Product Disclosure Statement

1. About this Product Disclosure Statement

This document forms the Product Disclosure Statement (“PDS”) for your Prospa Business Account and Prospa Card (the “Card and Account”). The PDS contains essential information, including the fees and other costs that apply to the Card.

This PDS is issued by Hay Limited ACN 629 037 403 Australian Financial Services Licence (AFSL) No.515459 (“Hay”) as a requirement under the Corporations Act 2001. This PDS is an important document designed to assist you in deciding whether to acquire the financial product to which it relates – the Card and Account. You should read this PDS in full before using your Card and Account.

Your contract with us for the Card and Account is comprised of this PDS document incorporating the Terms and Conditions, which contains essential information regarding your Card and Account. The product(s) are governed by the Terms and Conditions which are available in the Prospa App and Prospa’s Privacy Policy which is available at

You should also read through the Financial Services Guide (FSG) and Target Market Determination (TMD) you were provided with when you applied for the Card and your Business Account as together with this PDS these form Hay Limited’s agreement with you for use of these products. You can find the TMD here. You can find the Financial Services Guide (FSG) here.

The information in this PDS does not consider your individual objectives, financial situation or needs. Any advice in this PDS is general advice only. You should consider the appropriateness of any general advice to your circumstances before acting on it.

2. Important information

This PDS has been prepared by Hay. Hay is the issuer of the Prospa Card and Prospa Business Account.

The information contained in this PDS does not take into account your individual objectives, financial situation or needs. Nothing is intended to constitute investment, legal, tax, accounting or other professional advice and you should seek professional advice on whether the Hay Issued Card and Hay Issued Account are appropriate for your particular circumstances.

The PDS has not been lodged with the Australian Securities and Investments Commission (ASIC) and does not need to be lodged with ASIC. ASIC takes no responsibility for the contents of the PDS.

The PDS may only be used by people who receive it in Australia. The information in this PDS does not constitute an offer in any country other than Australia. The distribution of this PDS in countries outside Australia is limited and may be restricted by law. People who come into possession of this PDS who are not in Australia should seek advice on any such restrictions that apply.

The information in this PDS is subject to change and is up to date at the date of this PDS. Where new information is materially adverse, we will issue a new PDS or supplementary PDS. However, where the information is not materially adverse, we will not issue a new PDS or supplementary PDS, but you will be able to find the updated information on Prospa’s website at

Changes to the PDS

The information in this PDS is subject to change from time to time and is correct and current as at the date stated on the front cover.

Information regarding your Card may need to be updated from time to time. Any updated information that is not considered to be materially adverse to Cardholders will be made available on the Website. Any updated information that may be materially adverse to Cardholders will be included in a replacement or supplementary PDS.

The Card is not a credit or charge card, and the Card Stored Value does not earn interest. Your balance is not a bank deposit.

3. Parties involved in the distribution of the Card

Hay limited ABN 34 629 037 403 (“Hay”), is the holder of Australian Financial Services Licence (AFSL) No. 515459. Hay is a principle member of Visa Inc. Under its AFSL, Hay is authorised to provide financial products and or services including the issuing of non-cash payment facilities such as the Card and the Account. When providing financial products and or services to the customer, Hay acts on its own behalf.

Hay, as the Issuer and Prospa Advance Pty Ltd ABN 47 154 775 667 (Prospa) have entered into an agreement for Prospa to distribute and provide factual product advice on behalf of Hay with regard to the issued non-cash payment financial products.

Other than assisting with factual product information and customer service support, Prospa is not authorised to advise the customers in relation to financial products and or services issued by Hay.

Prospa can be contacted via:


4. Card Issuer

The Issuer of the Card is Hay and if you hold an approved Card and Account, you will have a contract with Hay Limited. For customer service and account queries please contact Prospa using the details provided in section 3 above.


5. Roles of the Card Distributor and Issuer

Prospa is responsible for the distribution and provision of factual product information about the Card and Account as issued and approved by Hay, Prospa is also authorised to provide customer service support.

The Available Balance on your Card is held in a client segregated monies account maintained at an Australian Authorised Deposit holding Institution (ADI). Hay is responsible for the settlement of transactions using the Card. Hay holds the Available Balance on trust for you, in accordance with this PDS and the Terms and Conditions and you acknowledge that the Available Balance can be used to meet our settlement obligations in respect of your transactions and to provide security for our settlement obligations.

Neither Prospa nor anyone else acting on its behalf, has the authority on behalf of Hay to:

  • tell you anything about the Card that is inconsistent with the information in this PDS.
  • give you personal financial product advice (i.e., financial product advice that has considered one or more of your objectives, financial situation and needs) about the Card; and
  • do anything else on Hay’s behalf, other than marketing, arranging for the issue of and providing customer services for the Card.

