tuxedo card

[angela18]

Just saw an advert on tv for a Tuxedo Card, which is apparently a pre-paid credit card! Would this not just do exactly the same job as a debit card? [:I] Or am I missing something

[aguise]

I havent seen it, but yes basically you top it up and use it the same as a debit card.

Ang

[angela18]

its through the Newcastle Building Society. I don't see the point if you have a debit card. surely they must have a charge!!

[aguise]

They quite often charge for either topping up or per transaction, or a set monthly charge. you can see all the avaliable cards of this type and what they charge if you google which prepaid debit card it is the which one and it shows them all. I think the most popular one is mycashplus. They are useful if you dont like using your card online and things like that, there is only the amount that you have put on it. I was going to get one because my bank didnt have a debit card but then brought one out. some of the basic accounts dont have the debit card facility or not the one you want like electron. There are various mycashplus is mastercard some are visa and some maestro..

Ang

[angela18]

yeah, suppose.. mine has debit so think will stick to that. this one was saying you could pay bills and get salary paid in!!

[Adam Davies]

Hi
I interviewed the Chief Executive Officer of Tuxedo,Mark Simon,on Tuesday and this will soon be on the IVA.co.uk TV page.
The Tuxedo pre-paid card is worth considering as,unlike a debit card,there is no danger of you going overdrawn and incurring bank fees and no credit checks.It will also allow you to shop online and withdraw cash.You can even have your wages paid onto it and can keep track of your balance and spending online.Also you can have additional cards for your family members at no extra cost.
They seem to be the market leader and are constantly looking to add to the benefits of using the card.
I am sure that the need and use of this type of card will grow over the next year or so
Tuxedo are also a great supporter of IVA.co.uk having sponsored the last two debt debates,and are also sponsoring the next one.
Regards

[angela18]

Are there any charges Andy? Could be worth having for Christmas fund etc. but wondered if ay fees

[Adam Davies]

Hi
I think tha there is a £4.95p initial cost but if you top up by more than £50 you get a £5 credit
Regards

[angela18]

thanks andy

could be a thought for the future

[AlanO]

It provides an option and has flexibility that you are unlikely to get from a basic account used in isolation.

A good feature with this card is the loading points ( also at Barclays branches ) and the range of ways of getting money onto the account.

There are slso some additional security features that are worth considering for on line purchasing.

All the best

www.debtdr.co.uk

[Soulgrowth]

Having looked at a few, including the Tuxedo, I still think the Cashplus card is the best value. £10 per year and £4.95 p.month but all transactions are free (apart from cash withdrawals)and it's free to top up at the Post office.

Debbie