Speed-e-card Prepaid Card
The Speed-e-card is a prepaid card which is designed to be a modern alternative to cash. It works like a debit card except that it’s not connected to a bank account, instead, you load money onto the card.
The Speed-e-card is backed by MasterCard which means it can be used in many places around the world to pay for goods and services in shops or via the internet, or to withdraw cash from ATMs.
This card offers all the convenience of a credit or debit card, but without any worries about going overdrawn or building up large debts. Because you can only spend the amount you’ve chosen to load onto the card, you can stay easily in control of your money and spending.
You can load your card in different ways including loading cash on to it at any PayPoint, or via bank transfer or standing order. You can also ask your boss to pay your wages directly into your speed-e-card account.
There are some charges to be aware of – you’ll pay £7.95 for your card, and if you need to replace the card it will cost you £5.99. If you need your PIN reissued they will charge you £2, and it costs £1.50 per transaction to withdraw money from a UK ATM machine and £2.50 from an international ATM machine.
Point of sale transactions in the UK cost 75p each, and international point of sale transactions cost £2 each. Topping up your card by BACS however is free, as is a card to card transfer. All these fees may sound quite a lot, but you need to balance this against the advantages of never being able to go over drawn, and not paying any interest as you would with a credit card.
Overall, used carefully these cards can be very useful. They are available to many people who can’t get a debit or credit card and make it possible for you to make purchases on the internet safely without risking your credit, debit or bank details getting into the hands of identity thieves.