Prepaid Gold Card Now Available

Prepaid Gold Card

Whether you are looking to undertake responsible lending with a credit card or look into the benefits of a prepaid credit card, you can be sure to get the latest news on Compare Prepaid.

The Cashplus prepaid gold card offers an excellent prepaid credit card with minimal fees and almost universal use. While conventional credit cards involve borrowing a sum of money and then paying it back either in full or in installments (usually with an interest rate), prepaid credit cards work slightly different. As suggested by the name, a prepaid credit card must first be loaded with cash before it can be used to make purchases.

Why a prepaid credit card?

There are numerous benefits to using a prepaid credit card. Firstly, you will never be spending money that isn't yours. This prevents debt from being accrued in your name, which can sometimes be stressful or burdensome. Secondly, you will be afforded the purchase protection that is enjoyed by credit cards and protected by legislation, so you will always be covered for online fraud or the misrepresentation of goods. A prepaid credit card can also be used to improve your credit rating, which can help secure larger lending such as car financing or a mortgage.

Main benefits of the prepaid gold card

After a small application fee of £4.95, you can enjoy three months of no fees and unlimited use inside the UK. What's more, it carries purchase protection as covered by section 75 Consumer Credit Act 1974, which safeguards you against receiving faulty goods or being the victim of online fraud. Should such an event arise, you can recover your payment even if already received by the merchant. This type of protection is not afforded by a standard debit card.

One of the outstanding benefits of the prepaid gold card is the Creditbuilder feature. This can be enjoyed simply by paying the £4.95 monthly fee for using the card (after the initial three month period) on time. Creditbuilder is an excellent service that allows you to improve your credit rating without lending any money. If your credit rating is currently in a poor state and you are being rejected for conventional credit cards, you will be able to secure this prepaid card without credit checks.

Another advantage of a prepaid gold card is that it eliminates the need to carry cash with you. It carries the Mastercard acceptance mark, so can be used in the majority of shops or online stores worldwide. If you do need cash, there is just a small charge of 99p per transaction at an ATM. While the maximum amount of cash you can load onto this card is £5,000, you can apply for additional cards at no extra cost, provided you load them with a minimum of £20.

The prepaid gold card benefits from all the protection of a conventional credit card without the lending element, meaning you are in control of your own money at all times.

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