Prepaid Cards Guide Discussion Area

lightbulb2760

Baldur wrote: »

Only up to 1% for cash withdrawals outside Europe, there's no VISA fee within Europe.

There may be some confusion here. Caxton euro and dollar cards do charge ATM fees, but the global traveller card does not. I think the MSE guide may need amending to explain this more clearly.

lightbulb2760

rob69uk wrote: »

Since the nationwide/visa are now charging to withdraw from ATMs outside the UK i was thinking of getting a Caxton fx prepaid card.
They seam to have very good rates and don't charge to use ATMs abroad,no loading fee or monthly fee.
Has anybody used the global card i would be grateful for a report or feedback.

There may be some confusion here. Caxton euro and dollar cards do charge ATM fees, but the global traveller card does not. I think the MSE guide may need amending to explain this more clearly.

dipsy

Hi just a quick question

need a pre-paid card low cost as possible, need to be able to use to pay for petrol at pumps and hire cars, does anyone have any experience /tips

not for me so I maybe back with more questions :-)

thanks

sieve

Dipsy the Cashplus card lets you do car hire, but you need to call them once you get the card so that they can activate it. You can pay £4.95 a month and use it as much as you like, or you can pay something like 99p per transaction and avoid the monthly fee - up to you which one you choose.

I have one and can categorically say it does work for car hire and pay at pump (although for pay at pump you need to have at least £50 on the card before you try due to the p@p authorisation mechanism).

The link is https://www.mycashplus.co.uk

Cheers,

S

jmabnc

Hi (sorry to kinda channge this topic for a moment) I got my cash plus card about 3 days after applying for it,I heard its really good,but I am scared of using it could someone explain how it works. Thanks.

rolf

Just received this from Caxton via email (I have their Euro card):

Caxton FX remove ATM fees on all Currency cards

Did you know that from 10th July, Caxton FX is abolishing ATM fees on its Euro and Dollar currency cards?

Thanks to your feedback, cash withdrawals overseas are now free on all Caxton currency cards. Caxton FX is the only travel money provider to offer this service, making the Euro, Dollar and Global Traveller cards even better value.

So make sure you take full advantage of your Caxton card this summer!

- Free cash withdrawals overseas on the Euro, Dollar and Global Traveller cards

- 0% Commission

- Bank-beating exchange rates

Happy holidays!
Caxton FX Card Team

Assuming their rates don't suddenly change to compensate, I wonder how they'll compare now to FairFX.

Alfie_E

With prepaid cards featuring in the July 8 Money Tips e-mail, I thought I’d take a look at the prepaid cards page. When I looked at them a few years ago, I was always put off by the terms and conditions that warned that retailers, especially online ones, may not accept them, i.e. a retailer who accepts Visa Electron might refuse a prepaid Visa Electron. From what’s been written, this doesn’t appear to be an issue anymore.

The MSE prepaid card page says the following about the cashplus prepaid gold MasterCard with creditbuilder.

This is also a rarity among prepaid cards, in that it does give you Section 75 protection, meaning pay for something costing between £100 and £30,000 on it, and the card issuer’s equally liable with the retailer if something goes wrong.

Is this something that’s been stated by the card issuer, APS Financial Ltd, or something that MSE have surmised? From reading the cashplus website, I don’t see how can be the case. The card is still a prepay debit card and the credit given is a fixed-sized loan from the separate company that manages the card, Advanced Payment Solutions Ltd. The only connection between the loan and the debit card is that the loan is repaid by taking money from the debit card balance. This cannot make the card a credit-token as defined by the Consumer Credit Act.

rtX_2

I have just been advised by Travelex that there is a reload fee for their pre-paid GB£ Visa Electron card. On the MSE site it says there is no fee for making reloads on line. I have categorically been told the following:

There is a minimum 2% reload fee for the GB£ card whether or not you do it online.

In any event, the only way to re-load online is by BACS transfer (from your bank account) to their account which will take a minimum of 3 days to hit your Cash Passport account and be available to use and which will be charged commission at 2%. You cannot re-load via a debit card online.

On their site there is no mention of this fee, they simply say that you should "Please check with your selling agent". In the T&C the language is not as clear as I would expect: "Free (except for GBP where the normal Travellers Cheque commission charges apply - minimum charge of £3 and 2% on all loads and reloads). All online orders are commission free."

Presumably, they do not consider a reload as an online order.

I've got to say I am disappointed that MSE is giving incorrect information and angry with Travelex that this is not apparent until you have actually got the card when you are then provided with the T&Cs and when you try to reload the card.

Other things to watch out for are that they will continue to charge the account an inactivity monthly fee of £2 even if the card is past its end date, as long as the account remains open. There is a £15 charge for closing the account unless you close it at "the Retail Location" - that is the place you actually got the card.

Pauljw

I have a pre-paid mycashplus mastercard. In their FAQ's it says that my money is 'held in trust by the RBS'.
I happen to have a debt with the RBS which I am paying off regularly, they seem happy with the arrangement - however, is it possible for them to access the money I have put onto my pre-paid card??
Or is mycashplus independent and safe?
Any advice gratefully received - thanks.

brunix

Just a line to confirm the previous post by rtX.

Travelex T&Cs state the following (recently edited page from the first time I looked I suspect - sorry can't post link as I am a MSE newbie):

"Please note that a 2% commission will be charged for reloading your GBP Cash Passport by Telephone or via Internet/Telephone banking"

This 2% commission on reloads defeats to a large extent the money saving purpose.

so now my feel is that the only way to reload for free is to go at a travelex branch - can someone confirm this please?

Thanks,

B