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Looking for a prepay credit card for your holidays?

Posted September 3rd, 2010
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How may a prepay credit card help your holidays?

Security

Whether you’re having a break in the UK or overseas, carrying around chunky amounts of cash on you might not be a smart idea.

That may be particularly true abroad where some pickpockets and thieves may be able at a glance to spot you as a potentially vulnerable tourist that may have extra cash in your pockets or bag etc.

Having a fully PIN protected prepay credit card means that even if it was stolen or lost, typically it couldn’t be used and you could cancel it with a single phone call.

Control

Convenient as a credit card may be, it carries with it the risk of allowing excessive spending to an extent that could get you into debt.

The prepaid credit card carries no such risk

That’s because, in spite of its name, it isn’t really a credit card at all.

Loading the prepaid card

It couldn’t be simpler.

You apply for one from a provider. It looks and functions just like any other plastic card and can be used in ATMs or outlets that accept the card’s branding (e.g. MasterCard).

The difference is, you can only spend to the extent that you have previously loaded cash (ie. credit) onto it.

You just take it to a PayPoint outlet to load money onto it and then it’s ready to go.

In fact, if you have an active speed-e-card, you may even be able to put a payday loan from speed-e-loans directly onto it. That might be useful if you’re looking for a little extra holiday spending money.

Sharing

Using this form of card might also be useful if you have older children that are going out and need a little spending money.

The prepaid card allows you to pass over a limited sum. The children can’t get carried away in spending and once again, even if the card were stolen it’s secure.

Credit history

Perhaps the final big advantage with this sort of card is that as no credit is involved, no credit history check is required to obtain one.

So, even if you have some credit history problems, you’ll typically still be able to apply for a prepay credit card.

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Students and travelling with a pre paid debit card

Posted July 25th, 2010
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Pre paid debit cards may sometimes be known as cash cards, because some people just use theirs for withdrawing cash. However, unlike a conventional cash card that goes with a current account, a pre paid card offers no temptation to run up an overdraft.

But there are other advantages to students pre paid debit cards – particularly if you are a student who may move around a lot and intends to go travelling.

A safe option

Your parents may have lectured you about the importance of keeping your belongings safe on your travels. To be fair, they may have a point. If you carry around cash, whether that is in pounds, euro or another currency, it may be at risk of being stolen. And once cash is stolen, it’s gone forever. On the other hand, if a pre paid debit card is stolen, the card may be cancelled so the damage the thief can do may be mitigated.

Accepted virtually anywhere

Some prepaid debit cards are MasterCards, which may mean that they are accepted wherever that logo is shown. Given that they are so widely accepted, carrying a students pre paid credit card may be like carrying cash without you – without the security risk.

Easy to top up

If you have a job, you may wish to ask your employer to pay you directly into the account that may come with the card. Other ways of topping up may include transferring money electronically from another account you may have, or even better, getting your parents to transfer some money onto the card.

Prepaid debit cards may also be topped up at PayPoint terminals.

Fees and charges

The fees and charges you may have to pay may depend on which card provider you choose. Some charge an issue fee for the card, and then a monthly management fee. Others may also add a charge every time the card is used at an ATM or retail outlet. You may wish to study the tariff of charges for your card and work out what may be the most cost efficient way of using the card.

How do you apply?

Happily, no credit checks may typically be needed, as the card provider is not lending you any money. There is however an online identity check to confirm that you are who you say you are. As long as you have a permanent address in the United Kingdom, you may find this quick and painless. Card providers may wish to know:
- your name, address and telephone number;
- your date of birth;
- your contact email address; and
- your passport or driving licence number.
Depending on the provider, you may also be able to choose what colour your pre paid debit card comes in too to give you a bit of individuality!
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Trying to compare debit cards

Posted July 13th, 2010
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Not every plastic card is a debit card. That’s a pretty important fact to grasp if you’re thinking of trying to compare debit cards.

Credit versus debit

Firstly, there are debit cards and credit cards.

