Endorsed Cards

Mastercard Pay As You Go cards have absolutely exploded onto the scene the past year. There was a huge need for young people and people with poor credit scores to be able to buy things online and have a reasonable alternative to a credit card. Mastercard came along and filled that gap in the market. In fact, they filled it so well that millions of people are migrating from credit cards to prepaid mastercards because of the savings and having no credit card bills.

Mastercard first implemented this idea in the United States but have only recently brought it into the UK. Credit Card companies (mainly Visa, Discover and AMEX) are up in arms as there are no late fees, interest rates or bills with a mastercard - pay as you go.

With 100% of people being accepted and the complete absence of interest rates and unexpected fees it is no wonder that the three main providers of pay as you go mastercards are raking it in. They might not make as much money as they do with credit cards, but because so many people are now using them, it all evens out.

The three main providers in the UK of pay as you go mastercards are cashplus (Who I am a very happy customer) then there are the two others Tuxedo Pay as you go mastercard which is particularly suited to regular spenders and then there is the virgin pay as you go mastercard which is suited to younger people as the minimum age for this card is only 13! (Is there no pie virgin doesn’t have it’s fingers in?)

I would like to wrap this up by saying that six months ago, I cut up all my credit cards and only use the cashplus prepaid mastercard. There are no interest rates to worry about and you don’t ever get into debt (It’s impossible). Now, coming from the director of the credit watchdog… that’s certainly saying something.

You can view a list of the best pay as you go mastercards here. If you have the chance, get rid of your credit cards and pay as you go!