The Optimum Prepaid Card
Overview:
The Optimum card works on the MasterCard network meaning that it’s extremely versatile and can be used both in the UK and abroad very easily and in lots of locations on and offline. The Optimum card also offers a variety of tariff options (a bit like the way a mobile phone tariff works), you can opt to pay a monthly fee and no transaction fees, or no monthly fee, but transaction fees of 2.95%. Application can be made (with parental consent) from the age of 13.
The Pros:
No Credit Checks.
Instant approval for anyone with a valid UK address.
Two tariff options – Monthly fee & no transaction fees, or No monthly fee + transaction fees.
Free top up’s at post offices nationwide and also by bank account transfer.
High card balance limit of £5,000.
Can be applied for by anyone over 13yrs old (with parental permission required up to age 18).
Apply for the Optimum prepaid card –>
The Cons:
£1.50 ATM withdrawal fee.
£9.95 Optimum Card application fee.
Minimum cash load amount of £10 and Credit load amount of £20.
Daily load limit of £500
They can restrict a card when you apply to a max of £1,600 per year if they need more identification information – to upgrade to a full card you will need to pay an additional fee.
Only one additional card can be placed on the account – i.e. a max of two cards total.
Some top up’s can be slower to go onto this card than with some others.
Summary:
Because of the two different tariff options this prepaid debit card can be useful to people who make a lot of purchases with it, or to those who want it for emergency standby use only. It’s easy to get a card as long as you live in the UK, and it’s widely accepted both on and off line.
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