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Anyone familiar with CASH PASSPORT by Mstercard?

Have any of you heard of or used this? My husband was given information about a Mastercard you get from a company called Travelex, where you put up cash and they convert it to Euros and give you a Mastercard to use aganist your cash deposit. Before we run off and do it thought I'd see if I could get information from more than one person. Thanks in advance for any help.
LInda

Posted by
317 posts

I have not used that card specifically, but in the general sense of it sounding like a pre-paid card, then I would be leery of getting it.

I have used a pre-paid card from Key Bank and pre-paid card from AAA. I paid a fee to get each card and I paid a fee to draw money off the card, too. When the card gets down to the last few dollars, then there is the issue of zeroing out the balance. I did learn how to deal with that: get the exact amount left and ask the store clerk to key in the account # and amount manually, paying the remainder of the bill with cash/another card. But this card would have the final few bits in Euros, an added problem?

An ATM card linked to an account works better, I think. I used a Capital One money market fund ATM card and the ATM debit card from my local bank on my last trip. Both worked fine.

Hope this helps.

Posted by
317 posts

Could have added that neither of my ATM cards charged a fee, just the exchanged amount that I expected, about a $2 for 1GBP, the rate at that time. And the teller at the local bank said to expect a fee for using it at a "foreign" ATM (meaning out of the bank's network, not out of the country, lol). But no fee charged, and I'm not fussing!

Posted by
23642 posts

My only advice -- read the fine print, Read The Fine Print, READ THE FINE PRINT !!! Historically prepaid cards have been bad deals with hidden fees and poor exchange rates. BUT, this could be different so ........... read the fine print !

Posted by
711 posts

Historically, Travelex uses an astronomical exchange rate and tells everyone that is the rate of the day, but it is generally 10-15% higher than anyone else. AAA used to have a money card from them, but the rate was horrible and no one knew it at first, but now AAA uses Wells Fargo and the rate is better. I would be very leery of anything with the name Travelex on it like an ATM machine or a money card.