6. Who is Eligible for the Card?

To be eligible for the Card you must be:

  • 18 years of age or older;
  • an Australian resident; and
  • an approved applicant for Prospa.

7. About the Prospa Card/Account issued by Hay

  • The Prospa Card and Prospa Business Account are financial products that are regulated by the Corporations Act 2001 (Cth).
  • You can obtain a Prospa Account and Prospa Card via Prospa.
  • You can load (and reload) value to the Prospa Account and Prospa Card by transfer from an account held with another financial institution.
  • The Card is linked to your Account.
  • Once you have loaded value to your Card, you can use it anywhere in the world (where Visa Debit cards are accepted) to access your Available Balance and make payments.
  • You can use the Prospa Card to withdraw cash at ATMs (subject to daily limits).
  • Your Hay Issued Account is linked to your Prospa Card. You can make Pay Anyone transactions from your Prospa Account via the Prospa App.
  • You can only access the value you have loaded to your Prospa Card. The Prospa Card is not a credit or charge card.
  • Your Prospa Account is not a bank account, and no interest will be payable.

8. Significant Benefits to the Prospa Card/Account Holders

The significant benefits of the Prospa Card are:

  • it reduces the need to carry cash and is a convenient way to make payments at merchants who accept Visa Debit;
  • it is reloadable, you can add extra funds to it as many times as you like (subject to daily limits);
  • you can only access the value that you have loaded which helps you control spending;
  • your Prospa Card can be used on the internet or telephone to make payments;
  • your Prospa Card can be used to withdraw cash at ATMs (subject to daily limits);
  • Prospa does not charge customers currency conversion fees apply (although other financial institutions involved in the conversion may do so);
  • Prospa do not charge customers a fee for using an ATM while overseas where you withdraw up to $500 in a calendar month. Where you withdraw more than $500 in a month, a fee of 1.5% of the withdrawal amount (in excess of the $500) applies.
  • ATM operator fees may apply.
  • if your Prospa Card is lost or stolen you can immediately freeze your account through the Prospa app
  • you can cancel the Prospa Card within the Prospa app.

Significant benefits of the Prospa Account are:

  • you can see detailed information about merchants you purchase goods from;
  • you can make payments from and receive payments to your Prospa Account instantly in the same way you do a bank account (even though the Prospa Account is not a bank account);
  • you can easily search all transactions via amount, date, merchant name and location;
  • you can track monthly spending via categories and merchants;
  • you can track travel spending per country or trip automatically with travel mode;
  • you can easily see foreign exchange values of your held funds in $AUD to local international currency;
  • you receive the Visa exchange rate at the interbank rate at the time of settlement (no margin, spread or fees charged by Prospa or Hay Limited as the issuer ).

9. Significant Risks of the Prospa Card and Account

The significant risks of the Prospa Card/Account are:

  • unauthorised transactions could happen if your Prospa Card is lost or stolen, if your PIN is revealed to an unauthorised person, as a result of fraud, or if you breach the terms and conditions of the Prospa Card and Account, Issued by Hay outlined in this PDS or the Prospa Card/Account terms and conditions;
  • you might not be able to get your money back if unauthorised transactions or mistaken transactions occur. The more you load to your Prospa Account the more you could lose due to an unauthorised transaction;
  • due to equipment errors, malfunctions or equipment being used incorrectly, the same transaction may be processed more than once, or transactions may not be processed at all;
  • merchants and ATM operators (domestic and international) may charge fees for using the Prospa Card at their facilities and these fees may increase;
  • if the network enabling the use of a Prospa Card or Account Issued by Hay is unavailable, you may not be able to perform transactions or get information using the Prospa Card;
  • merchants may, at their discretion, refuse to accept the Hay Issued Card as a method of payment. You should always check with the merchant that it will accept the Hay Issued Card before purchasing any goods or services;
  • you will not earn interest on any available balance that is stored on your Prospa Card or Account;
  • the Financial Claims Scheme (see does not apply in relation to your Hay Issued Card or your available balance. If Hay fails, any available balance held on your Hay Issued Card will not be protected by the FCS, and you may lose all or part of your available balance. The risks associated with the Hay Issued Card may therefore be increased when you load large amounts of money onto the Hay Card; and
  • as Prospa has not considered your individual circumstances or needs for the Prospa card or Account and you should get your own independent tax advice on the impact that the Prospa Card or Prospa Account may have on your personal tax liability.


