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Virgin Money Monthly Prepaid MasterCard

By: Mr Credit Card
06/04/2010

Summary: The Virgin Money Monthly Prepaid MasterCard is Virgin’s prepaid card that is available to anyone that would like to manage the money on their card without worrying about overspending, or for those that do not qualify for standard credit cards because of their credit rating.

Features and Benefits: No bank account is required and there are no credit checks for the card. If you select the pay monthly option there are no card transaction charges in the UK. This card can be used anywhere that MasterCard is accepted.

A Virgin Prepaid MasterCard costs £9.95 and if you would like replacement cards or extra cards for family members the cost is just £4.95 each.

You can choose between two tariffs: Pay as You Go which is ideal for those that will only use the card occasionally as with this choice there is no monthly fee. You would instead pay 2.95% for each card transaction and cash machine withdrawal in the UK.

The other choice is Pay Monthly for those that intend on using the card frequently. There is no transaction fee for purchases in the UK, but a flat monthly fee of £4.75 and £1.50 for each cash withdrawal in the UK.

Where to Top Up or Load the Card

Cardholders can add funds to their card at a variety of locations including the post office.  You can also top up with a debit card or credit card at myvirginmoney.com or by direct transfer from a bank account or at any shop or garage where you see the PayPoint logo.

Virgin Discounts: Cardholders of the Virgin Money Monthly Prepaid MasterCard are also eligible to receive the following discounts with Virgin companies:

Conclusion: This prepaid card is ideal for those that are looking for a card that can be used anywhere that MasterCard is accepted. If you can take advantage of the discounts and offers that Virgin provides, than any of the fees will be worth paying to have the card, but otherwise there are prepaid cards that include less fees. If you are having problems qualifying for an unsecured credit card, you may also want to try out the Virgin Prepaid MasterCard.

Debt And Our Armed Forces

By: Jason Steele
06/03/2010

One of the most difficult issues to tackle when it comes to credit card debt is the predicament that our soldiers are in.   Many are coming home from deployments to find that their debt is out of control.   There are people in the credit card and a payday loan industries who would advocate an extreme version Laissez Faire policies in which people are free to enter just about any agreement they want, regardless of the consequences.   They would argue that all people, including military personnel should be able to borrow money at APRs in the 100s.    Others would argue that interest rates set high above the market rate are inherently predatory.    These loans are offered by lenders against the most vulnerable in society with the clear intent is to trap them in a cycle of debt, squeezing all of their future income towards servicing the interest on a series of loans.

I entered into such a debate with an representative of the payday loan industry a couple of years ago on my personal blog.

Recently, the government decided that it was not in our national security interest for military personnel to take out loans with extremely high interest rates.   The first rule of espionage seems to be that people in financial trouble are the ones most vulnerable to selling secrets.    The epidemic of military personnel taking out payday loans ultimately became so bad that the government realized that it was actually a danger to national security to have so many people in the armed services trapped in a cycle of payday loans.    The interest rate that can be applied to military families was capped at an APR of a mere 36%.

Its Complicated

I recently came across this article about military families struggling with debt.  This article addresses a host of issues affecting military families including Pentagon expense reimbursement delays, relocation costs, and unemployment rates for veterans.    Clearly there is a huge financial burden being placed on young adults in our armed service.   They are enlisting, going through basic training, and being deployed at a time when they are just beginning to earn a significant wage for the first time in their lives.    Many of them are simply not equipped to deal with these responsibilities, especially at a time when they are going to war and financial management is not an immediate priority.

At the same time there is no doubt that military personnel are overspending.    There is a thrill to receiving a large signing bonus and a regular paycheck when one realizes all of the things he or she can now afford.   There is an even greater temptation to borrow money now that you are guaranteed a paycheck for the indefinite future.    Finally, there is a certain psychology of instant gratification that soldiers face when they are on leave for a brief period before being deployed back to a war zone.

The article singles out credit card usage as a growing problem.  Holly Petraeus, the wife of General David Patraeus, “points to increasingly aggressive credit card companies as an example of a problem she didn’t have to face as a young Army wife. “Credit cards were not an issue back then,” she says. “There was not the available plastic that there is now. Back in my younger days it was a cash or check society.'”

