Due to recent updates in card network policies, CardUp will be adjusting our practices to remain compliant with our payment partners.
Effective 1st November 2024, CardUp will no longer process
1. Any personal or business loan repayments (e.g. mortgage, car loan, education loan etc.) on UnionPay credit cards.
2. Business loan repayments on Visa cards (e.g. car loan)
Updates 18 Oct 2024
In response to the community's feedback, we have reviewed the restrictions on loan repayments with our payment partners. We are happy to share that you can continue paying your personal mortgage and car loan repayments with your Visa cards on CardUp.
We sincerely apologise for any confusion and inconvenience caused. We’d like to assure you that every single decision to date has undergone rigorous assessment and was made in consultation with our payment partners - and we are committed to continuing this.
Q: When is the last date I can process my loan repayments on CardUp?
According to the following timeline,
- Visa cards will only be restricted for business loan repayment on CardUp
- UnionPay cards will be restricted on both personal and business loan repayment on CardUp
If you are setting up a new loan payment on affected cards, the last accepted due date* will be 31st October 2024.
- Set up your loan repayments by 28th October 2024, before 5pm SGT at least 3 business days before the last due date 31st October 2024 to allow processing time
- Or, 30th October 2024, before 5pm SGT with the "next business day" payout option at an additional small fee of 0.3%
If you have existing loan payments on affected cards with a due date on or after 1st November 2024, you must update your payment by 28th October 2024 before 5pm - otherwise, your payment(s) will be auto-cancelled thereafter
*The payment due date refers to the date your payment fund must arrive at the recipient.
Q: What will happen to my existing loan payments?
According to the following timeline,
- Visa cards will only be restricted for business loan repayment on CardUp
- UnionPay cards will be restricted on both personal and business loan repayment on CardUp
Affected loan payments with a due date on or after 1st November 2024 must be updated by 28th October 2024 before 5pm - otherwise, your payment(s) will be auto-cancelled thereafter.
Q: What happens if I miss the deadline to update my payment
According to the following timeline,
1. Visa cards will only be restricted for business loan repayment on CardUp
2. UnionPay cards will be restricted on both personal and business loan repayment on CardUp
The last date to create or edit your affected loan payment is 28th October 2024.
Should you miss the deadline, we will not be able to support your loan repayment on UnionPay.
Q: Can I use a Visa card for my loan repayments?
New update 18 Oct 2024
In response to the community's feedback, we have reviewed the restrictions on loan repayments with our payment partners. We are happy to share that you can continue paying your personal mortgage and car loan repayments* with your Visa cards on CardUp.
We sincerely apologise for any confusion and inconvenience caused. We’d like to assure you that every single decision to date has undergone rigorous assessment and was made in consultation with our payment partners - and we are committed to continuing this. See our ongoing Visa offers here
*For business loan repayments, Visa cards continue to be restricted.
Q: Can I use a Mastercard card for my loan repayments?
Mastercard cards are not affected by this change.
See our ongoing Mastercard offers here
Q: Can I use an AMEX card for my loan repayments?
AMEX cards - no, we cannot process any loan repayment on AMEX cards
Link: (What types of payments are supported on an American Express credit card?).
Q: Will other payment categories be affected by this change?
No, all other payment categories remain unaffected. This change only affects:
- Any personal or business loan repayments (e.g. mortgage, car loan, etc.) on UnionPay credit cards.
- Business loan repayments on Visa cards (e.g. car loan)
Q: How can I cancel or update my scheduled payments?
To cancel or update your scheduled payments, please refer to the detailed guidelines
Q: Who can I contact for more information or assistance?
If you have any questions or need help, please reach us at[email: hello@cardup.co/ phone: +65 3129 2257], our team will always be ready to address your concerns.