Credit cards typically bring with them a credit limit – something that you may see as a permanently available loan. They may also bring with them an outstanding balance and the implications that may have for debt and interest charges.

By contrast, a debit card is a plastic card that makes payment directly from a source of your money.

That may be your bank account. In the case of a debit card, if you overspend on the balance sat in your bank account and go overdrawn, this may attract a fee and / or interest charges from your bank!

There is also a prepaid debit card. This is not really a debit card at all as the money is not debited from a bank or other account. The balance is taken directly from your prepay card, so once you’ve spent the balance on the prepaid card, you cannot overspend or run up debt.

Standard debit card versus a prepaid debit card

Potentially, there are now two forms of debit card – something that’s quite important to understand when trying to compare debit cards. Just to recap …

The first is the conventional bank account debit card. When you use the card, the spending is deducted from your bank account.

If you have an overdraft facility (and sometimes even if you do not) you can use the card to spend more than you have available in hard cash.

The newer form of debit card is the prepaid card. In that case you load an amount of money onto the card (perhaps through a PayPoint outlet) and you use the card as per any other form of card.

The difference is that you cannot spend more than you have previously loaded onto it.

Prepaid debit cards versus bank debit cards

What’s the most suitable solution for you will depend upon your individual circumstances.

In the case of a prepaid card, typically you won’t run the risk of running-up debt and incurring unauthorised overdraft fees if you get your sums wrong.

You also typically won’t need a bank account and as no credit is involved, you won’t have to meet any credit check criteria.

That may help you control your finances and have access to the flexibility of plastic even if you have a shaky credit history.

The prepaid debit card may be an important contender in terms of options open to you, when you’re going to compare debit cards.

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A prepaid debit card may help you to budget

Posted July 9th, 2010
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You may be wondering how a prepaid debit card, which is something that helps you spend, may also be able to help you budget.

The answer is simple enough.

A prepaid card can be used like most other types of plastic to pay for things – either in traditional outlets, shops, on the phone or the internet.

However, it only allows you to spend what you have previously decided to load onto the card, so you have already fixed your own budget.

You can typically use it wherever you see the card brand logo (eg prepaid MasterCard etc) displayed and this type of transaction is typically protected by the use of a PIN.

With a prepaid card though, you can only spend what is on the card so there is no chance that you can unknowingly run up an overdraft.

With a traditional debit card on the other hand, in some circumstances your bank may allow your account to go overdrawn. They may also charge you a fee for that privilege.

No credit check application

There are a number of prepaid debit card providers on the internet.

The application process tends to be fairly straightforward and because with one of these cards you can only spend your own money and can’t run up any debt, there’s typically no credit check involved.

This means that it could be useful for people who have a history of poor credit and who are unable to get a bank account and / or credit card.

Flexible e-bank

Some providers of prepaid cards can also arrange for you to have the additional benefit of having an e-bank account.

This could give you facilities to set up regular standing order payments, for example, or have your salary paid directly in.

This could be a major step in getting back to normality if you have had credit problems in the past and perhaps finding it difficult to function in today’s modern world without these types of facilities.

Something worth thinking about!

Helping hand

If you feel that you may need a little help in resisting the temptation to spend, then a prepaid debit card may help you better manage your budget while still leaving you with the flexibility of being able to use a card.

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Can I get a cheap prepaid card to take on holiday?

Posted June 21st, 2010
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You may be wondering – can I get a cheap prepaid card to take on my holiday? First of all, the definition of ‘cheap’ may depend on what the purpose of the prepay card is for and how you plan to use it. That is, what is ‘cheap’ for you is as individual as you are and may be influenced by how you plan to use your card. Certainly, it may not be defined as a cheap prepaid card for someone else. Only you can decide on this.

Holidays and prepay cards

If you are going on your holidays soon, you may find that a prepaid card could be an easy way of managing your money whilst abroad. Rather than having to change up lots of currency before you go and carry it around with you (which could raise a few personal security concerns), or trudge around looking for an attractive exchange rate for your Traveller’s Cheques, all you typically need to do is take your card.

