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Expert finds no pluses to cashplus credit card

Thu, 22 Sep 2005

A leading finance expert has criticised MasterCard's new cashplus credit card, saying that it does not have any advantages for anyone.

"As far as I'm concerned, there aren't any 'pluses' to this card," said Richard Mason, director of credit cards at price comparison website, moneysupermarket.com.

He said that although the credit card claims to allow the consumer to prepay their own money onto the credit card, leaving them in credit and able to make free purchase transactions, it had "a barrage of additional charges deducted from your balance every time you draw out cash".

Mr Mason also said he was worried about the additional fees charged to the credit card that would have to be paid to the credit card provider.

"Scratch beneath the surface of the cashplus card and the notion that purchases are 'free' is dispelled by the monthly charge and other associated charges. If you lose your card, you could be charged up to £9.95," he pointed out.

The fact that purchases charged to the cashplus credit card are not protected by Section 75 of the Consumer Credit Act also worried Mr Mason. He pointed out that because of this, credit card holders are not protected in the event of buying faulty or damaged goods.

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