Plastic Paddys?

Oriel

From The Register:

"Permanent TSB says that pre-paid credit for its disposable Visa card is now available in over 1,000 shops and petrol stations throughout Ireland.

The disposable Visa cards - dubbed 3V cards - enable people to buy goods and services over the phone and the internet even if they don't have a credit card. Customers buy credit in retail outlets, in the same way that they can buy pre-paid mobile phone credit. The maximum credit which can be purchased on any one 3V voucher is €350 and the minimum is €20."

Linky

Nice idea, but did they have to use that title?

Baldie

I think it's an absolutly brilliant idea.

No more credit card bills!

No more credit card fraud!

And you can still book flights and holidays online!! I love it!

Have to pay off this damn credit card now!!

lazygit

yep i have one too... there cool...

20 Times 20 Times

Another great reason to join TSB isnt it , so not only free banking but now the plastic paddy. its time for me to ring up and arrange this.

Baldie

All the banks will follow in time...

20 Times 20 Times

Baldie wrote:

All the banks will follow in time...

The same way they followed with free banking ?
They wont follow this product not when they are receiving the high rates of interest they are receiving on the current cards

Baldie

So if TSB have no bank charges or credit card fees, then how are they making money?

Miguel_Sanchez

You don't have to be a TSB account holder to use this.

lazygit

if you dont spend the credit on your card and you want to take the cash back off it you are charged €5

iguana

There is also quite a high charge everytime you use it. I had been going to recommend this to my little brother as he uses my credit card when he orders something online. (He always asks and pays me straight away). But once I read the small print I felt that it was a complete rip off.

I prefer using my credit cards and paying them off in full each month. That way you never incurr a charge.

StupidLikeAFox

Yeah in fairness, the irish are known as paddies, no big deal.

Also i have one, must dig it out and put it to use

Slutmonkey57b

OMG newspaper refers to Irish people as Paddies in deliberate humerous subtitle shocker. Irish nation immediatly destroyed in immese fireball, women and children killed. Jeez get over it.

Santa Claus

If you look at the bottom of the article, you'll see that it's taken from Electricnews.net who are Irish so I suppose it's a case of us slagging ourselves.

Piste

Out of interest, if you see something pretty and shiney you like on e-bay that cost's €27.83 can you ask for exactly that amount on your 3V card or would you have to go for €30?

I suppose if you have to get more money that you need on your 3V card it's be nice to give the extra couple of quid of Santa Strike Force or something.

WhiteWashMan

Baldie wrote:

So if TSB have no bank charges or credit card fees, then how are they making money?

3 ways.
they still charge interest on loans and debits. with a country that has such a high level of people living on debt, that adds up to a huge amount of money.

not all services are free. basic personal banking if usually free, but business accounts, over draft facilities, loan charges, mortgages etc are all chargable services

the money that they actually have as savings etc (such as peps and pips etc) are all speculated in order to increase revenue.

when youre savings are given 4% interest every year, you can be damn sure that that money has made far more in hedge funds, stockmarket sepculation and the likes to make money for the banks.

actual personal account bank charges would certainly add up to a pretty penny, but only small change compared to the last item here.

RefulgentGnomon

Out of interest, if you see something pretty and shiney you like on e-bay that cost's €27.83 can you ask for exactly that amount on your 3V card or would you have to go for €30?

Yes. you have to buy €30 worth. They go up in increments of €10 (well they did before they increased their limits). The voucher last until the end of the next month: if you bought one on Halloween it would last until November 30th but if you bought one on November 1st it would last until the end of the year.
When I used mine they charged €4 commission for vouchers of under €100 or €5 for over €100.
By the way, the number on your 3v card is not the one you use, that is just a registration number. You go into a shop and ask for a 3V voucher of €20, they charge you €24, give you a slip (like when you buy credit) with the credit card number to use on it. They then send the CVV2 code and expiry date to your mobile. You only use the number on your card when buying the voucher (to show that you're a member).

WhiteWashMan

RefulgentGnomon wrote:

Yes. you have to buy €30 worth. They go up in increments of €10 (well they did before they increased their limits). The voucher last until the end of the next month: if you bought one on Halloween it would last until November 30th but if you bought one on November 1st it would last until the end of the year.
When I used mine they charged €4 commission for vouchers of under €100 or €5 for over €100.
By the way, the number on your 3v card is not the one you use, that is just a registration number. You go into a shop and ask for a 3V voucher of €20, they charge you €24, give you a slip (like when you buy credit) with the credit card number to use on it. They then send the CVV2 code and expiry date to your mobile. You only use the number on your card when buying the voucher (to show that you're a member).

yeah, you see, i dont understand this.

you go in, pay 24yoyo and get 20 back......

why not go into shop where you want to buy something, buy it, leave?


what am i missing here?

StupidLikeAFox

It would work for people who dont have/want a credit card. It'll cost a little extra but still, its handy

Wertz

WhiteWashMan wrote:

yeah, you see, i dont understand this.

you go in, pay 24yoyo and get 20 back......

why not go into shop where you want to buy something, buy it, leave?


what am i missing here?

Online transactions? Flights, eBay, whatever...moreorless impossible to do without a card.

Personally I find the commission a bit on the high side...I mean €4 on €20?...that's 20% f*cking percent right there (yes yes I know that's up to €100)...
A fiver on 350 quid is a bit more like it...but then not everyone is going to want or be able to afford €350.

I can see why these are a good idea for people under 18, or for those idiots that can't have a real credit card without maxxing it and not being able to clear the debt, and I can see the anti-fraud benefits...but for most of us the €40 tax on a real piece of plastic every year is a much better option....assuming you pay it off at the end of the interest free period.