You can then use it to withdraw cash at any ATM that shows your brand’s acceptance mark,as well as pay for goods and services in shops and other outlets. Of course, there may be fees attached to these sort of transactions, but it may be worth thinking about if you are going overseas soon.

Of course, prepaid cards aren’t designed just to be used on holidays. A prepaid card may prove very useful for people who want the flexibility that having plastic offers, while keeping their finances under control. This is because you can only spend what is on the card, rather than having the temptation to run up debt like you may do with a credit card. So, it may be a very valuable financial tool to help you keep control of your money.

You simply load up your prepay card with cash and once you’ve spent what is on there, you simply top it up once again. Loading up your card with funds is often easy too.

Loading your prepaid card

Depending on who you get your prepay card from, your loading options may include all or some of the following:
- via a PayPoint outlet;
- by having your wages paid on to the card;
- by a bank transfer;
- via a payday loan from Speed-e-loans (if you have an activated prepaid Speed-e-card).
Choosing a prepaid card

There are a number of prepay debit cards companies, and their fees may vary. What one card provider may charge for one thing may be free with another. That is why is may be sensible to shop around and compare the different fees as well as card features. Ask yourself:
- is there a cost per transaction?
- am I charged a one-off application fee?
- does the card have an associated e-bank account so that I can manage it online?
- how usable is the card? (eg if it is a prepaid Mastercard, you can feel confident that it will typically be accepted wherever the MasterCard sign is displayed globally) etc.
Doing this could be key to you getting what could be defined as a cheap prepaid card that is suitable for your day-to-day and holiday needs.
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Getting a prepay credit card

Posted April 21st, 2010
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If you already have a credit card, you may be wondering why on earth you’d need a prepay credit card?

Well, it depends!

Some of us find the conventional credit card both a friend but also something of a curse. Many of us will admit, perhaps privately, that sometimes that credit limit has burned a hole in our pocket and encouraged more spending than was entirely healthy.

Of course, it’s possible to argue that this can be avoided if we leave our credit card at home and just take our chequebook and cash out with us.

Even there through, there are some problems:
- cheque books and even cash, may encourage the use of expensive overdrafts;
- cash in particular, is very vulnerable to theft;
- some payment facilities no longer accept cash and cheques (eg. web sales, ticket machines or 24/7 garage pumps etc).
This is where the prepay credit card may be able to step in to help.

It works quite simply.

While it is not a credit card at all and should really be known just as a prepaid card, it is similar to an ordinary credit card as you can use it for internet and telephone purchases and other non-cash places such as some car park machines etc.

The big and important difference is that with a prepay card you can only spend what you have already loaded onto it. So, you can go into a PayPoint outlet and load money onto your card, or transfer the money in from your bank account. In some cases you may even have your employer load your wages directly on to it. From that point on it will function like any other plastic payment card except you can’t spend more than you have on it.

It’s potentially a very useful method of controlling your spend or passing spending power to your kids that’s both safer than cash and which won’t allow them to go crazy.

Some providers even offer SMS messaging to alert you every time a purchase is made on your card, letting you know exactly where you are with your spend or alerting you to fraud.

Another bonus – if you have blemishes on your credit record, it may stop you getting a conventional credit card. Yet with a prepay card, as there’s no credit involved you may probably still be eligible if you do have credit history problems.

Having access to a plastic payment method says something about you to those around you. The prepay credit card may allow you to achieve that status and flexibility without the need for extensive credit arrangements and the worries that may come with a conventional card.
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The prepaid credit card – what is it?

Posted April 15th, 2010
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The prepaid credit card is not really a credit card at all, but a prepaid card. However, it is often called the former due to its similarities of use with a credit card.

The traditional credit card

The ordinary credit card has been around a long time now and is probably well known to all.

To all intents and purposes it is a form of credit that you can spend through the electronic use of your credit card.

