Terms & conditions

Expense management

These terms and conditions apply to your prepaid card. You must read them carefully. In these terms and conditions "you" means the named cardholder and the authorised user of the Equals Spend Mastercard® card. "Card" means the Equals Spend Mastercard® card, except where specifically stated. "Employer" means the organisation you work for who has asked us to issue you with a card. “Issuer” means the organisation that issues your card, please refer to the back of your card for this information.

1. Your prepaid card

1.1 You can use the card at any location that displays the Mastercard Acceptance Mark, including shops, restaurants, online or on the telephone. Your PIN will allow you access to ATMs, chip & PIN retailers and you can also use your card overseas. Before using the card you need to make sure there are enough funds loaded on it. Your card is not a credit card and is not connected to a bank account. Your card is an electronic money (e-money) device. Neither you nor your employer will receive any interest on any funds loaded on your card.

2. Applying for and activating your card

2.1 To receive a card you must be at least 18 years old. We may require evidence of who you are and of your address. You must agree to provide your employer with this information so that we can issue you with a card. We may ask you to provide some additional documentary evidence to prove this and/or we may carry out checks electronically. You must sign the signature strip on the reverse of your card as soon as it is received. You will also need to activate your card before you will be able to use it. Details of card activation are included with the letter you receive with your card. You will also be given a PIN for use with your card, which can be changed at most UK ATMs to a more memorable number. By using the card and using the Website and App you are agreeing to these terms and conditions.

    3. Loading your card

    3.1 Once your card has been activated, your employer will be able to load and unload your card and to view any transactions made on the card. We reserve the right not to accept any particular loading transaction. If a significant amount of money is loaded onto your card you must ensure that you understand and accept the risks of doing so. See ‘Section 15 - Compensation’ for more information.

    4. Using your card

    4.1 Detailed instructions on how to use your card can be found on the Website. You will need to follow these instructions when using your card.

    4.2 We will deduct the value of your transactions from the balance on your card as soon as they are made. We will also deduct any applicable fees as soon as they are payable. See below for details of all fees associated with the card. If sufficient funds are not loaded on your card at the time of a transaction to cover the amount of the transaction and the fees, the transaction will be declined.

    5. Cancellation and expiry of your card

    5.1 If you wish to cancel your card, you must do so by advising your employer. If your card is cancelled, we will immediately block your card so it cannot be used.

    5.2 If you are no longer working for your employer, you must cancel your Card by advising your employer.

    5.3 If your card is cancelled, you must destroy it securely by cutting it up, making a clear cut directly through the card chip and signature strip.

    5.4 You will not be entitled to a refund of money you have already spent on transactions authorised or pending or any fees for use of the card before the card is cancelled or expires. If you cancel your card, once all transactions and fees have been deducted we will arrange for any unused funds to be refunded to your employer. You will have no right to receive a refund yourself.

    5.5 We may also cancel your card immediately if we suspect fraud or misuse of your card, if we have any other security concerns or we need to do so to comply with the law. If we do this, we will tell you as soon as we can after we have taken these steps.

    5.6 When your card expires it will no longer be valid and you will no longer be able to use it. We will arrange for the balance of funds to be transferred to a new card, after deducting any outstanding transactions and fees. However, we will not issue a new card if your employer tells us in writing at least 28 days before the date your card expires that they do not wish us to replace the card.

      6. Keeping your card secure

      6.1 You must keep your card safe and not let anyone else use it. If someone else uses your card before you have advised that it is lost or stolen, the maximum amount that you or your employer will be held liable for is £35.00 provided that you have not acted fraudulently or without reasonable care.

      6.2 You are issued with a PIN. You must immediately memorise it and destroy the notification. You must keep your PIN secret at all times. We recommend that you check the balance on your card regularly online at the Website (equalsmoney.com) or via the Equals Spend App.

      6.3 If you lose your card, it is stolen or you suspect that it has been used by someone other than you, you must tell us immediately by calling 020 7778 9302 so that we can cancel your card or mark your card as lost or stolen via your Equals Spend mobile app or the website. If you ask us to do so, we may ask the police to investigate any disputed transaction or misuse of your card. We may need more information and assistance from you.

      7. Our liability

      7.1 We cannot guarantee that a retailer will accept your card or that we will necessarily authorise any particular transaction because of a system problem, events outside our reasonable control, or because we are concerned about misuse of your card. Accordingly, we shall not be liable if a retailer refuses to accept your card, if we do not authorise a transaction, or if we cancel or suspend use of your card.

      7.2 Unless otherwise required by law, we shall not be liable for any direct or indirect loss or damage you may suffer as a result of your total or partial use of, or inability to use, your card, or as a result of the use of your card by any third party.

      7.3 If you do not use your card in accordance with these terms and conditions, or if we find that you are using your Equals Spend card fraudulently, we reserve the right to charge you for any reasonable costs that we incur in taking action to stop you using it and to recover any monies owed as a result of your activities.

      8. Your right to a refund

      8.1 You may not request a refund of any funds left on your card. The balance on your card remains the property of your employer and only they can request a refund.

