Smart Charge Cards (alpha)

A Smart Charge Card is a particular type of credit card that has no preset credit limit and the balance on the card has to be paid in full on the due date. The cardholder does not pay interest on the balance (when paid on time), but may pay an annual fee and will pay a fee for late payments.

Smart Cards can be of the following types:

  • Consumer or Commerical
  • Secured or Unsecured

Consumer Secured Smart Cards

The first Synctera Smart Charge Card offering is a secured charge card. Unlike a traditional charge card, this product does not require the customer to have a long, rich credit history. Each customer will have two accounts:

  • A Charge card account
  • A Linked Deposit Account

The charge card’s available credit is based on the good funds available in the linked security account. As the customer makes purchases on the charge card, the available funds in the linked security account decrease, as does the card’s spending power. For more details on how consumer smart card work, please visit Synctera learning center.

Configurations for Issuing Secured SmartCards:

Your organization has to be given specific privileges to be able to issue SmartCards. Please reach out to your contact at Synctera for more details.

Once you have been property configured on the sandbox, please follow the steps to issue a consumer-secured SmartCard.

  1. Person - as a precursor, the person set-up has to be completed (Person API spec), including passing the KYC/KYB process via KYC Verification API Overview
  2. Linked Deposit Account - the Secure SmartCard account has to be secured by a checking/savings account. Funds in this account act as a security for the SmartCard. To create the Linked Deposit account see details here
  3. Secure SmartCard Account - the secure SmartCard account is the charge card account. It defines the available credit, statement balances, payment terms, and it encapsulates the transactions conducted by the cardholder. To create the Secure SmartCard account see details here
  4. Issuing Cards: Once you have set up these accounts, you are ready to issue physical and virtual Mastercard or Visa Smartarge Charge cards to your customers. To issue cards, see details here