What Do We Owe Our Armed Forces?

Too many members of our armed forces find themselves in financial debt.    At the same time, we as a society owe them something for their service.   It would be tempting to take a paternalistic approach, banning all kinds of services from being offered to military personnel.    That is a draconian approach that should only be taken when absolutely necessary.   Yet payday loans and other types of predatory lending do call for such measures.    I believe that we should be offering members our armed forces and their families much greater resources to cope with their new financial burdens.   The military does have a support system, but it seems clear that it has been taxed beyond its limits.   We need to send reinforcements to bolster these efforts both because it is effecting the morale and readiness of our troops and because we owe it to them.

Sun MasterCard Prepaid Card

By: Mr Credit Card

Summary: The Sun MasterCard Prepaid Card is a prepaid card that includes extra benefits and can be used anywhere MasterCard is accepted.

Features and Benefits: This prepaid card is available to everyone with no credit check. There is also no bank accounts required to qualify for the card and it can be used worldwide including at ATMs. Cardholders are able to pay bills, shop online or in stores an withdraw their cash from ATMs.

Other features:

Cardholders have the option of receiving wages or salary directly onto the card.

Receive balance alerts via email or text message.

Additional Benefits:

Cardholders of the Sun MasterCard Prepaid card can refer their friends and receive £5 FREE with no limits. As long as the friend purchases a Sun Card and their first Top-op is £20 or more, your card will be credited £5 for each friend.

Cashback for shopping online. Cardholders that shop with any credit, debit or prepaid card at over 1000 online stores receive cash back immediately for their purchases which can sometimes earn up to £60 cash back from a single purchase. Some of the brands and stores that are available to shop and receive cash back from are Homebase home improvement (1% cashback), Oliver Bonas gifts, clothes and accessories (6.5% cashback) and PixMania (2% cashback). The merchants included in the cashback program range from gambling and bingo, to health and beauty and toys and games retailers.

Fees: Fees for the card can be paid in a few different ways; £1 Pay Weekly, £4.99 Pay Monthly or
No fee Pay As You Go. You can load or top-up your card a number of ways including at over 17,500 PayPoint® locations, over 2000 High Street Bank locations or through your bank account.

Conclusion: This is a great prepaid card that can be used anywhere a person would like and is one of the few prepaid cards that includes a program for receiving cash back when shopping at selected merchants.

Reward Card Evolution

By: Jason Steele
06/02/2010

Reward credit cards are continuing to evolve as both in response to the CARD Act and as part of the natural cycle of product development.    I have been predicting for some time now that reward card offers will continue to move away from points and towards perks.    Yes, points and miles are still a large part of the lure of reward credit cards, but we are increasingly seeing creative perks being offered as well.   I am not talking about the generic perks offered by the credit card networks such as purchase protection and rental car insurance.   I am talking about specific benefits being offered by the non-bank affiliate, such as an airline or hotel chain.

Airline Card Perks

The Delta SkyMiles American Express card has been one of the early providers of cardmember perks.  For example, holders of the Delta SkyMiles Reserve Card have always received upgrade priority over non-Delta Reserve Cardmembers within Medallion level and fare class.    That means that if you and another Gold Medallion level member are on an upgrade list for a first class seat, the one with the Reserve Card will get the seat.    For frequent travelers, that can be a big deal.

Recently, Delta sweetened the deal by offering the first checked bag fees waived for cardholders and up to eight other passengers traveling on the same itinerary.    Imagine a family of five going on a week’s vacation avoiding $25 per bag fee’s each way, and you can see how the card could pay for itself very quickly, even for infrequent leisure travelers.

Continental Airlines has also been innovative in the perks they have offered in conjunction with their OnePass credit card offered by Chase.    They have been waiving checked bag charges for some time before Delta started doing so.    Now they have started offering free upgrades on award tickets to elite members of their Onepass program who are also holders of their affiliated credit card.     This seems targeted at business travelers who make elite levels but travel frequently for personal travel on award tickets.    These travelers can now save huge amounts of miles by booking economy awards and being upgraded.

Why Are They Going From Points To Perks?

