How the nsfas mastercard works for the nsfas allowance

NSFAS (National Student Financial Aid Scheme) provides a Mastercard to eligible students to access their NSFAS allowance. Here's how it works:

Eligibility: Students who receive NSFAS funding are eligible for the NSFAS Mastercard.

Card activation: Once a student is approved for NSFAS funding, they will receive a notification to activate their Mastercard. The student must activate the card online or by contacting the NSFAS call center.

Card usage: The NSFAS Mastercard can be used to access the student's NSFAS allowance at participating merchants, such as:

  1. Cash withdrawals at ATMs
  2. Purchases at participating retailers, such as supermarkets, pharmacies, and clothing stores
  3. Online transactions, such as buying books or other study materials online

Card limits: The NSFAS Mastercard has a daily limit, which is set by NSFAS. The daily limit is typically R1,500 (approximately $100 USD).

Card fees: NSFAS Mastercard holders may be charged fees for certain transactions, such as:

  1. Cash withdrawal fees at ATMs
  2. Foreign transaction fees for international transactions
  3. Late payment fees for missed payments

Card security: To ensure the security of the NSFAS Mastercard, students are required to:

  1. Keep their card and PIN secure
  2. Report any lost or stolen cards to NSFAS immediately
  3. Monitor their account activity regularly to detect any suspicious transactions

Card benefits: The NSFAS Mastercard offers several benefits, including:

  1. Convenience: Students can access their NSFAS allowance easily and conveniently at participating merchants.
  2. Flexibility: Students can use their card to make purchases online or in-store, or to withdraw cash at ATMs.
  3. Security: The card provides an additional layer of security for students' NSFAS allowance.

Card management: Students can manage their NSFAS Mastercard online or by contacting the NSFAS call center. They can:

  1. Check their account balance
  2. View their transaction history
  3. Report any issues or concerns with their card

Overall, the NSFAS Mastercard provides a convenient and secure way for students to access their NSFAS allowance and manage their finances while studying.