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PREPAID CREDIT CARDS

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PREPAID CREDIT CARDS

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Red88 Prepaid Card Review

Date Reviewed: 28th May, 2008

Product Snapshot The RED88 Prepaid MasterCard® Card has been designed for Chinese and other nationalities. The card is accepted at over 25 million outlets worldwide, wherever you see the MasterCard® acceptance mark. The majority of Chinese supermarkets and restaurants accept the RED88 card. You can withdraw cash from over 1 million ATMs worldwide. You can apply for two cards – a primary card and a secondary card. You can send the secondary card to China or anywhere in the world. The secondary cardholder can use the card to withdraw cash from any ATM bearing the MasterCard® acceptance Mark. There are 21,262 ATMs you can withdraw cash from in the mainland of China. The secondary cardholder can also use the card to shop in the big supermarkets and Shops in China. The Good The two card pack allows you to share money with friends and family and allows you to transfer money from one card to the other instantaneously and cost-effectively. You can also use your Red88 Prepaid card to get discounts at a number of restuarants and shops in the in the UK. Numerous other reload options are also available. The Not so Good The card is only available in GBP and hence, you incur a foreign exchange cost for usage abroad. Payzone top-ups are only available in the UK at this stage and reloads are not possible on the secondary card using any mechanism other than the primary card. At £13.95, the card is seemingly expensive but you to get a free £5 top-up on your card, so it is effectively £8.95 and good value at that..	Key Features MasterCard Acceptance Chip & PIN Security Payzone, Bank & Online Reloads
Application Process You can apply for your card online or at the the Red88 Office Apply online - if you have the right to reside in the UK, have a valid passport and a mobile phone then you can apply online. Your card will arrive in 10 days. Apply at the Red88 Office - With a valid passport, you can apply for your card at the Red88 office.
Card Features Share money with friends and family in China. Top it up with cash and wages. Earn discounts at numerous retailers.
Card Design At this stage, only one card design is available.
Card Fees Card Issue Fee - £13.95 account opening fee (£5 back credited onto your card). Monthly Fee - £3.95. Transaction Fee UK - Free. ATM Withdrawal Fee UK - £1.50 per withdrawal. Reload Fee - Free at Red88 Offices, £1.00 via debit card online/SMS.
Online Account Management and Self Servicing You can service your account on the website or via an interactive voice response (IVR) facility. You can also use your mobile phone to manage your prepaid card account and move money between your cards. You can view your balance, recent transactions and change your personal details.
Using Abroad The Red88 prepaid MasterCard is available in GBP only which means you have a to pay a 2.75% foreign exchange fee every time you use your card where GBP is not the accepted currency. However, there is no additional charge for POS transactions abroad. An ATM withdrawal abroad will cost you £3.00.
Reload Options Funds can be loaded on to your Red88 Prepaid MasterCard card in a number of ways: Using Cash at any PayPoint outlet - 3% of load amount. Bank account transfer - Free. Wage Transfer - Free. Internet top up using your debit card - £1.00. SMS/Phone top-up using your debit card - £1.00. Card load from Primary to Secondary Card - 1.00%. Quite a vast array of options exist and you should choose the most cost-effective ones.
Customer Service There are a couple of ways you can get in touch with the Red88 prepaid card Customer Services team. By Telephone : 0845 677 8886 - Lo-cal rate. Lost and Stolen Cards: 0845 677 8886 - Lo-cal rate.
Complaints Procedure If you are unhappy in any way with your Prepaid Card or the way it is managed, tell us by using the e-mail enquiry facility on the Website so we can investigate the circumstances for you. 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 We are awaiting details of any award wins at this stage.
Overall Card rating An excellent Money Share product with discounts at numerous retailers.