What does it mean that a direct deposit is required to access the Perpay Credit Card, as issued by Celtic Bank?
A minimum direct deposit from each paycheck to your Perpay account is required to keep your credit card active.
Why does the Perpay Credit Card require a direct deposit from your paycheck?
Direct deposits are sent to your Perpay account each pay day by your employer or payroll provider in accordance with your instructions. With automatic transfers enabled, your simple and stress-free direct deposit can help you pay down your credit card balance consistently and keep your credit utilization low so you can build your credit score!
My direct deposit arrived at Perpay, but I did not have a balance owed on my credit card account. What can I do with my money when this happens?
If your direct deposit is more than any balance owed on your Perpay Credit Card account, your funds will be available in your account balance that you have control over. When funds are in this account, you can do any of the following with those funds:
You can withdraw the funds to a verified bank account at any time
You use the funds to shop on the Perpay Marketplace
You can use the funds to pay down your credit card balance when you next make a purchase on your credit card
How is my total minimum direct deposit calculated for the Perpay Credit Card and Perpay Marketplace?
If you open a Perpay Credit Card a required direct deposit amount must be sent to your Perpay account in order to activate and keep your card open for usage. Payments are effortless and automatic when enrolled in autopay. These payments will be funded by your paycheck and can help build credit.
If you also have a Perpay Marketplace account with an active order, the required direct deposit amount for the Perpay Credit Card is added on to your minimum direct deposit amount for the Perpay Marketplace.
This overall minimum direct deposit amount is the minimum amount you need to keep your credit card active and to stay on track with your Marketplace payment schedule.
You only need to have one direct deposit to Perpay. As long as your direct deposit is set up for your overall minimum amount or higher, you're all set!
How will my payments be applied to my Perpay Credit Card and Perpay Marketplace accounts?
If you have an active Marketplace order and a balance owed on your Perpay Credit Card, your direct deposit will be distributed between the two accounts in accordance with the payment waterfall described below.
First, the minimum direct deposit amount for the credit card is paid
Then, the payment schedule amount for your active Marketplace order is paid
If additional funds are available after completing the above, any remaining credit card balance is paid off
If funds are available after the credit card balance is paid off, then your active Marketplace orders are paid in chronological order (oldest to newest)
If additional funds remain and your credit card balance is $0.00 and your Marketplace orders have been paid, the extra funds will be available in your Perpay account which you can choose to withdraw to a bank account on file at any time.
Marketplace orders are non-recourse. The only consequence of failing to make all agreed Marketplace order payments is potentially losing access to the Marketplace to place future orders.
How much should I pay each month on my Perpay Credit Card?
We recommend paying your credit card balance to $0 whenever possible. If you can’t do so, pay off your entire statement balance so that you do not incur interest charges. If you are unable to pay the statement balance in full, pay off as much as you can to reduce interest incurred.
With the Perpay Credit Card, you can automatically pay down your balance with each payroll direct deposit, so you don't have to worry about making additional payments. If you need to make an additional payment, you can do so at any time through your linked bank account or via check.
How can I make additional payments to my Perpay Credit Card?
You can make additional payments to your Perpay Credit Card from your Perpay dashboard using a linked bank account or via a check at any time.
To make a payment, follow the link here!
Bank payments will be applied to your outstanding credit card balance once they have been initiated, however they can take a few business days to process and show as available credit on your account.
Please know that additional bank or check payments do not satisfy the requirement of receiving the minimum direct deposit in order to keep your Perpay Credit Card in an active status.
Perpay does not have the ability to change or cancel any direct deposit amount sent from your employer or payroll provider. Only you can direct your employer or payroll provider to change or cancel your direct deposit amount sent to your Perpay account.
The Perpay Credit Card is Powered by Deserve Inc. and issued by Celtic Bank.