The Cashplus prepaid Mastercard
The Cashplus prepaid Mastercard is a great product that offers some facilities beyond that of basic bank accounts. There are no credit checks and you are guaranteed to be accepted for it. You can apply before bankruptcy if you wish. Anyone can apply for this account, bankrupt or not, individuals or businesses.
Some of the most notable benefits are:
- A credit rebuilder to help you rebuild your credit
- 1% cash back on purchases
- Purchase protection to the same level that credit cards offer
- Direct debits with optional built in protection to ensure they are paid
- No hidden fees
You can find out more below or at the Cashplus website.
The card issuer charges a small fee of £9.95 per month, but that is well worth it in my opinion. Remember, you get 1% cash back on purchases up to £1000, which could cover the cost of the card anyway.
Banking
The Cashplus prepaid card is accepted wherever you see the Mastercard symbol, just like the credit card. You are guaranteed to be accepted for it. It has the following banking facilities:
- Online banking
- Direct debits and standing orders
- No penalty fees for insufficient funds on your direct debits
- Insufficient fund alerts
- No hidden fees
There is also a short term direct debit protect loan that you can be pre-approved for to automatically cover a payment should you be unable to cover it. It is similar to an overdraft.
Remember, by using direct debits you can often save money.
The other perks
The credit rebuilder
This is perhaps the biggest bonus to bankrupts. The credit rebuilder is a free add on which uses your credit report to help you rebuild your credit. This can be an important first step to getting back on track. You can activate it at any time through your online account once your account is open.
Cash back
There is cash back on purchases. You get back 1% on purchases up to £1000 and 0.5% thereafter.
Free Purchase protection
The card offers purchase protection, which includes the following situations:
- The company you've paid goes bust
- Your items are damaged or faulty
- Goods don't arrive
- What arrives isn't what you ordered
The protection is at a level similar to that credit cards have to offer by law.
Direct debit protector
As previously mentioned you can be pre-approved for a short term loan of up to £1000 to cover you when you do not have enough funds to cover your direct debits.
I advance
I advance is a loan of up to £400 that you can apply for. It has to be repaid within 25 days.
Currency cards
If you are travelling abroad then you can order a currency card for spending in Euros or US dollars. There are no commissions and no purchase transaction fees for spending in the country of the currency card issued to you.
Second card holder
You can add a number of second card holders, such as a member of your family.
Who is it for?
Anyone can apply for a Cash Plus prepaid card. The beauty of it is that there is 100% acceptance. It is used by bankrupts, councils and companies alike.
How much does it cost?
It costs £9.95 per month. Remember, there is 1% cash back on purchases up to £1000. This equals £10 which in effect covers the cost of the card.
How do I get more information?
Go to the Cashplus website . You can apply there and obtain instant approval.
