MyCashPlus - Can anyone clarify charges?

saubryn

I currently have a debit card, but I have a feeling that when I try to reclaim bank charges I might lose it. I desperately need a debit card to pay for stuff online, so was considering getting a MyCashPlus card - that way I'm not borrowing / no risk of going overdrawn, so it will help with the DFW mentallity too

The thing is I don't understand the charges - I think it is a 9.95 activation fee, then *either* a choice of a fiver a month to maintain the account *or* you can have the account for free, but get charged on a per transaction basis?

Is that correct, or have I misunderstood, and theres always the monthly fee?

I wouldn't use it often enough to make a monthly fee worth it, but a charge per transaction for a transaction every month or two would be fine by me.

If anyone has the card and can say exactly how it works I'd be really greatful!

Mike_St_Helens

Hi there, on https://www.moneysupermarket.com there is a pre-paid comparison page with all the pre paid credit cards listed for you to choose from, some are a lot cheaper than MyCash+

saubryn

Thanks for the link - there are a couple on there that look good. I hadn't realised there were so many other options.

PeachPickle

Hi Saubryn

I got one of these a couple months back, purely to use online if I need to buy something (don't have a debit/credit card). You haven't misunderstood - it's £9.95 for the card and you can then opt out of the monthly fee to go for the £1 per transaction. Expensive, in a way, but I've only used mine a couple of times so I'm fine with it!

Only thing is - you're automatically put onto the monthly fee scheme so the initial cost you have to pay is £9.95 and the first months fee. When you change to £1 per transaction the monthly fee is refunded back to your account. You get a reload card for use in the Post Office. Easy enough! Feel free to pm if you have more questions

saubryn

Thanks peachpickle!

The ones on the site Mike St Helens recommended look like they might be less expensive in the long run if you are depositing large amounts of money, but some of them only allow topups from 100 pounds up - the MyCashPlus takes smaller amounts of cash, which is better for someone skint like me

Looks like I've got some maths to do.