Mastercard Pre Paid Cards

MusicalLawyer

I got one of these the other day - to build my credit rating.
Costs £65 per year, which I'm fine with as it'd be cheaper than getting a loan that I don't need and paying more in interest...

My question is...

I have Credit Builder on it.
Does the £5 fee a month build my credit rating on it's own, or do I need to top it up and spend on it further?

moneywaster-nomore

I also have a one off these. they report to your credit file, as long as your monthly fee is paid, you do not have to top it up.

I top it up when I get paid, with my grocery and petrol budget money. Then I do not have to go dipping in my current account for anything. I check my balance online and know exactly how much I have at anytime. Can also get a balance at the speed bank.

I know I pay a monthly fee, but thats cheaper for me than dipping in my current account and having DDs returned at £15 time. Each to there own. I find this works very well for me. Hope you have the same success.

MusicalLawyer

Yeah. I set up a standing order for the day I get paid, to top up the card to the monthly fee - to be honest it's like £65 altogether - which is a LOT cheaper than interest on an un-needed loan would be!

You have just given me a great idea on how I can budget more.

I end up with a couple hundred left after paying for everything - I always overspend from my current account. So maybe I will try topping my card up each week with a designated amount - once it's gone, it's gone!