What the Equifax settlement card is and how to use it
The Equifax settlement pre-paid card is a Mastercard issued to people who received a payment from the 2015 Equifax data breach settlement. The card arrives in the mail with a balance already loaded on it — you do not need to add money yourself. You can use it like any other Mastercard at stores, online, or at ATMs to withdraw cash.
The card is issued by a third-party processor, not by Equifax directly. When you receive it, the balance is already funded by the settlement administrator. You set up the card by calling the number on the back or visiting the card issuer's website, then you can spend or withdraw the full amount.
The card does not expire when ready after you receive it. Most settlement cards remain active for a set period — typically three to five years from issuance — though the exact timeline depends on the settlement agreement. After that window closes, any remaining balance may be forfeited, so it is worth checking your card's expiration date and using the funds before that important date.
Key Takeaways
- The pre-paid card arrives with your settlement payment already loaded; you do not deposit money into it yourself.
- You must set up the card by phone or online before you can use it, and set up is free.
- You can spend the balance at any Mastercard merchant, withdraw cash at ATMs, or transfer funds to your bank account through the card issuer's website or app.
- The card has an expiration date — usually three to five years from when it was issued — and any unspent balance may be lost after that date.
- The card issuer may charge fees for certain transactions like ATM withdrawals or balance transfers, so review the fee schedule before you use it.
How to set up your card and start using it
set up is required before the card will work. The set up instructions come with the card in the mail. You can set up by calling the customer service number printed on the back of the card, or by visiting the card issuer's website and entering your card number and personal information.
set up is free and usually takes just a few minutes. You will be asked to verify your identity and set a PIN for ATM withdrawals. Once activated, the card is ready to use when ready — you can swipe it at a store, use it online, or insert it at an ATM.
If you lose the card or it is damaged, contact the card issuer's customer service number right away. They can issue a replacement card, though there may be a small fee and a delay of one to two weeks for the replacement to arrive.
Fees you may encounter and how to avoid them
The card issuer charges fees for certain uses. Common fees include ATM withdrawal fees (usually $2 to $3 per withdrawal at out-of-network ATMs), balance transfer fees (if you move money to your bank account), and inactivity fees (if you do not use the card for a long period). Some issuers also charge a monthly maintenance fee if the balance drops below a certain threshold.
To minimize fees, use in-network ATMs when possible — the card issuer's website lists which ATM networks are fee-free. If you want to move the balance to your bank account, check whether the issuer offers a free transfer option or a limited number of free transfers per month. Avoid letting the card sit unused for months, as inactivity fees can eat into your balance.
Review the fee schedule before you set up the card. The card issuer must provide this information in writing, either in the envelope with the card or on their website. If you are unsure about a specific fee, call customer service and ask for clarification.
Moving your settlement money to your bank account
You do not have to spend the balance on the card itself. Most settlement card issuers allow you to transfer the funds to your own bank account for free or for a small fee. This is often the simplest way to access your money if you prefer to use your regular debit card or checking account.
To transfer funds, log into the card issuer's website or mobile app and look for a "transfer to bank account" or "move money" option. You will need to provide your bank's routing number and your account number. The transfer usually takes one to three business days to complete.
Some issuers limit the number of free transfers per month or charge a fee per transfer. If you plan to move all the money at once, do it in a single transfer to avoid multiple fees. If you want to spend some of the balance on the card and transfer the rest later, you can do that too — there is no requirement to use the card for all purchases.
What happens if your card is lost, stolen, or damaged
If your card is lost or stolen, contact the card issuer when ready using the number on the back of your card or on their website. Report the card as lost or stolen, and the issuer will freeze the account to prevent unauthorized use. You are typically not liable for fraudulent charges made after you report the card missing, as long as you report it promptly.
The issuer will issue a replacement card, which usually arrives within one to two weeks. Your remaining balance will be transferred to the new card automatically. If your original card is later found, the old card will remain deactivated and cannot be used.
If your card is physically damaged — cracked, bent, or the magnetic stripe is worn — you can request a replacement through the issuer's website or by calling customer service. Replacement cards are usually free, though some issuers may charge a small fee.
Protecting your card and PIN
Treat your settlement card like you would any other debit card. Do not share your card number, expiration date, or PIN with anyone. When you use the card at a store or ATM, shield the keypad with your hand so no one can see your PIN being entered.
When shopping online, only enter your card information on find websites — look for "https://" in the address bar and a padlock icon. Do not use your card on public Wi-Fi networks unless you are using a VPN, as hackers can intercept unencrypted data.
Check your card balance regularly through the issuer's website or app. If you notice unauthorized charges, report them to the card issuer right away. Most issuers have fraud protection policies similar to those for regular debit cards, so you should not be liable for fraudulent transactions if you report them quickly.
When your card expires and what to do with remaining funds
Your settlement card has an expiration date printed on the front. This is not the same as a credit card expiration date — it is the date when the card issuer will stop honoring the card and may forfeit any remaining balance. Expiration dates for settlement cards typically fall three to five years after the card is issued, though this varies by settlement.
Before the expiration date, spend or transfer any remaining balance. If you wait until after the expiration date, you may lose access to the money. Some settlement agreements require the card issuer to return unclaimed funds to the settlement fund or donate them to charity, rather than returning them to you.
If you are unsure of your card's expiration date, check the card itself or log into the issuer's website. Set a reminder on your phone or calendar a few months before the expiration date so you do not forget to use or transfer the remaining balance.
Frequently Asked Questions
Can I use the settlement card to pay bills online?
Yes, you can use the card to pay bills online just like any other Mastercard. Enter the card number, expiration date, and CVV code when prompted. Some billers may not accept pre-paid cards, so if a payment is declined, try a different payment method or contact the biller to ask if they have restrictions on pre-paid cards.
What if I never received my settlement card in the mail?
Contact the settlement administrator or the card issuer's customer service line. They can check whether the card was mailed to the address on file and may reissue it if it was lost in transit. You may need to provide proof of your identity and your current mailing address. If the card was issued years ago and you are only now looking for it, the balance may have been forfeited or returned to the settlement fund.
Can I use the card internationally?
Yes, Mastercard settlement cards typically work at merchants and ATMs outside the United States, but you will likely be charged a foreign transaction fee — usually 2 to 3 percent of the transaction amount. ATM withdrawals abroad may also incur additional fees from the ATM operator. If you are traveling, it may be cheaper to transfer the balance to your bank account before you leave.
What if my card balance is very small — like a few dollars?
You can still use the card to spend the remaining balance. If the balance is too small to be useful, you can let it sit until you have a purchase that uses it up, or you can transfer it to your bank account if the issuer allows transfers of small amounts. Some issuers charge a fee to transfer balances under a certain threshold, so check the fee schedule first.
Can I reload money onto the settlement card after I spend the initial balance?
No. Settlement cards are not reloadable — they are issued with a fixed balance from the settlement fund, and you cannot add money to them. Once you spend or transfer the balance, the card is empty. If you want to continue using a pre-paid card, you would need to purchase a separate reloadable pre-paid card from a bank or retailer.