prepaid mastercards 'blue sky'

wrightk

Just wondering if these type of cards are good for rebuilding credit. I looked at the vanquis ones and they never get back to me, i phone and they tell me to wait, i email and they say they cant discuss over the phone, that was about 3 months ago!

So im looking at prepaid mastercards to rebuild credit just wondering if anyone had any advice

Many thanks

jonesMUFCforever

No they are not because you never borrow any money.
Technically you do not get S75 cover either because of this.

The only people to benefit are the card issuers who charge either for the card or for top ups or for usage!

wrightk

oh ok..

I thought the monthly fee was technically a credit agreement and if repaid on time after a year it would be a fully repaid loan agreement?

jonesMUFCforever

wrightk wrote: »

oh ok..

I thought the monthly fee was technically a credit agreement and if repaid on time after a year it would be a fully repaid loan agreement?

No way Jose!

You can pay all your bills on time such as council tax, utility bills, catalogue, mobile phone etc etc - all this will look good in a year's time.

archer7

You're probably thinking of Cashplus Creditbuilder, which does work like that. As I understand it, it's useful if it's the only way you can rebuild.

Creditbuilder

Almost_There_2

Ignore these negative posts, unfortunately this site has a tendency to get replies from people who are just guessing.


There are a few of these 'credit building' prepaid credit cards on the market at the moment, of which Blue Sky is one of them.

"My Cash Plus" seems to be the most common and you can see all the discussions on this card here:

forums.moneysavingexpert.com/showthread.php?t=832297

From what people are saying on there, it does work and you do get successful credit reporting from the card.

Good luck!