Card One Money offers an innovative banking alternative that caters to those looking for financial freedom without the hassle of traditional banking requirements. With its focus on inclusivity, Card One Money is designed for individuals who may face challenges in opening accounts due to poor credit or extensive application processes. Its easy-to-use features and affordable monthly fee make it a standout option for those seeking simplicity and flexibility in managing their finances.
Whether you need a reliable way to receive your salary or benefits, pay bills, or manage everyday spending, Card One Money provides a prepaid debit card and current account that make money management stress-free. With 24/7 access via mobile or online banking, Card One Money is the perfect fit for those who want full control over their finances at their fingertips.
Key information about the credit card
How does the annual fee work?
Unlike many traditional banks that offer accounts with hidden fees or complicated structures, Card One Money is upfront about its pricing. For a flat rate of £12.50 per month, you gain access to a current account with its own sort code, account number, and a prepaid Mastercard that can be used both online and in-store. This monthly fee covers most of the essential services, from managing your money to setting up direct debits for paying bills.
How is the credit limit determined?
In the case of Card One Money, the concept of a credit limit works a little differently than conventional credit cards. Since it operates as a prepaid debit card, there’s no borrowing involved. Instead, the customer determines their spending limit by loading money onto the card. This means you have complete control over how much you can spend, making it a great option for budgeting and managing expenses.
Advantages of the credit card
- No credit checks: Card One Money doesn’t require any credit checks, making it accessible to a wide range of people, even those with poor credit histories.
- Full control of finances: As a prepaid card, you can only spend what you load onto it, helping to manage spending and avoid debt.
- UK spending without fees: Whether you’re shopping online or in-store in the UK, Card One Money doesn’t charge any transaction fees.
- Cashback rewards: Earn up to 3.5% cashback on everyday purchases at select UK retailers.
- Additional card for family: You can order a secondary card for a family member or partner, perfect for managing household spending with set monthly limits.
- 24/7 account access: Manage your account online or via the app at any time, with secure Two-Factor Authentication for peace of mind.
Standout advantage
One of the key features that sets Card One Money apart from other prepaid cards is its cashback rewards program. Offering up to 3.5% cashback on everyday purchases at popular UK retailers, this feature allows users to make their money go further. Unlike traditional cashback programs that may require you to reach certain spending thresholds or face restrictions, Card One Money offers a straightforward way to earn rewards simply by using your card for regular expenses.
Disadvantages
- Monthly fee: The £12.50 monthly fee might not be ideal for those looking for a completely fee-free banking experience.
- No coverage by FSCS: The account is not covered by the Financial Services Compensation Scheme, which may be a concern for some users.
- ATM withdrawal fees: While UK spending is fee-free, using ATMs incurs a £1.50 charge per withdrawal.
A standout disadvantage
The most significant disadvantage of Card One Money is the fact that it isn’t covered by the Financial Services Compensation Scheme (FSCS). While Card One Money is regulated by the FCA, the lack of FSCS protection means that in the unlikely event that the company were to go under, your money may not be safeguarded to the same extent as with traditional high-street banks. This could be a dealbreaker for those who prioritize financial security and protection for their savings.
Who can apply for this card?
Card One Money is designed for individuals who might struggle to open a traditional bank account due to credit history or other factors. To apply for the account, you must be at least 18 years old and a resident of the UK. The good news is that there’s no requirement for a credit check, making it an excellent option for those with poor credit or no credit history at all.
Additionally, Card One Money does not set a minimum income requirement, making the account accessible to a wide range of applicants, including those receiving benefits or on a lower income. However, because it operates on a prepaid model, you’ll need to load funds onto your card to use it, and your spending will be limited to the amount deposited.
How to apply for the Card One Money’s Prepaid Solution
For the website
To apply for a Card One Money account through their website, simply visit their official site and click on “Open an Account.” You’ll be asked to fill in some personal information, including your name, address, and identification details. Unlike traditional banks, there’s no credit check involved, so the application is much quicker and easier.
Once your identity and residency are verified, you’ll be required to pay the initial £12.50 monthly fee, after which your account will be set up, and your prepaid card will be mailed to you. The entire process is typically completed within minutes, and your card should arrive in 1-3 business days.
Through the app
The Card One Money app, available on both the App Store and Google Play, offers another convenient way to apply for your account. After downloading the app, the process is similar to the website application. You’ll be prompted to provide your personal details and verify your identity.
The app also allows you to manage your account entirely from your phone, making it easy to track spending, top up your card, and even report a lost card. Once your application is complete, you can expect your prepaid card to be sent to you within a few days.
At the branch
Currently, Card One Money does not operate any physical branches, so applications must be completed online or through the app. This lack of physical locations might be a disadvantage for some, but the ease of access through digital platforms means that most customers won’t miss the need for in-person banking. Additionally, their customer service team is readily available through phone or email to assist with any queries or issues that may arise during the application process.
