Question: Is there a cost for using Payd?
Answer: There is no upfront fee for Students to use Payd, however in lieu of a monthly fee, we keep 20% of the cashback you earn in a given month, up to $3.
For supporters, Payd costs $3 per month and is charged monthly to your enrolled card. It can also be funded through rewards you earn in the cash back program.
For employees of Payd partner companies, Payd is totally free and you keep all your cashback. Your company has partnered with us to give you access to our program to provide added value to your work experience. They want you to succeed as much as we do. If your company isn’t our partner yet they can connect with us by emailing info@paydapp.ca.
Question: Why do I need to add a payment card to use Payd?
Answer: The Payd program uses the data from your purchases to calculate rewards on offers you are eligible for and to calculate your round-ups.
Question: Can I use Payd if I’m not a student?
Answer: Yes. Payd is all about helping people save towards their goals. While our focus is on helping students put money aside for their loans and other post-graduation goals, we also here for parents and family members to help the children in their lives or to save towards their future education-related ambitions.
Question: Can I use my savings to do more than pay off a student loan?
Answer: Of course! Not everyone has student debt, but they do have some financial goals they want to achieve. Payd helps you to save little bits of money from your everyday expenses, just like a smart piggy bank. You can put your savings towards the down payment for a trip or purchase, or to generally help you get a jump start on life after school. It’s your money, so you have control over its usage.
Question: Do I have to create an investment account to use Payd?
Answer: Creating an investment account is optional when you are only using Cashback Rewards. To use the Round-up feature of Payd, you will need to set up or link an investment account with an associated pre-authorized debit account. This will accelerate your savings and ensure you are growing your savings faster. We partner with industry leading managed wealth portfolios to help you with your savings goals.
Question: Where does the money for my round ups come from?
Answer: Round ups come from a linked savings or checking account that is pre-authorized by you when you set up an investment account. Payd provides the roundup calculations, and then sends the instructions to the investment manager so they can move the money from your linked account to your investment account. This happens at the end of each month. You can always set what the maximum withdrawal can be and how much you would like to roundup as well – you are in full control of the program.
