O2 Money Card - A Fee-ble Offering?Monday, 18 April 2011 The fine line between genius and insanityOpen loop prepaid cards got quite a bit of press lately with the recent launch of the O2 Money Card in the Republic of Ireland. The O2 Money Card has been heralded from pillar to post as a great innovation, a really handy thing to have, increasing security and offering people who may not be able to obtain a credit card access to one, of sorts. It is true, if you don’t have or want to have a credit card in your wallet this is a great idea. It is pin protected and as such is a secure way to pay. You can even top-up online, via internet banking or at 1,500 top-up points around Ireland. What has not received a lot of coverage in the press is that you pay for the convenience and that little prepaid card in your pocket can cost a fair bit if you use it with reckless abandon.
Fees, Fees and More Fees! The O2 Money Card itself costs €4.99, there are top-up fees, ATM withdrawal fees, foreign currency purchase fees, card to card transfer fees, card to bank a/c transfer fees, card replacement fees, inactivity fees and government Stamp Duty, if you use the card, well, as a card is intended to be used. So if you already have a credit card, maybe you should think long and hard about whether you really need an O2 money card as well
So my advice is to err on the side of caution, study the costs to see if you can afford a card and decide on the most efficient way for you to reap the benefits of what is in its essence a great innovation.
Like all great innovations, the costs will fall, and then, who knows, there may be prepaid card offers to suit us all.
MS
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