Cash Pay Advance

Prepaid cards are not linked to accounts, but look like standard debit or credit cards, and once loaded, the card can be used just like a debit or credit card to use at cash points or purchase goods or services across the majority of shops. The market is dominated by Mastercard and Maestro, and prepaid card users can use them anywhere they see the signs in the same way that they would use a credit or debit card. This means that even those who can’t get UK bank accounts, because of residency or credit history problems, can use plastic as most prepaid cards allow customers to load their salary on to the card through the BACS electronic payment system. But the cost of prepaid cards could also mean that consumers with nowhere else to go, and who can usually least afford it, are being forced to pay through the nose to use their own money because prepaid card providers are not making money through interest unauthorised overdraft charges, or late payment fees, as they do with debit and credit card accounts. Find Out More

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