Overview
This article contains frequently asked questions and answers about our Fuego PFM (personal financial management) tools. The PFM solution is designed to provide a proactive and supportive function that allows you to set financial goals and track your expenditure so you can be equipped with information to make good financial decisions.
What is a Financial Goal?
The option to create a Financial Goal is available to all Fuego Visa® Card holders. Creating a Financial Goal will allow you to transfer funds to and from your Fuego Card account to work towards any targets you are saving for. You can set a goal date and amount and we will show you your progress towards reaching your goal.
What happens when I reach my Goal?
We congratulate you! But otherwise, nothing! You can carry on adding funds to your goal or move the money back to your Fuego Card account as needed. You can update the goal amount and target date at any time or if you would like, Remove the Goal. In order to Remove the Goal the balance of the Financial Goal Account must be $0.
Will money in my Goal be used to make purchases if my Fuego Card balance is too low?
No, the standard behavior is the transaction will be declined. However, we reserve the right to offset any negative balance in your Card Account by any current or future funds you may direct to your Financial Goal.
Are the funds in my Financial Goal eligible for any interest?
You will not receive interest or other earnings on funds in your Financial Goal Account.
How does the Financial Goal impact my maximum balance?
The maximum balance set out in your Cardholder Agreement is inclusive of any funds that are in the Financial Goal.
How do I see the balance on my Financial Goal?
You can look at the balance on your Financial Goal at any time by logging into the Fuego App1 and selecting the 'Financial Goal' tab from your dashboard. By clicking onto the goal you will also be able to see any Activity related to the goal such as transfers in, transfers out or any Round Up transactions.
Can I set up automatic transfers to my Financial Goal?
Not yet, but soon. We will be enabling the ability for you to set up a % or amount from your pay to automatically be transferred to your Financial Goal on a date of your choosing.
What happens to my Financial Goal balance if I close my Fuego Card account?
If there are any funds in your Financial Goal account when you request to close your Fuego Card account, these will be transferred to your Fuego Card account and paid out to you by check in line with the Fuego Cardholder Agreement.
What is Round Up?
Round Up is a setting within the Financial Goal itself. If you choose to turn this on, any purchases made using the Fuego Card account will be rounded up to the nearest dollar and the value of the round up will be transferred to your Financial Goal. You can turn this feature on or off at any time.
When does the Round Up take place?
The Round Up takes place at the time of transaction settlement and not transaction purchase. You will see transactions that are pending in your Transaction data of your Fuego Card.
What happens with Round Up if my transaction is declined?
If your transaction is declined during the settlement process the Round Up value from the transaction will not be transferred to your Financial Goal. You have the ability to move funds out of your Financial Goal and back to your Fuego Card account at any time.
Are there any terms and conditions for Financial Goal or Round Up?
Yes, there are! These can be viewed in your Fuego Cardholder Agreement in the Statements & Documents section of the Fuego App or on our website here.
What is Spending?
The Spending tab is enabled for anyone with an open Fuego Card account. There are 14 pre-determined categories that the activity on your Fuego Card account will be split into. All completed and pending transactions will be shown against the appropriate category.
How do I see the breakdown of the Spending Category?
You can click on any of the Spending Categories that are shown on the Spending tab. From there we will give you an average spend over the last three months, advise if you are spending more or less than the same date the previous month and show you the last 12 months of spend as well as the individual transactions that make up the category spend value.
Can I change the Spending Category of a transaction?
You can! From the Spending tab you can click on any category and drill down to each Transaction. You can then choose to change that transaction to a different category. Right now, you can only do this for that specific transaction. In the future we will give you the option to change the category for all future transactions for that Merchant or seller.
Are there new features to come?
Absolutely! We are building out the ability for you to create a monthly budget or a budget against a particular spend category. We will help track your spend against your set budget so you can monitor this easily.
1 Standard data rates may apply
The Fuego Visa Card is issued by Central Bank of Kansas City, Member FDIC, pursuant to a license from Visa U.S.A., Inc. and may be used everywhere Visa debit cards are accepted. Certain fees, terms, and conditions are associated with the approval, maintenance, and use of the Card. You should consult your Cardholder Agreement and the Fee Schedule at www.getfuego.com/legal. If you have any questions regarding the Card or such fees, terms, and conditions, you can contact us toll-free 24/7/365 at 1-855-715-8518.
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