Unlike some of the other posters on here, I'm not going to tear into my Cashplus card. Since I first got it 5-6 months ago I've found it to be a very useful tool in managing my finances that little bit better. As someone who has a couple of defaults on their credit history from my time as a student and has moved house *a lot*, this was pretty much my only choice for online shopping.
My card arrived quickly enough (with a week) and the costs (£9.95 setup/£4.95 monthly) while not great are at least competitive with the market. Costs are clearly stated upfront and the terms and conditions on the back of the contract make more than clear your obligations as regards topping up/cleared funds etc.
I maintain it so that I can purchase items through my favourite websites and for 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 builder' facility that is offered as a 'free' extra once 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 improve your credit score and help those who've been less than great at managing their finances in the past to start building up some positive credit history again.
**The loan can be paid off interest free at any time if you decide to cancel the card, but *never* miss a payment. The loan is regulated by the Consumer Credit Act and doing so can worsen your credit history.**
Originally published by me on www.dooyoo.co.uk
How helpful would this review be to a person making a buying decision? Rating guidelines
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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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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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.
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