July 29th, 2009, 07:07
As most of you are probably aware, there has recently been an upsurge in these so called debit top up cards i.e. where you top up the card with money and then spend as you go. The advantage being you can only spend what is on the card, hence, no chance of "going over", if you are not in credit then you cannot spend, simple as that.
Well, the point being that a lot of so called top up cards are also expensive, they charge for buying the card, and a host of all other charges, well until I found Caxton.
The Caxton card is run by Mastercard, and there are no set up charges and the foreign exchange rates are better than the norm. They tell you that on their website. An example would be that today they were offering 1.13 Euro to the UK pound and no charges, whereas other places were offering around 1.08, 1.07 and commission charges. I think I have made my point.
I think probably how they make their money is they take 2.5% off the inter bank rates initially but then so do banks and credit cards on top of other charges. But I think a great deal, especially recently when I needed to give someone a little money locally and couldn't easily. As there isn't much to lose (unless you have a lot of money topped up on the card), its an ideal way of giving the card to a friend if you so wish. You can top up as and when required via the internet, although if you want an additional cardholder, Caxton charge ┬г5. I will probably use it instead of the Nationwide system where now they are going to charge for drawing out money.
By the way, it will alter the fact that Thai banks charge the 150 bht fee each time a withdrawal is made, unless there are banks which do not charge this fee, I believe there are??
Well, the point being that a lot of so called top up cards are also expensive, they charge for buying the card, and a host of all other charges, well until I found Caxton.
The Caxton card is run by Mastercard, and there are no set up charges and the foreign exchange rates are better than the norm. They tell you that on their website. An example would be that today they were offering 1.13 Euro to the UK pound and no charges, whereas other places were offering around 1.08, 1.07 and commission charges. I think I have made my point.
I think probably how they make their money is they take 2.5% off the inter bank rates initially but then so do banks and credit cards on top of other charges. But I think a great deal, especially recently when I needed to give someone a little money locally and couldn't easily. As there isn't much to lose (unless you have a lot of money topped up on the card), its an ideal way of giving the card to a friend if you so wish. You can top up as and when required via the internet, although if you want an additional cardholder, Caxton charge ┬г5. I will probably use it instead of the Nationwide system where now they are going to charge for drawing out money.
By the way, it will alter the fact that Thai banks charge the 150 bht fee each time a withdrawal is made, unless there are banks which do not charge this fee, I believe there are??