Questions & Answers
CARDHOLDERS: Q&A
Answers:
What is a Africa Fund card?
Africa Fund offers what are known as "stored value" cards. Quite simply, that means that you store money in an account and access it by using your card at a bank machine (ATM) or by using it like a bank debit card to make purchases.
^ Index
Are there different types of cards?
Yes and no. All cards function in basically the same way, but they can be put to a number of different uses. Your employer can use a CardOnePlus card as a more convenient and less costly way to pay you. You can send a card to someone as a gift. You can use a card to transfer money to relatives overseas. Insurance company can use cards to pay claims. In short, the possible uses are virtually endless.
In addition, Africa Fund cards don't all look alike. Some merchants use them as versatile gift cards, placing their own brand on the card.
^ Index
How secure is my money with Africa Fund?
An Africa Fund card is more secure than a bank card. Like a bank card, nobody can get at your cash without your Personal Identification Number (PIN). What's more, unlike a bank card, the maximum risk that you face is the amount of money stored on the card. With a normal bank card, someone who steals both your card and PIN may be able to clean out your entire bank account.
When it comes to the question of security, the term "stored value" may be a little misleading. The money is not actually stored on the card. It is stored on our secure computers and can only be accessed if you provide your PIN when you use your card at an ATM, at a store or on our Web site.
Your PIN is not stored anywhere on your card, not even on the magnetic stripe. The information on the stripe merely identifies you so that our systems can compare the PIN that you enter to the one that is stored in our secure computers. That way, a thief who steals your card cannot learn your PIN even with a magnetic card reader.
Because your PIN is so critical to the security of your card, it is important that you protect it. Be sure that nobody is looking over your shoulder when you enter your PIN. Even if you aren't aware of anyone watching you, it is still a good idea to shield the keys of the ATM or store debit terminal with your other hand when you enter your PIN.
^ Index
How is Africa Fund better than cash?
* There are lots of ways that Africa Fund beats cash. To name just three:
- Africa Fund is more secure than cash. If cash is lost or stolen it is likely gone forever. If your Africa Fund card is lost or stolen it can be replaced. No one can get at your money unless they also have your PIN. (We recommend that you do not write down your PIN or, if you do write it down, never keep it in the same place as your card.).
- An Africa Fund card is a global money and debit card. When you use cash, you usually have to exchange your money for local currency when you travel out of the country, which can be a costly and time-consuming inconvenience. With Africa Fund, you can use your card at any worldwide ATM or merchant debit terminal where you see the INTERAC®, Cirrus® or Maestro® logo. All cash withdrawals and purchases are automatically in the local currency.
- You can safely send a Africa Fund card in the mail. The post office and courier companies tell you not to use their services to send cash. In the past, if you wanted to send money to friends or relatives across the country or overseas the only alternative was expensive wire services. Now, you can easily send a Africa Fund card to them in the mail. It is secure because no one can access the cash on the card unless they also have the PIN. (Never send a card and its PIN at the same time.)
^ Index
Is Africa Fund better than using cheques?
- Cash stored on a Africa Fund card is available immediately. If you send a cheque as a gift or to transfer money to relatives "back home", the recipient's bank usually puts the money on hold for at least a few days, and often a few weeks, until the cheque "clears". The wait can be particularly long when sending money out of the country. With a Africa Fund card, you can tell the recipient the PIN over the phone. Then, as soon as the card arrives, the recipient can use it immediately at an ATM or a store debit terminal.
- Cards can be refilled quickly and easily. When you use cheques to send gifts or transfer money, if you want to send another gift or transfer more cash to the same person, the recipient has to wait for the cheque to arrive and the bank to clear it. With a Africa Fund card you just add more cash to the same card. The recipient then has immediate access to the cash -- the second and subsequent times, they don't even have to wait for the card to arrive.
^ Index
How is Africa Fund better than using a bank card?
- Africa Fund cards can be used in more places. While you can use an ordinary bank card in many ATMs around the world, you often can't use them for merchant debit transactions outside of your home country. You can use a Africa Fund card anywhere that you see the INTERAC®, Cirrus® or Maestro® symbol.
- Africa Fund can be used to send gifts or transfer money. Since an ordinary bank card and PIN gives the holder access to your full bank account, they are not a good way to send a gift or transfer money to others. A Africa Fund card gives a recipient access to only as much money as you add to the card -- not your whole bank account.
- Africa Fund cards are more secure. Because a Africa Fund card is not tied to your bank account, in the very worst case, if someone steals both your card and PIN, the most that the thief can get is the money that remains on your card. With a bank card, they may be able to drain your entire account.
^ Index
Where can I get a card?
You can purchase a card online by clicking here.
^ Index
Where can I use my card?
You can use your card anywhere that you see the INTERAC®, Cirrus® or Maestro® logos, which includes most ATMs and merchant debit terminals worldwide.
^ Index
Can I use my card to pay bills?
Usually, but it depends on the issuer of the bill. If you can pay your bill electronically from a bank account or pay it with a debit or credit card then you can usually use your Africa Fund card to pay the bill, as long as there is enough money stored on the card.
