Fairfx prepaid Mastercard

Steve_xx

I have a couple of points to raise about this latest recommended prepaid card.

1. I note that their website say that it can be topped using using a credit/debit card. If you used a credit/debit card to do this wouldn't you be charged by your debit/credit card issuer since you were effectively buying cash?

2. Their website, as far as I can see, makes no mention of the 1.5% transaction fee?

3. The card goes void after 3 years. It seems that they will issue a fresh card at that point but as I read it the cardholder would incur a fee of £10 for any remaining cash to be transferred to the new card. One wonders why it has a timer on it in the first place.

4. I'd only use it for Ryanair. I'd want to have the card loaded with sterling. I assume I can do that and that if I put £20 sterling on it then £20 is what will show on the accoutn until I spend some of it and it will then reduce by the cost of the thing purchased, plus 1.5% Is this correct?

alared

It seems to me we are taliking about a difference of only .5% (50p per £100) between this card, and what seems to me,the least hassle and easier to get/use ICE card.

If the sole purpose of getting one of these is to use on RA,I think I would take the easy option.

No matter which one you go for you`re saving massively on RA`s £5 card fee.

Some good points raised Steve but not much interest in this unless there is another thread somewhere.

callum9999

You must be talking about their sterling card. I used a dollar card from them and the banks didn't charge any fees for topping it up - that will presumably be the same on that card. (I wasn't charged a fee for buying foreign currency in Thomas Cook either. Both were done on debit cards - which don't charge fees for cash anyway - thats credit cards).

The 1.5% fee is mentioned on the site, its just not prominant as they mainly provide travel cards in foreign currencies, which don't have a fee.

nomoneytoday

If you had a debit/credit card already, why would you need one of these??

alared

nomoneytoday wrote: »

If you had a debit/credit card already, why would you need one of these??

To buy RA flights without incuring a fee.

Steve_xx

callum9999 wrote: »

You must be talking about their sterling card. I used a dollar card from them and the banks didn't charge any fees for topping it up - that will presumably be the same on that card. (I wasn't charged a fee for buying foreign currency in Thomas Cook either. Both were done on debit cards - which don't charge fees for cash anyway - thats credit cards).

The 1.5% fee is mentioned on the site, its just not prominant as they mainly provide travel cards in foreign currencies, which don't have a fee.

Yes I'd want to load sterling onto it. Simply to use for buying Ryanair tickets with. I'd be interested to know if you would be charged by your credit/debit card issuer for the pleasure of loading cash onto the Fairfx card? I ask this because I know for sure that some banks levy a charge for buying currency online from Travelex when you use your debit card.

alared

I used to buy foreign currency online from Travelex and pick it up at the airport,
using my Halifax debit,I was never charged but other people posted they had been by their providers.
But it is a good question.
All in all for the dozen flights I make a year the ICE 2% load will do me.

Steve_xx

alared wrote: »

I used to buy foreign currency online from Travelex and pick it up at the airport,
using my Halifax debit,I was never charged but other people posted they had been by their providers.
But it is a good question.
All in all for the dozen flights I make a year the ICE 2% load will do me.

Point taken regarding the ICE card.

I know that with A&L debit cards it was the case that making online currency purchases with Travelex did not incur a levy for doing so. Then suddenly it changed, and they started to levy for it.

I feel certain that if you load these prepaid cards using a credit card that will incur charges from the credit card issuer for doing so.

duggie1982

Debit cards dont charge as its YOUR money. Only credit cards will charge a 'cash withdrawl' fee if you use them to pay

Steve_xx

duggie1982 wrote: »

Debit cards dont charge as its YOUR money. Only credit cards will charge a 'cash withdrawl' fee if you use them to pay

Some debit card issuers certainly do charge if you use your account for purchasing currency. Are you sayiing that in the case of loading one of these prepaid cards that debit card issuers do not levy a charge?

alared

Might be better to email your queries here Steve.

[EMAIL="enquiries@fairfx.com"]enquiries@fairfx.com[/EMAIL]