Cashplus Card Review



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THE CASHPLUS DEBIT CARD

BACKGROUND INFORMATION

FOUNDED: 2014

FCA:  YES

CURRENCIES: GBP, EUR

ATM LIMIT: Variable

ATM FEE: £2

VIP OPTION: Yes

APP: Android and iOS

CUSTOMER SUPPORT: Email, Chat, Telephone

IBAN: Yes

MONTHLY FEE: Free option or paid option

TRANSFERS: Yes

LOADING OPTIONS: Bank Transfer, Debit Card

CARD DELIVERY CHARGE: Yes

 

Cashplus is a online only bank that has eliminated the need for actual branches. By doing so, they are able to keep overheads low and focus entirely on their app-based product. Essentially, you can control all of your finances from your smart phone including sending and receiving payments, paying for goods online and offline or saving towards a goal.

Within the Cashplus app you have a modern and intuitive interface where you can carry out every type of transaction you need. You can even apply for credit in the form of overdrafts directly from your phone.

If you are planning on traveling overseas, the Cashplus card can be used abroad. Alongside the USD version of the product, customers can also apply for a Euro card which makes spending in Europe way easier than exchanging currency and paying high fees. There are no extra costs for withdrawing money in Europe with the Cashplus prepaid debit card.

 

Cashplus Debit Card Fees

When using the Cashplus card it is important to understand when fees and charges apply. Basically, in the UK all purchases a re free of charge. This includes direct debit and transfers. Unfortunately, with the Cashplus debit card, there is a charge for withdrawing money from an ATM. In UK that is £2 and aboard £3. For this reason, it is wise to try and spend using your card as much as possible. If you need a card with free withdrawals, check out our Revolut Debit Card review here. Deposits can be made at a Post Office free of charge up to a maximum amount of £1000.

There are three different options when signing up for a Cashplus account. The Deluxe accounts have a £9.95 fee every month basically, if you pay this monthly fee. The fees for ATM usage are waived. This is a good option if you plan to use Cashplus for withdrawing money. The ActivePlus option is slightly cheaper with a £5.95 per month fee. Although withdrawals are still charged at £2, you get up to 9 free transfers a month on direct debits and transactions within the UK. This account is recommended if you plan on paying bills or any type of recurring payment by direct debit. Finally, the Flexiplus account is free with no monthly fees however, you then have the £2 charge for ATM withdrawals and 99p for transfers and electronic payments. This option is recommended if you plan on using your Cashplus debit card when on holiday for example.

Cashplus card safety and security

Arguably, Cashplus is more secure than traditional banks in some cases. For example, you have full control over your pin and freezing your card directly from your phone. This means that if you were to lose your Cashplus debit card, you could quickly freeze it so that nobody can use the card to make purchases.

One important thing about Cashplus is that they don’t yet have a banking licence. This means that you don’t benefit from protection by the FSCS. For this reason we don’t recommend holding large sums of money in your account. However, for daily use you shouldn’t encounter any issues.

Good things about the Cashplus Debit Card

  • Within half an hour your account is set up and ready to go.
  • The Cashplus overdraft can be activated fairly easily.
  • Euro option is perfect for holidays within Europe.
  • Multiple safety features built into the app.
  • Licenced by the FCA.

Bad things about the Cashplus Debit Card

  • Alot of features are subject to fees or limits
  • Delivery fee for Cashpluss debit card.
Summary
Review Date
Reviewed Item
Cashplus Debit Card
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