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15 minute read
August 10, 2022

Managing Credit Products in the Marqeta Dashboard

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Important
The credit products feature is about to be deprecated and replaced by credit product policies, which is part of the bundles feature. For more on policies and bundles in a credit program, see Managing Credit Programs in the Marqeta Dashboard (Beta).

Use Credit Programs in the Marqeta Dashboard to manage your fintech credit products. Depending on your role, you can accomplish tasks such as:

  • Create new and manage credit products.

  • View all configured credit products and relevant information.

  • View the credit product’s history of transitions, which is displayed as a log of comments left by the creator and approver to capture changes

The basics

To manage credit programs, log into the Marqeta Dashboard and select Credit Programs from the sidebar. For more on accessing the Marqeta Dashboard, see Access the Marqeta Dashboard.

Credit products

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Admin-assigned roles

Marqeta Dashboard users with an admin role can assign roles to other users. For details on how to manage users, see User management.

The following table shows the roles and permissions available for credit products.

Roles Description

Creator

  • Create a new credit product or save a draft.

  • Edit a credit product in draft or sent for revision.

  • View all pending, active, and rejected credit products.

Approver

  • Approve, reject, or propose edits to a credit product by sending it for revision.

  • View all active, pending, and rejected credit products.

  • Archive credit products sent for revision.

Support agent

  • View all active credit products.

Approval queue

The following applies if your role is creator or approver.

Approval queue allows creators and approvers to view a list of credit products that are in review or revision.

Each line item displays:

  • Credit product name.

  • Credit product status. For more on statuses, see Credit product statuses below.

  • Date and time the credit product was submitted for review or revision.

To view a credit product, select its name from the list.

To revise a credit product as a creator, see Editing a credit product.

To review a credit product as an approver, see Approving, rejecting, or sending a credit product back for revision.

Credit products

Credit products allow you to manage and explore credit products. A credit product is a collection of characteristics, such as the credit line range, fees, or interest, that determine the behaviors and attributes of its associated credit accounts.

Credit product statuses

A credit product can have one of the following statuses.

Status Role Description

Draft

Creator

The credit product is in draft and is not yet active.

Active

Creator

Approver

Support agent

The credit product is active.

Rejected

Creator

Approver

The credit product has been rejected and cannot be worked on. Its status cannot be changed.

Sent for review

Creator

As a creator, you have sent the credit product to the approver for review.

Needs your revision

Creator

As a creator, the approver has returned the credit product to you to revise.

Needs your review

Approver

As an approver, the creator has submitted the credit product to you for review.

Send for revision to creator

Approver

As an approver, you have sent the credit product back to the creator for revision.

Archived

Creator

The credit product has been archived and can be restored as a draft.

NOTE: Only creators can restore an archived credit product as a draft.

Viewing a list of credit products

To view a list of all credit products, go to Credit Programs > Credit products. A welcome banner is displayed at the top. To hide the welcome banner, select x from the top-right corner.

You can view a list of current or archived credit products.

Tab Description

Current

Displays credit products that are active, rejected, or pending further action.

Credit products are listed by name. Each line item displays:

  • Credit product name.

  • Status.

  • Credit limit minimum and maximum.

  • Date the credit product was last modified.

Archive

Displays archived credit products, which the creator can restore as drafts.

Credit products are listed by name. Each line item displays:

  • Credit product name.

  • Credit limit minimum and maximum.

  • Date the credit product was archived.

Viewing credit product details

To display the credit product details, select the credit product name from the list of credit products.

The credit product name is displayed at the top along with its status, token, and the date and time it was last modified. To view the credit product’s token history, select Full token history.

Credit product token history

The Credit product token history allows you to view a table of the credit product’s full token history. Each line item displays:

  • Credit product token.

  • Token status.

    • Active - Token currently used by the credit product.

    • Inactive - Token that was previously used by the credit product, but has since been replaced.

  • Date and time the token was created.

Each time a credit product is updated, a new active token is created and assigned to the credit product; the previous active token becomes inactive.

Global configurations - Core constructs
Field Description

Status

Status of the credit product.

Card product

Name of associated card products.

Credit product description

Description of the credit product.

Credit product classification

Classification of the credit product, either business or consumer.

Credit product type

Type of the credit product.

Credit product subtype

Payment card of the credit product.

Currency

Currency the credit product uses.

Credit limit range

Minimum and maximum amount that associated credit accounts can carry.

Billing cycle day

Day of the month a new billing cycle begins.

Payment due day

Day of the month the payment is due.

Usage

Type of balance for which a credit account can be used.

Payment allocation order

The order of account balances, either principal, interest, or fees, to which payments are allocated after the minimum payment is paid.

Global configurations - Payments
Field Description

Minimum payment percentage

Percentage of the statement balance that helps determine the minimum payment value.

If the amount of the minimum payment percentage is greater than the fixed minimum payment amount, it becomes the minimum payment value.

Minimum payment amount

Fixed amount that helps determine the minimum payment value.

If the minimum payment amount is greater than the amount of the minimum payment percentage, it becomes the minimum payment value.

Minimum payment applied towards

Type of account balance on which to apply the minimum payment.

Usage configurations - Purchases
Field Description

APR

Type of annual percentage rate (APR) on the credit product.

  • Go-to — The regular rate that is applicable when the promotional rate period expires.

Fees

Types of fees applied on the credit product.

  • Late payment fee — The fee amount for making a late payment.

