In this Pockit review, we’ll be answering a few questions such as: what is a Pockit prepaid Mastercard, how much does it cost, who is it for, and should you get one?
A Pockit prepaid Mastercard and current account functions just like a bank account and card, but with a few key differences.
I’ve been a Pockit customer since 2014, when it launched as a prepaid card, and a lot has changed since then. Here’s an updated Pockit review including its features, as well as the pros and cons of a Pockit prepaid Mastercard and current account.
Why pay for Pockit?
1: Pockit provides banking for the unbanked:
Prepaid cards are a perfect solution to credit issues for many people who may otherwise be excluded from banking. The poverty premium weighs heavily on the unbanked, making access to goods and services more expensive when they’re restricted to cash.
Basic bank accounts are available, but some people might not want to use high street banks.
When you think about this, 99p a month is a fair rate.
Pockit is a current account, but Pockit is not a bank.
You can open a Pockit account in under three minutes, with no credit check. This means that if you have bad credit because of debt or other reasons, and have been unable to open a bank account elsewhere, you may be able to open a Pockit current account.
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.
2: Pockit gives you cashback on purchases:
I opened up a Pockit account purely for the excellent rates of cashback on purchases. You can get cashback at the following retailers:
- Marks & Spencer
- JD Sports
- H Samuel
- New Look
- Carpet Right
- Cafe Rouge
- Pizza Express
- Bella Italia
I’ve found the cashback rates to be great, and they go up to 10%, which is very generous.
3: You can share your Pockit account with family or friends:
You’ve got two options for sharing your Pockit account: ordering a shared balance card, or a separate balance card. Each new card will cost 99p and you can order up to 3.
You can use a shared balance card for organising family shopping, company spending, or group holiday expenses.
You can use a separate balance card for paying pocket money to your kids and teaching them to manage their finances properly, or keeping a family budget organised – a bit like a souped-up cash envelope system.
Imagine how handy this would be for separated families where parents want to provide money to their children! It could be a great thing for helping vulnerable adults to manage their money safely with a bit of independence.
Get £5 free when you open a Pockit account
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.) The credit is paid one month after you have joined and spent £20.
What are the fees for using a Pockit card?
There are a few fees associated with a Pockit account, and you can see them all here.
In short, the account charges 99p for the card, the monthly use, ATM withdrawals, paying in cash at a PayPoint, paying a bill by Direct Debit and sending money to other non-Pockit accounts (international accounts have a 3.5% exchange rate or less fee)
What’s the cheapest way to use a Pockit card?
The cheapest way to use your Pockit account is to get your wages or benefits paid into the account directly, pay in money by bank transfer only and use your card for shopping in store and online.
If you use it this way, you’ll minimise fees and get the most return on your Pockit account, with an annual cost of only £12.87.
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!
- No credit check
- Easy and quick to open
- Have wages and benefits paid in directly
- Pay in cash at Post Offices and PayPoints
- Pay bills online and set up Direct Debits
- Mobile app with real-time notifications and blocking/unblocking feature
- £5 referral bonus on joining and referring others
- Pockit isn’t a bank, so your Pockit account isn’t covered by the Financial Services Compensation Scheme (FSCS).
- 99p card fee, 99p monthly fee and 99p fee for ATM withdrawals and paying in cash as well as bill payments.
- 4% transaction fee for overseas use and £2.25 international ATM fee.
I hope this Pockit review has helped you decide whether it’s the right account for you. If you think it is, get your Pockit card here.