... While browsing credit cards online I stumbled across the Cash plus Mastercard.
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WHAT IS THE CASH PLUS MASTERCARD?
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Firstly and foremost, it is not a credit ... Read review
A review by Reposter78 on Cash Plus Mastercard August 20th, 2006
Author's product rating:
Competitiveness of APR
Excellent
Product package
Excellent
Quality of Customer Service
Good
Reward Scheme
very poor
Additional Charges
average
Security and Privacy
excellent
Ease of Application
excellent
Advantages:
No Interest ever, You wont be declined
Disadvantages:
Having to pay for it
Recommend to potential buyers:
yes
Full review
When I was 18 years old I applied for a credit card, but back then I didn't have a clue about finance and managed to get myself in to debt. This obviously gave me a bad credit rating, meaning I could not obtain credit for some years to come. Even my bank would not give me a debit card due to my rating, so I was completely stuck.
Unfortunately, these days not having a credit or debit card makes purchasing things online almost impossible and also having such a card enables you to carry less money around with you. Anyway 10 years on and still paying off my debt I looked in to getting a card thinking it would be OK now, how wrong I was. I had applied at my bank again for a debit card, 'rejected'. I applied online somewhere else, 'rejected'.
I soon realised that my previous debt was still on my records and wouldn't be clear for at least another 2 years, so i set about seeing what I could do and get online. Its amazing how much a little research can come up with. While browsing credit cards online I stumbled across the Cash plus Mastercard.
------------------------------------------------------------------ WHAT IS THE CASH PLUS MASTERCARD? ------------------------------------------------------------------
Firstly and foremost, it is not a credit or debit card, but it does give the same abilities to shop online, pay for your goods in store and withdraw cash from an ATM machine. It is simply a card that you top up with your own money (a bit like pay and go mobile phones).
It is the perfect accessory to anyone with a poor credit rating. No one gets rejected as any money that is on your card is the money that you have put on it yourself.
------------------------------ HOW DO I APPLY? ------------------------------
There are a few ways to apply for the Cash Plus Mastercard. You can pick up a cash plus starter pack from a participating store, but I must admit I have never seen such a store and only found out about it online.
You can also apply by phoning their customer services on 0870 609 2075, but I think the most easiest way is to apply online at www.mycashplus.com. This is the way I applied and I have to say the site is really easy to navigate. You simply fill in the details they ask, give the site a couple minutes to run what I can only presume to be a registry check on your details and if all is well you will receive confirmation that you have been accepted.
------------------------------------- WHAT HAPPENS NEXT? -------------------------------------
Within the next few days you will receive a letter with a bar code on it. The letter will state that you have been accepted and to take the letter to the nearest Post Office along with the fee for the card and any money you wish to put on it.
I was a bit sceptical about this at first as they are taking money from you before you have even received the card. This is one of the downfalls to this card as they charge you for the card, a massive £14.90 to be precise, but I guess in a way it is a precaution to them and if don't wish to continue then don't take the money to the post office.
----------------------------------- RECEIVING THE CARD -----------------------------------
The card is sent out between 7-10 days of your payment being received and once received you have to activate it by phoning the customer services line. The weird thing is you actually receive 2 cards. One is the Mastercard itself and the other is the Reload card which is used for putting money onto your pre-paid Mastercard. Mine arrived in 7 days of me paying for the card along with some extra funds.
-------------------- TOPPING UP --------------------
Putting more money on to your card is really easy, you simply take the Reload card to your local post office along with the amount of funds you wish you place on it, they swipe it through a machine and take your money.
Unfortunately the funds do not go on to your Mastercard straight away, which I think is a bit silly to be honest as you would think it would be instant. The funds will arrive on your card within 3 to 5 days of placing the funds. One of the good things though is that if you have given them your mobile phone number they will send you text saying that they have been added, I think this is a nice touch and recommend you give them your mobile number as they have never let me down on this one.
There are a couple of ways to check your balances and any money withdrawn from your account. You can either phone their customer services number and select option 1, this will tell you your balance and then list the last 5 transactions on your card.
