account is deleted, any remaining credits are cancelled and cannot be recovered.

If we close your account without cause, or discontinue Loom Credits or the Service, we will refund your unused purchased credits. If we close your account because you seriously breached our terms, unused credits may be forfeited to the extent permitted by law.

We may change these terms or how credits work, for example by changing top-up amounts or introducing new promotions. We will give you at least 30 days' notice of any change that materially affects your existing balance. We will not reduce the value of purchased credits you already hold.

Questions about credits can be sent to support@assetloom.io. Complaints can be escalated to our Grievance Officer as described in the Terms of Service.