Pre Paid Card or Better Option?

rubyinthesky

In the spirit of turning over a new leaf, I've managed to budget last month and have paid £300 off credit card debts! Delighted with myself and that I seem to have curbed my spendaholic tendencies.

Now, at the risk of someone telling me that I'm stupid, is there such a thing that would let me pay myself 'pocket money' monthly, which I would be able to use to pay for stuff on the internet or in physical shops, and that I would be able to view the balance online? Any prepaid card, or basic bank account for instance?

I'm a bit confused but I'm trying my best to be in control, but my maths isn't the best, so the less calculations that I need to do the better!

Tixy

Sounds like a good plan - and well done with the debt repayments.

I'd go for a basic bank account. A prepaid card will cost you money to run but a basic account once.

Set up a new basic bank and then you can set up a standing order to go in from your main account - and then only take the new account card with you shopping or use that online. Most basic accounts will have internet access.

rubyinthesky

Thank you - is there such a bank account that you can't go overdrawn?? Probably not I would think, but it would be most helpful if there was. I'd be more scared of using something like this if there was a risk of going into an unauthorised overdraft in error, if I'd overlooked something or made a mistake!

Tixy

A basic bank account is one that you shouldn't go overdrawn. But as they have debit cards and can have DDs set up there is always the possiblity that you can, so you need to keep an eye on the balance to ensure you don't.
With many they will close your account if you go over more than once/twice.

With some bank accounts you can set up a text alert if your account gets near to empty, which might be something to look in to?

rubyinthesky

Ah!! I never thought of that one! I have text alerts with my FD bank account, but didn't think a basic one would, but that would be useful. Thank you so much for the advice, I'll look into the basic accounts now.

poppy52

The Co-op Cashminder account doesn't let you go overdrawn - the card won't work unless there's enough money in the account. It doesn't act as a cheque guarantee card and there is no cheque book. You can only buy things if you have the actual money.

rubyinthesky

Excellent! Sounds perfect - I don't use a cheque book generally, and I just literally want to use it like have cash in my purse with the ability to use online though, if you see what I mean! I also have a Coop at the top of the road, which has a card machine, which I assume would let me get cash out.

Off to check that one out. Thank you again.

poppy52

You can use the card in any cash machine.

nicnacnoo

ive just opened a co op account for exactly the same reason as you, to give myself pocket money and only spend that> in the hope that what is left in my Lloyds account i can reduce my overdraft by it....not got my card yet but sounds brill for keeping me on track, good luck
Nic