Cash plus card, is it worth it?

crystal1985

Hi

Just had an email about applying for a cash plus prepaid gold mastercard.

It looks very tempting as it states that it could improvce your credit rating.

Has anyone got one of these? is it worth having one?

Thanks

ExNicotineQueen

I don’t see how it is supposed to affect your credit rating as you are pre-paying the card, the same as a pay as you go mobile phone. Plus you also get charged to top up your card, you’d be better off with a debit card or paying cold hard cash.

dotstar24

i have a splash plastic card which is payg card...dont see how it could improve your credit rating.

sephrenia

I actually found out how this works in the newspaper (sorry I'm new!). In effect what CashPlus do to help you rebuild your rating is give you a 59.60 loan which you pay off at £4 something a month and it adds a 'good' point to your credit score and then they renew it for the next year and the year after that and so on and so forth with each pay off adding another good point.

If you want to buy things with it, you still have to 'top up' the same way as any other pre-paid card but that would be on top of the £4 odd you pay to clear the 'loan' with them.

Hope that helps!

crystal1985

Thanks sephrenia :beer:

That is helpful to know exactly how it works. I guess if it adds a good point to your score, its worth it?

rayday2

It will "help" but not work magic it really depends what it is up against with the "bad credit" things.

Cleosmum

No idea if its good or bad, but if you do decide to go for it then check quidco etc to see if you can get cashback for signing up

sephrenia

rayday2 wrote: »

It will "help" but not work magic it really depends what it is up against with the "bad credit" things.

you hit the nail right on the head! as long as your credit rating isn't like mine (so low that satan could examine it) then it will help quite a bit towards rebuilding your rating

crystal1985

Lol!

Thanks all for your comments.