O2 Money Card (Load and Go card)
Overview:
The Load & Go card from 02 is backed by Natwest bank, and can be used almost anywhere that Visa is accepted. There are a few restrictions for users who are under the age of 18, and it can’t be used for wire transfers, but in most every other way it works just as a credit card would. Applying for the card is free unlike many cards of this sort where you do pay a small application fee.
The Pros:
Two different levels of load limit £1,800 and £10,000.
Ability to check your annual load limit online.
UK transactions are free.
Free cash withdrawal from most UK ATM machines.
High ATM withdrawal limit of £200 per day
If you have a £10,000 annual load limit on your card then there is no maximum annual amount you can withdraw as cash.
If you have a £10,000 annual load limit, there is no maximum daily transaction limit for single or multiple purchases. (For a £1,800 annual load limit the daily transaction limit is £720).
Free real time text alert to tell you how much you’ve loaded, spent or withdrawn.
Free text service (from 02 mobiles in the UK) to find out local load locations.
Loading your card is free.
Free calls to customer service from your 02 mobile phone.
Redeeming your balance on your card after cancellation is free.
Apply for the o2 load and go card –>
The Cons:
International transaction fees do apply – 2.75% of the transaction value.
International ATM withdrawal fee does apply – 2.75 of the transaction value.
The minimum load limit is £5
Maximum load limit per day is £500, per week £1,000, per month, 2,000 and per year £10,000.
Summary:
Overall this is an excellent prepaid card to choose if you plan on most of your transactions being in the UK, and if you want a high load limit and the ability to make large purchases. It’s not bad if you’re only going to do the occasional transaction abroad, but if you plan on using a card regularly for purchases made outside the UK then this is not such a great option.