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Optimum Prepaid MasterCard Card Review
Date Reviewed: 02 October, 2008
Product Snapshot
The Optimum prepaid card is the brand new prepaid MasterCard card from 360money.
The Optimum prepaid card provides safety online, and a smart option as your bank details are not linked to the card, making it useless to fraudsters. The Optimum card is flexible with two tariff structures you can switch between to suit you (pay monthly or pay as you go). Optimum is stylish as well as your Optimum prepaid card says it all so you don’t have to. Optimum is versatile and you can use it at home or abroad, online or offline, with complete security and peace of mind.
Best of all the
Optimum prepaid card is all encompassing; you can control your account online and take advantage of the new SMS services to ensure you always know what’s going on with your money – anywhere, anytime. Optimum provides true accessibility: It is available online or on the shelves at some of Britain’s best known retailers.
The Good Ease of application, spanking new design and two excellent pricing plans to choose from; the Optimum prepaid card is truly excellent. The free text alerts and friendly customer service are great too. Being part of the 360money network, it is hard to beat Optimum for convenience and ease of application, top-up and usage.
The Not so Good With two excellent price plans, it is difficult to identify the not so good with this card. However, the card is available in GBP only and hence is not the friendliest card for travel abroad but we are being picky here and the Optimum prepaid card is pretty close to being one of the best general spend prepaid cards in the UK market currently.
Key Features
MasterCard Acceptance
34,000+ top-up locations
Chip & PIN Security
Application Process Part of the 360money network, applying for your optimum prepaid card is super easy and by far the best application options in the market. The Optimum application process is excellent and you can make an application online or by purchasing a starter pack.
Apply online - if you have the right to reside in the UK. You can apply online. All the Optimum prepaid card team need are a few personal details and your address and you are good to go. Your card will arrive within 2 weeks.
Buy a Starter Pack - You can purchase an Optimum Prepaid Card Starter Pack at various high street outlets such as WH Smiths, Clintons, Shell garages amongst various other.
You can pay for your Optimum prepaid card application via text message, using a PayPoint e-voucher, with a credit or debit card or using the 8 digit code provided in your starter pack. Choices aplenty from the 360money network. The text message option costs an additional £2.50.
Card Features
Ease of application: No credit check, just need a valid UK address
Two excellent pricing plans to choose from - Pay As You Go or Pay Monthly
Great card design - sits well in your pocket
Card Design At this stage, there is only one card design available but it is an excellent one indeed which sits nicely in the wallet.
Card Fees There are two pricing plans to choose from and the fee structure varies accordingly.
Optimum Pay Monthly
Card Issue Fee - £9.95
Monthly Fee - £4.95
Transaction Fee UK - Free
ATM Withdrawal Fee UK - £1.50
Reload Fee - Free via Post Office and Bank Transfer, 3% via PayPoint
Optimum Pay As You Go
Card Issue Fee - £9.95
Monthly Fee - Free
Transaction Fee UK - 2.95%
ATM Withdrawal Fee UK - £1.50
Reload Fee - Free via Post Office and Bank Transfer, 3% via PayPoint
Choose the price plan that is right for you. For a complete listing of the fee structures and the advantages of using one price plan over the other, see the Optimum prepaid card "terms and conditions" on the Optimum Prepaid Card Website
Online Account Management and Self Servicing You can service your account on the 360money Optimum prepaid Card website or via an interactive voice response facility. You can also use your mobile phone to manage your prepaid card account. The Optimum prepaid card team will send you free SMS alerts whenever your balance is below a minimum balance set by you. You can view your balance, recent transactions and change your personal details.
Using Abroad The 360money Optimum prepaid card is MasterCard branded. Hence, it means you can use it at around 26.7 million merchants worldwide and also withdraw cash at over 1 million ATM's worldwide. However, only a GBP card is available which means that there is a transaction fee chargeable. So you will pay a surcharge (which varies between 2.95%-3.95% depending on your price plan) on top of the merchant fee when using abroad and a further 1% on ATM withdrawals. Essentially, the Optimum prepaid card has the functionality and convenience but can end up being expensive for usage abroad.
Reload Options Funds can be loaded on to your 360money Optimum Prepaid MasterCard in a number of ways:
Using Cash at any PayPoint outlet - 3% of load amount
Using Cash at any Post Office outlet - 3% of load amount
Bank account transfer - Free
Wage Transfer - Free
Internet Debit/Credit Card Top-up - 2.5% of load amount
Cheque - Free
Other 360money Network locations - fees vary
Use a Top-up pack* - £0.99
*Top-up packs are available from various high street outlets such as Debenhams, WH Smiths, Clintons, Shell garages amongst various other.
Quite a vast array of options exist. Just find the one that works best for you.
Customer Service There are a number of ways you can get in touch with the 360money Optimum prepaid card Customer Services team.
By Post - 360money, PO BOX 3371, Swindon, SN5 7WJ
By Email: customerservices@360money.com
Lost and Stolen Cards: +44 (0)845 4700145
*Calls are charged at standard network rates whilst email is free
Complaints Procedure Complaints regarding any element of the service provided by the 360money Optimum prepaid card programme should be sent in writing or by email to Customer Services.
Any complaints you have will be dealt with quickly and fairly. You may be able to take unresolved complaints to the Financial Ombudsman Service at South Quay Plaza, 183 Marsh Wall, London E14 9SR. Telephone: 0845 080 1800 or +44 (0)20 7964 1000 (for calls from outside the UK) and e-mail:enquiries@financial-ombudsman.org.uk
Awards An excellent general spend prepaid card - watch this space!
Overall Card rating
Flexible and versatile general spend prepaid card! Beautifully designed too!
