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Payzone Prepaid Mastercard Hidden Charges

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  • 03-06-2010 9:48pm
    #1
    CptSternn
    Registered Users Posts: 1,530 ✭✭✭


    I posted this under the Prepaid Mastercard thread in the online auctions forum, but thought it needed saying here as well.

    These cards are a bit of a scam. Where do they mention the conversion fees and 2.95% transaction fees on the website?

    http://www.payzonemoney.com/faqs.asp#1.4
    1.4 How much will it cost me to share money?

    Payzone worldwide money prices are highly competitive. We want to give our customers a faster, more convenient way of sharing money with friends and relatives - at lower cost.

    The table below details our costs compared with Western Union standard prices:

    Loading Amount - Western Union Standard Pricing* - Payzone worldwide money Fee
    £0-£100 - £14 - £3.95
    £101-£200 - £21 - £6.95

    *Western Union Standard Pricing correct as on 22.07.2007.

    There no hidden costs or unexpected fees. All the charges that may be applied are specified in the table below:


    ATM withdrawal fee £1.50 only
    ATM balance inquiry 50p only
    Online use fee No charge
    In-store use fee No charge
    Monthly account fee No charge

    1.5 Are there any additional charges?

    There's an additional fee £1.50 for withdrawing money from the ATM. There are no additional charges. All charges are specified in the table above.


    I used my card for the first few times the other day and got hit with some major charges. I mean, 3V charge you up front €0 (under €20) - €2.50, and that is it. This crowd charges you €3.50 to put any amount on, then throws on all those fees when you use it.

    I checked my balance online to find this:
    Purchase PAYPAL *SZ06HGZ 35314369001 LU USD -750.00 EUR -580.82

    PURCHASE FEE - ALL 35314369001 LU EUR -16.32 EUR -16.32

    CORNMARKET DUBLIN 8 . IE EUR -412.73 EUR -412.73

    PURCHASE FEE - ALL DUBLIN 8 . IE EUR -12.18 EUR -12.18

    A €580.82 purchase cost me an extra €3.50 + €16.32
    A €412.73 bill I used the card and it cost me €3.50 + €12.18

    Thats a large 'fee' on top of the loading fee don't you think? Thats like an extra €20 on every €600 you spend they get to keep. I am fine with a loading fee, but as I posted above, their website says 'no hidden charges' and that sure looks like a hidden charge to me as I never saw anything about the 'processing fee' listed in their literature or on their website.

    Does anyone know of who handles complaints against dodgy groups like this? I mean, I have scoured their website (please feel free to look and correct me if I am wrong) but no where does it mention any processing fees. Per the text from their website listed above, this sure looks like false advertising. Is there an ombudsman or regulator one could file a complaint with? I of course will no longer be using this card, and I wasn't taken for too much, but its the point of the matter here. This crowd is probably raking in a mint using false claims of 'no hidden charges', all the while tacking on a large 'usage fee' on to every purchase.
    Tagged:


Comments

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    #2
    judas101
    Closed Accounts Posts: 1,581 ✭✭✭judas101


    Thats pretty sneaky alright.

    Theres probably some fine print somewhere.

    Perhaps its something to do with the larger sums of money as 3V is limited to 300 euro.


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    #3
    91011
    Closed Accounts Posts: 1,383 ✭✭✭91011


    3v + payzone money = same company


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    #4
    flutered
    Registered Users Posts: 6,669 ✭✭✭flutered


    i was thinking of getting one, then canceling my visa card, seems to be a bad idea


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    #5
    wench
    Registered Users Posts: 1,630 ✭✭✭wench


    CptSternn wrote: »
    These cards are a bit of a scam. Where do they mention the conversion fees and 2.95% transaction fees on the website?