Credit card companies are being squeezed to some extent by the CARD Act.   With fewer tricks and traps, there is less ancillary revenue being generated from late fees, double cycle billing, and other traditional income sources.   In this weak economy more and more credit card holders are at risk of defaulting on their debts.   At the same time the market for the high income, low risk customers remains as competitive as ever.    If you were to be a fly on the wall at a meeting of a bank and an airline’s marketing departments, I am sure that the discussion would revolve around new ways to attract customers to their credit cards without offering ever increasing quantities of miles and points.

These miles and points are purchased by the banks from the airlines and hotel chains to give to their card members.    While the banks pay a fraction of the price that points are sold for to the general public they still end up paying millions to the airlines and hotel chains.   To the seller of the points and miles these outstanding balances represent a future liability.     By offering perks such as free upgrades and free bags, they are offering their customers value while minimizing bank expenditures and airline and hotel liabilities.

The credit card industry continues to adapt to the demands of the marketplace, and savvy credit card holders are advised to keep abreast of the latest developments in order to ensure that they are receiving the maximum value from their credit card portfolio.

FairFX Prepaid MasterCard

By: Mr Credit Card

Summary: The FairFX Prepaid MasterCard provides consumers with a prepaid card to use while traveling for business or via the internet.

Features and Benefits: There are no initial fees when you sign up and load $20 or €10. There are also no monthly or quarterly fees or hidden charges to carry the FairFX Prepaid MasterCard nor fees for foreign exchange transactions.

How it Works: Cardholders their Travel Money online with either another debit card, credit card or internet bank transfer and then let FairFX know how they want their currency. The funds can either be added to the currency card which includes Chip and PIN protection, delivered to the home free for purchases over £500 or paid to a foreign currency bank account.

Conclusion: The FairFX Prepaid MasterCard is a general prepaid card for those that need a debit style card with no fees. There are no outstanding benefits except for the ability to receive funds with a great exchange rate which may appeal to travelers that don’t want to carry cash.

Do Good, Earn Membership Rewards Points

By: Jason Steele
06/01/2010

When corporate loyalty programs intersect with charities, I am usually quite skeptical.  Typically, one is asked to donate their loyalty points to a worthy cause.   When this happens, I get the impression that my donation is helping the company at least as much as the charity.   It is easier for a company to create loyalty points/miles than it is for Parker Brothers to print Monopoly money, yet they want to get the PR boost from my donation, and possibly some kind of write off as well.   They could easily match a donation, but I have never heard of a company doing so.

A Different Kind Of Loyaly/Charity Relationship

Today, I learned about a new kind of program that turns the old model on it’s head.  American Express has teamed with TakePart to offer Membership Rewards points to people who volunteer their time for one of the causes that is a member of TakePart.    TakePart describes itself as “an independent online community that connects its members directly to the issues that inspire them to engage, contribute and take action.”

As part of their Membership Program, for each hour of volunteer time logged, American Express will award you a certificate valid for 500 Membership Rewards points, with an annual maximum of 10,000 points.    If you have a Zync card from American Express, the numbers are doubled, but like all other points earned with the Zync card, the points are actually part of the Membership Rewards Express program and cannot be redeemed for airline miles.

A large number of Americans do not regularly donate money to charity.  Most either can’t afford to donate money, or would prefer to volunteer their time to worthy causes.    This kind of program is an excellent way to volunteer your time and earn significant loyalty points.    American Express’s Membership Rewards program is one of my favorite programs as the points earned are very flexible.    They can be redeemed with different airline, hotel, and shopping partners as needed.

Some Details

You do not need to have an American Express card to volunteer with this program.    Cardholders and Non-cardholders alike will earn 500 point certificates that can be redeemed for points in your Membership Rewards account, submitted with a new account application, or donated to a member charity of your choice.  Like other programs, American Express has also made it possible to donate your existing Membership Rewards points to charities, but it is the volunteer for points option that I find particularly unique.

You can read more details in their FAQ.

The Value Equation

I believe that you should donate time to a worthy cause just because it is the right thing to do, not because someone is bribing you with loyalty points.    That said, I am sure that their are people out there for whom Amex’s generous incentives will make the difference between volunteering and not volunteering.   The Membership Rewards points may also make the difference between donating money and donating time, so it is a worthwhile exercise to to figure out how much value you are getting from your time.