The conventional card typically:
- has a pre-set credit limit;
- is offered based upon your earnings level and very probably your credit history;
- will incur interest charges for you if you do not pay back the spending at the end of the month.
Some credit card use may be controversial and has been the subject of speculation regarding its affects on encouraging debt.

The prepaid credit card

This is an entirely different approach.

These prepay cards work on the basis that you place money onto them. That can be done via a PayPoint outlet or via a bank transfer from your own bank account. If you have an active Speed-e-card, a payday loan from Speed-e-loans can be used to top up your card.

Once a prepaid card has been loaded with an amount, you can use the card as per a normal credit card but you can only spend up to the amount you’ve loaded onto it.

Advantages

This form of card means that:
- typically you can’t run-up debts on it;
- as there are no credits or debts involved, the providers typically don’t need to make credit checks on your background;
- may be useful for people who have been declined a credit card previously;
- as your card is PIN-protected, it’s safer than cash;
- you can use it at many ATMs both in the UK and abroad;
- you could give it to older children for controlled spending.
Some providers of these cards may also offer a supporting e-bank facility. This means that you could have your salary paid into this account and then download portions of it directly onto your card as required.

Using

In the modern world, it’s becoming increasingly difficult to survive without having a method of paying that involves a plastic card.

Paying via the internet or using automated ticket machines are just two examples of where cash and cheques may prove to be useless.

A prepaid credit card may allow you to take advantage of the modern information technology based society without the potential hassle and temptation to overspend often associated with a conventional credit card.
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Trying to compare debit cards, credit cards and prepaid cards?

Posted April 9th, 2010
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When we start talking about plastic cards, we sometimes tend to lump debit, prepaid and credit cards together. That can be confusing if you’re trying to compare debit cards as each type is different to the others. By knowing the main differences between these three types of plastic, you may be better versed in choosing the card that is suitable for your needs.

The credit card

While they are all convenient to use – especially if making online purchases or over the telephone – debit, prepaid and credit cards are quite different.

A credit card typically brings with it what’s called a credit limit. That is effectively a form of on-tap loan that you can typically use at any time.

Useful as that may be, you may also run the risk of spending more than you intend to and drifting into potentially serious debt problems as a result. You’ll also typically need to meet certain earnings and credit-history criteria before you’ll be able to get this type of card.

The bank account debit card

A bank account may provide what’s called a debit card. This acts as a form of electronic cheque and when you use it, checks will typically be made to ensure that your bank account has the funds in it to pay for whatever it is you’re trying to purchase.

The bank account debit card typically gives the user full access to all funds that are contained in the account (and any pre-agreed overdraft). Some people may find this to be something of a security risk and of course, you’ll need a bank account to be able to get one of these cards.

The prepaid debit card

The prepaid card is identical to the bank debit card or to a credit card in terms of how it can be used on the High Street or online – except for the fact that it is not linked to your bank account, nor is it a form of credit.

You simply load money onto it, typically by using one of the many PayPoint outlets that you’ll see around or via bank transfer. Once the money is loaded, the card can be used in all normal plastic payment roles and you can spend up to the amount that you’ve loaded onto the card.

If you have a prepaid debit card you can’t spend more money at a given time than you have loaded onto it – helpful if you’re trying to control your spending.

You also typically don’t need a credit history check to get one, so it may be useful if you have been declined for a credit card or bank account previously.

So, if you are looking to compare debit cards, do note the key differences as described above. That way you can hopefully get the card that is most suitable for your circumstances.

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A prepaid debit card – a new way to manage your finances

Posted April 3rd, 2010
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A prepaid debit card may be able to make a difference to the way you manage your spending and may help you avoid debt.

Plastic in your pocket

We all know the convenience of having plastic in your purse or wallet.

It’s not only more secure than cash but in some instances it’s absolutely essential for things such as automatic ticket machines or online / telephone purchases etc.

