AccessPay currently offers a VISA Salary Packaging card option – a “pre-paid” VISA issued by our banking partner, the NAB, that allows participants to spend up to an amount, determined by them (within employer policies), and already funded to the card, meaning the Salary Packaging Card functions like a Debit Card. There are some restrictions on use of the Card, all of which relate to compliance with the relevant taxation legislation (eg no cash withdrawals, only salary packaged funds can be credited to Card).
Some recent changes to the Reserve Bank requirements in relation to prepaid ‘gift cards’, which includes salary packaging cards, resulted in some significant changes to the existing salary packaging card framework. Essentially there is a new framework that applies after 30 June 2017 and this has resulted in some current card providers exiting the industry.
As a consequence, AccessPay has taken the opportunity to tender the provision of our salary packaging card. Based on the tender evaluation process, at this stage we can observe that the new offer will have significant additional benefits to those currently available, including one card to transact both the Living Expense threshold and Entertainment Benefits threshold, a simplified application process, along with additional benefits to the Everyday Savings Program.
All current cardholders will be contacted individually, as each card will be required to transition to the new framework prior to 30 June 2017. AccessPay will provide further detail regarding this change as soon as it becomes available.