Thursday 21 February 2013

Eduxtras partners and the benefits of swiping your card

Eduxtras is Eduloan’s fund management card solution for students, designed specifically to take away the stresses of managing your education bursary.  The Eduxtras card gives you easy access to your funds which are divided into separate pockets to help you budget your funds in the way the fund provider wants. On instruction from your sponsor we can allocate funds to items such as tuition, accommodation, textbooks and even groceries every month - making sure you can budget for all the costs associated with your education.

Your Eduxtras card works just like a debit card. The card was designed especially with the student in mind, making it easy and convenient to manage and budget your bursary funds.  The Eduxtras card has been set up to have different independent pockets which can only be used at suppliers that are set up for each specific pocket (see our full list of partners where you can swipe your card here). 

The pockets are loaded by Eduloan as per instructions from the fund provider (whether it’s a university, bursary, sponsor or company). Additional funds can also be loaded onto the card at the Eduloan helpdesk (only at University of Pretoria) or by transferring funds from your bank account. It takes approximately 72 hours before the funds can be used.
When you make a purchase at a partnering supplier, money will be deducted from your funds and taken out of that specific pocket – without charging you ANY transaction fee!  

The solution provides peace of mind to you and your sponsor - you’ll never be able to use your funds for anything other than what they are meant for – even if temptation at the shopping mall is stalking you! This way you’ll always be able to meet your financial commitments while you’re studying.
Your funds can be split into different pockets.  Each pocket is unique on your Eduxtras card. For example, the pockets can be utilised as follows:
·         Books
·         Food
·         Accommodation
·         Tuition fees

You can only use funds in each pocket for that pocket's purpose. So, if you run out of funds in your food pocket, you cannot use funds from your book pocket to buy food.

Features include:
·         You can check the balance of each pocket on the Eduxtras student portal here
·         You will receive an sms for every amount loaded onto your card
REMEMBER: If you have not used up your funds by the end of the academic year, the funds will be transferred back to your fund provider. This is to ensure that you use the funds allocated to you responsibly and for the right reasons.

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