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Sep 15
2009
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Ruby Card - A Prepaid MasterCard launches in IrelandPosted by: Dave on Sep 15, 2009 Tagged in: ruby money , ruby card , Payzone , online payments , MasterCard , laser transactions , ireland , e-commerce
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Ruby Card was recently launched in Ireland by Tuxedo Money. This prepaid MasterCard can be used worldwide anywhere that accepts MasterCard. This includes using the card in ATMs to withdraw cash. The main selling point for the card appears to be accessibility, Ruby Card does not require you to have a bank account, nor are their any credit checks. You can put money onto your card via bank transfer or else at PayZone locations throughout Ireland.
I am not entirely sure who the Ruby Card is aimed at. Perhaps people who have issues controlling their spend with a credit card or people who have security concerns about using credit cards online or maybe it is people with credit problems who are unable to get a credit card. There are a number of providers who already operate in prepaid credit/debit card space such as 3V, Perfect Card and Payzone, so there must be a market for this type of card/service.
There are a considerable amount of fees associated with the Ruby card but at least they are clearly outlined on their site. Examples of some of the fee's include €1 per minute if you check your balance via phone, 95c a minute if you call their sales line and 3% if you put funds on your card via PayPoint. Depending on which plan you choose there is either a fixed monthly fee (€6 per month) or else you pay a transaction fee when you make a purchase (2.95% subject to a minimum of 75c and a maximum of €2).
The Ruby Card includes an eccount which is described as a secure online wallet. One of the features is you have your salary lodged direct to the eccount. Maybe it is just me but I don't really get why someone would use a service like this. You pay to put money in and you pay to take it out. I suppose I must not be the type of person they are aiming it at.
Ruby Card are making good use of social media for their launch and marketing. They are using Twitter, Facebook, Blogging, a photo competition and a bingo game on Twitter. As well as building their brand they will also need to build trust if they want people to start using their eccount as an online banking solution.
Do you use any of these prepaid card solutions or know people who do? What are the main reasons you choose these over other forms of credit and debit cards?
Dave
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written by prepaid credit cards , October 30, 2009
This is a good news for all the people of Ireland.
Good luck to Rudy card
written by Diarmuid Ryan , December 01, 2009
hi dave,
i use 3v card for when i need to use visa but my bank card is maxed out, i can top up 3v and use on same day, where if i transfer money to credit card with online banking i have to wait up to 3 days...they are handy as a backup when something is urgent..
3v is online purchases only; does ruby allow for payment at POS terminals in shops?
diarmuid
written by dave lowry , December 28, 2009
Hi Diarmuid,
Sorry for the delay in replying.... yes you can use ruby at POS terminals in shops. I believe it works worldwide anywhere that accepts Mastercard.
Dave
written by jon , January 05, 2010
Get charged to put money in and get charged to take money out. Seems to me that they are as greedy as the banks.Does it gain interest if you leave money in for awhile? Hope you read the fees before you buy like payzone charges €6 for card itself 3.50 to put money in (up to 450)and 2.75% of total purchases and you have to use it within 3 month or get fined. Yuor just better off with a laser/deit card. And diarmuid if you have money to put into your 3v card why not pay off your maxed out credit card instead of gaining more interest on it.
written by Jonathan , February 19, 2010
The ONLY prepaid MasterCard worth the plastic used to make it is the Bishopstown Credit Union card. You can get your salary paid in, use it everywhere the MasterCard symbol is displayed and you dont get charged for the privilege. Perhaps others might follow. The pay-as-you-load and pay-as-you-spend cards could learn a thing or two from this.
written by Searching , June 06, 2010
The Bishopstown card is really not a prepaid "master card"! It is just a debit card. It has no master card logo, and it operates like any other debit card, rather than prepaid.
written by UpCork , July 12, 2010
To 'Searching' - I dont know where you say this but its not true. I have one and i can assure you that it is a PREPAID MASTERCARD! I have used it online to book flights with Ryanair and have selected MasterCArd prepaid and paid no charges. I have the card here in front of me and it has the unmistakeable MasterCard logo. I have to say you might be better off checking your facts before you comment. It IS the only card out there that doesnt cost you.
written by Jonathan , July 19, 2010
UpCork is right. I had used the card a number of times when i first posted here. Since then i have ditched all other cards and Bishopstown's card is the only 1 i use. Its the only i need. Have used it abroad and everything. All i pay is €1 per year.great.i even get texts 2let me know my balance each time i use the card and i dont pay for them either.
written by James Murphy , July 24, 2010
B'town card works. I have tried it. Just in case you want to settle the issue. It is a Mastercard and it works on Ryanair site - no problems.
I dont have a bank account any more and i am getting on fine at B'town CU.
