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Are prepaid credit cards too costly?
The Department for Work and Pensions has caused a stir by allowing people to have their benefit payments loaded onto a prepaid credit card – despite financial experts warning that the costs of such cards can be high, losing those who are financially vulnerable valuable money. As a result, many are being urged to look around carefully for different deals before dedicating themselves to one card.
Despite some representatives from the DWP saying that a basic bank account or a current account would be a much better choice for those who are receiving such payments, credit cards bad credit companies have retaliated by saying that it allows ‘financial inclusion’ to be possible.
MP Helen Goodman had this to say: “Considering the charges that are associated with these cards, it is very unlikely that they are suitable for our customers.”
Meanwhile, a representative from a card company, Steve Tobin, retaliated with this comment on behalf of his company: "We offer our customers the chance to take part in fully utilising the internet's many advantages in purchasing goods and services at considerably discounted prices and convenience. We do not charge for this facility."
The controversies have come because of the costs with buying a card, the fee which has to be paid annually in order for a card to be active, and because of the costs which can be incurred when benefits are placed onto the card and when cash is withdrawn from the balance which is outstanding on the piece of plastic.
In order to be more transparent to their consumers, some prepaid card companies are now promising to ensure that any terms and conditions which they may have are sent out with the card so customers know what to expect from the service that they have signed up for.
With many of those on benefits turning to prepaid credit cards because of the lack of basic bank accounts, there have been calls for the amount of basic bank accounts to be raised. This is because of the way that some people are struggling with the availability of such accounts.
A basic bank account is where a person can receive their benefits or wages, have direct debits, pay bills and withdraw money from a cash machine with a debit card. Even though some people believe that this is certainly a more viable alternative than other options on the market, others clearly aren’t too sure.