MeCard (prepaid Mastercard for teenagers)

daska

OK, this relies on cashback BUT, if you sign up for a MeCard via TopCashBack they're currently offering £5.05 cashback AND while it costs £9.99, currently they'll credit the card with £10 after a week.

"It's the new way for you to give your teenage son or daughter a prepaid MasterCard card.

You can control the amount of money that goes on the card
and you can login and check how the money is being spent.

It acts just like a regular MasterCard, so they can use it
in thousands of stores across the UK (and even abroad)
without having to carry cash.

A responsible way to manage money: only spend what you
load. "

I signed up when it first came out and there were some problems BUT the customer service was excellent and the problems were all sorted out.

It's valid for 2 years and if you load it via BACS and only use it for purchases via Mastercard there are no further transaction charges. (Watch out though because there are charges for annual management, cancellation, other loading methods and withdrawing cash etc.)

FEES:
On Application
Parent card issue fee £0
Teen card fee £9.99
Limits Parent Card:
Min load amount is £10.00

Maximum loads:
£500 at PayPoint and Post Office
£300 online (Debit Card only)
£3,000 max via BACS/Wages transfer
Max balance is £3,000

Teen Card
Can only be loaded from Parent card.
Max money share is £500
Max Balance is £500

Usage restrictions Please see T&Cs for all usage restrictions

Ongoing Features
Transaction Fees There are no fees applied at the point of sale
Cash withdrawal Fees UK ATM transactions - £0.75 per transaction
Overseas ATM transactions - £1.50 per transaction

Parent Card
Up to 3 withdrawals allowed per day totaling £250.
Max single withdrawal is £250

Teen Card
Up to 3 per four day cycle totaling £500
Max single withdrawal is £50
Balance Enquiry £0.15 via SMS
FREE online

Top-up fees and limits
3% of load value subject to a minimum fee of £1 via PayPoint
£1.00 via Debit card
FREE via BACS/ Wage Transfer

Loads made via debit or credit card take approximately 2-3 hours to clear
Loads via BACS take approximately 3 days to clear
Loads made via PayPoint are available immediately.

Service fees
Annual management fee £9.99
Replacement card fee for lost/ stolen or damaged card £5.00
Renewal Fee £9.99
PIN issue/re-issue £1.00
Fraud investigation fee £10.00 (applied only where investigations show that the customer acted fraudulently or with gross negligence)
Disputed transaction fee £10.00 (applied only where investigations show that the customer acted fraudulently or with gross negligence)
Refund Administration Fee £10.00

Closure
Cancellation or Redemption £10.00
Expiry 24 months

cymrumam

Could be good as I need to book ryan air flights and at the moment this is the only way I can get them without paying their fees ! I know it changes soon so that you have to use theirs but it still saves me a bit in the meantime.

WarriorPrincess

The terms & conditions seem to say there's an annual fee of £10 - and a card cancellation fee of £10.

Midget_In_A_Bikini

Have given this a whirl despite not owning a teenager!

daska

WarriorPrincess wrote: »

The terms & conditions seem to say there's an annual fee of £10 - and a card cancellation fee of £10.

That's interesting, somewhere I have a print out of the email from when I opened it and I remember checking with the guy that it was a one off charge, I'm b* if I can think where it's got to though so I better dig it out before I get stung. Will amend title