Reasonable yet demanding, you can read my reviews and trust that a balanced, truthful opinion is be...
Reasonable yet demanding, you can read my reviews and trust that a balanced, truthful opinion is being given.
Member since:21.10.2007
Reviews:3
Prepaid Credit cards are a fairly new concept to the UK market, though a quick Google search will show that there are now several providers offering these cards. I wanted a card for online shopping but didn't want a traditional card that would get me into all sorts of financial trouble.
The Virgin Money Prepaid Mastercard is provided by 360 Money - the same people behind Splash Plastic, I got mine online via the Virgin Money website. At present this is the only way to obtain a card.
I completed the simple registration online and paid with my regular
debit card on October 1st and the £9.95 set-up fee was collected the same day, shortly afterwards I received an Email to let me know that my order had been processed and that they would send another when the card was on the way.
Those who do not have a debit card or do not wish to give their details online can print off a special barcode which can be taken into any store displaying a "paypoint" sign and pay over the counter. You will then be issued with a code to enter at registration instead of your debit card details.
I then received a second Email to let me know that I should allow 10 days for delivery which meant by 11th October my card should be with me.
On 11th October my card still hadn't arrived, so I contacted the Customer Services team who advised me to call back if my card wasn't with me by the 20th.
As if by magic on 20th October my card did arrive - the accompanying letter was dated 19th October which explains how the Customer Services team were able to give such a precise date. In total the card took 19 days to produce and send out - despite the 10 day promise in the very first email they sent me.
The card arrives by normal post and comes with a leaflet explaining membership benefits and the terms and conditions of card usage.
You also receive a special letter that welcomes you to Virgin Money and provides your activation code and a special 0845 number to call and get your pin numer.
The call lasts about three minutes, is all automated and can be called at anytime - when you call your card is made "live" and you will be given a PIN number which can be changed at any ATM.
The card itself looks like a normal Virgin Mastercard with the "red silk" pattern in the background, the card is chip and pin ready and bears the standard mastercard logo and hologram, in fact it looks like a normal credit card with one small exception. The card details such as name, expiry date and card number are printed on the card in white typeface rather than embossed.
There are two types of card "restricted" and "non-restricted" a restricted card can not be used for cashback or for withdrawing from ATM machines, you will be sent a "restricted" card if Virgin Money can not verify your identity straight away, however, if you send two forms of ID in they will lift the restriction.
Topping up the card is simple, here are the options, charges and how long it takes till you can spend your funds!
A top up at the Post Office is free and takes one working day to reach your account.
A top up at a "paypoint" merchant will cost you 2.75% of the amount being topped up and will be immediatley credited to your account.
With the above methods you simply hand your card and money to the cashier.
You can also top your card up using a debit card, this is free, but the funds take 4 days to reach your account, the same applies to credit cards except if you use a credit card you will be charged 2.5% of the amount you are topping up.
You can even set up a direct transfer from your bank account to your card, this takes 4 days and is free.
Everytime you use your card you will be charged a 2.95% transaction fee, the same applies to cash withdrawals from an ATM, if you use your card overseas you will be charged 3.5%
You can check your balance at anytime by logging into your account online.
Being a cardholder also has special benefits - 10% off at Virgin Megastores, Virgin Holidays, Virgin Wines and 75% off the joining fee at Virgin Active Gyms. - if used cleverly the card can save you money as well!
I am quite pleased to have this card in my wallet, it looks quite good and I can now shop online without worrying about my details being misused - you can not spend what you dont have so the card is ideal for those who like to hit the shop, its also a great safe way of taking your cash overseas.
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I can't quite see the point in one of these if people already have a debit card as you can't spend more than you have with one of those anyway (and it's all free). It's a good idea for youngsters or those that don't have a card already. x
christianfilmcritic 22.10.2007 12:11
Very informative review, I read about one of these where there was a monthly and yearly fee, even if you don't use it, is it the same with this one?
Advantages: No credit checks, can only use when you top the card up, accepted worldwide Disadvantages: You may get a restrcited card, charge fees (but thesearen't too high)
kiss_me2070 01.10.2008 (01.10.2008)
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