Pockit Review - The Right UK Prepaid Card for You?

Pockit Review – The Right UK Prepaid Card for You?

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There are a variety of prepaid credit cards on the market right now, each having various uses for many different types of individual. But which is the right one for you?

In this review we take a closer look one of the most popular UK prepaid cards Pockit*.

What Is Pockit?

If you have stumbled upon this post while reading our blog then let me give you a brief explanation of what Pockit is. Pockit is a Prepaid Mastercard which is open to anyone. What this basically means is that you can load your Pockit card up with money and then spend it anywhere that accepts Mastercard as a form of payment. Not only this, but you also get an account number and sort code with every Pockit card, which means you can even have your wages or benefits paid into your Pockit account if you feel this could be useful for you. No credit checks are required in order to get a Pockit card and you could have your card delivered within 48 hours when you apply online*. You can now also make international money transfers with Pockit.

How Does Pockit Work?

Although Pockit is not technically a bank account, it does behave like one in certain ways. Let’s see how you add and spend money in your Pockit account. 

Funding a Pockit Account

In order to start spending using your Pockit card, you’ll first need to load your Pockit account up with cash. You can do this in a variety of ways. Firstly, you can transfer money over from an existing bank account and it is free to fund your account via bank transfer. Another way you can add funds is by paying cash into your Pockit account using one of the thousands of PayPoint terminals located all over the country. Finally, you can also choose to have your wages or benefits paid directly into your Pockit account.

Spending your Pockit Balance

Once you have money in your Pockit account, you can then spend it anywhere you see the Mastercard acceptance mark. This includes spending in shops, shopping online and even shopping abroad. You can also withdraw money from cash machines at home or abroad. A relatively new feature of a Pockit account is the ability to send money transfers within the UK and to many other countries for a flat fee of 99p per transaction. Pockit also recently announced that Direct Debit functionality will be coming soon to the Pockit account, which could make it a much more viable option for some.

Some of the other transactions we’ve mentioned above also have a 99p fee attached to them and we’ll look at this a little more closely later in this review.  

Who Is Pockit For?

As we mentioned at the start of this review, Pockit could work for a variety of people in a variety of circumstances. For example, perhaps you have a very poor credit history and you need somewhere to get your wages or benefits paid, Pockit could work for you. Or maybe you run a small business and you are looking for an easy way to keep your business and personal spending separate without having to open a fully fledged business account, Pockit could work in this case too. There are many more Case Studies on the Pockit website* from customers who have used the service in various ways, so be sure to check those out for ideas on how to make the most of your Pockit account.   

How Much Does Pockit Cost?

One of Pockit’s main tag lines on their website is that the use of the card is ‘either free, or 99p’. So, I guess the obvious question is ‘what’s free and what’s 99p’? For an easy answer to that question just check the table of fees we’ve included below.

Getting Cashback With Pockit

Another interesting feature of the Pockit Card is the ability to earn cashback with many well-known retailers such as Argos, M&S, Debenhams, Pizza Express and more by simply shopping with these retailers in-store or online using your Pockit card. You can see a full list of participating retailers* on the Pockit website.

Is Pockit Safe?

The next thing you’ll likely want to know is whether your money is going to be safe with Pockit?

Although Pockit is regulated by the Financial Conduct Authority, it is not eligible for cover by the Financial Services Compensation Scheme. Pockit do state on there website, however, that once they have received your funds ‘they are deposited in a secure account, specifically for the purpose of redeeming transactions made through Pockit.’ They also say that ‘In the unlikely event that Wirecard Card Solutions Limited (who is the card issuer) becomes insolvent, funds that you have paid in, which have arrived and been deposited with Wirecard Card Solutions Limited are protected against the claims made by creditors.’ So that hopefully allows you to make an informed decision about whether you feel comfortable using Pockit or not.

As far as having your pockit card lost or stolen goes, if this happens then you can quickly and easily block your card either from the Pockit App or by logging in to the Pockit Platform online.

Pockit Reviews

So, how have the majority of people who have used Pockit found the service? To get a rounded view of this, it always helps to look at sites like Trustpilot to see what people have to say. They may not give you a lot of info about the overall product on these sites but you can certainly get a feeling as to whether people are happy with a service or not. At the time of writing Pockit currently has a Trustpilot score of 8.1 out of 10 with 75% of reviewers rating the product as either good or excellent, which is a very respectable score indeed.

Is Pockit Right for You?

We hope that you now have a much better idea of what the Pockit* Prepaid Mastercard Account is and how it works. As Pockit could potentially be beneficial for such a variety of people, it’s difficult to say categorically whether it is right for you or not. What we can say is that Pockit’s popularity in the world of Prepaid Cards, its many features and its simple fee structure make it a good choice for those who have already decided that a prepaid card could be useful for them. If you’re now convinced too, then you can open an account* in under 2 minutes and have your card in 48 hours.

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