Pre Pay Visa Card?

file_wizzard

pixie1 wrote:

mycashplus also has a £5 per month subscription fee This isnt going to help me

is either £5 per month or £1 per transaction, you can specify which best suits your useage

the*dark*one

When I started off with Capital One I had a really bad credit rating and they said if paid a £80 deposit to secure the card then they would give me one. 6 months later they give you back your initial deposit, every 2 months or so my credit limit went up and by the end of the year I had a gold card with them for a limit of £10k! It’s not that I couldn’t afford to have a gold card or any other card for that matter, due to bad decisions made when I was younger I just needed someone to have a bit of faith in me and give me a card so I could prove I was responsible enough to handle it.

headstar

file_wizzard wrote:

yes basically they will give you a line of credit of £250 for a £250 deposit, technically they are lending you your own money at 29.9 % APR + earning their own interest on your deposit, so obviously not the most financially astute transaction you will ever make!

However the card if paid off in full each month will serve a purpose and report back to your files and improve your attractiveness to other creditors

thanks

this is the one I got offered almost a year ago, so now that all my debt is now paid off, do you think I'll be offered an unsecure card?

file_wizzard

headstar wrote:

thanks

this is the one I got offered almost a year ago, so now that all my debt is now paid off, do you think I'll be offered an unsecure card?

You can but try !

pixie1

the*dark*one wrote:

When I started off with Capital One I had a really bad credit rating and they said if paid a £80 deposit to secure the card then they would give me one. 6 months later they give you back your initial deposit, every 2 months or so my credit limit went up and by the end of the year I had a gold card with them for a limit of £10k! It’s not that I couldn’t afford to have a gold card or any other card for that matter, due to bad decisions made when I was younger I just needed someone to have a bit of faith in me and give me a card so I could prove I was responsible enough to handle it.

Thats good to know for the future but Im way off that, I cant cope with actual credit.

Shame the fees are so high for pre-paid ones

headstar

the*dark*one wrote:

When I started off with Capital One I had a really bad credit rating and they said if paid a £80 deposit to secure the card then they would give me one. 6 months later they give you back your initial deposit, every 2 months or so my credit limit went up and by the end of the year I had a gold card with them for a limit of £10k! It’s not that I couldn’t afford to have a gold card or any other card for that matter, due to bad decisions made when I was younger I just needed someone to have a bit of faith in me and give me a card so I could prove I was responsible enough to handle it.

this is exactly the position I find myself in now - although if it were only £80 they wanted I'd give it to them like a shot! £250 on the other hand is a tad more difficult to get my hands on

the*dark*one

headstar I think they work out the deposit based on how much of a security? risk they think you are, my partner who had no credit history at the time was asked for a deposit for £200. :eek:

Perhaps you could borrow the £250 or the shortfall amount from a kind parent or friend? Capital One are actually a pretty decent company when you show them you can pay on time, I now get offered balance transfers with no fees (i.e. no 2.5% charged of the amount etc) every couple of months and I also get 1 year’s extra free warranty on all products I buy with my card (very handy for small electrical and household goods where you don’t want to pay extortionate extra warranty prices) and when I have needed to do a chargeback I had no problems whatsoever.

pixie1 hope you find yourself in a better situation soon. When you hit rock bottom, the only way is up

headstar

yeah I'll speak to my OH and see if he can help me out - I'll see what CO say first though - fingers crossed they won't want a deposit!

sorry for hijacking your thread Pixie! hope you get yourself sorted as well

jellycat40

I have filled out an application for one of these cards today. The cashplus one. It was very quick and approved immediately. £15 to set up and £5 per month but I was paying way more than that in interest on a real credit card and it means I will be able to shop online.

Louise

pixie1

jellycat40 wrote:

I have filled out an application for one of these cards today. The cashplus one. It was very quick and approved immediately. £15 to set up and £5 per month but I was paying way more than that in interest on a real credit card and it means I will be able to shop online.

Louise

You know Louise, when i saw the monthly fee i thought huh Im not paying that ever month yet for years Ive been paying £100 in interest on my debts. Im trying to be really thrifty so my first thought was NO WAY :eek: but when you see it your way it actually make sence and isnt that bad deal.