      9. Fees

      Card issue fee
      £10.00 +VAT per card
      Maintenance and support
      £50.00 +VAT annual platform fee per account
      Card to card transfer
      UK point of sale transaction fee
      Free when spending in currency
      International point of sale transaction fee
      Free when spending in currency
      UK ATM transaction fee
      Please note that some ATMs may apply an additional surcharge. This is outside of the control of Equals Money and you will be notified before authorising the transaction.
      International ATM transaction fee
      £1.50 - an out-of-currency fee might apply
      Over the counter bank branch withdrawal fee
      1.5% of the transaction value
      Subject to a minimum fee of £5.00 / €6.25 / $7.50
      Loading fee
      Sterling card - free
      US dollar card - free to load using sterling, subject to Equals Money exchange rate, 1% load fee when loaded with US dollars.
      Euro card - free to load using sterling, subject to Equals Money exchange rate. 1% load fee when loaded with euros.
      Customer service telephone enquiries
      Standard call charges apply.
      Lost and stolen card replacement fee
      Dispute administration fee
      £10.00 per disputed transaction (this may be refunded in certain circumstances).
      Refund fee on active cards
      €10.00 for the Euro card
      $10.00 for the US dollar card
      £10.00 for the Everywhere card
      Currency is exchanged at the prevailing rate at the time of the refund.
      Out-of-currency fee
      A 1.5% currency fee applies when a transaction is made in a currency other than

      24 month dormancy fee
      If you have not completed at least one transaction on any card linked to the account within the last 24 months, monthly fees of up to £50 / €50 / $50 will be charged to any positive account balance.

      Travel money

      9.1 If we decide to increase or impose any new fees, we will tell your employer by email or post, at least 60 days before any changes take effect. In the unlikely event, for any reason whatsoever, a transaction is authorised when there are insufficient funds on the card for that transaction (a shortfall), the shortfall shall be reimbursed by your employer. If it is due to an error on the part of the retailer we may seek the shortfall from the retailer.

      9.2. You agree that once we make this shortfall known to you, we may charge for the shortfall amount. Until the employer reimburses the shortfall amount, we may suspend your card.

      10. Your details

      10.1 You must let your employer know as soon as possible by email, or in writing if you change your name, address, phone number or email address who will advise Equals Money. Please be aware that you may have to provide supporting documentation before we are able to make the change. If we contact you in relation to your card, for example, to notify you that we have cancelled your card, we will use the most recent contact details provided to us. Any email to you will be treated as being received as soon as it is sent by us. We will not be liable to you if your contact details have changed and you have not told us.

      11. Data protection

      11.1 Equals Money processes information about you in accordance with its privacy policy. By using the website, you consent to such processing and you confirm that all data you provide is accurate.

      12. Disputes with retailers

      12.1 If you have any disputes about purchases or the amount you have been charged by the company or person you bought goods or services from you should settle these with the company or person involved. We are not responsible for the quality, safety, legality or any other aspect for any goods or services purchased with your card.

      12.2 Once you have used your card to make a purchase we cannot stop that transaction.

      12.3 If you suspect that your card has been compromised or used fraudulently we may be able to dispute the items on your behalf. We will under no circumstances be liable for transactions if your card has been knowingly used by another person or you have disclosed your PIN to anyone.

      12.4 Equals Money will not be liable for any transactions made when a card has been reloaded during ongoing disputed transactions. All expenditure should be accounted for before a card is re-charged with funds.

      12.5 Should you wish to dispute a transaction you need to inform Equals Money as soon as possible. Equals Money will not be able to assist with a dispute should the transaction be greater than 120 days old.

      12.6 Only the named cardholder should use the Equals Spend card provided to them. If you have been issued with a card that is not in your name you will not be able to raise a chargeback to claim back funds in the event of a dispute with a merchant or fraudulent transaction.

      13. Communication

      13.1 By phone on 020 7778 9302 between 09:00 and 17:30 from Monday to Friday (excluding bank holidays). Calls are charged at your standard network rate.

      13.2 By email on business@equalsmoney.com

      13.3 By post at Equals Money, Vintners’ Place, 68 Upper Thames Street, London, EC4V 3BJ.

      14. Complaints

      14.1 If you are unhappy in any way with your Equals Money account, please tell us so we can try to resolve the situation. You can complain via email, post or by calling 020 7778 9302 between 09:00 and 17:30 from Monday to Friday (excluding bank holidays). Calls are charged at your standard network rate.

      14.2 We will try to resolve any complaints you have about your payment instrument or the service we provide to you within 15 business days of receiving your complaint and in exceptional circumstances, within 35 business days (and we will let you know if this is the case).

      14.3 You can request our Complaints Procedure via email, phone or by visiting our Website.

      14.4 If we are not able to resolve the complaint to your satisfaction and you are eligible, you may be able to refer it to the Financial Ombudsman Service.

      14.5 The Financial Ombudsman Service is a free, independent service which might be able to settle a complaint between you and us. Their contact details are: The Financial Ombudsman Service, Exchange Tower, London, E14 9SR; phone 0300 123 9 123, website www.financial-ombudsman.org.uk.

      15. Compensation

      15.1 Although the product is regulated by the Financial Conduct Authority (FCA), the Financial Services Compensation Scheme (FSCS) does not apply to this product. No other compensation scheme exists to cover losses with this product. This means that in the event that your issuer becomes insolvent, the card may become valueless and unusable, and you may lose your money. By using this product, you confirm that you understand and accept these risks.

      16. Assignment

      16.1 We may assign the benefit and burden of these terms and conditions to another company at any time, on giving you at least 60 days prior notice of this. If we do this, your rights will not be affected.

      17. Fund protection

      17.1 As a responsible e-money issuer, your issuer ensures that once it has received funds they are deposited in a secure account, specifically for the purpose of redeeming transactions made by your card. In the unlikely event that your issuer becomes insolvent, funds that your employer has loaded which have arrived and been deposited by your issuer are protected against the claims made by creditors.