Neat Visa cards are created to allow Business admins to stay in control of the business spending. Monthly spending limits - the maximum amount that can be spent each month on the card - can be set up and modified at any time in the Cards page of the Neat Business Dashboard.
When a Business admin creates a Neat Visa card invitation, they will set an amount as the monthly spending limit for the card. The maximum amount is the available balance from the Neat Wallet.
Once a monthly spending limit has been set, the equivalent amount of funds from the Neat Wallet will be set aside for card repayments only. This will be reflected in the available balance of the Neat Wallet.
On the 1st of each month, the monthly spending limit will automatically be reset and the equivalent funds will be set aside for card repayments only.
A card’s monthly spending limit is $10,000, and $8,000 is spent in the first month.
The card’s remaining spending limit is $2,000.
On the first of the following month, $8,000 will be set aside from the Neat wallet to reset the monthly spending limit of $10,000.
Increasing or decreasing your spending limits
Monthly spending limits can be modified at any time from the Cards page in the Neat Business Dashboard. If the limit decreases, funds previously reserved for the card will be released to the Neat Wallet. A transaction record will appear under the Collections tab as ‘Decrease in Monthly Spending Limit'. Similarly, if the limit increases, additional funds will be set aside from the Neat Wallet and a transaction record of 'Increase in Monthly Spending Limit’ will appear in the Neat Dashboard. Any changes will be effective in real-time.
(The Neat Visa card is only available for Hong Kong customers)