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, Toys R Us, 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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Comments

  1. Not heard of pockit before it sounds like a great idea I'll definitely look more into it as it looks like something I'd want to try

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  2. Sounds like a fab app but I'm a bit paranoid about using my phone when it comes to payment though. But that's just me ;)

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    1. I think a lot of people are still, but for the younger generation that is going to be the norm. Luckily, Pockit comes with a contactless payment card too.

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  3. These are such a good idea to give teens financial understanding and freedom x

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    1. Definitely, they need that little bit of freedom.

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  4. I have never heard of this before but what a fab concept it is. I really like the idea of it for giving teens a little bit more independence 😊

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  5. Oh this sounds great!! My son is 13 and has a Go Henry card but it annoys me I have to pay such a high monthly fee. This sounds fab!

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    1. The low fee on Pockit is such a great advantage.

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  6. I really like that you can only spend what you have - I don't have a credit card because I'm not sure I could trust myself, so this is perfect for me!

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  7. I'd have to research it a bit more to make sure it was right for me but sounds like a good way for some ti manage their money

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  8. I've not heard of this before, but it sounds interesting. I'm not sure it would be for us personally, but I'm sure for some people would find it suits them well.

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  9. This is a great idea and definitely something I'll consider for my kids when they become teens

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  10. What a fantastic idea. It's a far cry from having to manually look after their pocket money which can be a big headache at times!

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  11. We had something similar for our son and it was great. Now he is 17 his has his own bank account these days

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  12. This sounds like such a great idea! I would love to get an account like this for my son!

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  13. Pockit would have come in so handy when I was younger as I have always struggled with money. It looks great for gaining financial independence x

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  14. I like that it's not able to be spent without being on the card already. Teaches them good budgeting!

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  15. I had not heard of this new kind of payment card with a number of great banking features before. Pockit really does sound revolutionary!

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  16. I have never heard of this before but it sounds great! Especially for teens and college students and adults traveling! This is something I'll have to look into for the next time I travel! Thanks for the great tip!

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  17. This card would be especially handy for me when I travel to multiple destinations on trips, and have to flip from one currency to another. Very useful info here x

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  18. I haven't heard of this either but it's a fantastic and more modern way of dealing with money. Plus really useful for those who are travelling!

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  19. My girls are getting to the age where they should probably have one in case of emergency. Definitely checking it out!

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  20. This sounds like a great idea especially if your like me and pop to town always spending more than you should

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  21. Yes, it's very good to give a teenager a prepaid card. And this seems like a good choice! :)

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  22. What a great idea will definitely make me think more seeing the budgets in front of me

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  23. Oh I have never heard of Pockit before but it sounds perfect for my teen. I will look into this for her, thanks for sharing x

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  24. This Pockit card sounds like a great way to teach kids how to spend money wisely. I love that it is an online account and that you can use an app on the phone to check account. Thanks for sharing the information.

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  25. For me I would be a little bit scared using this as I am old school but I know my teen would love it.

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  26. A fab concept, plus perfect for keeping track of your finances all at your finger tips.

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