CardOneMoney: fees, features and more

Zorica Lončar

If you need an everyday current account and prepaid debit card, CardOneMoney could be a good option for you. It’s especially good for people with low credit scores, as it’s open to everyone and doesn’t do credit checks.

In this guide, we’ll cover everything you need to know about the CardOneMoney account and card. This includes account features, fees, how to apply and how to load your prepaid card.

We’ll also look at how the CardOneMoney card works overseas, including an alternative that could save you money on international spending - the Wise debit card.

Learn more

But first, let’s run through the basics about CardOneMoney.

What is CardOneMoney?

CardOneMoney is marketed as ‘an account for everyone’, as it’s open to all UK residents over 18 years old - even if you have a less-than-perfect credit history.

It’s a simple and secure everyday current account, into which you can pay your salary and other income. This is paid into your billing account or ‘ bills jam-jar’, and your dedicated account manager will set aside whatever is needed to cover your regular bills and other payments.

The rest can be transferred to your linked CardOneMoney prepaid Mastercard, also known as your ‘spends jam-jar’. This is a contactless card which can be used for ATM withdrawals, online and anywhere that Mastercard is accepted.

CardOneMoney account and card features

**Here’s what you can expect when you sign up for an account with CardOneMoney¹:

  • Instant sort code and account number - sent by text message in minutes after opening your account
  • CardOneMoney prepaid debit Mastercard - for use in the UK and overseas
  • Direct debits, standing orders and faster payments to pay bills
  • 24/7 account management via online banking, CardOneMoney mobile app, automated telephone service and SMS message
  • Free text alerts
  • Dedicated account manager to help you set aside money to cover your regular outgoings.
  • Cashback on spending with selected retailers, including ASDA, Boots, Marks & Spencer, B&Q, Argos and more².

How to top up a CardOneMoney card³

Any money paid into your account that isn’t set aside for your regular bills and payments can be transferred to your CardOneMoney card. You can have your salary or other income paid into your account by giving your employer your CardOneMoney account details.

You can also make other deposits to your account via:

  • Cash deposit at a Barclays bank or Post Office branch
  • PayPal
  • Bank transfer.

Once you have money to load onto your card, you can transfer it over by phone, text or online. You can also set up rules so that money can be transferred over automatically, without you having to do anything.

How to apply for a CardOneMoney account

According to CardOneMoney, it’s quick and easy to apply for an account and receive your new prepaid Mastercard. Here’s what you need to do⁴:

  1. Head to the CardOneMoney website to complete an online application. You can also call customer services if you prefer, and someone will guide you through the process
  2. Enter your name, address, date of birth and other personal details
  3. Submit your application
  4. You may be asked to verify your identity⁵. To do this, you’ll just need to supply a copy of a valid passport along with a utility bill, bank statement or council tax statement (from the last three months)
  5. You’ll receive an instant text message containing your new account number and sort code
  6. A welcome pack will be sent in the post
  7. Activate your account and set up your regular bills by calling customer services
  8. You’ll receive your new CardOneMoney Mastercard and online account details.

Are there any credit checks?

CardOneMoney may need to do a check to verify your identity and address, but this isn’t a credit check. So, it shouldn’t show up on your credit history. This is one of the main attractions of this account - that it is available to people with a poor credit record.

How to activate your CardOneMoney card⁴

Once you receive your new Mastercard, you’ll need to activate it before you can use it. All you need to do is call up customer service, confirm the activation of your card and receive your PIN.

CardOneMoney charges and fees

Now we come to the important part - how much it costs to have a CardOneMoney account. Here are the main fees you need to know about, for using both the account and prepaid card:

Transaction typeFee⁶
Opening the accountFree⁷
Monthly account fee£12.50⁷
Closing the accountFree (£10 fee to redeem any balance)
Get a cardFree; £5 a month for an additional card
Top up cardFree
Balance enquiry by SMS£0.15
ATM withdrawals£1.50 within the UK£3 +2.75% outside the UK
Online/physical purchasesFree within the UK2.75% outside the UK

Useful to know - you can cancel a CardOneMoney account at any time⁸. There is a monthly fee, as you can see from the table above, but you’re not locked into a fixed-term contract. If you want to leave, you may pay a fee to redeem any remaining balance but otherwise you’re free to go.

What are the limits with the CardOneMoney card?

There are a few limits and restrictions with the CardOneMoney prepaid Mastercard, including⁶:

  • Minimum initial load of £10
  • Maximum initial load and top-up of £1,250
  • Maximum card balance of £5,000
  • Limit of £250 per ATM withdrawal and £450 total withdrawal per day⁹.

How does the CardOneMoney card work overseas?

As long as you have money loaded into your ‘spend jamjar’ in your CardOneMoney account, you can use your prepaid card anywhere in the world that accepts Mastercard. This includes withdrawals from ATMs, so you can use your card to take cash out when you’re on holiday.

However, one thing to watch out for when using your CardOneMoney card abroad are the fees. As you can see from the table above, you’ll pay quite expensive fees for spending and withdrawing money abroad. These can soon stack up if you use your card everyday during your trip.

The Wise debit card - a money-saving alternative for international spending

With CardOneMoney charging high fees to spend and withdraw cash abroad, it could be worth finding a cheaper solution.

Open a multi-currency Wise account and you can get a contactless debit Mastercard for easy, cheap spending in over 200 countries worldwide. You can apply for your account online without any credit checks - all you need to do is verify your identity.

The Wise debit card charges no foreign transaction fees. There’s only a tiny fee to convert currency, which happens automatically as you spend at the real, mid-market rate. This makes it cheaper to go shopping and head out to eat when you’re on holiday.

Even better, you can withdraw up to £200 a month from global ATMs for absolutely no fee.

What's more, the Wise card has a free virtual card feature, that adds an extra layer of security to all your purchases around the world, both online and in-store.

Join Wise today

So, that’s it - all the essentials you need to know about the CardOneMoney account and card. We’ve covered the lot, from features and fees to how to apply. Plus, how to top up your CardOneMoney card and use it overseas.

Just remember those fees before you spend, as alternatives such as Wise could be a far cheaper solution for holiday spending.

After reading this guide, you should have a better idea of whether CardOneMoney is the account for you. Before making up your mind though, it’s always worth taking a moment to do some extra research and check out CardOneMoney reviews.

Sources used for this article:

  1. GoCardOne Money - basic account
  2. GoCardOne Money - rewards
  3. GoCardOne Money - how it works
  4. GoCardOne Money - how to apply
  5. GoCardOne Money - ID requirements
  6. GoCardOne Money - summary box
  7. GoCardOne Money - what it costs
  8. GoCardOne Money - fees
  9. GoCardOne Money - faq

Sources checked on 10 March 2021

This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from Wise Payments Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.

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