Chip & PIN is the latest and most secure way to pay with credit or debit cards in the UK.

It combines two effective security features. The first is a chip that stores card data more securely than a magnetic stripe and is therefore much harder to counterfeit (clone) or skim. The second is the four-digit PIN (personal identification number). Instead of using a signature to verify payments, cardholders are now asked to enter their PIN known only to them.

The introduction of Chip & PIN is the most recent major security improvement introduced by the payment industry to reduce the risk of accepting card payments. It is now extremely difficult for fraudsters to use credit and debit cards without knowing the specific four digit PIN retained by the cardholder and linked to that card.

Credit cards allow customers to “buy goods now and pay later” – called “buying on credit”. They aren’t linked to a bank account. Like debit cards they can be used to buy goods in shops, over the telephone and internet, with the same details being required. Customers can also get a “cash advance” by drawing money at bank cash machines.

A bank may offer a credit card, or customers can apply for one at any institution offering one. The credit card provider will normally run checks to see if the customer has had any problems repaying debts in the past before offering one (called a “credit check”).

Debit cards are linked directly to a customer’s bank account. They can be used to buy goods or withdraw cash and the amount is taken from an account right away.

Customers can also use debit cards to get “cashback” from certain shops (buying goods and also asking for money back from the cashier). The total amount is again deducted from the account.

We always try to make our charges and rates competitive – this is reflected right at the start of our relationship in the fact that there are no initial fees for setting up your Cardsave account.

Our pricing is calculated using a number of factors including:

• The type of business you operate
• The volume and value of card transactions you will process

Based on the above factors our charges consist of:

• A monthly Cardsave membership fee to access our range of benefits
• Low credit and debit card processing charges

When you have decided to join Cardsave we will complete all the documentation required. This will include your Cardsave Membership Agreement, Streamline Application Form and any other benefits you need. All the details will be submitted on the same day for processing.