Do I get a physical MasterCard® debit card?
Yes, you do. Every Arro Personal Account receives the Virtual MasterCard® details as standard, as this is the quickest way for us to let you start managing your money and making purchases.
Every account also receives a physical MasterCard® debit card, which is sent as soon as is reasonably possible to your UK postal address.
The card details are the same – so once your physical debit card arrives, you can still continue to use the same card number, expiry date and CVV that was sent to you by SMS; you will just have a physical reminder of those details close to hand.
Your physical MasterCard® is a full, valid, activated card and can be used anywhere MasterCard® is accepted, via contactless, chip and pin or swiping the magnetic strip, and they also serve as cash cards for the Arro Personal Account to allow you to make cash machine withdrawals.
Why is there no credit check?
Unlike credit cards, a prepaid debit card draws money directly from your account when you make a payment or a purchase, so you do not run up personal debt – and to top up your prepaid MasterCard® you just deposit into your Arro Personal Account.
Because there’s no lending on the card and no overdraft on the Arro Personal Account, there’s no need for a credit agreement to be put in place, and that means Arro do not need to check your credit rating.
That means whatever your current credit standing:
- We will not check your credit file.
- You will not be rejected based on your credit score.
- Your application will not leave a mark on your credit history.
In fact if you have a poor credit rating or have experienced debt problems due to credit cards in the past, an Arro Personal Account is an effective way to start managing your money using cash cards again, as it gives you many of the features of a traditional bank account but eligibility is not based on your credit score.
What does it cost?
Many transactions using your prepaid MasterCard® debit card are free of any fees when you use your Arro Personal Account.
Opening a new Arro Personal Account is free, and the monthly management charge depends on the fee structure you choose.
Apart from that there is a small fee for ATM withdrawals and a charge for lost cash cards or if you do not use your prepaid debit card at all for more than 120 days.
We publish all of our fees upfront and many of them can be avoided by keeping your account active and your debit card safe – so with careful account management, the running costs for many users are close to zero.