I've neglected Ciao and been away but as from next week I will be back with new reviews - so watch t...
I've neglected Ciao and been away but as from next week I will be back with new reviews - so watch this space!
Member since:12.04.2005
Reviews:104
Members who trust:104
As those of you who have read my review on practical tips to deal with debt, I have been working really hard to pay back debt that I got into a few years ago when I was lot younger and a lot sillier. Even though almost all of this debt has been paid off it has unfortunately left some longer lasting marks on my credit rating and history. One of these is that I cannot get a debit card or a cheque book from my bank which is allocated to my current account all I 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 as if I don't have the cash I can't buy anything - simple really.
Once I started using the net more and more little things would happen that made me think having some kind of card would be good. The first was when I needed to buy a ticket for an event I wanted to go to. There were no ticket agents near me and the only other way to get tickets was to buy them direct over the internet, but you needed a card to pay for them.....something I didn't have - in the end I didn't go to the concert because I had no way of getting a ticket.
Then I saw something that I really wanted to get my boyfriend Dave for his birthday, I can't remember what it was
now but it was only available through this website and of course I had no way of paying for it. Dave had previously said I could pay for anything using his card if I gave him the money but I thought it would be a bit cheeky for him to pay for his own birthday present even if I was going to give him the cash!!!!!!
I also realised that you can buy a lot of stuff on the internet a lot cheaper than you can on the high street and was angry that I couldn't take advantage of these lower prices because I didn't have a credit/debit card. I didn't like asking other people if I could use their card all the time so I just went without.
Then I found out about the CashPlus card...............being a relatively new concept in the UK you may not have even heard of them before. There have been similar schemes in place in the USA and in other countries.
CashPlus works in the same principle as a Mastercard, it has the Mastercard logo on it and is accepted in all outlets that accept Mastercards (24million places accept them apparently) the main difference is that unlike a Mastercard you cannot get into debt with a CashPlus card and you do not get charged interest either.
It works in a similar way to a mobile top up. You basically 'load' the card with money, the minimum you can load on is £10 and you can add on as much as you want as long up to a maximum account balance of £5000. You can reload your card using cash, via standing order from your bank account, direct debit, debit card and you can even have your wages paid onto it if you want to.
I find by far the easiest way to add funds onto my card is using the Post Office, this service is available at most Post Offices in the UK and is absolutely free. You just tell them how much you want to put on (minimum £10, maximum £999) and they will add it to your account and give you a reciept to keep for your records.
So once you've added some money onto your card you can start using it. As I said before the card is just like a Mastercard and can be used anywhere they accept 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. Now if your crap with money and don't trust yourself with a credit card this is ideal as you cannot get into trouble with it. You also do not need to undergo any credit checks when you apply for this card which if you have a bad credit rating (like me) is great.
So I can see your thinking this sounds good, what are the drawbacks?
Well as with everything in life there is a cost. I will give you a run down of the basic fees so you can see whats what.
When you apply for the card it costs you up to £9.95 this is to issue the card. Once you have your card there are 2 types of account you can choose between.
When you first receive your card you will automatically be signed up to the Activeplus account and these are the charges on that account.
£4.95 usage fee per month but all purchase transactions are free.
You can ask to swap to the otherkind of account which is called a Flexiplus account. On this account there is no monthly usage fee but everytime you make a purchase you will be charged £1.
I personally have swapped over to this kind of account as I do not plan on using my card very much but if you intend on using the card a lot you will probably be better off on the other account. You can change accounts as many times as you want though so my advice is see how you go, it's easy to swap over you just need to ring the customer service line and they will do it for you over the phone. If you swap to the Flexiplus account they will refund the £4.95 first months subscription fee to your account which you paid to receive the card.
There are some other charges associated with the card mostly for re-issuing stolen or lost cards, and cancelling your card. A full list of Terms and Conditions including charges can be found here
I would strongly suggest to anyone thinking of taking the card out that you read these through just so you know the ins and outs before you sign up.
You can apply for your card online through their website www.mycashplus.co.uk or at various retail outlets. I found it easiest to apply online, you just go through a series of forms and they then email you to confirm your application. Then they send you a letter in the post which shows the charges for receiving the card - mine came to £16.85 (£9.95 for the card, £4.95 for the first months subscription fee and £1.95 payment processing fee). I paid it over the counter at the Post Office and within a week my actual card had come. It is gold and looks very swish - funny how it looks like a gold card that rich people have and yet I am not rich and have got one anyway!
I am yet to use my card - I only got it last week, although I have loaded cash onto it and am researching my first purchase. I mainly want it so if I need to buy something on the internet at least I have actually got a card to do it with now and don't have to rely on anyone else to do it for me using their card.
I think this is a great idea and extremely useful for people who either can't get a normal credit or debit card because of poor credit or for those who just don't really want a credit card because they worry about getting into debt.
I have noticed there have been a couple of other companies who are launching similar kinds of cards. Ministry of Sound are also due to launch their own version in the next few weeks and after looking at their terms and conditions theirs does seem to be better value as the charges are a lot less than this particular one. Maybe as more companies bring these kinds of cards out they will have a rethink of their charges as some of them do seem quite hefty, especially the charge for cancelling the card. I suppose they have to make their money somehow though.
You can find out more details on the card, how too apply, terms and conditions, frequently asked questions and anything else you may need to know on their website www.mycashplus.co.uk
******** UPDATED INFORMATION ********
If you are interested in this card I can now recommend you as a friend. All you need to do is fill in a simple form which I post to you. This form has my details on (name & address) and then you complete your details and post it off to a freepost address.
For doing this we both get £5 credited to our accounts.
If you would like to take advantage of this recommend a friend scheme please drop me a message in my private guestbook.
How helpful would this review be to a person making a buying decision? Rating guidelines
Great review! I think this is a fantastic idea. I'd never use a credit card, but this is a great way of still being able to have the benefits of a card (like online spending) without landing yourself in trouble, really interesting review, Sarah x
DonnaShelly 30.01.2007 01:16
ive been researching into getting one of these types of cards, fed up of being asked to checkout with a debit or credit card or having to carry cash all the time; good review. >donna<
jo145 18.01.2007 14:48
Very helpful for people who have had previous problems. Good idea having the choice fo which account depending how often you will use it. Spend wisely ! Jo x
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: 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.
Dec 29th, 2006
(Jan 16th, 2007)
exceptional by (3%):
very helpful by (95%):
helpful by (2%):
