A EPIP card is a debit card used by some people with the help of an EIN (Employer Identification Number). The credit card issuer has to pay a very low fee for each card issued in this manner, compared to if they had a normal card. It is not compulsory for the cardholder to pay a small fee to use the card.
One of the biggest advantages of this type of card is that there is no need to keep any form or paper for you to use when you make purchases on the card. All that you have to do is use the card at the ATM and you will be able to withdraw cash and store it at home. You can then take the money back to the card merchant. This is also a great advantage over credit cards. You do not need to carry any type of cash to be able to pay for your purchases.
There are certain types of people who can use this card without an EIN. This includes the following: those that work for the government and are part of an organization, those that are self employed and have their own business, those who have lived in another country for six months or more and who are returning to Canada, anyone whose social security number is valid, anyone who has held a job or has had a student loan before but whose account cannot be closed for non-payment of the balance. If you are a person who has received Social Security benefits before, you will have to go through a separate application process with the Social Security agency. This can take a couple of weeks and may require some type of identification as proof of your identity.
You may have an emergency that requires your card to be able to withdraw cash. If you are stranded on the road and cannot access the ATM to make a withdrawal, you can get a free EPPI card from a company that provides this service. This company will charge you for the amount of time it will take for you to get home. It is important to note that if you are traveling and are faced with an emergency that you should call 911. There is no card involved in this process.
The EIN card is good only for purchases that you make using the card. If you want to use the card for other types of transactions, you will have to apply for one with your regular credit . . . . . . card company. The charges will vary depending on what type of purchase you are making with the card. You will not be able to use your card at a merchant with an EIN number.
To protect the EPPI card from being used fraudulently, be sure to use a PIN that cannot be copied or changed by anyone else, such as a password or pin number. It may cost you a small fee to get a new PIN, but it will ensure that the account holder cannot use the card to make unauthorized purchases.