  • Returned payment fee — The fee amount for making a returned payment.

Rewards

Whether cash back rewards are enabled on the credit product.

Usage configurations - Interest calculation
Field Description

Method

Method of calculating interest.

Day count

Day count convention used to calculate the daily periodic rate.

  • Actual — Calculates the daily periodic rate using the actual number of days in the year.

Interest application

Types of balances to include in the daily balance calculation for interest, either principal, fees, or interest.

Minimum interest

Minimum amount of interest to charge if the calculated interest amount is below this value.

Interest on grace reactivation

How interest is charged on an account in an end revolving cycle.

  • Accrue till payment date — Calculates interest until the payment due date.

  • Accrue full cycle — Calculates interest for the entire billing period.

  • Waive — Does not charge interest.

Grace days

How the grace days are applied; determines the last day of the grace period based on which interest charges are calculated.

  • Next cycle date — If a payment is not made by the last day of the statement period, interest starts accruing on the first day of the next billing cycle.

Credits application

How credits are applied on an account, based on the account cycle, during a billing period.

Excluded transaction types

Transaction types that are excluded from the current billing period’s interest charge, but are included in the next billing period’s interest charge.

Activity

The Activity log shows the history of activity on the credit product displayed as a log of comments left by the creator and approver to capture changes. Each comment includes the credit product status at the time of comment, the commenter’s email, the time the comment was left, and the comment itself.

The credit product workflow

  • The creator starts creating a new credit product.

  • The creator specifies global and usage configurations.

  • The creator reviews the credit product, adds a note, and submits it for approval.
    (Note: You can save a credit product as a draft instead of submitting for approval. Credit products in draft status do not appear in the Activity log.)

  • The approver adds a note and approves, rejects, or sends the credit product back to the creator for revision.

  • If sent for revision, the creator revises the credit product, adds a note, and resubmits it for approval.

  • If approved, the new credit product is active and can be used to create credit accounts.

Credit product tutorials

The following tutorials walk you through how to manage credit products based on your role.

Creating a credit product

The following applies if your role is creator.

To create a credit product, select Create credit product from Credit Programs > Credit products.

The fields defined on Create credit product determine the attributes of its associated credit accounts.

Note
Currently, some fields have default values that can be configured in the future.
Step one. Specify global configurations
  • Select card products to associate with the credit product. For more on card products, see Managing Cards in the Marqeta Dashboard.

  • Enter a name and description for the credit product.

  • Review the credit product classification, type, subtype, and currency type.

  • Define the credit limit minimum and maximum amounts.

  • Review the billing cycle day, payment due day, and balance usage.

  • Define the minimum payment percentage and amount.

  • Select Continue.

Step two. Specify usage configurations
  • Select the fee types to apply to purchases when creating credit accounts based on this credit product.

  • Review the APR, rewards, and interest calculation fields.

  • Select Continue.

Step three. Review and submit
  • Review all the fields for the credit product.

  • Enter a note to the approver that also appears in the Activity log.

  • Select Submit to send the credit product to the approver for review or Save as draft to save the credit product as a draft.

Editing a credit product

The following applies if your role is creator.

You can edit a credit product in one of the following statuses: active, draft, sent for revision.

  • To edit an active credit product, select the credit product name from Credit Programs > Credit products, and then select Update credit product on the top-right of the page. The Update credit product page appears.

  • To edit a credit product in draft, select the credit product name from Credit Programs > Credit products. The Edit credit product draft appears.

  • To edit a credit product sent for revision, select the credit product name from Credit Programs > Approval queue. The Revise credit product page appears.

Step one. Update global configurations
  • Select, deselect, or enter new values for the fields to update. The following fields can be updated:

    • Card product

    • Credit product name

    • Credit product description

    • Credit limit minimum and maximum

    • Minimum payment percentage

    • Minimum payment amount

  • Select Continue.

Step two. Update usage configurations
  • If your credit product is in draft, select or deselect fees and toggle rewards.

    If your credit product is active or sent for revision, you cannot edit usage configurations.

  • Select Continue.

Step three. Review and submit
  • Review all the updated fields for the credit product.

  • Enter a note to the approver that also appears in the Activity log.

  • To submit the credit product to the approver for review, select Submit.

Approving, rejecting, or sending a credit product back for revision

The following applies if your role is approver.

To make a decision about a credit product pending approval, select the credit product from Credit Programs > Approval queue.

On Review credit product, you can view the creator’s comments in the Activity log at the bottom.

  • Review the fields for the credit product.

  • Enter a note to the creator that also appears in the Activity log.

  • To approve of the credit product, select Approve.

  • To send the credit product back for revision, select Send back for revision.

  • To reject the credit product, select the More dropdown, and then select Reject.

Archiving a credit product
Warning
You cannot archive an active credit product.

To archive a credit product that’s not active, select the credit product name from Credit Programs > Credit products.

In Edit credit product, you can view the Activity log at the bottom.

Step one. View global configurations
  • Select Continue.

Step two. View usage configurations
  • Select Continue.

Step three. View review and submit
  • Enter a note to appear in the Activity log.

  • To archive the credit product, select Archive. The credit product now appears in the Archive tab.

Restoring an archived credit product

To restore an archived credit product, select the credit product name on the Archive tab from Credit Programs > Credit products.

  • Scroll to the bottom and enter a Note to appear in the Activity log.

  • Select Restore as draft. Edit credit product is displayed.

  • Continue the steps for Editing a credit product.

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