How can I make a repayment to settle my Reap Card statement bill?
Why do I need to make a repayment every month?
The Reap Card is a secured credit card, which means that your credit limit is determined by a collateral. The card then functions the same as a regular credit card, where each month you receive a statement of the outstanding balance you need to repay. Please note that if you do not repay your outstanding bill within 20 days, late fees and interests will apply (refer to the Reap Card fees and pricing here).
How do I make the repayments?
To repay your Reap Card's monthly balance, you have two options:
send fiat to a dedicated Reap bank account,
or repay using your Reap Card collateral in stablecoins (1.2% fee will apply)
Option 1: Repay by making fiat transfer
If you opt to send fiat to settle your monthly Reap Card statement bill, you can repay us through bank auto-pay or by sending a transfer.
⚠️⚠️ To avoid delays, please ensure that the bank account holder is the same as your registered entity in Reap. Reap reserves the right to reject repayments made from unapproved sources. Please note that we strictly do not support third-party repayment.
Read the following articles to know more:
Option 2: Repay using your Reap Card collateral in stablecoins
⚠️⚠️ A 1.2% repayment fee is applied when using your Card stablecoin collateral as a repayment method (refer to the Reap Card fees and pricing here)
If you choose to settle your monthly Reap Card bills with stablecoins, you can repay through withdrawing funds from your card collateral.
⚠️⚠️ Please note that withdrawing your collateral to make a repayment will decrease your company's spending power (credit limit) and may impact your existing cards, as some may have a capped credit limit. We recommend adding funds to your collateral by sending funds to the dedicated address before initiating a repayment with a collateral transaction.