Pre paid visa/mastercards etc

zappa88

Hi,

I'm a student who often needs to buy from places that only accept credit cards, and I have nothing other than a paypal account and a maestro card.

Is there a pre paid service that I should think about, or would it be best getting a proper credit card, and using that?

Thanks!

Update: I should add that I won't use any such card, be it prepaid or not very often- only occasionally, but getting my own would be a LOT easier than constant "Can I borrow dad's card?"

thanks

anotherpaul_2

Are you an over-18 student or an under-18 student?

I'm assuming you're over-18. Do you have a student bank account? If so, do they offer a credit card as part of the deal? I think pre-pay cards tend to charge a subscription fee, so a "real" credit card would be better (assuming you can resist the urge to run up a big bill!).

(If you're under-18, I suspect you can't have a card, except possibly an extra card on someone elses account.)

zappa88

Yes, I'm over 18.

I do have a student account, however, there's no credit card option, just a maestro.

I've been looking over Martin's guide to prepaid cards, and judging from that, a "real" card probably is my best bet. That of course begs the question "which credit card to get".

Thanks

CLAPTON

ask your bank

set up a DD for the full amount so you don't incur charges or interest and don't get inot debt.

mum2one

Go via ur bank first as they can usually sort you out a better deal, as without haveing a credit card, the general ones u would get on the market would be Vanquis 39.9%apr, Aqua 39.9% apr, or Capital one est 30%apr.

zappa88

http://www.natwest.com/personal/credit-cards/g1/student.ashx#tabs=section1
I did find this, and what I'm most concerned about is annual fees (Which this card tells me it doesnt have), since I wouldn;t use this card that often.

Setting up a DD would be the smartest option, as I wouldn't use it to spend money I don't have, it would purely be an alternative to use in places that don't accept my maestro.

I think it looks good; however the opinions of people experienced with cards would be appreciated.

Cheers

mum2one

zappa88 wrote: »

http://www.natwest.com/personal/credit-cards/g1/student.ashx#tabs=section1
I did find this, and what I'm most concerned about is annual fees (Which this card tells me it doesnt have), since I wouldn;t use this card that often.

Setting up a DD would be the smartest option, as I wouldn't use it to spend money I don't have, it would purely be an alternative to use in places that don't accept my maestro.

I think it looks good; however the opinions of people experienced with cards would be appreciated.

Cheers

I've just looked at your link and theres no annual charge on the card, the maximim credit limit is £500, good starting base.
At the end of the day ur a newcomer into the credit card market so your not going to get the best APR rate, the question I would be asking is what the APR would be on your card, as it says typical............
As someone whos used credit cards for 18yrs (hope thats enough of the experience level).

zappa88

Thanks- there's a branch of natwest (my bank) on campus, so I'll probably head in there on Monday and ask a few questions.

Cheers

mum2one

Good luck on Monday, dont forget the important question, the APR! x

withnell

APR isn't important for the OP, who's going to pay the balance off in full every month!

pb3

zappa88 wrote: »

Hi,

Is there a pre paid service that I should think about, or would it be best getting a proper credit card, and using that?

thanks

You need to be aware of a couple of important "gotchas" with prepaid cards.

First some (perhaps all) do not guarantee that transactions that will take your balance into the red will be bounced! Also you may incur sanctions for such transactions. Read the T&Cs for your prepaid card carefully!

Also in the case of fradulent transactions, you need to get a crime reference number from the police, and getting the money (your money) back can take up to 2 months while they investigate. And to top it all off you have to pay to get a replacement card :eek:

A credit card company will place the fraudulent transactions on hold while they investigate. With a prepaid card you will be without your money while they investigate - this can take up to 2 months. As fradulent transactions are quite common these days (insecure ecommerce sites etc) you need to bear this in mind.

I'm not sure what happen if fradulent charges take your balance into the red. That could be a bit of a minefield.

If the bank behind the prepaid card goes bust, you'll most likely lose all your do$h on the card. Again read the terms and conditions.

Finally note that you will have to pay a variety of surcharges : replacement cards, inactivity fees, atm withdrawal fees, and of course a transaction surcharge. Again read the terms and conditions.

Other than the above, prepaid cards are a godsend