Membership rewards points are so flexible that it is possible to get 2-4 cents in value from each point.    If you value your Membership Rewards points at 3 cents per point, you are essentially getting $15 in value (tax free) per hour volunteered.   If you value your points more conservatively at 2 cents each, you are still looking at $10 an hour.   In short, many people would consider this a worthwhile investment of their time even if it weren’t for a good cause.   If you value your time far above those numbers or you prefer not to volunteer, you might choose to donate your money instead.

Finally

You can also vote online for the charity that you consider most worthy to receive $200,000 donations from American Express.   This is an innovative way to get people interested in learning about the various charities associated with TakePart.    I have to take my hat of to Amex for their participation in this program while encouraging my readers to volunteer while boosting their Membership Rewards balance.

6 Tips On How To Survive Too Much Debt And Not Enough Credit

By: Mr Credit Card

This article is a guest post from Steve Sildon, Managing Editor for Credit Card Assist and frequent contributor in the blogesphere, writing about personal finance, credit cards and other credit-related topics.

The number of consumers with poor credit is increasing rapidly. Between the mortgage crisis and the typical middle-income credit card holder charging more than they can reasonably afford to repay – the growing trend of low credit scores now includes about one third of the nation’s population – or 110 million Americans.

Credit card issuers have begun tightening their lending practices and exercising their contractual rights to change the cards’ terms and conditions of their cardholder agreements at any given time and for any reason they deem necessary. People who haven’t made even a single late payment on their credit cards are finding themselves with lower credit limits and much higher interest rates. Some people have even said that their payment due dates had been moved up to earlier in the month and their grace periods, which allow cardholders to make payments without paying interest, had been shortened. Virtually everyone has felt the effect of the credit crisis and lenders sweeping efforts to maintain profitability with higher fees and
interest rates despite an increasing number of people getting behind on their payments. But card issuers will have new rules regarding interest rate hikes and changing card agreement terms that will take effect in July of 2010, providing some relief to cardholders who have felt the impact of these draconian policies.

You don’t have to throw in the towel though. If you find yourself struggling with debt, credit card debt in particular, during the credit crunch, now is the time to start making changes to put yourself in a better situation financially over the long haul. Believe it or not, changing your behavior now while the fire is “hot” is one of the best financial opportunities that you might ever have.

Here are 6 tips on how to survive too much debt and not enough credit:

1. Don’t Run Away from the Problem: The worst thing that you can
do is ignore creditors if they’re calling you for payment. As a matter of fact, don’t let this happen. Get out in front of the problem if you can see it coming. You’ll get much further by explaining your situation to your creditors ahead of time, asking for flexible payment arrangements or additional time to make a payment than you will by hiding from the calls. Your creditors are more likely to be flexible if they are informed of your situation before its overdue.

2. Formulate a Plan: Before contacting your creditors, you need to put a repayment plan together so you have a solid understanding of what you can and cannot afford to repay every month. In doing so, ask yourself the following questions:

  • What is my total monthly household income that I can count on
  • What are my total monthly fixed payments, including mortgage or rent, car loans, utilities etc.
  • What are my variable expenses that might include groceries, gas, entertainment,
    clothes, etc.

Getting specific about your total income and expenses to give you clarity about what you can comfortably repay your creditors is absolutely vital. Above all, do not overpromise your creditors. Only commit to what you know you can afford. Failing to follow through with a creditor on a repayment plan can cost you dearly.

3. Making Small Payments is Better than Nothing: The simple fact of the matter is that many people can’t afford to pay anything on their outstanding credit card bills right now. Even making very small payments of $5 to $10 each month might be enough to placate your debt holders, at least temporarily. You can ask that in exchange for these small incremental payments that they hold off on sending your account to collections while you try to get back on your feet. They may kick and scream about it the whole time, but it’s better to be making smaller payments rather than none at all.

4. Stop Taking on New Debt: It may sound like an oversimplification, but this is where the rubber hits the road. For people who have always relied on credit cards even for unexpected or emergency expenses, this can be a difficult habit to break but is crucial for success in digging out of your situation. Make a commitment to yourself and stop taking on debt by charging on your credit cards. Period.

