The prepaid card issued by Thomas Cook yesterday has now been placed under review by the Bank of England. A Financial Services Authority report has been released and it found that the company had misled customers by allowing them to make 'last-minute' purchases of gift cards. The FSA said that no customer should ever spend more than they have in their account. It is still unclear what the FSA meant by last-minute purchases.
All Thomas Cook prepaid travel card, Mastercard and Single Currency prepaid card accounts will be closed on 6 April 2010, as per an email sent out to users today. But this email isn't at odds with the company's official site, which continues to state that the cards can only be used after the collapse of the company. This email also doesn't clarify whether the transactions will be restricted within the UK or beyond. If you've purchased a prepaid card from the company, you'll need to visit your bank to get an activation code. There's also another set of instructions that you need to follow. This article will go over these.
The first step to be taken if you would like to use your prepaid card abroad is to apply for a foreign currency card. You can do this online through the website. It will take around 2 minutes, but you have to attach all the relevant documents including proof of income, identity and residence. There's an easy way to avoid any hassle with this aspect, though. If you want to travel to multiple European countries, you can simply exchange your single currency into several currencies.
You can make use of your prepaid cards to pay for airline tickets. Just make sure you'll be able to carry at least EUR 5 in cash when you travel. When traveling within the EU, a lot of people find it more convenient to use prepaid cards instead of cash travel money. In addition to this, using prepaid cards to pay for your plane tickets also has lots of other benefits. Aside from avoiding the hassles of exchanging your currency, prepaid cards have no interest rate. They also provide long-term benefits.
If you're currently travelling to multiple European countries, you may use your prepaid cards to pay for your hotel accommodations and your meals. You can do this by using your credit card on the web site of one of the many reputable online hotels you can find. Online hotels usually offer free Wi-Fi, safe rooms, car rentals, etc. It's always a good idea to travel light with a prepaid card and you'll be able to enjoy your vacation.
If you'd like to go on a family vacation, you may want to consider getting a prepaid Visa or MasterCard to use when making hotel reservations and purchasing food and drinks at various establishments located within the resort area. A lot of families these days prefer to use credit cards and they don't really like carrying large amounts of cash around with them. If you'd like to make hotel reservations through the internet, you can opt for the prepaid Visa or MasterCard that works within the EU. There are some limitations though; you can't make hotel reservations through the net or order food and drinks from restaurants that accept them. If you would rather enjoy all these amenities without having to carry cash, you may want to get a prepaid card that works within the EU.
In most instances, people prefer to use the debit card that works within the UK so that they can enjoy their vacation money from the comfort of their home. In most cases, the money comes from their savings account. The advantage of having a debit card is that you can use it anywhere a credit card is accepted. If you are traveling to an entirely different country, all you'll need is the prepaid travel money card in your native currency. You will be able to withdraw the money anytime you want to use it as long as the ATM is open in the country where you're going. In addition, using a prepaid travel money card doesn't expose you to any extra risk because you don't have any real money in any foreign currency.
There are lots of benefits to having a prepaid card such as the ability to have one card for every type of payment, the ability to get major discounts if you avail of the annual maintenance charges and the ability to stay protected from fraud if you have the security feature of the multi-currency card. Although prepaid cards are widely used in many countries around the world today, particularly in Europe and the UK, they still face certain issues like the lack of access to ATM machines and the lack of coverage for certain currencies. However, with the help of the prepaid cards these will surely be resolved soon. Another significant issue facing the prepaid cards is the yearly maintenance charges, which can be steep especially if you have to pay for the service year after year. You can avoid this hassle by simply opting for the one card with no annual maintenance charges.
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