What Are Virgin Prepaid Cards?
Published: 11 March 2011
By MoneyHighStreet Staff Leave a Comment
Updated: 11 March 2011
Prepaid cards are becoming ever more popular, a smart way to carry cash. We take a look at Virgin prepaid cards in this article.
Virgin Prepaid Cards provide a secure way to shop – whether online, by phone or in a store.
No bank account is needed and to apply for a card no credit checks are done – which means you don’t need a perfect credit rating to get one.
As with all prepaid cards, you load the card up with your money before you shop instead of paying off your balance later, so you can only spend what you load onto the card and no more.
There are two tariffs:
Pay as you go – suitable if you only use the card occasionally
Pay monthly – suitable if you think you will be using it a fair bit
Here are two examples which could help you decide which tariff is right for you:
Example 1 – £50 on purchases and a £20 cash withdrawal
| Costs | Pay as you go | Pay monthly |
|---|---|---|
| Monthly fee | NONE | £4.75 |
| Transaction fee on £50 spend in the UK | £1.48 | FREE |
| Fee on one £20 cash withdrawal in the UK | 59p | £1.50 |
| Total charges | £2.07 | £6.25 |
| Costs | Pay as you go | Pay monthly |
|---|---|---|
| Monthly fee | NONE | £4.75 |
| Transaction fee on £500 spend in the UK | £14.75 | FREE |
| Fee on one £200 cash withdrawal in the UK | £5.90 | £1.50 |
| Total charges | £20.65 | £6.25 |
Please note, with the ‘Pay Monthly’ tariff each cash withdrawal has a flat £1.50 fee. This means it is better value to do a single withdrawal rather than several smaller ones that add up to the same amount.
How to get the Virgin Prepaid Cards
You can apply for the PAYG card or the Pay monthly prepaid cards via the Virgin website and it’s quick and easy to do.
Once you have received your card, you load up a minimum of £100 using your bank debit card, and add further amounts as and when you need to.
Use When Travelling
The Virgin prepaid cards can also be used when travelling abroad. You have a choice of Euros or US Dollars and by using these cards it means there’s no hassle of travellers cheques or the risk of taking large quantities of cash.
Virgin have teamed up with Visa to provide these cards, so they will be accepted anywhere in the world where you see the Visa sign.
You can withdraw foreign currency from ATMs whilst on holiday, although this does incur a fee.
If you are mainly looking for a prepaid travel money card, you may be better to consider a Virgin Prepaid Travel Money Card.
Enjoy exclusive discounts with Virgin companies
With these cards you are entitled to discounts with the various Virgin companies, including Virgin Holidays, Virgin Wines, Virgin Books, Virgin Experiences, VIE at home and Virgine Balloon Flights.
MoneyHighStreet.com comment: With many prepaid currency card providers now offering products in this market, the Virgin prepaid card is well worth considering – and don’t forget if you’re looking to buy your London 2012 Olympic tickets online you’ll need a Visa card, if you haven’t got one already this could be a quick and easy way to get one.
