Different types of cards available
Cash cards are extremely popular with the under 18’s market and allows teenagers the first stepping stone in to managing their own money with out the worry of going overdrawn or getting charged if they do. Cash cards are also being issued to people who have problems managing their accounts and some banks issue cash cards to people who have just become bankrupt. Cash cards come with a daily limit for drawing money from cash machines and how much you can take out, even if your account contains funds. Cash cards are mainly part of basic bank accounts deals.
Debit cards are linked to bank accounts usually a current account and allows you the flexibility to pay for goods and services. With a debit card you can only spend funds which are available in your current account unless you have an agreed overdraft. With debit cards you can also get cashback at retailers or use any ATM where in most cases it is free but some independent cash machine networks may charge a fee to use. Debit cards offer you the flexibility to get at your funds without the need to withdraw cash from your local banking branch or from atm’s.
Prepaid cards have been around in the UK for about 6 years and are an alternative to using a bank account or an alternative to pay for goods and services without using your debit card or credit card. The prepaid cards work by you adding funds to your account and only spending what is available making it a debt free solution to millions of people.
Users as young as 13 are the focus for many pre-paid card providers, which has attracted criticism for the suggestion that it will encourage credit card style spending instead of saving. There is no overdraft facility, but charges are made for the card and some of its uses, such as withdrawing money from a cash machine.
Cheque guarantee cards
With a cheque guarantee card you must be a minimum of 18 years or above before your chosen bank can issue you with a cheque guarantee card and chequebook. The cheque guarantee card comes as part of a package with a current account which can be used to endorse any cheque that you issue up to the value of your card which is either a £50, £100 or £250 cheque guarantee cards.
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