Everything About Cashplus Bank & Its Services

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cashplus bank

Cashplus Bank is a financial institution which offers a number of financial products and services to individuals and businesses. It is a member of UK Finance, a principal customer of Mastercard, and is covered by the Financial Services Compensation Scheme (FSCS). Cashplus has received high ratings for its mobile apps and UK-based telephone customer service.

Cashplus bank was initially a prepaid card operator launched in the UK in 2005 and became the top prepaid service in Europe using Mastercard by 2008. In 2017, it applied for a banking licence and became a fully-fledged bank.

Pros and Cons of using Cashplus Bank Service

Here are the pros and cons of using cashplus:

Pros:

  • Easy account setup
  • Convenient online banking and mobile app
  • Competitive interest rates on some accounts
  • Variety of account options for personal and business use
  • Customer support available by phone and email

Cons

  • Some users have reported issues with account freezing due to incomplete customer surveys
  • Direct debits may not always be processed correctly, potentially affecting credit ratings
  • Some users have experienced difficulties with customer service
  • Limited branch network and ATM access
  • Fees may apply for certain services or transactions

Features of Cashplus bank

Cashplus offers several features to its customers, including:

  • Protection on online purchases: With the Cashplus Card, you’ll benefit from protection on most purchases you make online, giving you added peace of mind.
  • FSCS protection: Your money is protected up to £85,000 by the FSCS (Financial Services Compensation Scheme), providing an extra layer of security for your funds.
  • Separate savings pot: You can set aside money for unexpected expenses, taxes, or business goals and manage it separately from your main account through online banking and the Cashplus app.
  • Cash deposits: With Cashplus’s association with the Post Office, you can deposit cash into your account at any UK branch, and the funds will be available instantly.
  • Creditbuilder feature: Cashplus offers a unique feature that lends you your account fees for a year and then takes your monthly payment as loan repayments, which are reported to the Credit Reference Agencies.

Benefits of Cashplus Business Credit Card

The Cashplus Business Credit Card offers several benefits to businesses, including:

  • This makes it an attractive option for businesses looking for a credit card with a lower interest rate.
  • Cashplus offers a business overdraft facility, which can be useful for businesses that need to manage their cash flow.
  • The Cashplus Business Credit Card offers a merchant cash advance, which allows businesses to borrow money based on their future sales.
  • The card offers flexible repayment terms, allowing businesses to make repayments at an agreed percentage of their future sales.
  • The card provides itemised billing, making it easy for businesses to track their expenses.
  • The Cashplus Business Credit Card is a cost-effective alternative to traditional business credit cards, with no annual fee and competitive interest rates.
  • The card allows businesses to build their credit rating if they stay within their credit limit and make at least the minimum monthly payment.
  • The card provides 24/7 online and mobile banking, making it easy for businesses to manage their finances on the go.
  • The Cashplus business accounts are FSCS protected, providing an additional layer of security for businesses.
  • Cashplus claims that 99.90% of its customers open an account on the same day as their application, making it a quick and easy process for businesses to get started.

Cashplus Business Expense Card

The Cashplus Business Expense Card is a prepaid business expense card designed to help you manage your company’s expenses efficiently. With this card, you can track your spending, make repayments, and take care of business online or through the app.

The card is suitable for various business needs, such as buying office equipment, reimbursing employees for meals and hotels, or paying for petrol for company vehicles. You can add additional cards to your account, making it easy to manage multiple employees’ expenses.

The card is subject to terms and conditions, and you’ll need to meet certain requirements to be eligible for a Cashplus Business Account. Additionally, the annual fee will be refunded within two working days of activation, making it a cost-effective option for your business.

Cashplus Travel Card

The Cashplus Travel Card is a feature offered by Cashplus, a financial institution that provides a range of financial services. The Travel Card is a debit card that allows customers to make purchases and withdraw cash at ATMs worldwide, with no foreign transaction fees or exchange rate markups. 

This card is designed to be a convenient and cost-effective way to manage expenses while travelling abroad. Some benefits of the Cashplus Travel Card include:

  • No foreign transaction fees: Cashplus does not charge any fees for transactions made abroad, making it a cost-effective option for international travelers.
  • No exchange rate markups: The card does not apply any exchange rate markups, ensuring that customers get the best possible rate when converting their money.
  • ATM withdrawals: The card allows customers to withdraw cash at ATMs worldwide, with no fees or charges.
  • Mastercard debit card: The Travel Card is a Mastercard debit card, which means it can be used to make purchases and withdraw cash at ATMs.
  • UK-based customer support: Cashplus provides UK-based customer support, which can be helpful for customers who need assistance while traveling abroad.
  • Seamless integration with accounting software: The Cashplus Travel Card can be integrated with popular accounting software such as QuickBooks, Xero, and FreeAgent, making it easy to track expenses and manage finances.

Some Questions

What services does Cashplus Bank offer? 

Cashplus Bank offers a number of services, including current accounts, credit cards, and loans. They also provide online banking and a mobile app for easy access to your accounts.

What is the Cashplus Bank app? 

The Cashplus Bank app is a mobile app that allows you to access your Cashplus Bank account on the go. With the app, you can check your account balance, pay bills, and transfer money to other accounts.

Can I add a Euro or USD card to my Cashplus Bank account? 

Yes, you can add a Euro or USD card to your Cashplus Bank account. This allows you to make international transactions and receive payments in these currencies.

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