Relay Key Terms and Features
Let’s define some of the key terms and features to better understand the Relay value proposition.
- Lump Sum. To open a Planned-Spend Account, you will need to provide a “lump sum” - a one-time upfront initial payment. For example, you could open a 3-year, $200/month Planned-Spend Account with a $7,184.29 lump sum.
- Monthly Payout: The funds generated by the Planned-Spend Account and subsequently loaded each month onto a customer’s Relay Card. For example, you could open a 3.200 Planned-Spend Account, and a monthly payout of $200 would be loaded onto your Relay Card each month for three years.
- Plan: The duration of the Planned-Spend Account, in years. We currently offer plans with 3, 4, 5, 6, and 7-year terms.
- Interest rate. The rate earned on the cash balance of a Planned-Spend Account.
- Cash-back earn rate: The cash-back percentage you earn when you spend the monthly payouts loaded onto your Relay Card. Your cash-back earn rate schedule is determined by the specific Planned-Spend Account you choose at enrollment. For example, if you choose a 3-year plan, your cash-back earn rate for the first 12 months will start at 3%. The cash-back earn rate will increase 1% per year for the rest of the plan. So you’ll get a 4% cash-back earn rate for months 13 to 24, and a 5% cash-back earn rate for months 25 to 36 of your 3-year plan. Your specific cash-back rate schedule will be documented and provided to you when you open a Planned-Spend Account.
- Relay Visa® Prepaid Card (“Relay Card”): When you open a Planned-Spend Account, you will also open a Relay Card account. Your Relay Card is what you use to spend your monthly payouts and earn your cash-back rewards. Please refer to the Cardholder Agreement for more information regarding the terms and usage of your Relay Card.