5. Start Making Lifestyle Changes Today: You can start right away to make the lifestyle changes that will benefit you immensely in the long term. You can start immediately by trimming some of those disposable discretionary expenses. For example, I have implemented a temporary “no-fly” zone on the following items:

  • Convenience Stores
  • Drive-Thru’s
  • Mochas and Lattes

Cutting out these discretionary items might sound obvious to some, horrifying to others, but if left unchecked, they can add up very quickly. Cutting out just these 3 categories of spending alone saved me $114 in the first month. Cutting out the “Half-Caf, Decaf” lattes sounded daunting at first, but mourning the loss quickly dissipated after seeing the difference that it made to my bottom line.

6. Increase Your Income: I know, I know – it’s easier said than done, but increasing your income is another option that will certainly help to alleviate the financial pressure that you might be feeling right now. One of the easiest ways to increase your income is to consider consulting or freelancing from home at nights and on the weekends when you’re not at your regular job. It might be surprising to hear, but everyone has expertise or passion in something. No matter what your profession, there are plenty of opportunities to freelance and take advantage of your particular passion or unique area of expertise. You can easily find work on any of the dozens of freelance web sites available online.

Rest assured in knowing that you aren’t alone. Right now, many people are struggling with not enough credit and far too many debts. Thankfully, many creditors have begun offering assistance and more understanding than they have in the past. Creditors realize that it’s in their best interest to keep you from defaulting, even if it means being a bit more flexible with the payment agreement temporarily.

My 6 step plan can go a long way in helping to relieve the problem that so many of us are now facing. By dealing with the problem head on, formulating a plan, making small payments and lifestyle changes, increasing your income if possible, and above all, stopping taking on new debt, there is hope for you and the rest of us for a new day and, hopefully, some light at the end of the tunnel.

Caxton FX Prepaid Global Traveller Card

By: Mr Credit Card

Summary: The Caxton FX Prepaid Global Traveller Card is a guaranteed approval prepaid card that offers multiple benefits and services to its card members.

Features and Benefits: There are no fees for this card, including no annual fee and no interest. This is a prepaid MasterCard that works similar to a debit card and is accepted anywhere that MasterCard is accepted. It is designed for those that travel with benefits and conveniences for spending overseas.

  • Load and add funds easily online, over the phone or by SMS text message.
  • The card is free to use in shops and restaurants and other retail outlets outside the UK.
  • 24-hr online account management
  • Guaranteed best exchange rates; if you find travel money cheaper you will be refunded the difference.
  • Can be used in any country, with any currency with no ATM charges when overseas.
  • No fees, commission, or extra charges on your transactions meaning all costs and charges are included in the exchange rate applied. Generally if you use other cards overseas, you will be billed a commission charge for using it overseas but with the Caxton FX Prepaid Global Traveller Card there are no additional fees.
  • Chip and PIN protected making use of the card safer than carrying cash.

Discounts: Currently card members can enter to win a family trip to Italy. Cardholder discounts also include:

2 for 1 entry to UK attractions 2 for 1 entry to top UK attractions like Alton Towers Resort, Chessington World of Adventures, London/York/Edinburgh Dungeons, LEGOLAND® Windsor, Madam Tussauds, SEA LIFE centres & Sancturies, Warwick Castle, LEGOLAND® Discover Centre Manchester and THORPE PARK. Cardholders can download 2 for 1 tickets and basically pay half on admissions.

Cardholders also receive 10% off of over 15,000 cottages and villas with Cottages4you, throughout the UK, Ireland, France, Italy, Spain and Portugal.

Discounts on airport parking and hotels including APH 15% off for Caxton FX cardholders. Save 15% off the standard APH rate at participating car parks and 10% off the standard APH rate on all airport hotel and airport lounge bookings.

Receive a 20% discount on Economy Comfort Class with Icelandair

Conclusion: This is an ideal card for anyone looking for a prepaid offer with no fees, especially those that are travelling outside of the Euro and USD zones, or to multiple destinations including Europe and the US. This card offers many significant benefits and discounts that are not standard with prepaid cards and would be worth looking into if you need a debit style card for traveling with.

