Boost and CelcomDigi have partnered up to introduce a new prepaid card dubbed the Beyond Card. This product runs on the Mastercard network, meaning that it can be used as a regular card for payments all over the world just like any debit or credit card. The companies call it a two-in-one card as it uses one of two methods when making a payment.
The Beyond Card can either use your Boost wallet balance or PayFlex, its in-house PayLater scheme. Users can set the default payment method but if PayFlex is chosen and you’ve gone beyond your limit when making a payment, your wallet balance will be deducted instead.
The PayFlex limit balance will depend on the credit score of the individual, ranging from RM250 to RM7,500, which will refresh every quarter. Users using this method can choose to repay in 30 days or through three instalments, but this must be set before a payment is made and it cannot be changed afterwards.
As for fees [PDF], overseas transactions will be charged up to 2% while PayFlex transactions are subjected to a Wakalah fee of between RM5 to RM10 as well as a 2.5% profit rate for instalments. Moreover, the PayFlex method can’t be used for gambling or purchasing alcohol as it is Shariah-compliant.
Boost will provide a virtual prepaid card once you’ve signed up for Beyond Card but if you want a physical card, you’ll have to pay an extra RM20. For now, the card can’t be used to withdraw cash from an ATM, but Boost says that it is working on this.
Celcom customers will be able to apply for the Beyond Card from 9 October through the Boost app as long as they have created a Premium Wallet. Oddly enough, Digi customers can’t register for the card yet despite the two telco brands being under the same company, but they will be able to in the future.
(Source: Boost Press Release)
