What is a prepaid MasterCard®?

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A prepaid MasterCard looks and works in a similar way to a credit or debit card, in that it can be used to make bill payments, pay for services and shop wherever the MasterCard Acceptance Mark is displayed. That means that these cards are welcomed at over 32 million locations worldwide, on the internet and over the phone, and to withdraw cash from more than a million ATMs1. One of the key advantages that a prepaid card provides is that there are no hidden penalties to pay. This is probably a significant fact for the UK credit card and bank account holders that paid out almost £650 million in penalty fees in 20122.

Fortunately, anyone that wants to avoid the hidden charges that some banks may charge now has options because one or two prepaid MasterCard cards offer services similar to a High Street bank account. For example, the Cashplus prepaid Gold MasterCard offers a Direct Debit service that can automatically take care of bills. But unlike with many banks, if there isn’t enough money in the account, advance alerts are sent and an emergency overdraft may be offered to cover the bill.

What’s more, the same provider offers selected customers a sensible, manageable amount of credit, designed to help people take care of unexpected bills and expenses, rather than to encourage people to spend more than they can afford. All associated charges are transparent. And again, whether the customer takes out a loan or an overdraft, there are no unexpected penalty fees to worry about.

Topping up a prepaid MasterCard is hassle free too, with many options available including having wages paid directly into the account by an employer, by Standing Order, at any UK Post Office® branch, certain stores, and via an online bank account. Although a prepaid MasterCard makes it easy to pay for goods and services, it can also make it simple to stay on budget. That’s because the card’s account provides access to balance and transactions in real time via online statements and by text – especially handy for anyone that’s out and about and wants to be sure that they really can afford to buy that brilliant bargain.

So, anyone wondering what a prepaid MasterCard [Link to: http://www.mycashplus.co.uk/] is can look upon it as a convenient way to pay and get paid, manage money and settle regular bills automatically. All whilst avoiding hidden penalties.

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