ClearCash Prepaid Card
The ClearCash card is a prepaid card issued by Newcastle Building Society which can be used to make purchases and access money in over 30 million locations across the world. It is backed by MasterCard, and can be used in any location where MasterCard is accepted.
Because the ClearCash card is not a credit card, you can only spend money which you have already loaded on to it and will never incur interest charges for money you spend. This means that you can’t get into debt with it. The card works very much like a credit or debit card when you use it, in that it comes with Chip and PIN for security.
Loading money on to your card is easy and can be done in a number of ways. You can load money by bank transfer, top up at a PayPoint location or at any Post Office branch, or you can have money loaded onto it directly from your employer if you want.
The card comes with two different tariff options – pay as you go, or pay monthly. With the pay as you go option, there is no monthly fee, and it’s ideal for occasional use as you just pay a simple 2.5% fee per transaction and you earn cashback on your purchases. With the pay monthly option, you get free unlimited purchases making it ideal for everyday use, instead paying a simple £9.99 monthly management fee which is taken from the balance of the card each month. You can have your salary paid onto it and you get free purchase protection too.
Checking your balance on your card is easy to do, and it’s important to make sure you do keep an eye on the balance to avoid any embarrassing situations at the checkout. You can check your balance by logging into your account online, registering your mobile phone with the system and texting a simple balance request to a given number which replies with your balance.
Overall, using this card is simple and it lets you do almost anything a credit or debit card can do. It does cost to use it, but by picking the right tariff for you, you can keep these costs low, and as you’re not borrowing money you avoid the risk of getting into deep debt that can occur with a credit card.
To apply for a card, you must be over 18, live in the UK and be able to provide evidence of who you are and where you live.