Author Topic: Bank accounts and prepaid cards  (Read 2380 times)

jamesr

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Bank accounts and prepaid cards
« on: Jun 28, 2012, 03:47:11 PM »
Hi there,

I was just wondering if someone can give me any recommendations on where to open a bank account despite my bad credit score. Also I like to have a prepaid credit card because I need a MasterCard from time to time, does some have any experience with tuxedo prepaid? It's important that it's prepaid because I want to keep control.

Thanks  :)

James

James Falla

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Re: Bank accounts and prepaid cards
« Reply #1 on: Jun 29, 2012, 08:39:27 AM »
Hello jamesr
If you have a poor credit rating you should not have any difficulty opening a simple bank account (commonly known as a card cash account) at pretty much any high street bank. Just remember to pick a bank where you do not owe any money. The account will not offer any credit facilities but you can set up standing order and direct debits, use internet banking and most of these accounts are now provided with a debit card as well. Not sure which of these are MasterCard based and which are Visa. Why do you specifically need a MasterCard?
In terms of Tuxedo my understanding is that they do not provide credit cards. They actually provide pre-paid debit cards. As such you can only ever spend the money that you first deposit on the card. You will therefore never be able to get into debt. However bare in mind that you will need to pay a fee for using the card.
The pre-paid debit card market really grew a few years ago when the high street banks were not giving debit cards with their simple bank accounts as standard. However as this has now changed. As such in my view most people would not need to apply for a pre-paid card and can simply use the debit card supplied with their new bank account for free.
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jamesr

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Re: Bank accounts and prepaid cards
« Reply #2 on: Jun 29, 2012, 12:38:32 PM »
Thanks for your help. I wanted the prepaid MasterCard from Tuxedo because I need to use MasterCard from time to time and thougt it would be a good idea to use a prepaid one so there is no chance of me spending to much.

Thanks again,

James

James Falla

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Re: Bank accounts and prepaid cards
« Reply #3 on: Jul 02, 2012, 09:51:52 AM »
No problem at all James. The Tuxedo card should be ideal for you then.
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jamesr

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Re: Bank accounts and prepaid cards
« Reply #4 on: Jul 18, 2012, 06:54:14 PM »
Just to give feedback for others reading this, the card from tuxedo prepaid is working well for me, I haven't had any problems yet.

James Falla

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Re: Bank accounts and prepaid cards
« Reply #5 on: Jul 19, 2012, 12:40:54 PM »
Great news jamesr. Out of interest what are the charges to open the account and use the Tuxedo card?
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jamesr

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Re: Bank accounts and prepaid cards
« Reply #6 on: Jul 19, 2012, 03:40:51 PM »
Tuxedo prepaid offers the card for 9.95 and I didn't have to open an extra account. I top up the card at my post office, when I need to use it.

jazzalbart

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Re: Bank accounts and prepaid cards
« Reply #7 on: Aug 20, 2012, 12:28:42 PM »
If you're intent on a prepaid card, choose one that will present the lowest total cost for your financial habits. you can use American Express Prepaid card which has various advantages over bank accounts.

James Falla

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Re: Bank accounts and prepaid cards
« Reply #8 on: Aug 21, 2012, 11:24:03 AM »
That is interesting jazzalbart. Can you expand on the advantages that the pre-paid AMEX card would have over opening a bank account which provides a visa or mastercard debit card for free? I am struggling to think of any especially for people in the UK.
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