Cuvva doesn’t currently allow the use of third-party cards in any circumstance.
A third party card: any payment method that does not belong to you and is not in your name ie. a friend or family member’s card.
So why don’t we currently allow customers to use them, even when they know the person?
Mainly, because it carries a risk of chargebacks. Chargebacks are when someone sees ‘Cuvva’ on their bank statement and subsequently gets in contact with their bank to dispute the payment.
Some situations where this might happen:
– A friend lends you their card to purchase a policy but forget about it when they check their bank balance.
– You use a friend/family member’s card to purchase a policy. The next time you use Cuvva, you forget it’s their card on your account and purchase another policy without adding a card of your own.
Once we are informed of these disputes, we immediately place a block on the user’s account on which the chargebacks were received, thus preventing them from purchasing further policies until the issue is resolved. Due to how some bank systems work, this can be a number of weeks.
Most importantly, there are some people who use third-party card without the card holder’s permission – these are the people who we want to prevent. We have a handy fraud system in place to catch these people out, although there is still the occasional misuser who slips through the net.
We do completely understand that sometimes you might need to use a friend or family member’s card, especially as a younger user of our services. However, as is the nature of insurance companies, we have to be extra careful that we catch the genuine rule-breakers on our app who are using cards that they really shouldn’t be. We are working very hard to build a smooth and painless process that would allow our users to use a friend or family member’s card and show that they have permission. We’re not quite sure how that will work yet exactly, but hope to roll it out within the next year. In the meantime, we will maintain our strict policy stating the use of third-party cards is prohibited.