Blog Getting started MyConstant Debit Card: Giving You More Ways to Spend and Invest

MyConstant Debit Card: Giving You More Ways to Spend and Invest

date October 21, 2021 time 4 min read 1429 views

We never stand still in our pursuit of making fintech easier for you to use. In the last three years alone, we’ve made enormous strides with our investment and borrowing products. We’ve helped you realize your dreams and achieve your financial goals. 

And now, we’re introducing a new way to spend your money online through the MyConstant platform, complete with your own debit card.

We’ve joined forces with leading card provider Apto to give you more ability to spend and invest with MyConstant. In short, it allows you to take advantage of our 4% APY interest, while being able to make purchases worth up to $5,000 a day. 

In this blog, we’re going to show you how it works, what you need to do to set it up, and finally, how to make the most of it.

Introducing the MyConstant Debit Card

Trevor shows you how to get your MyConstant debit card.

First of all, let’s go through what you need to do to get started with your virtual card – in three easy steps:

  1. Register your card by reconfirming your KYC info and your US cell phone number. 
  2. Deposit funds onto the card.
  3. Start spending wherever you want!

You can deposit money onto the card from your instant-access funds – up to $5,000 with no minimum.

*Please note: right now, the most convenient way to get money onto your card is by using Apple, Samsung pay, Venmo or PayPal. Enter your account and routing number to link the card.

If you’d like to deposit money onto your debit card from Venmo, simply follow these steps:

  1. Enter or edit the amount you would like to transfer to your bank.
  2. Tap Instant (for a small fee) or 1 to 3 business days (for no fee), and select your preferred bank account or debit card.
  3. Confirm your transfer details, and tap the green “Transfer” button.

If you’d like to deposit money onto your debit card from PayPal, eligible cards will be found in the Instant section of your money transfer page. 

Here’s what your virtual debit card looks like on MyConstant (Source: MyConstant)

There’s a couple of things we need to point out. Once your money is on the card, it will not be earning any interest. You will only earn 4% APY in our Instant Access account. However, the transfer is instant, so you can make your purchases within minutes.

Maximum transfers per dayUp to 10 transfers per day
Maximum amount that can be transferred per day$5,000 – with no minimum
Maximum purchase value$5,000 per purchase
Maximum purchases per dayUp to 15 per day
Maximum withdrawal amount at ATMs$500
Maximum number of ATM withdrawals per dayUp to 10 per day

Why use the MyConstant Debit Card?

The three selling points are flexibility, privacy, and security. 

Say, for example, if you wanted to make a surprise purchase for your loved one and you don’t want to use your joint account, then you can use MyConstant so the charge won’t show up on your joint statements.

Another key benefit of the card is the security element. If you come across a site and you want to make a purchase, but not 100% confident about their ability to handle data, then you can put the exact amount of money you need on the card. It means that you can make your purchase without having to hand over key details of your main bank account, with all your money on it. 

It should also be noted that if you make a purchase and go a bit over, you have a credit line of up to $2,000. This credit is 30% of your total fixed-term investments. You then can repay the credit at 0% APR for 30-days. After the 30-days, 12% APR is applied—as with other credit cards. 

Any money on the card is also insured by FDIC through Apto up to $250,000. This makes your card even more secure, knowing that even in the worst case scenario, you will be covered.

And the third benefit is probably the best. Most current accounts have less than 1% interest, so in reality, you could be losing money once you factor in inflation. With MyConstant’s Instant Access account, you can earn 4% APY right up until you are ready to make your purchase. An added bonus is that your card will be accepted by over 40 million merchants worldwide

There’s no need for ACH transfers, you can deposit the money into your new card from your account straight away and make your purchase.

How to Make the Most of MyConstant’s Financial Services

As we look to provide you with more ways to invest and spend your money with us, we want to make sure you never miss out on growing your finances and achieving your goals.

We have several investment products, each with their own features. To use the debit card, you will need to use the Instant Access account, which enables you to transfer the funds as soon as you need it. In our other accounts, such as our Lend USD accounts, you will need to wait until your fixed term ends.

By leaving your funds in our Instant Access account, you will be earning almost 10 times as much interest as you would normally do with a major bank. And, though we would always recommend you to pay back any credit on time, we charge 12% APR on late payments – almost 4% less than major US banks.

Join the Fintech Revolution with MyConstant

We want to make financial services accessible to all, and this is just one step in our journey. By taking advantage of our new debit card, you can bypass the banks and have the freedom to start compound interest investments and spend as you please, with your privacy and security assured.

And what’s more, you will earn far more interest than other major US banks in the process. 

Join our fintech revolution today!

Please note: CONST LLC (hereafter referred to as “we”, “us”, or “Company”) is not a bank or deposit account, nor is it a regulated financial institution. No interest will be paid on any funds or other assets held in your MyConstant account and all assets directly held by us are not insured by us or, except as set forth below, any third party or any government agency.

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George Schooling

George Schooling

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