We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

Prepaid Cards Guide Discussion Area

Options
13468952

Comments

  • Doshamento
    Options
    kerrie83 wrote: »
    Help!

    I know this might be a stupid question but i was just about to apply for a cashplus prepaid mastercard, they want to charge me £4.99 for the card then £4.49 (or something) for the first months fee...

    I dont really want to use the pre paid card part but i was going to add on the Credit builder which costs £4.49 a month so..... does this mean i will have to pay £4.49 for the cashplus card then £4.49 for the credit builder every month because this will work out more than it says on the previos page...

    One way of doing this is the Cashplus Creditbuilder* card, which costs £9.95 to open. It charges a £4.95 monthly fee, which technically counts as a £59.40/year loan. As long as you pay the fee every month for a year, this info will be passed on to credit reference agency Experian.

    Any info would be appreciated, i'm really confused :/


    The Creditbuilder loan is for £59.40 which is added to your Cashplus card upon request and is repaid over 12 months at £4.95.

    After the first 3 months, repayment history will appear on your Experian Credit File as a Loan credit agreement. Then subsequently reported to them on a monthly basis for the remainder of the 12 months until it has been repaid in full.
    Just make sure not to miss any of the monthly repayments - as these will be reported to Experian too just like any other type of credit agreement.

    The Creditbuilder facility is designed to enhance your credit rating and strengthen your credit file over a period of 12 months, and is useful if you wan't to build up some repayment history onto your credit file whilst using your Cashplus prepaid card.


    One main thing of importance to note is that Creditbuilder does not come automatically linked to the Cashplus Mastercard - You have to apply for it seperately, and after receiving and activating your Cashplus card

    Your Cashplus card also needs to be 'fully verified' before the Creditbuilder facility can be added on to it.
  • nickg147
    nickg147 Posts: 29 Forumite
    Options
    Just looking at the Post Office Travel Money Card. With this being a Visa Electron card, can anyone confirm if it can be used to avoid the budget airline charges, when booking flights?

    E.g. The £4.75 Ryanair charge, per person, per flight...

    Seems a very cheap and convenient way to save for anyone who flies often...
  • stickman
    stickman Posts: 163 Forumite
    Options
    Doshamento wrote: »
    The Creditbuilder loan is for £59.40 which is added to your Cashplus card upon request and is repaid over 12 months at £4.95.

    After the first 3 months, repayment history will appear on your Experian Credit File as a Loan credit agreement. Then subsequently reported to them on a monthly basis for the remainder of the 12 months until it has been repaid in full.
    Just make sure not to miss any of the monthly repayments - as these will be reported to Experian too just like any other type of credit agreement.

    The Creditbuilder facility is designed to enhance your credit rating and strengthen your credit file over a period of 12 months, and is useful if you wan't to build up some repayment history onto your credit file whilst using your Cashplus prepaid card.


    One main thing of importance to note is that Creditbuilder does not come automatically linked to the Cashplus Mastercard - You have to apply for it seperately, and after receiving and activating your Cashplus card

    Your Cashplus card also needs to be 'fully verified' before the Creditbuilder facility can be added on to it.
    A little confused still on this one. If I just take the cashplus card I pay4.95 per month, does this mean then that if I also take up the creditbuilder I will be charged an additional 4.95 or not.
    Thanks
  • Skylark9999
    Options
    Hi, We received a Cashplus Gold Mastercard about a week ago but now wish to cancel as we have since been accepted for a Vantage card. Can anyone tell me if there is a cancellation penalty, and what is the time limit to cancel as I can't find it in their paperwork. Many thanks,
  • Doshamento
    Doshamento Posts: 230 Forumite
    Options
    stickman wrote: »
    A little confused still on this one. If I just take the cashplus card I pay4.95 per month, does this mean then that if I also take up the creditbuilder I will be charged an additional 4.95 or not.
    Thanks

    No, you will only be charged the £4.95 ONCE monthly if you take up the Creditbuilder facility.
  • Doshamento
    Doshamento Posts: 230 Forumite
    Options
    Hi, We received a Cashplus Gold Mastercard about a week ago but now wish to cancel as we have since been accepted for a Vantage card. Can anyone tell me if there is a cancellation penalty, and what is the time limit to cancel as I can't find it in their paperwork. Many thanks,

    You should spend what is remaining on the card to a balance close to zero as possible, then send a letter to them confirming closure of the card.

    If you have any funds on the card, but want a refund of any monies pre-loaded then they will charge you £10 for this as a cancellation fee.

    It takes up to 30 days to close it.
  • grahamt
    grahamt Posts: 5 Forumite
    Options
    I would definitely recommend against the Travelex Prepaid Card. There are potentially significant problems in trying to use it, as I found out when I took one out for a holiday abroad. The problems are not just the ones you might expect. I've written a review of my experience here: http://www.dooyoo.co.uk/credit-card/travelex-pre-paid-travel-card/1017403/
  • Glittermonkey
    Options
    grahamt wrote: »
    I would definitely recommend against the Travelex Prepaid Card. There are potentially significant problems in trying to use it, as I found out when I took one out for a holiday abroad. The problems are not just the ones you might expect. I've written a review of my experience here: http://www.dooyoo.co.uk/credit-card/travelex-pre-paid-travel-card/1017403/

    Aren't all Visa Electron designed like this though - flat numbers instead of raised? So if you had a Visa Electron issued by somebody else, you would of had the same problem?
    Lightbulb moment Dec 2005 - debt £23700

    June 2010 - £17984.21
  • Does anyone know if any of the major car hire companies accept a prepaid card at the start of the hire process? Has anyone actually presented a prepaid card instead of a visa/mastercard/diners etc? If so, was it accepted or declined at the start of the rental? I have looked at a few prepaid card sights and I haven't found an answer to my question. Therefore I presume prepaid cards are not accepted. (Suppose I had better actually ring and ask the major car hire firms directly - but there is nothing on their web-sights about prepaid cards). Appreciate any replies. Thanks.:rotfl:
  • Glittermonkey
    Options
    Does anyone know if any of the major car hire companies accept a prepaid card at the start of the hire process? Has anyone actually presented a prepaid card instead of a visa/mastercard/diners etc? If so, was it accepted or declined at the start of the rental? I have looked at a few prepaid card sights and I haven't found an answer to my question. Therefore I presume prepaid cards are not accepted. (Suppose I had better actually ring and ask the major car hire firms directly - but there is nothing on their web-sights about prepaid cards). Appreciate any replies. Thanks.:rotfl:

    It is advisable not to use a pre-paid card for hotels and car hire as they tend to pre-authorise the full amount on your card.

    So you have $1000 on your card, hire your car and they will pre authorise the full $1000 until you return your car. If your car hire costs $500, then the other $500 will be recredited back to your account. So leaving you unable to use your card until the funds go back later on.
    Lightbulb moment Dec 2005 - debt £23700

    June 2010 - £17984.21
Meet your Ambassadors

Categories

  • All Categories
  • 344.6K Banking & Borrowing
  • 250.6K Reduce Debt & Boost Income
  • 450.4K Spending & Discounts
  • 236.7K Work, Benefits & Business
  • 610.5K Mortgages, Homes & Bills
  • 173.8K Life & Family
  • 249.5K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards