Prepaid Cards Guide Discussion Area

adcad

Hello everyone this is a quick review about optimum prepaid master card.
The customer service is abysmal they hardly ever respond to support emails
the reason for this being that Calls to a Customer Services Advisor are
charged at £1 per call.
Also just to activate the card costs £1 This should be in the write up!
Best avoided if you can. £1 per call adds up quickly. Also I Have not received my card ordered well over a month ago :mad:

ard123en

Just signed up for a pockit card as they are giving £10 bonus if you go through moneysupermarket portal will see it I get it

ard123en

This is something to think about just been in chat with pockit


The Prepaid Card is an electronic money product and although it is a product regulated by the Financial Conduct Authority, it is not covered by the Financial Services Compensation Scheme. No other compensation scheme exists to cover losses claimed in connection with the Prepaid Card. This means that in the event that Wirecard Card Solutions Ltd becomes insolvent your funds may become valueless and unusable and as a result you may lose your money.

grumbler

Hardly a news.

Is my cash safe on a prepaid card?

There are safeguards, but it's important you know that funds on a prepaid card don't have the same protection as money in your bank account or savings account.
Money on prepaid cards is classed as 'electronic money', and all prepaid card providers have to hold your cash in a bank account ring-fenced from their own operating cash. This mitigates against the risk of the card issuer going bust. In that event, your money would be protected as it’d be in a separate account.
But there's an important caveat here. Your cash wouldn't be protected if the bank or building society your money was ring-fenced in went bust. It's not counted as a deposit, in the way that cash in a savings account would be, and therefore, it's not protected.

This is from the very same MSE 'guide' that is discussed in this thread.

Anthorn

ard123en wrote: »

This is something to think about just been in chat with pockit


The Prepaid Card is an electronic money product and although it is a product regulated by the Financial Conduct Authority, it is not covered by the Financial Services Compensation Scheme. No other compensation scheme exists to cover losses claimed in connection with the Prepaid Card. This means that in the event that Wirecard Card Solutions Ltd becomes insolvent your funds may become valueless and unusable and as a result you may lose your money.

True but not strictly so. Consider for example the prepaid current account from Secure Trust Bank which is in two parts which may also be called jars or envelopes. When money is deposited in the current account it is protected by FSCS. But when money is manually transferred from the current account into the linked prepaid card that transferred money becomes electronic money and is not protected. Actually a good way of protecting money from fraudulent transactions since the only money the thieves can get is the money on the card.

bluesky01

Hi there guys,

I'm new on this forum. I just wanted to find out if there are any prepaid cards that you can top up at a postoffice using Amex?

grumbler

Did you read the MSE article discussed in this thread?

This is the discussion of Prepaid Cards guide.

Ctrl+F >> post office >> The Cashplus* card

Top-up fee: Free by bank transfer, standing order and at the Post Office

Don't know about Amex.
What are you trying to achieve?

Other cards if you search:

Anthorn wrote: »

Lebara Money Mastercard. £14.95 waived if you load with at least £20 at the time of application but you will need a debit card or a Mastercard or VISA gift card to order it online. After that you can load it at the post office for £1.
http://www.moneysavingexpert.com/credit-cards/prepaid-cards
https://www.lebara-money.com/mastercard_product

An alternative is the Cashplus Platinum card which can be bought over the counter at Money Shop but has a monthly fee if you want fee-free transactions.

http://icount.co.uk/advantages/loading-money/

MrWinningSmith

I've just signed up to the Cashplus Mastercard in order to help up my credit score. I ticked the box to say I'm interested in the CreditBuilder add on. I will be receiving my card in a few days.

How do people recommend I use this card in order to maximise the odds in my credit score?

Angelaimz

Can you use a card such as gohenry for adults? My husband has a spending problem and needs to learn how to control money, he needs to have a card for work/emergency purposes that I can top up if needed from bank account, needs to be limited on money access and only spend what is on the card or not at all. Gohenry sounds like it would work but says up to 18 years only, are they strict on this? Could I use it anyway?

eDicky

Angelaimz wrote: »

Can you use a card such as gohenry for adults? My husband has a spending problem and needs to learn how to control money, he needs to have a card for work/emergency purposes that I can top up if needed from bank account, needs to be limited on money access and only spend what is on the card or not at all. Gohenry sounds like it would work but says up to 18 years only, are they strict on this? Could I use it anyway?

A cheaper prepaid solution would be Pockit.com, I think you could 'administer' your husband's additional card. Revolut would be fee-free if you both have smartphones and sign up with the app, you could make instant transfers to him as required.