I'm back with a vengence! Where has everybody gone while i've been away?
I'm back with a vengence! Where has everybody gone while i've been away?
Member since:29.05.2006
Reviews:75
Members who trust:88
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 gomobile 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? ------------------------------
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.
Well coleecip(one of the commenters) has completely missed the point of this card ><. This type of card isn't for someone like you who has no problem with credit rating. Also cash can't always be used in some places (online) or when it can it's just not practical these days you need a card of some sort. Overall this IS a good product for the people who need it or want it.
shazzaspannered 29.12.2006 00:10
I recently got one of these and like you it is because mistakes when I was younger have meant that now I can't even get a devit card from my bank. This is ideal for when I want to purchase things online as before I had no way of being able to do it x
coleecip 01.12.2006 11:45
This sounds like the biggest waste of time and money ever. Maybe I'm missing something - if you have such bad credit or little credit history you can't get a credit card then just stick with cash. Why spend £1 extra I don't understand. I must be missing something.
Maybe I should rent my part of my credit limit to other people I have £26,500 - Andrew
Advantages: Honestly can not think of any. Disadvantages: Missing topups, only contact is extortionate 0871 number (90p per min), very unprofessional customer services
Jimbo37 07.03.2008 (12.03.2008)
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Review of Cash Plus Mastercard
Advantages: Honestly can not think of any. Disadvantages: Missing topups, only contact is extortionate 0871 number (90p per min), very unprofessional customer services
Jimbo37 07.03.2008 (12.03.2008)
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Ciao members have rated this review on average: helpful
Review of Cash Plus Mastercard
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
margomac 11.02.2006 (11.02.2006)
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Ciao members have rated this review on average: helpful
Review of Mastercard
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.
exceptional by (11%):
very helpful by (87%):
helpful by (2%):
