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Points terms

What Kivo Points are, how they are earned, who owns them and how they convert. KP 100 = £1 on the Kivo Card.

Version 1.0 · effective 7 Jul 2025

Document
Points terms
Version
1.0
Effective
7 Jul 2025
Status
Current
Change
First version. Includes the 90 days after membership ends (proposed) and the tax-opinion line.
Entity and law
Kivo Club Ltd · England and Wales
DraftDraft for the lawyer; not for publication.
NoteThe rule for Points after membership ends (90 days convertible, then void) is proposed and is confirmed by the lawyer. The tax treatment of Points is subject to formal opinion before launch.
  1. 1What Kivo Points are. A non-monetary balance recorded on the Ledger, issued by Kivo to a member firm; KP 100 is converted into £1 of e-money on the firm's Kivo Card by the card issuer. Points are not money, e-money, a deposit, a security or an investment until converted; Kivo holds no funds.
  2. 2How Points are earned. Only when a member firm settles an invoice with a supplier that held an in-date Stamp on the invoice date, the firm was an active member on that date, the invoice has not been claimed before, and only on the part of the invoice within the supplier's declared monthly ceiling. Points = that net amount × the supplier's printed rate on the invoice date, rounded down to a whole Point. No Points are issued for the membership fee, for referrals paid by Kivo, for promotions tied to the fee or for anything other than settled supplier invoices. No monthly allowance.
  3. 3Funding. Points are funded by the supplier under its supplier agreement. The supplier's funding obligation is disclosed to members in general terms.
  4. 4Pending and landing. Points are pending for 14 days from the supplier's report and land as a Return; a supplier refund or dispute within the window cancels the pending Return; after landing, a Reversal line is written and card balances already loaded are not clawed back.
  5. 5Ownership. Points belong to the member firm. Never to a director, employee or any person; never transferable to another firm; convertible only onto the firm's own Kivo Card (or, when offered, to an airline programme account in the firm's name or as that agreement permits). Kivo makes no "Kivo owns the Points" claim; Points are the firm's and Kivo's obligation is to convert them on the terms here.
  6. 6Expiry. Points do not expire while the firm is a member. After membership ends, Points remain convertible for 90 days from the end date, after which remaining Points are voided on the Ledger. (Spec 16.4: proposed; the lawyer and founders confirm.) No 24-month expiry.
  7. 7Conversion. Onto the Kivo Card from KP 1,000, in any whole number of Points, at KP 100 = £1, at once, by instruction to the issuer; irreversible once instructed. Airline conversion only when an agreement is signed, at the rate and minimum then published; Kivo quotes no rate before that. No route to American Express Membership Rewards.
  8. 8The Ledger. Append-only; one line per invoice with supplier, date, rate, KP and £ equivalent; corrections by reversing lines; the firm may export it and share a read-only link; retained for 6 years.
  9. 9Rates. Set per supplier within a category band, printed beside the supplier's name; a change applies to invoices dated after the change.
  10. 10Tax. Points are designed as the member firm's trading receipt; the firm accounts for them; Kivo provides the Ledger, not tax advice; a formal opinion is being obtained (spec 16.10) and this clause is rewritten to reflect it. The tax treatment of Points is subject to formal opinion before launch.
  11. 11Errors and misuse. Kivo may reverse Points issued in error or by fraud by writing a reversing line and may suspend conversion while an invoice is investigated.
  12. 12Changes and law. One month's notice; re-acceptance; England and Wales.

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