Nationwide Gold Visa Credit Card

By: Mr Credit Card
05/31/2010

Summary: The UK’s Nationwide Gold Visa credit card is a card offered to those with excellent credit. It includes a variety of benefits as well as introductory offers that include a 0% APR.

Features and Benefits:

  • No annual fee, 0% APR for 3 months on purchases and 0% APR on balance transfers for 13 months.
  • No commission fees on purchases made abroad.
  • Up to 56 days of interest free credit.
  • Purchase protection for loss, theft and damage to purchases over £50.
  • Free extended12 month warranty on gas and electrical products.
  • Peace of mind for all cardholders with Nationwide Fraud Watch which includes active account monitoring for suspicious activity and purchases, Chip and PIN which includes an exclusive PIN to make purchases instead of just a signature, and fraud loss protection to ensure refunds on purchases made without your consent.
  • Optional card protection for £29 per year which protects all cards for up to five members of the household, against theft and loss. This protection allows cardholders to cancel credit, debit and store cards and order replacements immediately, with just one phone call. This service is also offered over a three-year period for just £70.

Criteria: If you are 25 years of age or over and have an annual income of £25,000 or more as well as an excellent credit history, you may be accepted for the Nationwide Gold Visa. Alternatively, you may be offered the Classic card from Nationwide instead.

Conclusion: The Nationwide Gold Visa credit card is most suitable for those with excellent credit histories that may be looking for a balance transfer card that includes an APR of 0% for 13 months as well as the 0% on regular everyday purchases for 3 months.

Barnes and Nobles Credit Card Review

By: Mr Credit Card
05/29/2010

The Barnes and Nobles credit card is a credit card that is specifically for those who really shop a lot at Barnes and Nobles (obviously). You get a pretty generous rewards for using the card. Let us look at this in some detail.

Rewards – The Barnes and Nobles card allows the cardholder to earn 5% rebates when you use your card at Barnes and Nobles and from their website as well (bn.com). The rebates will be given as a statement credit. Aside from getting the 5% rebates, you will earn one reward point for every dollar that you spend on the card. Once you have earned 2,500 points, you will be automatically given a $25 Barnes and Nobles Gift Card.

Fees – There is no annual fee for this card.

Barnes and Nobles Credit Card Peer Comparison


Barnes and Nobles competitors include Amazon.com and Borders. Both have credit cards as well. But Borders has filed for bankruptcy and are going under. Hence, we will look to compare this card versus the Amazon credit card. The Amazon credit card allows you to earn triple points for purchases at their online store and double points for gas, dining and drugstore purchases. Hence, from the point of earning rebates from their stores, the Barnes and Nobles MasterCard is better than Amazon’s card. But the Amazon Visa allows you to earn double points of expenses that the Barnes and Nobles card does not have. But I still think the B&N card comes out ahead because they let you earn more points from buying their products, which is the main purpose for folks getting this card.

But aside from comparing with the bookstore peers, 5% rebates also happens to be at the upper end of the range for “retail store cards”, whose rebates tend to range from 2% to 5%. Hence, 5% is pretty good.

B&N Card Alternatives


But before you rush out to get this card, you have to be aware of alternative cards that allow you to earn rebates when you shop at Barnes and Nobles (in some cases, substantially more rebates).

Firstly, the Discover More Card allows you to earn 10% rebates when you shop at bn.com going through their online shopping portal.

Chase Freedom has a reward program called the Ultimate Rewards program, which has Barnes and Nobles as their partner and right now, you can earn 7% rebates.

Is the Barnes and Nobles MasterCard Good?


The Barnes and Nobles MasterCard is one of the more generous retail cards that gives you a 5% rebate when you their books and also lets you earn additional points. For those who are always buying books or stuff from them, you might just want to consider this card. Bear in mind that the rewards are given in the form of a gift card, so you can only use them there. The other thing to consider is if you do the bulk of your purchases online. If that is the case, then a card like the Discover More Card may be a much better card because you can actually earn 10% rebates rather than just 5%. Furthermore, you can use the rebates that you’ve earned on other things (not just having to use them at B&N).

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