The other way is via the website, I should have done this at the start but I didn't. Anyway, before you can access your account details online you have to become a member and also get a security code, but you can only get the security code by phoning customer services and actually speak to someone and this is charged at £0.50p a minute to your card. Once you have done this you can view all your transactions and overall will save you money on phone calls.
--------------------------------- TYPES OF ACCOUNT ---------------------------------
I'm getting the feeling this company likes doing things in two's as there is also 2 types of account.
ActivePlus: This is the account that everyone is given when they first receive their card. I find this to be the best for me, but basically you are only charged £4.95 a month with no other fees involved.
FlexiPlus: You can change over to this account at any time. This account charges you £1 per transaction, I find this a bit steep and the downfall is that if you don't use your card in a month with no transactions then you are still charged a maintenance fee of £4.95.
--------------------- OTHER FEES ---------------------
Card Replacement £9.95 ATM Withdrawal £2.00 UK/£3.00 non UK plus any ATM fee Cash Withdrawal at Bank £3.00 Foreign Transaction 2.75% of amount withdrawn Cancellation £10.00
All other services such as topping up with cash at a post office are free. Failing to keep up with and pay the fees will result in possible termination of account and prosecution for acquired amount.
------------------------------------ MY OVERALL OPINION ------------------------------------
Even though there are quite a few downsides to this card the benefits of having it far out way the negatives. Before there was no way I could do half the amount of stuff that I can now. I can make my purchases online, can put credit on my phone without having to leave the house and also do not have to carry around much cash with me.
I looked at a couple of these pre-paid cards online and even though the fees are quite high you do have to remember that you are paying for a privilege, and on looking around at the fees that apply with this card, they are not as much as some. One I looked at charged £2 just for putting credit on to your card no matter which way you put it on.
If you have a poor/bad credit rating then I highly recommend the Cash Plus Mastercard. Not only are you guaranteed acceptance but you can also use it anywhere that has the Mastercard logo.
Advantages: Great to have Disadvantages: Might need to upgrade in the longrun
**Introduction**
I had an account with Woolwich which supplied me with a visa electron card but when they were bought up by Barclays I was automatically given a standard Barclays savings account which meant I wasnt supplied with a new debit card and so I looked around for a pre paid credit card after hearing about a number of new cards coming out around the time. After a short time looking at the various options I then found a prepaid cashplus card ... ...The great thing about the signing up process is that you don't need to have a credit check, you just fill out the application form online and then you will get a quick response from them once you have filled out everything required and your form has been sent you will get an email response which will tell you that you will be sent a letter in the next week or so which you take to the post office and pay the joining fee of £9.95, you can also add ...
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Ciao members have rated this review on average very helpful
Advantages: Can get a Mastercard even if you have a totally crap credit rating! Disadvantages: Does charge for the card and some other services
...am allowed is a basic cash point card. I daren't even try and pply for a credit card a) because I probably wouldn't get one and b) as they are what got me into trouble in the first place I am staying well clear this time!
Now before I started using the internet regularly it didn't really bother me not having a credit or debit card as I pay for everything with cash, that way I know where I am, there is no chance of me getting myself into debt again ... ...these. You can also withdraw cash from cashpoint machines (as long as you have it loaded onto your card) and you can use the card abroad for both purchases and cash withdrawls.
The beauty of this card is once you have spent all the money on it, you cannot use it until you have reloaded some funds onto it. You cannot get into debit with them as even if you had £6 on the card and you tried to buy something that was £6.01 the transaction would be refused. ...
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Ciao members have rated this review on average very helpful
Advantages: Easily Accepted, Credit Card benefits without the debt, Disadvantages: Issue fee, 48hr top ups
...of money without carrying the cash on you, a prime source for online verification (paypal/ebay anyone?) and ofcourse good ol' online purchasing.
Some people however are not able to be approved for credit cards , sometimed even our own banks don't accept us! Even if your account appears to be in good standing. Unemployed students get offered credit cards alot ( I did) normal unemployed people get turned down left right and center even a few selfemployed. ... ...--------------------------------------------------------------------------------
So what is this Cash Plus Card with the mastercard logo?
