Pockit is Revolutionising the World of Personal Finance

We recently heard about Pockit, a new kind of payment card with a number of great banking features and an easy to use mobile app.  The ideal way to give your teenager some more independence, to access banking features if you don’t have them, or to use when abroad - Pockit even gives you cashback when spending at leading high street retailers like M&S, New Look and more.


You may be wondering how this differs to a regular bank account.  Is Pockit a credit card?  No, despite the MasterCard logo, it is a debit (or prepaid) card, backed up by an online account.  The difference from a normal credit card is that you can only spend what you have, so can never get into debt.  This makes it perfect for students or teens, as parents can deposit into their Pockit account with the reassurance that they can never rack up any debts with it.

Pockit is also ideal for those with a poor credit history, as there are no credit checks when signing up.  If you have been in financial difficulty in the past, it can be difficult to get a bank account.  But what if you still need a facility that enables you to make payments online, or to use a card in the shops?  Pockit fills this gap, ensuring that no-one is excluded from the world of finance due to past mistakes.

Read on to see how Pockit might work for you and your family.


For Teens and Students

With Pockit, the main account holder has to be over 18, but up to three additional Mastercards can be requested for children aged 13 or over.  This enables parents to give their children greater financial freedom, and simultaneously to teach them how to use electronic money systems wisely and how to budget.  After all, if they blow their entire allowance on day one, there's nowhere else to go, as they cannot go overdrawn with Pockit.

For students or older children who are away from home (including those travelling or on overseas gap years, see above), Pockit makes a useful addition to their financial arsenal as parents can deposit money on their behalf as agreed - or as necessary! Most advisers recommend that money is deposited weekly so that both parent and student can keep an eye on spending.

Pockit gives young people financial freedom, whilst parents know they cannot spend more than what is in the account.  Plus, they can earn cashback when spending at popular retailers, and keep an eye on exactly where their money is going with the sleek app.


For People with Poor Credit History

One huge advantage of Pockit is that anyone can apply, even without proof of ID or address.  It is a simple and cheap online account, which makes it ideal for anyone trying to manage their money better.  Your income can be deposited directly with your unique account number and sort code, and it is free to spend in-store or online.

Pockit is officially a Mastercard, not a bank account (although it has many of the same features as a current account), so unlike a traditional bank account, there are no credit checks.  No need to worry about the impact on your credit record, or about any past mistakes in your credit history.  Pockit is ideal for anyone who wants to keep their finances under better control as there are no overdrafts, no monthly fees etc.

With Pockit you will receive a contactless MasterCard, and have the ability to pay bills online at the touch of a button, as well as spending instore and online.  No need to feel excluded from the financial world anymore.  A fresh new idea, and a fresh new approach to managing your money, without hassle and without the risk of getting into more debt.

You can also make International transfers to Euro-zone countries and Poland, making it ideal for people to transfer money back home when working in the UK.


For Holidays and Travel

With the pound at a horrific low against the Euro and extortionate credit card fees when abroad, not to mention the risks of carrying cash when travelling, travel cards are coming into their own.  Pockit is ideal as a card for those travelling overseas, yet also perfect on home territory.

How does it work?  You simply deposit funds into your account before you leave the UK then use that money when on holiday or travelling.  Pockit has the added advantage of enabling people at home to deposit more money if you need them to, and it also offers lower fees than many other cards on the market.

Cash can be withdrawn at 1.9 million UK or international ATMs, and MasterCard payments are accepted at more than 35 million locations worldwide.


For Everyone

Pockit is also ideal for anyone who shops at the retailers mentioned (see the full list on Pockit.com/cashback) as you can literally save as you spend.  With no fees for spending instore or online, every purchase made at participating retailers will be earning you money - win-win!

With Pockit you can shop wherever you see the MasterCard Acceptance Mark, online, on the high street and abroad.


Is there a catch?

Not really! Many similar products have an annual or monthly fee, but many features of Pockit are free.  Spending online or on the high street is all free, in fact you get paid to shop!  Yep, Pockit offers up to 10% cashback when you make purchases at many leading retailers, including JD Sports, Pizza Express, H Samuel and many more.  Plus, there is no limit to the number of transactions you can make, meaning you can earn cash all month long.

The only time Pockit will cost you money is to open an account, make cash withdrawals (who uses cash these days!?) or send money to other bank accounts, and to replace your card.  And then it's only 99p to do any of those things, which is great value for the service offered and more than offset by the cashback you will earn.


How do I apply?

You can apply for a Pockit account online in minutes, receive an instant account number and sort code, and receive your contactless Pockit MasterCard in 48 hours.  You can then deposit straight away by bank transfer, debit card, or in cash at 28,000 PayPoints across the UK (99p fee applies).

How do I manage my money?

Pockit is based online, so you can manage your money anywhere, anytime, online or via the Pockit app.  Online or via the app you can see at a glance what's come in and gone out, add cards to your account, share funds, and check that all-important cashback!

Handy balance notifications will also be sent to your device, and there is no risk of going overdrawn, so no accidental overspending.  You can also make fast money transfers at the tap of a button, and set up new recipients (for bills etc) easily with the Pockit App.


Conclusion

Pockit is a great way to give your teen their monthly allowance, to help a young person away travelling, on a gap year or studying at university, and ideal for those with lower incomes who are traditionally excluded from the banking sector.  It also works for those working and living here wanting to send cash home to elderly or needy relatives, for those travelling abroad on business or pleasure, and as a great way to get cashback from some of your favourite retailers.  Apply for Pockit today.

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