My concern was that at some point they could claim the money as payment for my debts. Was planning on using the card as an emergency back up and as it is visa and accepted everywhere where as the visa elecron can be restrictive.
Do you think that could happen or as it is not an actual bank account it would not?
They cannot set-off a post IVA credit balance against a pre-IVA debt - but it might be more sensible to look at the ClearCash card if all you are looking for is a pre-paid option.
Another card to consider is the Cashplus Gold Card, it is a pre paid Mastercard and the fees are very reasonable.
Purchase protection and credit builder are included at no extra cost.
The monthly fee is £4.95 and it is free to load by standing order, bank credit or post office payment.
Alternatively you can choose to pay £0.99 per transaction instead of the monthly fee. Useful if you only use the card occasionally.
ClearCash charge £9.99 per month for their card and do not offer the per transaction facility.
Good news is that Pre Paid Cards are now fee free for bookings made with Ryanair. A saving of £10 per person.
I have the Paypal card, and also the O2 card (only available if you are with O2.)
I don't pay a fee, and wouldn't consider a card where I had to pay one.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I had forgotten that there were actually card providers who do not charge fees. Thanks to all for mentioning those, as why pay for something if you don't need to!
They are purely prepaid cards though, rather than a bank account one such as Secure Trust.
Payplan do one as well, not sure if there is a fee for that though.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Just caught this thread and thought it was about time I put my two pennorth in, although I have deliberately not done so previously.
For those that need them, these cards can be very useful. Secure Trust and Clearcash are examples of cards that carry higher monthly fees, but which offer greater facilities in return. Generally, the individuals circumstances should be a fair guide to which card may fit the bill. For those that would use them a lot, then a card with a higher fee but no transaction charge and low ATM fee would certainly be the cheaper option, similarly for very little use it makes no sense to pay a monthly fee instead of a per transaction charge. It is plain to see that these cards are not for everyone, but in fairness the feedback we have had so far has been really quite positive.
It is all down to individual choice at the end of the day. I would mention at this point, for reasons of transparency, that we provide this card as an optional extra to our clients whilst also pointing them in the direction of full, free banking facilities first, which concurs with a very good point made earlier by Mel in one of the previous threads on this issue.
Regards.
Cert DR
23+ years in debt advice
I do not post for anyone other than myself
Size 5 makes really good points - and of course the Secure Trust account offers a full working current account, which is available to anyone without prior credit-checking. Perfect for anyone strruggling to arrange a new account with one of the banks offering free banking.
Personally I would only use a paid account if I couldn't get free banking, but I do appreciate that some people have no option.
If I had to use a paid account I would choose the Secure Trust one, as my big reservation about the Clearcash account is the fact that it doesn't allow direct debits, which I know I couldn't cope without! Also many companies charge extra if you don't pay by DD, so that would push the fees up.
I would always go for free banking where possible, but if not would want an account with direct debits. The only standing orders I have are for the payments to Payplan, everything else is DD and I prefer it that way.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
