What the Equifax settlement pre-paid card is

If you were part of the 2017 Equifax data breach, you may have received a pre-paid card as part of the settlement. This card arrives in the mail with a set dollar amount already loaded on it — money you don't have to pay back. You use it like a regular debit card to make purchases or withdraw cash at ATMs.

The card is issued by a bank chosen by the settlement administrator, not by Equifax itself. It typically comes with a PIN you'll set when you first use it, and it works at any merchant or ATM that accepts Visa or Mastercard (depending on which network the card uses).

The settlement also offered other payment methods — direct bank transfer and checks — so not everyone received a card. If you did get one, it's because that was the payment method you selected or the default option assigned to you.

Key Takeaways

  • The pre-paid card arrives with money already on it and requires no repayment; you can spend it or withdraw it as cash.
  • You must activate the card before using it, usually by calling the number on the back or visiting the card issuer's website.
  • The card typically expires after a set period (often three to five years), so check the expiration date on the front.
  • If the card is lost, stolen, or damaged, contact the card issuer immediately to report it and request a replacement.
  • Any money remaining on the card after expiration may be forfeited, so plan to use or transfer the balance before that date.

Activating your card

Your card will not work until you activate it. The activation process is straightforward and takes a few minutes. Look for a phone number printed on the back of the card or on the paperwork that came with it, then call that number from any phone.

You'll be asked to verify your identity — usually your name, the last four digits of your Social Security number, and your date of birth. Once verified, you'll set a PIN (personal identification number) that you'll use at ATMs and for some in-store transactions. Write this PIN down somewhere safe, or memorize it.

Some card issuers also allow online activation through a website or mobile app. Check the materials that came with your card to see if that option is available. Either way, activation is free and takes no longer than a phone call.

Using the card for purchases and cash withdrawals

Once activated, you can use the card anywhere that accepts Visa or Mastercard. Swipe it at a store, use it online, or insert it into a chip reader — it works like any other debit card. You don't need to enter your PIN for most purchases under a certain amount (usually $25 or $50, depending on the merchant).

To withdraw cash, insert the card into any ATM that displays the Visa or Mastercard logo, enter your PIN, and select the withdrawal amount. The cash comes directly from your card balance. Some ATMs charge a fee for out-of-network withdrawals, so using an ATM from the card issuer's bank (if you can identify it) may save you money.

Keep track of your balance by checking your card online, through a mobile app, or by calling the customer service number on the back. This helps you know how much you have left to spend before the card expires.

Card expiration and what happens to unused money

Your card has an expiration date printed on the front, typically three to five years from the date it was issued. After that date, the card will no longer work, even if money remains on it.

If you have not spent all the money by the expiration date, you may lose it. Some card issuers allow you to request a check for the remaining balance before expiration, but this is not may provide. Contact the card issuer well before the expiration date to ask about your options for the leftover funds.

To avoid losing money, plan to use or transfer your balance before expiration. You can spend it on everyday purchases, withdraw it as cash, or in some cases transfer it to your bank account if that option is offered.

Fees and charges you should know about

The card itself is free — there is no monthly fee or activation fee. However, certain actions may trigger charges. Out-of-network ATM withdrawals often cost $1 to $3 per transaction. Some issuers charge a fee if you request a balance inquiry by phone or if you make a purchase in a foreign currency.

Read the fee schedule that came with your card or check the issuer's website to understand which actions cost money. If you plan to withdraw cash frequently, using ATMs from the card issuer's bank network will help you avoid fees.

If your card is lost or stolen and you report it promptly, you are not responsible for fraudulent charges. Contact the issuer immediately if you suspect unauthorized use.

If your card is lost, stolen, or damaged

Call the customer service number on the back of your card or on the paperwork that came with it. Report the card as lost or stolen right away. The issuer will freeze the card to prevent further use and can issue a replacement.

If the card is damaged — cracked, bent, or the magnetic stripe is worn — you can also request a replacement through customer service. Replacements are typically free and arrive by mail within one to two weeks.

While you wait for a replacement, your money is still safe. The balance is tied to your account, not the physical card, so a new card will have access to the same funds. Keep your PIN confidential and do not share it with anyone, even customer service representatives (they will never ask for it).

Transferring money off the card

If you want to move the money from your pre-paid card to your regular bank account, options depend on the card issuer. Some issuers allow direct transfers through their website or app. Others may require you to withdraw cash at an ATM and deposit it yourself, or request a check for the full balance.

Contact the card issuer to ask what transfer methods are available. If direct transfer is an option, you'll typically need your bank account number and routing number. This process is usually free and takes one to three business days.

Transferring money before the card expires is a smart way to make sure you don't lose any of your settlement funds.

Frequently Asked Questions

Do I have to use the card, or can I get the money another way?

If you received a card, that was the payment method you selected during the settlement claim process. If you no longer want to use it, contact the settlement administrator to ask about changing to a check or direct bank transfer. Options depend on how much time has passed since the settlement was distributed.

What if I never received my card in the mail?

Check the paperwork that came with your settlement notification — it should list a customer service number for the card issuer. Call that number and provide your name and Social Security number so they can look up your account and resend the card. If you moved since the settlement was mailed, update your address with the issuer.

Can I use the card internationally?

Most pre-paid cards work at merchants and ATMs outside the United States, but foreign transactions often come with fees. Check your card's fee schedule or call customer service before traveling to understand the costs. Currency conversion fees can be significant, so withdrawing cash at ATMs may be cheaper than using the card for purchases.

What happens if I don't use the card before it expires?

Any remaining balance may be forfeited after the expiration date. Contact the card issuer at least 30 days before expiration to ask about your options — some issuers will issue a check for the remaining balance, but this is not may provide. Plan to spend or transfer your money well before the card expires.

Is there a limit to how much I can withdraw or spend?

Daily withdrawal limits and daily spending limits vary by card issuer. These limits are usually printed in the materials that came with your card or listed on the issuer's website. If you need to make a large purchase or withdrawal, call customer service to ask about temporarily raising your limit.