Prepaid Card Negative Balance?

bris

Think of it as an unathorised overdraft and expect high interest and penalties.

fozmcfc

Looking at the OP other threads, you will find, they simply ask question after question and never really give any answers to questions they are asked.

They seem to be someone, who thinks, I'm bored, what can I ask people today and then how long can I keep asking questions, until people get fed up.

Or perhaps they run a lot of pub quizzes.

bery_451

Its a travelex single currency gbp cash passport card that was not used abroad or any transaction foreign related.

So its more likely to go nagative balance on a online transaction compared to a offline transaction?

eskbanker

There seem to be a number of variants of those cards, each with their own terms and conditions, but the core Ts & Cs do indeed anticipate negative balances - there is a specific negative balance fee listed and a clause for this:

3.8 You can only use your Card if it has a positive balance. In the unlikely event that the balance on your Card drops below zero (0), you agree to reload the Card to bring the balance back to zero (0) or above, within thirty (30) days of request, and pay the applicable negative balance fee.

redcard

bery_451 wrote: »

This is crazy. Lets say I bought a £10 prepaid visa/mastercard. You saying that that I can buy a £350 PS4 on that £10 card?

And if the transaction (offline/online) goes through then its my fault? Isnt the merchant suppose to do checks to see if theres sufficient balance?

What is the true purpose of prepaid cards? If people can in debt on prepaid cards then that explains why huge debt the people of this country are in.

Theres no regulators/rules monitoring these type of card issuers?

It's not really crazy. You spent money you didn't have.

Your debt problems are down you spending money you don't have, not having the means to pay it back,and not taking responsibility for your own actions Which is exactly what you have done in this thread. As well as throughout your life.

Your first post here was asking for a £100K loan. Not long after that you were filing bankruptcy!


You have 2 choices: Get a better job, or spend less money on rubbish.

chattychappy

bery_451 wrote: »

This is crazy. Lets say I bought a £10 prepaid visa/mastercard. You saying that that I can buy a £350 PS4 on that £10 card?

And if the transaction (offline/online) goes through then its my fault?

Yes it is. Nobody is forcing you to spend that £350. Chances are it wouldn't go through. It would probably be fraudulent for you to try. But your fault for trying.

bery_451 wrote: »

What is the true purpose of prepaid cards? If people can in debt on prepaid cards then that explains why huge debt the people of this country are in.

Prepaid cards are a commercial product, not a social service.

bery_451

redcard wrote: »

It's not really crazy. You spent money you didn't have.

Your debt problems are down you spending money you don't have, not having the means to pay it back,and not taking responsibility for your own actions Which is exactly what you have done in this thread. As well as throughout your life.

Your first post here was asking for a £100K loan. Not long after that you were filing bankruptcy!


You have 2 choices: Get a better job, or spend less money on rubbish.

Ok so your logic is like saying to a alcholic stop drinking. An alcoholic find it hard to quit overnight so the alcoholic decides to take it in steps that will take time to reach the quitting goal. One of these steps is to buy alcohol free beverage drinks.
After drinking this alcohol free beverage drink the alcoholic wanted more and more and realised he is addicted to it. Then he noticed there was alcohol in the ingredients that made it addictive.

A prepaid mastercard is like a alcohol free drink, its true purpose is for the cardholder not to get in trouble by going into debt. I can understand people can go into trouble with credit cards/loans/overdrafts however a prepaid card?

If a prepaid card can go negative balance then a credit check or a credit agreement needs to be signed or clear warning on the card packaging like cigarettes warning labels warning of negative balance.

Have you ever heard a pay as you sim going into negative balance?

There was must rules and regulations set by regulators of these card issuers monitoring these dodgy terms and conditions imposed by these card issuers? If there is if anyone can show me then the cardholder is not liable I believe.

bery_451

chattychappy wrote: »

Yes it is. Nobody is forcing you to spend that £350. Chances are it wouldn't go through. It would probably be fraudulent for you to try. But your fault for trying.



Prepaid cards are a commercial product, not a social service.

LOL I think its fraud commited by the card issuer themselves for allowing that £350 to go through knowing that the card holder only had £10 left on it so they can take advantage of the cardholder by negative fees and interest on a non credit product. True no one is forcing the cardholder to spend £350 however the cardholder is not forcing the card issuer by pointing a gun at the card issuer head and saying give me £350 credit.

chattychappy

Oh this thread is getting a bit silly...

pvt

bery_451 wrote: »

LOL I think its fraud commited by the card issuer themselves for allowing that £350 to go through knowing that the card holder only had £10 left on it

In pretty much every reply to your original question it was explained that the card issuer would never knowingly allow this to happen.

Your assertion seems to be that when a customer finds a way of spending money they knowingly don't have, this constitutes fraud on the part of the card issuer. I think you have a very strange perspective that few here would agree with.