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PAYG Credit Card

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Hi All

Just wondered if anyone can help at all, after many years of running my business with my ex partner as a partnership we were made bankrupt yesterday in High Court.

Our house is on the market and there is no way of knowing when that will sell, however I have seen your advice on new bank accouts for bankrupts but I have seen a PAYG Credit Card called Cashplus Mastercard, do you think this would be available to bankrupts and if so, why is this not pushed more widely for the younger generation as it has no credit issues like a Top Up PAYG on your phone type card?

Is this card something anyone would recommend to a recent bankruptee

Many thanks.

Sharon

Comments

  • louiser123
    louiser123 Posts: 1,248 Forumite
    hi,
    the cashplus card is available to anyone, there is no credit check as its not credit. it does charge a fee to purchase one and also a monthly fee to run it unless you choose the option to pay a pound for every transaction you make (spend) it does i believe report to the credit agencys on the monthly fee option which can help to improve your credit rating.
    i had one sometime ago but i found it a real pain to top up as i only had access to the post office which took two-three working days for money to credit to the card.
    there are other prepay debit cards on the market though i havnt checked them for ages but i did have the extreme credit maestro card and to be honest it was better for me as it topped up on paypoint and the money was credited immediatly but again there are charges to use it. it really all depends on what your looking for.

    hope that made it a bit clearer i am sure someone who is up to date with these cards will be along soon.
    self confessed 80's throwback:D
    sealed pot challenge 2009 #488 (couldnt tell you how much so far as i cant open it to count it!!:mad: )
  • Hi Louiser

    Thank you so much for replying you are the only person right now to actually come back with a reply and as you have had previous experience of one of these cards it was most helpful.

    I didn't know how the card worked or the fact that you pay for it to start with or the monthly fee side of things.

    I will check out others but as my credit rating is shot to pieces right now I am just trying to see ways around purchasing items online etc as most of the accounts on offer to someone like me don't have even a debit card facility so I was trying to see ways around purchasing for Christmas when I actually may have some cash if I'm lucky.

    Your a star, thanks again.

    Sharon
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