Prepaid Cards make sense abroad

Pre-paid credit cards are a great way to manage your holiday money. An article published in The Wall Street Journal India examines the pros of using the cards abroad. They often work out cheaper. You can load money onto it with the currency of the destination you are travelling to which means you can avoid a conversion fee every time you make a purchase. Any fees incurred often work out cheaper than those for on standard credit or debit cards. Cards offered by the likes of Visa are accepted…

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Airline collapsed due to credit card debt

The financial company E-Clear is being investigated over an alleged £35m debt, which was a factor in the downfall of Flyglobespan. The Scottish airline collapsed last week, leaving around 4,500 holidaymakers stranded across Europe, North America and North Africa. PricewaterhouseCoopers (PwC), one of Flyglobespan’s administrators, has announced that the collapse could be linked to credit card payments due from E-Clear. PwC has requested that the funds held by E-Clear, which are estimated at £35m, be placed in a joint bank account ‘immediately’. Joint administrator Bruce Cartwright…

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Economic slump encourages use of pre paid credit cards

The use of pre paid credit cards is taking off as people continue to feel the effects of the economic slump. Consumers can load cash onto the card and use the balance from month to month and they are not linked to any bank account. Companies like Visa and Mastercard are now offering the cards as more of us try to budget and avoid getting into deeper debt. Although pre paid cards are less profitable than credit cards, issuers make money from transactions…

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Travel Money Card scoops prepaid credit award

The Commonwealth Bank Travel Money Card has been honoured internationally by winning the Best International Prepaid Card category at the prestigious OSCARDS awards in Paris. The OSCARDS recognise extraordinary innovation in bankcard applications and is one of the highest honours a card company can receive. Launched in June 2009, the Travel Money Card is a prepaid MasterCard that enables travellers to lock in the exchange rate of multiple currencies on the same card and access their money overseas. The beauty of the Travel Money Card…

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Get the right bank account for Christmas

Tis the season to be jolly – and to bash the plastic. For many of us it’s the overdraft that soaks up that extra festive spending. So it’s worth taking a few minutes to make sure you’re clear on exactly what you’d pay to use an overdraft. Quite a few current account providers offer an interest-free overdraft up to a few hundred quid. And some current accounts are designed for people who regularly use their overdraft. Abbey’s Preferred Overdraft Rate Account offers 0% interest on authorised overdrafts for the first 12…

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