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Well think of it like the top up cards we now use for our mobiles but with a Mastercard logo with all the benefits of being accepted all over the world and accepted basically everywhere on the net. You can spend what you have topped ...
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Ciao members have rated this review on average very helpful
Advantages: Easy to use, website adequate for most account management Disadvantages: Top ups not massively fast, some costs
...the odd shop/foreign purchase where cash isn't an option. Their website is reasonably good for providing details of your balance etc. and the FAQ sections aren't bad either. I have had to call them once and although it was a charged call, the member of staff I spoke to was pretty helpful and sent out duplicate documents without much convincing. One final point of interest as regards the Cashplus card that I should probably mention is the 'Credit ... ...you have a card up and running. In essence, the issuer lends you the fees for a year (£4.95*12) as a one-off payment that shows up on your transaction history as a credit followed immediately by a debit. Then all you need to do is to keep the card for a year and continue to pay the fees each month. In exchange for this, the issuer reports the fee payments as positive payments towards the loan with the credit reference agencies. In time, this should ...
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Ciao members have rated this review on average very helpful
Advantages: Honestly can not think of any. Disadvantages: Missing topups, only contact is extortionate 0871 number (90p per min), very unprofessional customer services
...fees, such as £2 per cash machine withdrawal and £3 per bank withdrawal fee.
With Flexiplus you do not have to pay the £4.95 monthly fee but are charged a whopping £1 per purchase transaction and also the high £2 per cash machine withdrawal, £3 bank withdrawal etc.
I have made repeated attempts to have my account changed from ActivePlus to FlexiPlus, as per their terms & conditions, the customer services representatives have assured me they will ... ...still being charged the £4.95 ActivePlus fee.
I really can not recommend the Cashplus Mastercard.
Cashplus Mastercard is issued by Broadcastle Bank Ltd. I have never heard of this bank. In hindsight I should have done more diligence before applying for the card.
If you are looking for a prepaid credit card may I suggest that you look to the cards offered by established and recognised brands or banks. ...
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Ciao members have rated this review on average helpful
Advantages: Fabulous for people who cant trust themselves with credit Disadvantages: Pay for initial card and monthly fee, takes a couple of days for the top up to credit
...This has to be one of the best things ever. If like me you cant trust yourself with credit (or if you have poor credit etc or cannot get a credit card, there are no credit checks as you are not obtaining credit) this card is a winner.
I investigated this prior to obtaining it and it really is a godsend.
The initial cost for the card is just over £9, with a monthly payment of just under £5. However I will add that there is a £2 fee for each cash withdrawal, therefore think before using this as an alternative to banking, withdrawal from a cash machine for banking is usually free. There is also a £10 card cancellation fee. Excellent card for using for online purchases etc, but not purely as an alternative to a bank account.
You top up the card at the post office and it is credited within 2 working days. It is impossible to go...
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Ciao members have rated this review on average somewhat helpful
Advantages: Cheapest way to have foreign cash and make purchases Disadvantages: Without a backup source of money or payment system, if it fails for whatever reason, then you could have a problem. But that applies to whatever method chosen. The foreign bank that owns the ATM could charge a handling fee, but that applies to all cards.
...destination has ATM’s, most countries do but if you’re in the back of beyond.
Travel agents should be able to advise.
I understand that www.visa.com and www.mastercard.com has a worldwide list of cash machine locations.
You will need the Visa site if the card is a DELTA or PLUS type.
For MAESTRO or CIRRUS types, they are associated with MasterCard
The FlexAccount card I have has a CIRRUS logo on the back.
The FlexAccount is not somewhere I keep anything other than a token amount of money.
Better interest rates mean that my savings are elsewhere, but I LOAD IT WITH CASH before leaving.
Make sure the FlexAccount has more money in it than you are going to spend on holiday.
Remember this is NOT A CREDIT CARD ACCOUNT.
You are taking cash out of or spending money from, your own account.
If it’s not there you cannot get it...
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Ciao members have rated this review on average helpful
11.02.2006
