Best Prepaid Credit Card?

philnicandamy · 22 December 2007 at 8:16PM

pre-reg wrote: »

Thanks...is anyone able to confirm this 100%?

I had my OH as a second card holder on my Virgin Credit card and a credit check was performed before she could be added, before my BR she has an M&S credit card & asked if I could be added..a credit check was performed and I failed.

I think its probably the same all across but as tigerfeet said someone in the know will be along shortly...i'd agree with tigerfeet you probably would be in breach of your BR terms if undischarged..remember even though your a second cardholder its tecnicallly still obtaining credit..so over £500 you would need to inform the OR office if still undischarged....if you keep it quiet & the OR would find out is it really worth a BRO/BRU?

pre-reg · 22 December 2007 at 8:18PM

thanks for that.. i think its prepaid card for me then!!

churchrat · 23 December 2007 at 7:59PM

another question!! does anyone know if the pre-paid card offers the same insurance that a "real" credit card does? the 100 day etc?? I would think not, but will def get one if they do.
thanks

philnicandamy · 23 December 2007 at 11:04PM

churchrat wrote: »

another question!! does anyone know if the pre-paid card offers the same insurance that a "real" credit card does? the 100 day etc?? I would think not, but will def get one if they do.
thanks

Most of the pre pay cards I looked at a while ago didnt offer any kind of insurance, in theory if the money went missing you could get it back but it's probably gonna be difficult

wesley4 · 24 December 2007 at 8:12AM

On a similar note, the company behind Cashplus, the prepaid card I use, claim to offer protection under Section 75 of the Consumer Credit Act; Well, they make this claim on http://www.apsgroup.com/products/consumer-purchase-protection.html. I couldn't find anything in the T&Cs though.

As for insurance, there's always Sentinel Card Protection @ http://www.sentinelcardprotection.com/index.htm
- Is that what you meant?

MUDGUTS · 14 February 2008 at 3:25PM

I think these Pre-pay type cards are very useful in the right circumstances.

One use is to get one then create a standing order to it to save for specific events, like car service and MOT bills and Christmas.

I have just got a Virgin one: £9.95 and basically 2.75% to use it, so spend £100, it costs you £102.75.

They will never earn you any money and obviously the providers are making interest on your cash while they have it, but if you are organized and only use it when you have to they are better than nothing:

Let's say you have a 'Basic bank account', with one of those cash cards, that are only usable in cash machines. You can run your 'Basic bank account' as normal, with Standing Orders and Direct Debits, and load your Pre-pay type cards from there.

You will have perfectly functioning bank account, and a Master card / Visa, etc. (gold if you want) for all your other purchases. If you only use them when you have to, (for example when you cannot use cash), the situation is OK, even a person with very bad credit can do this.

One thought though, you must be careful of which one you get and use the comparison sites first to find out which one is best.

I think they are going to be big business in the next year, especially with the expected credit crunch, etc.

Read up on them here:

http://www.compareprepaid.co.uk/

http://www.which-prepaid-card.co.uk/

http://www.moneysupermarket.com/cards/prepaid-cards-guide1.asp

http://www.knowyourmoney.co.uk/credit-cards/compare-credit-cards/prepaid-credit-cards/

WoodruffsDad · 14 February 2008 at 3:50PM

MUDGUTS wrote: »

I think these Pre-pay type cards are very useful in the right circumstances.

One use is to get one then create a standing order to it to save for specific events, like car service and MOT bills and Christmas.

I have just got a Virgin one: £9.95 and basically 2.75% to use it, so spend £100, it costs you £102.75.

They will never earn you any money and obviously the providers are making interest on your cash while they have it, but if you are organized and only use it when you have to they are better than nothing:

Let's say you have a 'Basic bank account', with one of those cash cards, that are only usable in cash machines. You can run your 'Basic bank account' as normal, with Standing Orders and Direct Debits, and load your Pre-pay type cards from there.

You will have perfectly functioning bank account, and a Master card / Visa, etc. (gold if you want) for all your other purchases. If you only use them when you have to, (for example when you cannot use cash), the situation is OK, even a person with very bad credit can do this.

One thought though, you must be careful of which one you get and use the comparison sites first to find out which one is best.

I think they are going to be big business in the next year, especially with the expected credit crunch, etc.

Read up on them here:

http://www.compareprepaid.co.uk/

http://www.which-prepaid-card.co.uk/

http://www.moneysupermarket.com/cards/prepaid-cards-guide1.asp

http://www.knowyourmoney.co.uk/credit-cards/compare-credit-cards/prepaid-credit-cards/

Sorry to be picky, Mudguts, but it's 2.95%.

LesleyL_2 · 14 February 2008 at 3:52PM

wesley4 wrote: »

On a similar note, the company behind Cashplus, the prepaid card I use, claim to offer protection under Section 75 of the Consumer Credit Act; Well, they make this claim on http://www.apsgroup.com/products/consumer-purchase-protection.html. I couldn't find anything in the T&Cs though.

I raised a dispute with Cashplus this morning

I telephoned my motor insurers to set up a direct debit with my new bank and they told me they would be taking my next due payment from my Cashplus Card. I told them not to, I was NOT giving them authority to do that (they have my details from a payment I made by card in December)

within minutes, they had applied to Cashplus for the money, not actually taken it but Cashplus have "put aside" this amount for the insurers to claim it on the due date. I phoned Cashplus to tell them this was taken against my instruction and they say there is nothing they can do in the short term unless I open a full dispute. I have to beg the insurers to cancel the request but if they choose not to do that, I can then apply to Cashplus to start the dispute procedure - it doesnt get me my money back until the dispute is settled but at least they are going to sort it out (we hope) on my behalf

Dont use M & S Insurances - they suck!

caseyj · 14 February 2008 at 5:50PM

I use the tuxedo mastercard prepaid credit card,it cost about £9 and you can order another card free,maybe for a partner or child,you can manage your account online too by paying money from your account to your chosen cards,the fees arent too bad either,i use the pay as you go option,like £1 for a purchase ect,,hope this helps http://www.tuxedo-eccount.com/

MUDGUTS · 14 February 2008 at 5:52PM

My mistake, it is 2.95%

Incidentally, I originally applied for the cashplus card but when I got to the last part where you pay, I found there is only one option and that is for the monthly fee card not the no fee card. When I phoned them I was told that this could be changed once you have the card.

Found this a bit misleading so I looked around a bit more and decided on the Virgin Card.

Best Prepaid Credit Card?

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