O2 Money

[Anonymous]

I read somewhere about O2 launching a new money service. Does anyone know what this is?

[Anonymous]

http://o2money.o2.co.uk/

[Anonymous]

Thanks. So it's one of those free loader cards.

[Anonymous]

Yep thats right. I had the briefing on it today and I think its great, I'm going to be signing up.

Basically there are 2 types of cards, the cash manager which you can have up to 10k a year on, access to a budget calculator and what not, or you can have the load and go which is available for youngster (age 13 and above) you can top it up by debit card, at places there there is a paypoint sign, online or with a standing order.

I think its perfect for kids and putting their spending money on there, they can go out for dinner with their friends in town with no money to lose, or I'm going to use it as a savings card and top it up weekly for Christmas and birthdays.

You get text alerts (which can be turned off by the cardholder) when you top up, withdraw, use or just if you want a balance enquiry.

I love the fact that on the load and go, if the user is under 18 that it has a restriction that stops it being used for anything adult.

Best thing is, it is completely fee free, no charges at all!

You can apply for one arond the 29th Aug I think it is.

[jonsie]

I'm going to use it as a savings card and top it up weekly for Christmas and birthdays.

That would be !6th September then

[Anonymous]

They do say its getting closer and closer every year. :robotmad:

[jonsie]

You make some good points sheepdog.
I think with regards to the financial industry, you are technically using your own money and not borrowing from the bank though I'm not sure of the legalities of this.
Again, I don't think this would affect your credit score for the same reason but I would think it may be advantageous in applying for a contract phone with O2.

I like the idea of these cards and I can see them being very popular.

[Anonymous]

Does sound good though on the Cash manager, but why would anyone put 10K on there without earning interest! BTW, are under 18's allowed to get these cards as technically they are regulated by the financial industry being in association with Natwest?
Would be curious to know if owning one of these cards would
a) help increase your credit score
b) make it easier to get a contract phone after a qualifying period with associated criteria e.g. regular "top ups".

Yes under 18s can have it, under 18s are given proper debit cards and cheque books now! These are topped up with your own money and you cannot spend more than you have because it updates in real time.

These cards are not attached to a credit score at all, all you have to be to be eligible is be over 13 and be an o2 customer and you will get one. I don't think it would help you get a contract though, if you're a pay as you go customer who tops up often, it doesn't make you more likely to get a contract.

As for the 10k, it just means thats the most you can put on it, its not meant to be any replacement for a normal bank account.

I think it would be perfect for students living away, parents can top it up and it tops up straight away with no waiting like you would a bank transfer.

[Anonymous]

I love the fact that on the load and go, if the user is under 18 that it has a restriction that stops it being used for anything adult.

I would love to know how they plan to do that. Most corporate purchasing cards can only be restricted by merchant category. So in the case of this card, you would, for example, have to permit the categories supermarkets and convenience stores, although there would be no system block to prevent the child buying a dirty mag in the shop (although hopefully you'd have a responsible staff member). Many online stores are filed under 'Mailorder' which again, you wouldn't be able to block, because it would exclude a lot of genuine merchants.

I *think* you can actually block individual merchants, so maybe they'd be able to block any merchant that only sells adult goods. But collecting and maintaining that blacklist would be a nightmare... and wouldn't solve the problem of merchants who sell both adult and non-adult items.

[Anonymous]

They don't put a block on anything instore, because its up to the individual store to make the checks on the customer.

As for online, not sure how they do it, apparently most show up on your bill as "communications service" or something like that, personally, I think that online retailers do have to make the issuing bank aware of what the charge are coming from even if its just in a code that only the computer understands.