    Its tucked away in the terms & conditions
    http://www.payzonemoney.com/ie/terms.asp
    9. FEES

    9.1 The amounts of fees and charges and details of when they will be payable are set out below. All other fees and charges will be debited directly to the card as they arise.
    (a) Registration fee: €3.95 if support from Assistance Center is required to complete registration. Free registration available through the Website
    (b) Purchase fee: 2.95% of purchase value
    (c) ATM withdrawal fee: €1.50 per withdrawal
    (d) Inactive account fee: €3.50 per month, if the Card is not used for over 3 months, the fee will be charged every consecutive month thereafter.
    (e) Currency Conversion fee: 5%
    (f) Card replacement fee: €6 per request
    (g) ATM decline fee: €0.50 for each denied ATM withdrawal attempt.
    (h) Loading fee: Payable at point of sale. Refer to Website for details.
    (i) Government Stamp Duty: €5 per year charged to qualifying cards at the end of December each year according to Irish revenue regulations.


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    #6
    MagicMarker
    Banned (with Prison Access) Posts: 32,865 ✭✭✭✭MagicMarker


    5 words...

    Ulster Bank Visa Debit Card


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    #7
    dudara
    Registered Users Posts: 33,519 ✭✭✭✭dudara


    Moved to Banking & Insurance & Pensions

    dudara


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    #8
    eamob85
    Registered Users Posts: 4 ✭eamob85


    CptSternn wrote: »
    I posted this under the Prepaid Mastercard thread in the online auctions forum, but thought it needed saying here as well.

    These cards are a bit of a scam. Where do they mention the conversion fees and 2.95% transaction fees on the website?

    http://www.payzonemoney.com/faqs.asp#1.4




    I used my card for the first few times the other day and got hit with some major charges. I mean, 3V charge you up front €0 (under €20) - €2.50, and that is it. This crowd charges you €3.50 to put any amount on, then throws on all those fees when you use it.

    I checked my balance online to find this:



    A €580.82 purchase cost me an extra €3.50 + €16.32
    A €412.73 bill I used the card and it cost me €3.50 + €12.18

    Thats a large 'fee' on top of the loading fee don't you think? Thats like an extra €20 on every €600 you spend they get to keep. I am fine with a loading fee, but as I posted above, their website says 'no hidden charges' and that sure looks like a hidden charge to me as I never saw anything about the 'processing fee' listed in their literature or on their website.

    Does anyone know of who handles complaints against dodgy groups like this? I mean, I have scoured their website (please feel free to look and correct me if I am wrong) but no where does it mention any processing fees. Per the text from their website listed above, this sure looks like false advertising. Is there an ombudsman or regulator one could file a complaint with? I of course will no longer be using this card, and I wasn't taken for too much, but its the point of the matter here. This crowd is probably raking in a mint using false claims of 'no hidden charges', all the while tacking on a large 'usage fee' on to every purchase.


    You seem to have taken that information from the UK version of the website. On the top right hand corner change the country to Ireland......did you not notice the £ signs!?!


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    #9
    CptSternn
    Registered Users Posts: 1,530 ✭✭✭CptSternn


    The information was the same before. I got on to consumer protection and they rang me back last week to say they contacted the company and told them to update their website. I am guessing most of that is new.


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    #10
    mafiaboy
    Registered Users Posts: 747 ✭✭✭mafiaboy


    iv just got mine in the post today and after reading your posts iv done this to it http://www.youtube.com/watch?v=v0hPgxBlykM


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    #11
    EthicRanger
    Registered Users Posts: 71 ✭✭EthicRanger


    THanks MafiaBoy for listed charges in your video (nice calm action). i missed monthly charges... it's one more confusing thing...


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    #12
    matt70iu
    Registered Users Posts: 415 ✭✭matt70iu


    If you want a prepaid MasterCard go with moneybookers.com. 10 euro per year and no transaction fees.

    All you have to do is send then photo I'd and proof of address and you'll be set up no problem. Have had mine for a few months now and it does exactly what it says on the tin!

    Can be topped up with laser card too for nothing extra!


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