Glossary of terms

A

ATM (Automatic Teller Machine)

Often referred to as 'cash machine' or 'hole in the wall machines', they allow users to access their bank accounts and carry out transactions such as withdrawing cash. These machines offer access to cash for, in most cases, 24 hours a day, 7 days a week.

ATM Fee

If you use a debit card to withdraw cash from an ATM in the UK, it will usually be free. However some ATMs will charge a fee although this should be clearly displayed before any transaction is carried out.

If you withdraw money using a credit card you will probably be charged a cash withdrawal fee (typically between 2.5% and 3.0%).

And if you use a debit or credit card to take cash out from an ATM overseas you are likely to be charged a fee.

C

Card cancellation

Some providers will charge a fee if you cancel your card – refer to the terms and conditions for details of the fees that may apply.

Cash replacement

In most cases, if your card gets lost or stolen, your remaining balance will be transferred across to a new account, and you will receive a replacement card. Your prepaid card provider may charge you a fee for your replacement card.

Credit card

A card issued by a bank or building society that allows you to pay for goods and services and pay for them at a later date. You have a certain number of days – typically 56 – to repay the balance in full. If the debt isn’t cleared within that time interest will be charged on the outstanding balance.

D

Debit card

A card issued by a bank or building society that allows you to pay for goods and services. The value of the transaction is debited immediately from your current account.

Dollar currency card

If you purchase a dollar card, your money will be transferred into US dollars at the time you load it onto the card.

E

Euro currency card

If you purchase a euro card, your money will be transferred into euros at the time you load it onto the card.

F

Face to face reload

Check how you can load money onto your prepaid card. Some allow you to load money onto your card in person – 'face-to-face' – in a local branch.

I

Initial purchase cost

Some prepaid card providers may charge a fee to purchase the card. The price can vary depending on the provider.

Internet reload

Some prepaid card issuers allow debit card reloads via their website or through your internet banking facility.

M

Monthly fee

Some prepaid card providers may charge a monthly fee. The fee amount depends on your provider – check the terms and conditions for details.

P

PayPoint Reload

PayPoint is one of the UK's leading networks for prepaid card top-ups. Reload PayPoint's can be located conveniently in local newsagents, garages, supermarkets, convenience stores, and off-licences. More frequently than not funds are uploaded into your prepaid account almost immediately; however please note that this will depend on your prepaid card provider. Please note some card issuers may charge a fee for PayPoint reloads.

Payzone Reload

Payzone have over 30,000 locally based outlets which offer prepaid reloads in the UK. Reload Payzone outlets can be located conveniently in many outlets such as newsagents, petrol stations and convenience stores. More frequently than not funds are uploaded into your prepaid account almost immediately; however please note that this will depend on your prepaid card provider. Please note some card issuers may charge a fee for Payzone reloads.

Post Office Reload

Many pre-paid card issuers allow their cards to be reloaded over the counter at your local Post Office. The speed, at which funds are made available in your prepaid account, depends on the individual card issuer. In general funds will be made available within no more than two working days. Reloads can usually be made by debit card or cash, please note minimum and maximum reload amounts may be set by your prepaid card provider, in addition some providers may charge a fee.

Personal Identification Number

To ensure a secure environment, prepaid card providers require a four-digit number to be punched into a keypad to complete a transaction. Your actual PIN can usually be changed by your provider.

Prepaid card

A payment card (usually MasterCard, Maestro, Visa Electron or Amex), pre-loaded with your own money, which you can then use wherever the payment card is accepted, including on the internet and abroad. They can be used instead of a debit or credit card.

A prepaid card is much like the gift cards available from most high street chains in the UK; however, prepaid cards have a much wider acceptance, and can be used internationally.