Prepaid Cards Guide Discussion Area

Babache

Not sure I really understand these "pre-paid" cards Okay, you're paying a monthly sum which will eventually improve your credit rating over a certain period of time ... I presume though that you can only spend what is actually on the card so, put another way, it's not a credit card in the usual sense of the term?

I'd consider one having just been rejected by Vanquis and Cap One but I need immediate access to around £750 - £1000 whilst awaiting the first month's wages which a pre-paid couldn't supply (again, presuming).

Savvy_Sue

Babache wrote: »

Not sure I really understand these "pre-paid" cards Okay, you're paying a monthly sum which will eventually improve your credit rating over a certain period of time ... I presume though that you can only spend what is actually on the card so, put another way, it's not a credit card in the usual sense of the term?

I'd consider one having just been rejected by Vanquis and Cap One but I need immediate access to around £750 - £1000 whilst awaiting the first month's wages which a pre-paid couldn't supply (again, presuming).

You're not, as far as I know, paying a set amount in each month - I guess that could be an option for some. But you're right that you can only spend what's on them, so not a lot of help to your immediate needs. Benefits or Employment boards might help you check whether you're able to claim anything to help over that first month, or ask if you can have an advance of salary part way through?

Babache

Thanks for that Savvy_Sue. I was pretty sure of the response and found it in another thread as well!

I'd be worried about asking for an advance with the (future) employer but do feel tempted to ask anyway at the second interview next week - after all, I have nothing to lose and a >£24k job to gain

The idea of checking Benefit-related help is a no-no, unfortunately. I applied for a budgeting loan for another job but the application was processed after handing in my UB card and consequently rejected as I was not receiving JSA or income support :mad:

As far as I know, only a loan - in one form or another - is going to help me procure this new job But having "cooked" my credit score with two (rejected) CC apps, I'm doomed

donf

does anyone know, if i take out a fairfx prepaid euros credit card & put for example £500 on it what happens if i still have money on it when i come back from holiday? can i use the card in the uk or can i transfer the money back to my bank account or do i have to keep it unitl i go abroad again?

any help would be greatful.

donna

Babache

Savvy_Sue wrote: »

Benefits or Employment boards might help you check whether you're able to claim anything to help over that first month, or ask if you can have an advance of salary part way through?

Coming back to your comments, Savvy_Sue, I have become aware that you don't get the right answers if you don't ask the right questions and this is certainly true of the Jobcentre

Where should one look in order to get info on these "Benefits or Employment boards"? As I said, I looked into a budgeting loan which was turned down and have spent quite some time on the direct.gov website with no luck either ...

I want this job so much, I'm almost considering a payday loan :eek:

Savvy_Sue

Take a look here. I might have said more in the first place but I didn't want to take this thread off topic.

semanticist

I've got credit and debit cards and no kids, so the normal advice on the Pre-paid Card page wasn't too helpful for me.

I'm building an automated system that I'm going to want to be able to pay for its own stuff (so if it needs more cloud computing resources it can buy it itself, managing its own budget). I don't want to give any automated computer system the run of my own bank account, so I was considering a pre-paid card as a way to enforce budget restrictions and limit the damage if it goes mental.

So the best pre-paid card for me would be one that's visa/mastercard, so it can be used anywhere, has the absolute minimum fees, and definitely no monthly fees, and ideally doesn't force you to use 3D Secure ('verified by visa'), which is a pain to automate (while at the same time not being any more secure).

Any suggestions are welcome!

Thanks!

LauraM65

I am contemplating getting a cashbuilder card in order to get a better credit rating even though I still have outstanding debts. I planned on using it for putting a certain amount on as part of a budget for my monthly shopping. Has anyone got any advice or doing the same that I plan to. I would love to hear from you. First day of Frugal Living Challenge today so looking for useful tips. :T:T:T

ian_h

I've linked the € card to my main cashplus account (mainly because of the ease of 2 way transfers) and have now been offered the $ card too.

I've read the T&C but cant see the answer to these questions and wondered if anyone knew?

1. Do purchases made with the € & $ cards still benefit from section 75 protection?

2. I would only the use €/$ card infrequently (and ideally for S75) if i maintain my main £ account but dont use the €/$ for 12 months would i be charged?

Cheers

Welly1

I want to book 6 seats through Ryan Air but will be charged £72 for the privelege, I was just about to order a prepaid mastercard as per instructions on the main site (which can take up to 10 days) when my wife informed me that her bank card is a Mastercard Debit Card. My question is this is this the same as a prepaid debit card or will we still get charged the admin fee by Ryan Air. She had the card when she opened a current account with Think Banking. If anyone can tell me I would be much obliged as it will save me sending off for a prepaid card and maybe missing out on the cheap flights.