ave you started using Coverflex recently or is our platform already quite familiar to you? Or maybe you haven't heard about Coverflex's solution at all?
From the use of the card, to the interaction with the app and everything you can do through it, we have tried in this blog post to clarify the most frequent questions that Coverflexers have about our platform. Read on, and if you still have questions, don't hesitate to contact us on our chat or via email: [email protected]!
- How do I know to which benefits/professional expenses I have access?
In the benefits section of your Coverflex app you can see which benefits are part of your flexible compensation! Currently, Coverflex offers the following benefits: Coverflex Childcare, Education Expenses, Senior Expenses, Donations, Professional Training, Gym & Fitness, Other Benefits, Retirement & Investment, Health & Well-being, Technology, and Public Transportation.
- Is the meal balance part of my benefits balance?
No, these are two different balances. Your card and your app include both the meal balance and the benefits balance.
The meal balance is made up of your meal allowance, which is exempt from Single Social Rate for the company and personal income tax + Social Security for the employee up to €8.32 per day. If your company offers you the maximum amount of tax-free meal allowance, your meal allowance balance will be €183.04 per month, assuming that the month has 22 working days and you have not taken any vacation days.
Your benefits balance is made up of the amount your company decides to assign to the benefits it offers you.
Will my card work abroad?The card doesn't work outside of Portugal yet but your company can accept refunds with foreign invoices as long as they comply with internal policy rules. For example, if you buy a product on Amazon you can receive a refund as long as the invoice meets your company's requirements.
- Can I change the PIN on my card?
It is not yet possible to change the PIN on the Coverflex card. However, if you forget your PIN, don't worry: you can request at any time, directly in the app, for it to be sent to you by SMS! In addition, if you use Google Pay or Apple Pay, you can use the card to make payments of any amount without having to memorise the PIN.
- Does my card work abroad?
The card doesn't work outside of Portugal yet, but your company can accept to do reimbursements with foreign invoices as long as they meet the internal policy rules. For example, if you buy a product on Amazon you can receive a reimbursement as long as the invoice meets your company's requirements.
- Does the Coverflex card have integration with MBWay?
The Coverflex card does not have integration with MBWay yet, but it does have integration with both Google Pay and Apple Pay, which means that all MBWay features are still available!
- Where can I use my card?
You can use your card in any establishment where VISA is accepted and whose Portuguese Economic Activity Code is related to:
a) food - restaurants, supermarkets, and food delivery services, both online and in-store - and
b) to the Economic Activity Code of the Coverflex benefits.
If the card won't swipe at a particular establishment, make sure to ask if the establishment has a VISA terminal - sometimes there is more than one terminal available, and not all of them belong to this network.
- How can I use my card online?
You can use the Coverflex card to pay for your purchases at digital supermarkets and food delivery platforms. All you have to do is enter the card number and expiration date, as you would with any ATM card, or use Google Pay or Apple Pay to complete the payment.
- How does the taxation of Coverflex benefits work?
If you use your balance or part of it in a benefit with exemption from personal income tax and Social Security - for example, if you issue a childcare voucher through Coverflex -, there is no taxation, since childcare vouchers are exempt from both of these taxes. If you use your balance or part of it on a benefit that is only exempt from Social Security but not from personal income tax - for example, if you make a purchase at the pharmacy with the Coverflex card -, the amount you pay is the amount without the personal income tax, and the following month this adjustment is made, which will be reflected in your salary. This means that the following month the amount you receive in your bank account will be slightly lower, because the amount corresponding to the personal income tax for your purchase in the pharmacy will be taken out.
Let's turn theory into a practical example: if your monthly salary is usually €1,000 net, and in April you use your benefits balance for the gym fee (€50), technical books (€100), transport card (€40) and pharmacy purchases (€60), €40 of your benefits balance will not be taxed with personal income tax or Social Security, but €210 will be taxed with personal income tax, which means that those €210 will be added to your base salary subject to personal income tax. This will result in your net salary for May being less than the €1,000 from the previous month. The upside is that the expense of €210 is already made, and does not come out of the previous month's net salary.
- What is the difference between childcare voucher and education voucher?
A childcare voucher is a social voucher that can be issued to pay for educational expenses for children up to (but excluding) 7 years old. An education voucher a social voucher that can be issued to pay for educational expenses at various educational establishments, such as study centres, language schools, universities, and many others. And there is no age limit!