What is Pockit?
Pockit is a prepaid MasterCard. I’ve been wondering why I don’t hear more personal finance bloggers talking about prepaid cards, and in particular, Pockit.
Recently, I got an email from Pockit telling me I’d received cashback in my account – £1.88, to be precise, but hey, every penny counts to me. Great, I thought; all of that spending we did on the bathroom has given us something back at last! In fact, you’ll probably see Pockit pop up regularly in my income reports.
Prepaid cards are a perfect solution to credit issues for some people, but that’s not why I use one. I use Pockit purely for the excellent rates of cashback on purchases.
Whenever I have to buy something, I look for cashback offers. When it comes to shopping in-store as opposed to online you can still get “on card” cashback via Quidco and TopCashback, but often, my favourite solution is to pay with my Pockit prepaid card. Regardless of whether a sale is on or not, I get 5% cashback from using that card at B&Q. Really, it’s that simple, and I do think that anyone who is in my position and has a lot of decorating to do would do well to get one.
Admittedly, I don’t use it every month, but that’s because I’ve got umpteen debit and credit cards (I’ve forgotten how many) and I pick the right one to help me get the most out of each specific purchase.
When I have to shop at B&Q or M&S, for example, I load it with money via my debit card just prior to shopping. The next month, I’ve got cash deposited back onto my card!
Pockit cards cost 99p, but there are often special offers for referrals, and right now you can get one with a £5 bonus credit through this referral link. (This referral link gives me £5 as well.) To get the credit, you have to make at least 2 loads and 5 transactions in store or online within the first month – not too hard for something actually useful, maybe 3 on the faff scale. I got mine with a £5 credit in 2014 – £4.01 profit!
I’ve recommended this to family and friends before for different reasons – to some, as a way to get cashback, and for others, as a way to stop the spiral of bank overdraft fees. It can go quite a way towards helping in the latter case, as one could have their wages or benefits paid on to it and use it in lieu of a bank account, safe in the knowledge that it can’t go overdrawn.
Bear in mind that all cards like this carry fees for certain methods of loading cash. ATM withdrawals and loading by debit card and PayPoint on to the card cost 99p.
So many other prepaid cards carry hefty fees just to use them each month that I genuinely can’t see the point of using them, especially if it’s to dig yourself out of a financial hole. If you need an alternative to a credit or debit card, I recommend this card. If you just want to squeeze every last penny from your planned purchases (like me!) then I can absolutely recommend this card!
Here’s the list of retailers offering cashback so you can decide if this is any good for you:
|Pockit Cashback Retailers|
|Home & Garden||B&Q||5%||Yes||Yes|
|Home & Garden||Carpetright||8%||Yes||Yes|
|Home & Garden||Halfords||6%||Yes||Yes|
|Home & Garden||Wyevale Garden Centres||7%||Yes||Yes|
|Home & Garden||Storey Carpets||8%||Yes||Yes|
|Home & Garden||M&S||6%||Yes||Yes|
|Food & Drink||Pizza Express||8%||Yes||Yes|
|Food & Drink||Belgo||8%||Yes|
|Food & Drink||Café Rouge||8%||Yes|
|Food & Drink||Bella Italia||8%||Yes|
|Food & Drink||M&S||6%||Yes||Yes|
|Food & Drink||drinksupermarket.com||6%||Yes|
|Food & Drink||Zizzi||8%||Yes|
|Toys & Kids||Babies R Us||6%||Yes|
|Toys & Kids||Toys R Us||6%||Yes|
|Entertainment||Virgin Experience Days||8%||Yes|
Pockit now charges for loading by debit card. To get around this, load money onto the card by bank transfer.
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