The trouble is that credit card plastic tends to come with a credit limit that can all too easily encourage us to spend more than is advisable – then subsequently struggle to pay it back.

Similarly, the bank debit card typically makes all of our money available to us at one time and this again may encourage over-spending. Few of us would, for example, be happy at handing our bank account card to one of our children going out for the day.

Prepaid debit cards – a different approach

Prepay cards can be in many respects indistinguishable from any other card and is fully compatible with most card-taking machines. Benefits typically include:
- it differs to a credit card in that you load money onto it and can then use the card to spend that amount of money – and no more!
- it’s potentially a way to control your spending;
- if you have children, it gives them something that’s a bit safer than cash to carry around;
- if it’s stolen, you can stop its use with a simple phone call. Even if it was used and your money lost, typically you can only lose to the maximum amount you’ve loaded onto it;
- often available to people who have been rejected for a credit card and / or bank account previously;
- an associated e-bank account, side stepping the need for a traditional bank account (do note that this may not be available with all prepaid cards);
- SMS notifications every time your card is used (there may be a small fee for this service and not all prepay cards will offer this feature);
- prepay cards can be used at selected ATMs in the UK and abroad as well as outlets displaying the brand name acceptance mark (eg prepaid MasterCard), so, if you are travelling, you don’t have to worry about carrying around traveller’s cheques or large amounts of local currency.
Easy and fast

As you are not using credit, most prepaid card providers typically don’t make credit checks on your background. And even if you have some credit history problems, you can typically still obtain a prepaid card.

Cash can be loaded onto it at any PayPoint or you can have your salary (or part of it) credited directly to the card. As mentioned above, some providers may even provide an e-banking account to go with it so you can move money from your account onto the card, as you need it.

If you have an activated Speed-e-card, this prepaid card is in unique in that you can load a Speed-e-loans payday loan directly on to it.

In summary, a prepaid debit card typically offers you flexibility and security but above all, it helps you reduce the risks of accidental over-spending, so you can feel in control of your money.
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Looking for fast payday loans?

Posted March 31st, 2010
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Let’s face it – any of us can run a little short of money from time-to-time, no matter how well we have budgeted. That may not be serious, unless it just happens to coincide with an unexpected expense that has to be dealt with immediately. That’s where fast payday loans may be able to help.

The basics

A payday loan, as its name suggests, is a short-term cash advance taken out then repaid in one go – typically on your next payday. It’s a way of helping you get through a difficult month or alternatively, of taking an opportunity that’s just crossed your path when you’re not well positioned to take advantage of it.

On your next payday (or sometimes the one after that), the loan is repaid in full together with any charges due (this may include a bank transfer fee). The lender will place a debit directly on your account for a previously agreed amount. Once paid, your debt is clear.

The advantages

A payday loan is typically applied for online and a fast decision is made. If it’s yes, the loan amount is transferred directly to your bank account. It could be there within a day or so, or even as little as two hours if your bank accepts immediate transfers. There is no fuss, typically no paperwork, and no lengthy decision-making chain.

That’s why they’re called fast payday loans!

If you already have an active Speed-e-card (which is a prepaid MasterCard) a payday loan from Speed-e-loans allows you to put the loan onto the card to give you the security and flexibility offered by having plastic in your pocket – without the risk of getting further into debt.

Credit history troubles

As with any loan application, the lender may perform a credit reference check, but typically this will be a fast check, rather than something more in-depth. The good news is that as the cash advance loan amount is likely to be smaller than many and repaid very quickly, you may find that modest credit reference problems will be accepted. So, bad credit payday loans may still be available to you.

What you’ll typically need

The requirements for applicants are typically simple including:
- a bank or building society account in the UK with an affiliated debit card;
- permanent employment providing regular income;
- a regular and verifiable permanent UK address;
- being aged 18 and over.
Using fast payday loans may be an efficient way of supplementing your monthly finances if things are a little tight. And, with the cost often working out cheaper than using a bank overdraft, it may work out cost-effective too.
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