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The Caxton FX Prepaid MasterCard
Great for travelling.
Overall:
Caxton FX card is a travel prepaid MasterCard® as opposed to a usual multi-purpose prepaid MasterCard. You can get the Caxton card in Euro’s, US Dollars or as a Global traveller so, as long as you don’t use it outside of its currency ‘zone’, the Caxton prepaid credit card is an effective way to take your travel money abroad.
Good bits:
> Straightforward pricing.
If you use the Caxton card as it is intended, as a travel card, the charges are very easy to understand – apart from ATM usage it’s pretty much free to use. Only if you use it outside of the currency zones does the Caxton card apply additional charges, so if you have a Caxton card for Euros, don't use it in the UK as you will be charged.
> Good exchange rates.
The Caxton card website compares the rates of the Caxton card against some of the major prepaid mastercard players, and as you would expect, the Caxton card fairs well against them. However, they really have selected the main players we think most people would use, such as The Post Office, Marks and Spencer, etc.
> Free to get your balance.
The Caxton card allows you to get your balance in all the usual ways but, where most prepaid mastercard companies only provide you with it free online, the Caxton card doesn't charge you to get it online, over the phone or via SMS, which we think is great.
Bad bits:
> Don’t use it for your hotel or car.
As with all prepaid credit cards, one of the issues you may have is something that is often called “Shadowed funds”. Basically, if you go to your hotel and they ask to swipe your credit card they are effectively covering the cost of your hotel on your card (normally not an issue with credit cards). BUT with a prepaid card the value of what they have swiped (whether you eventually pay for it with your prepaid mastercard or not) will be held on your prepaid mastercard for up to 14 days. This effectively reduces your available balance, which could cause issues. The same principle happens with car rental, so many providers block you for car rental usage. See our travel page for more information
> Limited top up locations.
You can’t top up your Caxton card in as many ways as you can with most other prepaid mastercards. With the Caxton card you top up via the web, over the phone or via SMS.
> High minimum loads.
The Caxton card's minimum load is a rather large £100 (or €150 or $200). Clearly, as this is a travel mastercard most people will want to load at least this amount, however, it’s not great if you wish to use you prepaid mastercard gradually to save up your travel money.
> Occasionally expensive to use.
If you do use your Caxton card at home in the UK, or outside of the specific currency zone you have bought it for, then it can be quite expensive to use. So the tip is to spend all your money when you're away! Also, if you wish to use the Caxton card to get cash out from over a bank counter it will cost you £4 in the UK, again expensive, but it’s not designed for this kind of thing.
Standard bits:
> Travel related discounts.
If you use your Caxton card you can get some discounts online. However, these look like the discounts you get through MasterCard anyway – so whatever MasterCard you have whether it's a standard mastercard or a prepaid mastercard, you can get these discounts.
> Online account management.
You can check your Caxton card balance and transactions online, as with all other suppliers.
> Use as a regular MasterCard.
This is essentially a MasterCard, which means you can use it as any other MasterCard, however, the Caxton card has been designed as a travel card and fees have been applied to suit this specific purpose. So don’t use your Caxton card at home!
Best card for you if:
- You are going abroad and you don’t want, can’t get or don’t have time to open a Nationwide account (this account is well recognised as the best account for travel), and want a quick and easy prepaid mastercard.
Click here to find out more and apply
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