Pre-paid credit cards - mycashplus.co.uk

maven_2

https://www.mycashplus.co.uk

Was wondering if anyone has any opinions on these. I'm not too happy at the £4.99 per month charge and the only places to pay in to them are almost 200 miles away but they could be ideal for some.

(apologies if this has been posted elsewhere, I had a look and couldn't see it)

taylorst4

Hi , don't know if there is anything about this anywhere else on the site, but egg money looks quite good, You can preload the card, get interest if you have a credit balance, and cashback on what you spend, although the amount of cashback is limited to £200 per year. It can also be used as a credit card, and it appears that some people will be charged a pretty low interest rate.
I would be interested to know what Martin thinks of this.

Sorry, but I have absolutely no idea how to put in a link, maybe a mod can put one in to the egg money site.

Steve

maven_2

Thanks for the thread hi-jacking......

Reaper

taylorst4 - yes the egg money is being discussed in 2 or 3 other threads.

maven - I'm not familar with these cards however they sound similar but worse than the Egg Money card in all repects except one - no credit check is done.

So if you need plastic for spending and can't get a card anywhere else, or do not want the temptation of going into debt, then go for it. Otherwise I'd suggest looking at Egg Money for a pre-pay card, or one of the credit cards designed for those with poor credit ratings if they won't give you one.

Niteflyer

Reaper wrote:

taylorst4 - yes the egg money is being discussed in 2 or 3 other threads.

maven - I'm not familar with these cards however they sound similar but worse than the Egg Money card in all repects except one - no credit check is done.

So if you need plastic for spending and can't get a card anywhere else, or do not want the temptation of going into debt, then go for it. Otherwise I'd suggest looking at Egg Money for a pre-pay card, or one of the credit cards designed for those with poor credit ratings if they won't give you one.

The pre-paid cards are OK of you need a card for purchases (fuel, over internet etc...) but you will NOT rebuild your credit with these. They do NOT report to the CRA's, all they are in effect is a piece of plastic that holds YOUR money!

If you can get a card elsewhere, Capital One, Barclaycard etc... I would recommend you go for one of these.

Niteflyer

Niteflyer wrote:

The pre-paid cards are OK of you need a card for purchases (fuel, over internet etc...) but you will NOT rebuild your credit with these. They do NOT report to the CRA's, all they are in effect is a piece of plastic that holds YOUR money!

If you can get a card elsewhere, Capital One, Barclaycard etc... I would recommend you go for one of these.

Just to elaborate on my last post, what I said was true with the exception of the Egg Money Card it would seem. Egg's card is a combined pre-paid AND credit card so they will probably enter your details on the CRA's

cos_2

I have to copy, sorry! Cap 1 and Barclaycard will definitely rebuild your credit if you use them properly, i.e. repay in full every month. I used these cards for the last couple of years and have gotten a good cedit rating now.