^ Index
Can I use my Africa Fund card like a credit card to buy things before I add money to the card?
No. A Africa Fund card is what is known as a "stored value" card. This means that you must first add money to the card and then spend or withdraw that money from it. You cannot use the card to spend or withdraw more than the amount of money that is stored on it.
^ Index
Do I need a good credit record to get a card?
No. Since you cannot spend or withdraw more money than you have added to the card, the card issuer does not assume any risk and, therefore, is not concerned with your credit rating.
There is one exception. Companies that make small loans may use a Africa Fund card as a more secure and convenient way to provide you with cash. In this case, a credit check may be required, but it is a credit check for the loan, not the card.
^ Index
How do I add money to my card?
You can transfer money to your card over the Internet or at your bank. Please see the procedures section for more information on how to do this.
Merchants that accept debit cards also have the ability to transfer money into your card, but it is the merchant's choice whether to offer this service.
 Card loading
^ Index
Can I transfer money from my Africa Fund card to my bank account?
Yes.
^ Index
Is my money protected if my card is lost or stolen?
Yes. Nobody can get at your money without your PIN. If your card is lost or stolen, it can be replaced once we verify that you are the authorized cardholder.
^ Index
If I give a Africa Fund card as a gift, can the recipient replace the card if it is lost or stolen card or do I have to do that?
Yes. The cardholder is a known account holder because the card is in their name. Cardholders can simply contact Africa Fund directly and we'll replace the card as soon as possible.
^ Index
Can I still get at my money if I forget my Personal Identification Number (PIN)?
Not right away. To ensure that your money is safe, you need both your card and your PIN to get at your money. However, if you forget your PIN, call us.
We will ask some pre-arranged security questions that only you should be able to answer. Once you prove that you are the authorized cardholder, you will be able to assign a new PIN to your card.
^ Index
Will I still be able to return and get a refund for things I buy with my Africa Fund card?
Using a Africa Fund card to pay for your purchase does not alter the store's refund policy. If the store normally allows refunds on returned merchandise then they will provide a refund on something purchased with your card. If you return merchandise, it is up to the merchant whether to issue a cash refund or to transfer the money back onto your card.
^ Index
I want to use a Africa Fund card to transfer money to relatives in another Country. Can I have a 2nd account, send the card to my relatives and simply transfer from card to card?
Yes. Simply order two individual cards. One card for each person. Then simply execute card to card transfers.
^ Index
Is it less expensive to transfer money from card to card than using a traditional wire transfer service?
Quite simply. Yes. Check with your Merchant for a current list of transaction fees.
^ Index
Are there any transaction fees?
Yes. Please ask your Merchant for a current list of transaction fees.
^ Index
Can I get foreign currency cards or put multiple currencies on one card?
Yes. Your Africa Fund account can hold funds in U.S. dollars or Canadian dollars. Choose the currency that best suits your needs to minimize currency exchange fees.
^ Index
How is the currency exchange rate calculated when the card is used outside of my country?
Foreign banks and merchants usually send us withdrawals and purchase debits in their local currency. If that is different than the currency which you have chosen for your account we will apply a competitive exchange rate to convert it to your card's currency.
^ Index
Can I find out how much money is in my CardOne account? Or do I have to keep track of that myself?
You can see your card's balance, along with any transactions applied to your card, on the secure Africa Fund Web site.
^ Index
I'm looking at this on a friend's computer and I don't have one of my own. Do I need a computer to use a Africa Fund card?
No. You don't need your own computer to have a Africa Fund card. You can use the card just like any other bank debit card. You can use any computer equipped with a current web browser and internet connectivity to monitor your card activity.
^ Index
How much does it cost to get a Africa Fund card?
Usually there is a fee associated with the card, but, depending on the purpose of the card, the issuer may decide to absorb that cost as part of its service. For example, an employer that uses Africa Fund cards to pay its employees may cover the cost of the cards rather than passing the cost along to its employees.
^ Index
Are there any limits to how much money I can store on my card?
There are no limits to how much money you can keep in your Africa Fund account. But you are limited to how much you can withdraw. These limits are set by each the Bank or ATM you use, not by Africa Fund.
^ Index
Are there any limits to how much I can purchase with my card or withdraw from my card account in a single transaction?
There are no limits to how much you may purchase at POS. As long as the funds are in the account you can spend the money at any time.
^ Index
Is there someone who I can talk to if I am having a problem?
Yes. You can always call us at XXXXXX. (Our toll free number will be available soon) or email us at
info@africafundltd.com
^ Index
Can I get help at night and on weekends?
Yes. Help is available 24 hours a day, 365 days a year.
^ Index
Why should I trust Africa Fund?
The security of your money is of utmost importance at Africa Fund. We take great care to protect it, such as using the highest publicly available level of security on our Web site.
^ Index
I used a Africa Fund card to transfer money to relatives back home. When I want to send more money to them, can I add money to the same card or do I have to get a new card?
Yes. You can simply add more money to the same card. They will then have instant access to the cash.
^ Index
 back to previous page
 top
|
