Prepaid debit card and debt sliming

Lianna_3

I signed up for a prepaid debit card after my brother brought it to my attention. He is using the card to manage his night-out expenditure and overspend it has really helped. When the money in the card runs out that is it for that month.

Although, there is fees paid for activating the card, I now find that I don’t have to worry about paying for things and bills, I am much more disciplined with my money; I shop on the internet only occasionally. It really helps especially to manage money and reduce the debt. Seven months on and my debt looks slimmer.

Has anyone else there had a similar experience. You can check it out here https://www.goeasykard.com. There is no credit check, bankrupts are accepted and the card is with you within a week. The good bit is you spend only what you put in and the bad bit you cannot spend what don’t have.

shameless-about-money

There are many different companies whom are doing prepaid credit cards and all have their own place.

I have a Cashplus card and I find it invaluable.

smashedbooboo

same here. Its fab. NO money on it No spend. I love it. And even though there is a fee every month it is certainly nothing like the added interest or ppi on a normal credit card. Am saving a fortune. And the money is all mine on it. Not borrowed.

BAILIFFCHASER

There are ways of overriding the security on these cards . classic example !!!!!

Some petrol stations that use card readers at the pupms. As long as you have £5 on your card some do it for more and some even a £1 will authorise this amount and you can draw out till your tanks full. Then a few days later a debit will appear on your statement for the fuel. How will they over come this ?

Lianna_3

I’ve just made another major decision, Sky TV contract runs out this month, in comes Free view.

Polovski

do you only pay the £9.95 once? then it's just what you load with or does it charge you for loading the card everytime?
thanks

jsmith9156

Lianna wrote: »

I signed up for a prepaid debit card after my brother brought it to my attention. He is using the card to manage his night-out expenditure and overspend it has really helped. When the money in the card runs out that is it for that month......

Has anyone else there had a similar experience. You can check it out here https://www.goeasykard.com. There is no credit check, bankrupts are accepted and the card is with you within a week. The good bit is you spend only what you put in and the bad bit you cannot spend what don’t have.

Having a look at this cards site, Their fees seem to be a bit expensive compared to other cards (£2.95 monthly fee, £2 load/top-up fee, 20p Transaction fee). I've done a little comparison page on my blog of all the cards that i've either looked at or applied for. I'm not sure if i'm allowed to mention it in this post, so Feel free to PM me if you want a link.

I personally think the ExtremeCred Card (https://www.extremecred.com/) offers the lowest fees.

The other James

Lianna_3

I pay in over £500 so I don’t pay for the load fee. My monthly charge is usually around £3.50 to £6 depending on my monthly activities, it beats the £30 penalty for getting overdrawn and I no longer overspend. They send you an information pack, which enables you to make up your mind. The monthly and maintenance fee is subject to the amount one loads. I had a look at a few options and decided to use this one and it has served me well for the last couple of months. My brother uses it too.

Lianna_3

jsmith9156 wrote: »

Having a look at this cards site, Their fees seem to be a bit expensive compared to other cards (£2.95 monthly fee, £2 load/top-up fee, 20p Transaction fee). I've done a little comparison page on my blog of all the cards that i've either looked at or applied for. I'm not sure if i'm allowed to mention it in this post, so Feel free to PM me if you want a link.

I personally think the ExtremeCred Card (https://www.extremecred.com/) offers the lowest fees.

The other James

The only advantage I found with easykard is that you get exempted from paying load fees and maintenance fee go down when you load higher values of money. While most of the other cards provide free maintenance and charge higher fees for larger value loads. For example a card like extremcredit provides free maintenance but charge you up to 3% for loading £500, but this is free with https://www.goeasykard.com. My objective was to pay as little as possible and reduce my monthly spend activity and cut my debt.

Lianna

findingmyownway

why don't you just get a separate 'spending money' bank account with debit card and no overdraft facility?

in_debt_again_but_dealing_with_it

findingmyownway wrote: »

why don't you just get a separate 'spending money' bank account with debit card and no overdraft facility?

Must admit I agree, why pay a fee when many basic bank account are available to bad debtors and have solo or electron debit cards.