Cashplus currency card

Lgas

Hi, does anyone know anything about these cards? I've got a cashplus pre-paid card, to buy my Ryanair flights (and i'm using the credit builder facility), and i've just ordered one of these cards for free as part of the 'cashplus extras'. Am I right in thinking it would be best to exchange my money via this card and also use it to withdraw cash in Gran Canaria and use this card in shops? Seems too good to be true, i've searched for it on this forum but haven't found any posts.

(can't post links yet!)
mycashplus.co.uk/cashplus-extras/currency.aspx

dzug1

Well it is too good to be true - foreign transactions benefit from a competitive exchange rate, it says. If you dig deep enough that turns out to be a 2.99% loading which is distinctly nothing to write home about. Very middle of the road.

Not necessarily a 'bad' card, but nothing special either.

stilltheone

dzug1 wrote: »

Well it is too good to be true - foreign transactions benefit from a competitive exchange rate, it says. If you dig deep enough that turns out to be a 2.99% loading which is distinctly nothing to write home about. Very middle of the road.

Not necessarily a 'bad' card, but nothing special either.

That's polite.

Lgas

Thanks for both of your replies, but I think you're both looking at the Cashplus card, not the additional currency card. I use the main card as a credit builder, and to avoid Ryanair's card fees, I won't be using that one abroad. I will also use it for large purchases as it has full credit card purchase protection

The currency card is an extra bonus card if you already have a cashplus gold mastercard. It says it has no ATM fees in europe, no commission, no euro purchase transaction fees, and it says 'excellent' exchange rate. You can either transfer money from the cashplus card or by cash via one of the money shop stores, and it exchanges it for you.

dzug1

So what is this 'excellent' exchange rate?? If they are coy about what it is then it's more than likely the same as their other cards.

You are too trusting

Lgas

Probably true! That's what i'm trying to find out, there's no specific small print for that card. Maybe when it arrives it will have more information with it. If nothing else, exchanging my money elsewhere and then loading it on the card should be worth it for the free ATM useage abroad. I don't really want to be carrying a lot of cash and my OH has a dreaded Santander debit card.

stilltheone

Lgas wrote: »

Probably true! That's what i'm trying to find out, there's no specific small print for that card. Maybe when it arrives it will have more information with it. If nothing else, exchanging my money elsewhere and then loading it on the card should be worth it for the free ATM useage abroad. I don't really want to be carrying a lot of cash and my OH has a dreaded Santander debit card.

It's never going to be the best option.

How do you intend to load Euros in cash on to the card? What are you thinking? Their is no free ATM usage. They are taking at least 2.99% from the exchange rate. Possibly more...they obviously don't like to say.

Forget about it, just get the best PrePaid card in the first place: Travelex Cash Passport Globe 1.49% and that's it.

Lgas

What do you mean there's no free ATM useage? It says it in black and white on the link I posted.
"Once you’re abroad just withdraw money from any cash machine that displays the MasterCard acceptance mark. There are no purchase fees or monthly fees for the currency card."

The cashplus card has the 2.99% fee and the ATM withdrawal fees, the currency card does not! I feel like i'm going round in circles here, unless they've printed blatant lies on their website, the currency card does not charge these fees.

They have explicitly stated on their website that for the currency card there is no commission, no euro exchange fees, and a competitive exchange rate. I had a text from them yesterday saying that they have dropped their rate for Euros to one of the best around if you top up the currency card.

stilltheone

Lgas wrote: »

What do you mean there's no free ATM useage? It says it in black and white on the link I posted.
"Once you’re abroad just withdraw money from any cash machine that displays the MasterCard acceptance mark. There are no purchase fees or monthly fees for the currency card."

The cashplus card has the 2.99% fee and the ATM withdrawal fees, the currency card does not! I feel like i'm going round in circles here, unless they've printed blatant lies on their website, the currency card does not charge these fees.

They have explicitly stated on their website that for the currency card there is no commission, no euro exchange fees, and a competitive exchange rate. I had a text from them yesterday saying that they have dropped their rate for Euros to one of the best around if you top up the currency card.

You are not getting it. They are taking a percentage from the exchange rate that they receive from Mastercard or similar and the exchange rate that they give to you.

"purchase fees or monthly fees" relates to the fact that you don't have to pay to obtain the card, nor are there monthly maintenance charges, as per their other cards.

We are waiting for you to actually tell us what exchange rate you are offered.
Then we can tell you what percentage they are taking.
Believe me, it will be at least 2.99%, possibly more.

Lgas

When I come to exchanging my Euros I will post the exchange rate offered. If it is in fact a poor exchange rate then I will go down the traditional route then.

stilltheone

Lgas wrote: »

When I come to exchanging my Euros I will post the exchange rate offered. If it is in fact a poor exchange rate then I will go down the traditional route then.

Why not ask them what rate they are offering today? That way we can tell you now, instead of you waiting until you actually need the euros.