10. Fees

The fees that apply for the issue and use of the Prospa Card are as follows:

Transaction Fees
Account opening $0
Account keeping $0
Overdrawn $0
Direct Debit Dishonour $0
Domestic ATM withdrawal $0 at all major bank ATM’s
International ATM withdrawal $500 per month fee-free limit. 1.5% above limit
Domestic Transaction $0
International transaction 0%
Card replacement $0
Transaction disputes
Card payments $0
Non-card payments and transfers up to $20



There are default limits that apply to the Prospa Card and Prospa Account for:

$500,000 Maximum value you can store in your account at any one time
-$50,000 (if eligible) Minimum balance (i.e. maximum overdraft limit)
$250,000 Maximum deposits per day
$2,000 Maximum ATM cash out per day
$50,000 Maximum transfer limit per day (BPAY)
$50,000 Maximum transfer limit per day (DE/NPP)
$25,000 Maximum card spend per day
$25,000 Maximum card spend per day (individual transaction)
Available balance Total daily transaction limit


At any time, we can adjust the limits to protect your interests or ours and we will let you know if this happens. You can find the actual limits that apply to your Prospa Card and Prospa Account within the Prospa App or Portal. Please check the Limits section in the App so you know what limits apply to your use of the Card.


 11. Cooling off rights

There are no cooling-off rights attached to the Prospa Card or Account. However, you may cancel the Hay Issued Card or close your Hay Issued Account at any time.


12. Problems or Disputes

When you provide feedback to us, we have the opportunity to improve our services to you. If you have a query about the Card, you should initially direct the query to Prospa.

Prospa can be contacted via:

Prospa will commit to taking the following steps:

  • keep a record of your complaint.
  • acknowledge your complaint within 1 business day;
  • do our best to give you our final response within 30 calendar days; and
  • if we can’t complete our investigation within 30 calendar days, we’ll let you know why.

Once your complaint is resolved, we will check with you to make sure you are satisfied with how your complaint was handled.

Where your Card is used for Unauthorised Transactions, we will seek to reverse the transaction if we can under the Visa Scheme Rules. Your ability to dispute a transaction or reverse an Unauthorised Transaction may be lost if you do not notify us immediately. It is your responsibility to regularly review your online transaction history to identify Unauthorised Transactions. Under these Terms and Conditions, we may not be responsible for any loss to you if you do not dispute an Unauthorised Transaction within 45 days.

If we are unable to resolve your complaint to your satisfaction within 30 days, you may be eligible to escalate the complaint to Hay’s external dispute resolution service, the Australian Financial Complaints Authority (AFCA). AFCA provides fair and independent financial services complaint resolution that is free to consumers.

AFCA can be contacted at the following:


13. Legal terms and conditions

The terms and conditions for use of the Prospa  Card/Account are set out in the Terms, which can be accessed at You should read and understand these terms before acquiring Prospa Card/Account as they primarily govern the legal relationship between you and us. You can download an electronic copy of the Terms via the Prospa website.

The Terms cover:

  • how to use your Prospa Card/Account and restrictions of use;
  • security requirements and what to do where you lose your Prospa Card/Account is compromised;
  • what will happen where you make a mistaken payment, or an unauthorised transaction occurs;
  • limits on what Prospa and Hay is responsible for;
  • suspension and termination of your Prospa Card/Account; and
  • changes to the terms and conditions.

The above dot points are a very high-level summary of what is covered in the Terms and not a substitution for the Terms. We strongly encourage you to read and understand the Terms and the Privacy Policy before obtaining the Prospa Card and Account.


14. Applicable laws


We are committed to complying with the Australian Privacy Principles established under the Privacy Act. Our Privacy Policy sets out detailed information about how, why and when personal information is collected, disclosed, used, stored and otherwise handled by us. Our Privacy Policy is available at You may request a copy of our Privacy Policy in hard copy.

Our Privacy Policy sets out:

  • the purposes for which we collect your personal information;
  • the consequences if you don’t provide your personal information to us;
  • the third parties to which we disclose your personal information;
  • how to access and seek correction of your personal information;
  • how to complain about a breach of our obligations in respect of your personal information and how we will deal with such a complaint; and
  • whether your personal information is likely to be disclosed by us to overseas entities and in which countries these entities reside.

Anti-Money Laundering and Counter Terrorism Finance Laws

The AML-CTF Laws require us to collect and verify certain identification information about you. We will collect personal information from third parties to verify your identity for this purpose as well.

We may be required to disclose certain information about you to AUSTRAC. We may not be permitted to tell you when this occurs. We may also be prohibited from fulfilling our obligations to you, such as continuing to provide you with the Prospa Card and Account. We may also be required by the AML-CTF Laws to delay or suspend the Prospa Card or your access to the Prospa Account.