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The Sun Launches Prepaid 'credit Card'

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Guest DissipatedYouthIsValuable

Heard this on Radio 4 news this am. No actual credit, just an alternative to cash. Qui bono?

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Heard this on Radio 4 news this am. No actual credit, just an alternative to cash. Qui bono?

I've got one. They're brilliant. They are effectively like a pre-paid credit card. But without the debt. Without the bank knowing what you buy. No statements ('cept online). Keeps transactions off your bank statement. Can use it on the internet without risking your identity.

Irrespective of your credit position/finances they are worth having.

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I've got one. They're brilliant. They are effectively like a pre-paid credit card. But without the debt. Without the bank knowing what you buy. No statements ('cept online). Keeps transactions off your bank statement. Can use it on the internet without risking your identity.

Irrespective of your credit position/finances they are worth having.

They charge you for loading the card with money though dont they? with a 'real' credit card you dont get charged anything if you pay it off in time.

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Guest DissipatedYouthIsValuable
I've got one. They're brilliant. They are effectively like a pre-paid credit card. But without the debt. Without the bank knowing what you buy. No statements ('cept online). Keeps transactions off your bank statement. Can use it on the internet without risking your identity.

Irrespective of your credit position/finances they are worth having.

Good thought.

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Good idea for 'teens' though, use it to shop on the net.

Will allow me to give them an emergency fund that won't dissapear easily, unlike the tenner that they 'borrow' and don't seem to remember ,or remember all too well that they are sure as sure can be they gave me back ;)

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They charge you for loading the card with money though dont they? with a 'real' credit card you dont get charged anything if you pay it off in time.

Mine is free to load with cash at any post office.

Cost is either a £1 fixed transaction fee, or £4.95 a quarter charge and free transactions.

I can only repeat that the benefits, in particular the identity security, anonymous transactions (do you really want your bank seeing every transaction on your statement or credit card?), and convenience of a card far far outway these costs. You can use it abroad in cash machines too so useful alternative to foreign currency.

Imo cash is actually much better for kids, or a debit card linked to a bank account which helps them learn how to manage money. Transaction costs for children would be relatively high. For adults theyre a no-brainer.

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Mine is free to load with cash at any post office.

Cost is either a £1 fixed transaction fee, or £4.95 a quarter charge and free transactions.

I can only repeat that the benefits, in particular the identity security, anonymous transactions (do you really want your bank seeing every transaction on your statement or credit card?), and convenience of a card far far outway these costs. You can use it abroad in cash machines too so useful alternative to foreign currency.

Imo cash is actually much better for kids, or a debit card linked to a bank account which helps them learn how to manage money. Transaction costs for children would be relatively high. For adults theyre a no-brainer.

Yes my kids have that too, but when they go on holidays with mates or festivals and stuff I usually give them 'bail out money' it has magical properties and dissipates into the nether world. I think a card would somehow require a genuine emergency. Hmm my kids are devious when it comes so spending my money instead of theirs.

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Yes my kids have that too, but when they go on holidays with mates or festivals and stuff I usually give them 'bail out money' it has magical properties and dissipates into the nether world. I think a card would somehow require a genuine emergency. Hmm my kids are devious when it comes so spending my money instead of theirs.

Dishonest kids!?

I blame the parents!

P.S. I'm surprised that a woman in her eighties still has such young kids. You must

find it very difficult.

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Dishonest kids!?

I blame the parents!

P.S. I'm surprised that a woman in her eighties still has such young kids. You must

find it very difficult.

:lol::lol::lol: Yes maybe I should just get tough :ph34r: I do find it hard with teenagers - they know everything!

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Guest Shedfish

so the banks don't get the details...just the Post Office and The Sun

that doesn't reassure me too much

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I've got one. They're brilliant. They are effectively like a pre-paid credit card. But without the debt. Without the bank knowing what you buy. No statements ('cept online). Keeps transactions off your bank statement. Can use it on the internet without risking your identity.

How does this provide any of those benefits? On the privacy front it's the same as having a traditional credit card with any other third party, and I don't see how it has any bearing on identify theft whatsoever, unless you mean that your liability for card fraud is limited, which it also is with normal cards.

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so the banks don't get the details...just the Post Office and The Sun

that doesn't reassure me too much

good point.

there is one card from 360money.com which you can have anonymously.

you just make up a name for it.

all the others such as cashplus.co.uk you have to prove your real identity,.

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They charge you for loading the card with money though dont they? with a 'real' credit card you dont get charged anything if you pay it off in time.

Preumably, like credit cards, money is made by taking a % (from the retailer) of all transactions. If this is the case they wouldnt have to charge anything. They make money by just supplying the card with no risk of bad debt. How easy is that?!

do you really want your bank seeing every transaction on your statement or credit card?

Why would anyone be bothered by this?

Why is OK for the other company to have the details - surely they could also sell it on, have it stolen?

And why does it help against identity theft - the point is that a criminal goes and registers a new credit card in your name, they dont start using an existing one (you'd notice!).

Its good to be careful, but excessive paranoia isnt healthy!

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They make money by investing your cash themselves betwwen the time you top up and the time you withdraw- Whats wrong with Cash

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I take it you have to charge it with cash not put it on your other cards lol :lol:

Suppose you could draw cash on the credit card and use that on the prepaid card but then again why not just use the cash ?

Just thinking of the scammers :ph34r:

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Mine is free to load with cash at any post office.

Cost is either a £1 fixed transaction fee, or £4.95 a quarter charge and free transactions.

I can only repeat that the benefits, in particular the identity security, anonymous transactions (do you really want your bank seeing every transaction on your statement or credit card?), and convenience of a card far far outway these costs. You can use it abroad in cash machines too so useful alternative to foreign currency.

Imo cash is actually much better for kids, or a debit card linked to a bank account which helps them learn how to manage money. Transaction costs for children would be relatively high. For adults theyre a no-brainer.

You would have thought that the 2.5% transaction fee they charge the retailer and the interest on your money would be more than enough for them?

i dont see why they are a no brainer when you can use a debit card for free? Although agreed you can perhaps make use of it if you dont want your wife to see something.

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You would have thought that the 2.5% transaction fee they charge the retailer and the interest on your money would be more than enough for them?

i dont see why they are a no brainer when you can use a debit card for free? Although agreed you can perhaps make use of it if you dont want your wife to see something.

Have you tried using cash over the internet? ;)

I'm not married. There are plenty of people who like to have a look at your bank statements, not least your bank. I have nothing to hide, but banks look at transactions for all sorts of reasons and since debit card transactions show the name of the recipient banks know exactly where money is spent. Cheques only show the number.

I agree cash is useful. I use cash for everything that I can within reason. My pre-paid card is a useful alternative which I use from time to time in addition to cash.

For instance, some hotels will not accept cash. I would not use a credit card in a hotel or a restaurant. It is too easy to scam/sell on. Pre-paid card is perfect in this situation.

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Cash is one of the last bastions of freedom against an ever-encroaching government. They'd just love to have a cashless society where you are totally under their control. So use cash wherever possible.

Okay, it's a bit off topic but the move toward a cashless society has been a bete noire of mine for a couple of decades. Don't fall for the ease and convenience malarkey of a cashless society, it's all about control.

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