The Karatbars MasterCard, with its own unique logo, can be used online as well as in stores all over the world. You can use it wherever you see the MasterCard acceptance symbol.
It is a pre paid payment card that can be used at participating stores in exchange for goods or services. It is not a credit card but a pre paid card which cannot be linked to your bank account. You have to make sure that you have enough funds available for making payments, purchases and cash withdrawals. No interest is earned on the balance of the card and it stops being active at the set expiry date.
Purchasing a Card
Due to the fact that the card is a product of financial services it is the law requirement to hold personal details about the card bearer. The information is used in the administration of your card. If your card does get lost or stolen it helps to identify you. Your information is kept safe and secure. An ID is required when applying for a card and you must be over 18. The relevant background checks are also done to ensure you are who you say you are. It is an identity check not a credit check.
Like with any other card, it does come with fees and charges. They are all described in detail in the terms and conditions so read them carefully. Card activation is free. There is a minimum load requirement of €10 and a maximum requirement of €750. You maximum ATM withdrawal amount is €750. Retail purchase fees in UK are €0.40 and outside UK €1.25. A lost or stolen card replacement is €10.
How to use your card
The card can only be used by the person who it was issued to. A secondary card can be applied for and is only issued to the person authorised by the primary card holder. The card is not transferable and no other person is permitted to use it. Do not disclose you pin details for someone else to make an online purchase. The card is only meant for you and your own personal use. The card must be signed on the signature strip on the back to ensure and authenticate the user. If a payment is attempted that is above the available funds then the transaction will be stopped . The card can be used in full or part payment of a purchase.
You must ensure that you have available funds to make a purchase or withdraw cash. It is not a check guaranteed card and therefore cannot be used in confirming identity and it is not a credit card. The card cannot be used for gambling or any illegal purposes. The card may be suspended if any fraudulent activity is noted.
The benefits of purchasing a Karatbars MasterCard
It is activated quickly. There are no forms and endless documents to fill out. You bank details remain secure as it is not linked to your bank account. It allows easy payment for karatbars purchases. It is safer than cash when travelling. It does not rely on a credit check to be a user of the card and you can manage all your accounts online.