Statement Extensions

A Statement Extension, often referred to as “Carrying a Balance,” is a flexible payment option available to eligible Keep users. This feature allows you to extend your repayment period on a statement balance for up to 6 months, providing more time to manage business expenses and cash flow.

For more information about how Statement Extensions work, please read the following guide.

In This Article:

1. How does a statement extension work?
2. How do I set up a statement extension?
3. How do I change my existing statement extension plan?
4. How do I turn a statement extension off? 

5. How do I pay my statement extensions?

6. How do I pay my statement extension before the due date? 
7. Frequently Asked Questions

Before You Begin

When you use your Keep card, you have 30 days to make purchases before your balance is due. However, it's important to note that if you make a purchase just one day before the due date, the full amount will be debited the next day when your billing cycle closes.

How does a statement extension work?

Keep offers you the option to extend your card statement. A statement extension provides your business the option to carry your balance over several weeks. Instead of paying off the entire outstanding balance of your card amount at once, you can spread the payment across up to 6 months, subject to a 3% fee. 

The fee is automatically deducted from your account in equal weekly payments, along with the 

 extended card balance.

How do I set up a statement extension?

To set up a Statement Extension, follow these steps:

If you've never taken an extension before, you'll have to go through one-time enrolment process to choose the payment plan best suited for your business.

1. Go to the Payments section from the sidebar menu in your Keep dashboard.
2. Click the arrow at the end of the Payments section to expand more sub-menu options
3. Click and go to " Statement Extensions"
4. Click "Get Started"
5. Use the calculator to arrive at a plan that's best suited to your business needs.

 You can put any amount and term length in this calculator but your full card balance will be carried over.

1.  Make sure you keep the auto-extension setting ON even if you want extension for only the upcoming statement.
2. Confirm your plan - your Statement Extension will be activated and payments will be automatically deducted from your linked business account.

Please refer to the images below for a step by step on how to activate your statement extension. From choosing your financing plan to the confirmation page saying you are all set.

How do I change my existing statement extension plan?

1. Once on the Statement Extension page, then you can view your Statement Extensions
2. Make sure that the option for Statement Extension is on, and continue by choosing a plan. 
3. Change your plan, card balance and term length options
4. Confirm your plan, and ensure that your Statement Extension stays activated. 

How do I turn a statement extension off? 

You have the flexibility to turn the Statement Extension feature on or off at any time based on your business needs before your card due date. To turn them on or off, you can use the toggle at the top of the Statement Extension page.

Important Note:

If the Statement Extension is turned OFF, your outstanding balance will be automatically deducted on your due date without any additional fees.

How do I pay my statement extensions?

When you choose a Statement Extension, your repayment terms will reflect your selected plan and a 3% fee is applied to the total carried balance and debited weekly along with the extended card balance.

Automatic Deductions: Payments will be automatically deducted from your linked business bank account according to the agreed repayment schedule.

How do I pay my statement extension before the due date? 

Need to pay early, delay a payment, or resolve a failed payment? Here's what to do:

1. Email Us:
   Send a request to payments@trykeep.com from your registered email.
   • Subject Line: Specify the request type (e.g., “Early Payment,” “Payment Delay”).
   • Include: Name, business name, payment type (Keep Capital or Statement Extension), and reason.
2. Processing Time:
   Payments settle in 3-4 business days. Check your account dashboard to confirm updates.

Important Note: Payments towards Statement Extensions are not supported through our platform. Payments made through the dashboard are only for clearing the outstanding balance of your card.

Frequently Asked Questions

1. Who is eligible for a Statement Extension?
   Statement Extensions are available to all Keep customers. If you have questions please reach out to your Account Manager for more information.
2. What happens if I want to repay early?
   You can repay the remaining balance at any time without incurring any additional fees. The weekly extension fee and payments will stop as soon as the full balance is paid off.
3. How do I track my payment progress?
   You can track your progress and view the current balance on the  Statement Extension page of your Keep dashboard. Payments are usually settled in 2-3 business days. 
4. What if my payment doesn’t go through due to insufficient funds?                                                               If you think there might be an issue with your funds, please contact us ahead of time so we can address it individually.

Need more help?

If you have any further questions or need assistance, please contact us at support@keep.com or contact your Account Manager.