Pre-paid credit cards

mgr1970

Martin was on talksport this week and he was asked about credit cards that you put money on in advance my sister is after one of these cards due to her credit file.

Martin had no knowledge of the product so i was wondering if anyone has heard or had any dealings with the following company that was discussed

http://www.everything-financial.co.uk/da/14359

thanks for any help,anyone can give.

cifpower

With Capital One they will either give you a normal credit card with a £200 limit and a 29.9% APR or a secured credit card when you pay them a deposit. Check their website. They say it is guaranteed.

mgr1970

cifpower wrote:

With Capital One they will either give you a normal credit card with a £200 limit and a 29.9% APR or a secured credit card when you pay them a deposit. Check their website. They say it is guaranteed.

Hi Cif its not for me its for my sister after she was made bankrupt and then discharged she can't get a card or bank account to use online etc.
I tried to get her as a second card holder on my Egg and Barclaycard but both refused,thats when she heard a call made to martin about the above company last week, but i am always unsure about these firms.
thanks.

cifpower

Well tell her to go on the Capital One website

http://www.capitalone.co.uk/web/templates/product_temp_01_002.jsp?page_id=103&context_id=2&pageId=103&z=4&product_id=8535001

if she is not CURRENTLY bankrupt it should be OK to get a secured card from them

Reaper

A prepayment credit card sounds quite a good idea. My only concern is a dim memory of reading that the credit card company is not obliged to repay credit sums on your card even if it has been taken fraudulently. Hopefully somebody can confirm this. If so only keep small amounts on it.

dag_2

I tried to get her as a second card holder on my Egg and Barclaycard but both refused

That surprises me. There was once when Egg offered me £20 to have an additional cardholder on my account - so I suggested my mum. If I remember right, they only asked for her name - they didn't ask for her address, date of birth or any other identifying details. I could have made her up for all they know.

So I don't see how being bankrupt stops your sister being an additional cardholder on your account. Unless you don't trust her yourself - but that's your decision, not Egg's. Still, you don't need to trust her for her to get her own Capital One secured card.