As we move towards a cashless society, many people are faced with the decision of which payment method to use for their everyday spending. You might already have a trusty debit card, but have you heard of the EVERYTHING card? This is the new kid on the block and offers the convenience of a debit card with some different perks. In this post, we'll take a look at how the EVERYTHING card stacks up against a more typical debit card and help you decide which one might be best for you!
The EVERYTHING Card
The free EVERYTHING Debit Mastercard® is a new type of payment card that marries the benefits of cash rewards with the control of a debit card. The EVERYTHING card is like a best friend who has your back when it comes to spending. Just as with all e-money Debit cards, you load money into your e-money account before you can spend it, so you can make purchases without worrying about accruing interest or going into debt. It's the perfect wingman for your budget!
Card Rewards
Unlike regular e-money Debit cards, the majority of which do not offer any rewards or cashback, the EVERYTHING card takes advantage of a unique rewards program where on every tap, you could receive an instant EVERYTHING app notification to say that you’ve either earned a personal reward of between £1 - £1,000,000 in card rewards for yourself, that you’ve triggered a Squad reward of up to £1M to be shared amongst your friends, or that your latest purchase has been fully reimbursed. (See rewards Terms & Conditions).
All of the above makes the physical EVERYTHING card a great option for those hoping to earn spending rewards while staying within their budget.
Are you wondering if EVERYTHING's shopping rewards are limited to just a few high-street retailers? The answer is a resounding nope! EVERYTHING app members and UK cardholders can earn card rewards at millions of locations Worldwide. Who doesn't love a convenient and rewarding experience?
The rewards offered by EVERYTHING are based on you and your Squad’s spending so these are not set at a certain percentage. While we are only looking at e-money accounts here, if you want a percentage cashback for spending, you should look around for more traditional debit cards offered by regulated banks. To find out exactly how EVERYTHING’s rewards work, have a look at this blog.
Anti-Fraud Features
EVERYTHING cardholders are eligible for Mastercard's Zero Liability Protection, so when you use your card, you won’t be held responsible for “unauthorised transactions”. Additional advanced features include the ability to freeze and unfreeze your card instantly from the app.
While other providers may have specific budgeting tools, the rewards app allows you to monitor all previous transactions to help you track your spending, and identify specific merchants, services and item purchases that you could save money or avoid overspending on.
EVERYTHING is a not a bank
EVERYTHING is a financial service. Why is this an important distinction?
EVERYTHING does not lend or invest your money. User funds are not deposits and therefore not covered by the Financial Services Compensations Scheme (FSCS) but they are held in a separate account safeguarded by the Bank of England.
ATM Withdrawals & FX Fees
E-money Debit cards offer the convenience of being able to withdraw cash from ATMs, which can be a lifeline in situations where cash is a must-have. Snap! EVERYTHING also lets you withdraw wherever you go!
When withdrawing money with your EVERYTHING card, you can take out GBP at all UK ATMs from no charge up to as little as 1% (depending on the ATM used). Cash withdrawals are not limited to UK ATMs. You can draw money in any other currency for an additional 1% charge in accordance with our FX fees as well factoring in the exchange rate used by Mastercard, calculation of which can be found on the card scheme’s website.
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Which Card could be Better for Your Everyday Finance?
In conclusion, the EVERYTHING card offers a unique combination of card rewards and a traditional e-money debit card that can make it desirable for those looking to earn money while they spend. However, if you prefer a more traditional e-money provider, or a debit card with a bank where your funds are FSCS protected, this may accommodate your needs better. Ultimately, the choice depends on your individual preferences and financial needs. Make sure you look at any providers fees, protections and other features before deciding.
If you're on Android, sign up to our waitlist now! For the ios mobile app, Download EVERYTHING® from the iOS App Store.
If you're interested in finding out more about the specific features of the EVERYTHING app and card, visit our website FAQ and read this blog.
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Important information
The EVERYTHING Debit Mastercard is issued by PayrNet Ltd pursuant to license by Mastercard International Inc. PayrNet Ltd is authorised by Financial Conduct Authority to conduct electronic money service activities under the Electronic Money Regulations 2011 (No: 09883437) Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated