Pre-Paid Credit/Debit card?

alex98uk

Being an absolute spanner, I have lost my Barclays debit card 2 days before I go to Mexico. I was wondering whether I can get a pre-paid debit or credit card before I leave? Are there any I can actually physically get tomorrow, as applying through post will take too long?

Cheers

chexum

A few type of pre-paid cards can indeed be bought in some shops, those are not personalised though, and usually quite limited, and expensive to use.

However, if you are prepared/qualified to open an account (id/address confirmation - I gather you should have a passport ready though ), and are near London, the newfangled Metro Bank, with a single branch open, can be your savior. They can issue you debit (and possibly credit) cards while you wait:

https://www.metrobankonline.co.uk/

alex98uk

No, I live in the rather exclusive and upmarket town of Swindon. So, London is no use and I guess I can't really afford the exorbitant fees. Hmmm... I have no idea what to do now!

Azrael_1701

run to your branch and take out shed loads of cash, then go to a travel agent and convert it to travelers cheques.

motylek

I think prepaid cards are a great way to improve our credit rating. I have lately got a Cashplus prepaid Gold Mastercard. It offers free unlimited UK purchase transactions over the internet, phone and in-store. It can be also great as a gift or a source of money for travellers.

Have anyone used that card abroad already?

Thanks,

aps

dzug1

motylek wrote: »

I think prepaid cards are a great way to improve our credit rating. I have lately got a Cashplus prepaid Gold Mastercard. It offers free unlimited UK purchase transactions over the internet, phone and in-store. It can be also great as a gift or a source of money for travellers.

Have anyone used that card abroad already?

Thanks,

aps

So how will it improve your credit rating?

dzug1

alex98uk wrote: »

No, I live in the rather exclusive and upmarket town of Swindon. So, London is no use and I guess I can't really afford the exorbitant fees. Hmmm... I have no idea what to do now!

The fees may or may not be exhorbitant - but using your Barclays debit card would not exactly have been fee free either.

fozmcfc

motylek wrote: »

I think prepaid cards are a great way to improve our credit rating. I have lately got a Cashplus prepaid Gold Mastercard. It offers free unlimited UK purchase transactions over the internet, phone and in-store. It can be also great as a gift or a source of money for travellers.

Have anyone used that card abroad already?

Thanks,

aps

I don't believe pre-paid cards have any effect on your credit rating whatsoever. Anyone can get one and they don't appear on your credit report.

They do have at least some of the benefits of a credit card though such as when a debit card isn't accepted for payment, only a credit card.

Marty21

fozmcfc wrote: »

I don't believe pre-paid cards have any effect on your credit rating whatsoever. Anyone can get one and they don't appear on your credit report.

There is one on the market that does but you have to pay a monthly fee of about £5 i think for 12 months.

Heres an extract from the website.

Creditbuilder works by lending you a year’s worth of our usual monthly fees up front, then you just pay back the loan in 12 monthly repayments. Make all the payments on time and we report your good behaviour to two credit reference agencies, which could improve your rating. So this valuable benefit could improve or build your credit rating at no extra cost to you

alex98uk

The whole point of a pre-paid card is that it doesn't require or affect your credit rating

But, anyway, i'm just going to carry around 9000 peso. If anyone attempts to mug me, I will hand them my girlfriend over instead as payment.

motylek

One possible route to a better credit rating which has been endorsed by the Consumer Credit Association is a creditbuilder loan. Essentially it is a loan that runs alongside a prepaid cash card which can be used to pay for everyday purchases. For example, a company like Advanced Payment Solutions (APS) would advance their customer a full year’s worth of the monthly fees with no interest. This money would then be available on the plastic card. The funds are paid back on a monthly basis directly from the consumer to the card. APS then reports back to the credit reference agencies and highlighting a positive credit score.


Hope that helps