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  #21  
Old 02.04.2020, 09:42
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Re: What is the point of Maestro card?

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Yep. I have an N26 account that offers the same. I know there are ways of doing things including a pre paid UBS CC but it’s a faf. Nothing is as seamless as
paying with the money I have from the account I want! A normal
visa or MasterCard debit system can be set up easily, but I suspect banks love this system as it entices people to get in to debt which in turn makes makes money for them.
I guess it depends a lot on the bank you are dealing with (or country).
Some years ago back home (Intesa Sanpaolo bank partner) I remember I had a Visa Electron for foreign currency debit account, but it had a proper "Visa-like" number and CVV at the back - thus I could pay online with it.
Didn't see that around here..
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  #22  
Old 02.04.2020, 10:11
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Re: What is the point of Maestro card?

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The Maestro card can also be used for cash withdrawal from ATMs; Mastercard will charge interest on cash advances from the date of withdrawal.
That's only if the MasterCard is a credit MasterCard, but doesn't apply to debit MasterCards. I can withdraw for free using my Swiss MasterCard linked to my Swiss bank account, Neon (I'm not actually sure whether the card is formally a debit card or a pre-paid credit card but it functions like a debit card at least).

I can use the same card to pay online and both the account and the card are free, unlike almost all other Swiss current accounts.
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  #23  
Old 02.04.2020, 10:55
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Re: What is the point of Maestro card?

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That's only if the MasterCard is a credit MasterCard, but doesn't apply to debit MasterCards. I can withdraw for free using my Swiss MasterCard linked to my Swiss bank account, Neon (I'm not actually sure whether the card is formally a debit card or a pre-paid credit card but it functions like a debit card at least).

I can use the same card to pay online and both the account and the card are free, unlike almost all other Swiss current accounts.
How is Neon shaping up? Any hidden charges? Am I right in saying they are trying to be like a Swiss N26/Monzo/Revolut? I did check out Neon but didnít see much feedback online in terms of reviews so didnít go ahead.
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  #24  
Old 02.04.2020, 11:34
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Re: What is the point of Maestro card?

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That's only if the MasterCard is a credit MasterCard, but doesn't apply to debit MasterCards. I can withdraw for free using my Swiss MasterCard linked to my Swiss bank account, Neon (I'm not actually sure whether the card is formally a debit card or a pre-paid credit card but it functions like a debit card at least).

I can use the same card to pay online and both the account and the card are free, unlike almost all other Swiss current accounts.
Yes that is MasterCard prepaid credit card - you should be able to see it written on the back, according to this.
It seems they have an interesting system though - where you do not actually need to "prepay" to the card, but the money is automatically pulled from your Neon bank account.
I guess that's why sometimes there is a sync lag between the payment (actual account state) vs. state in the app.
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Old 02.04.2020, 12:16
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Re: What is the point of Maestro card?

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Yes that is MasterCard prepaid credit card - you should be able to see it written on the back, according to this.
It seems they have an interesting system though - where you do not actually need to "prepay" to the card, but the money is automatically pulled from your Neon bank account.
I guess that's why sometimes there is a sync lag between the payment (actual account state) vs. state in the app.
Interesting. The are so many different accounts out there. Where does Revolut land in between all these? Is it like Neon? Or is it now a full on bank? Iv always been more of a Monzo or N26 fan boy than Revolut as they both started off as banks and not a pre-paid CC like Revolut, had bad experiences of pre-paid CCs years ago when they used to be provided by holiday companies. Lost so much in fees etc.... my own fault but hey, we live and learn!
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Old 02.04.2020, 13:13
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Re: What is the point of Maestro card?

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Interesting. The are so many different accounts out there. Where does Revolut land in between all these? Is it like Neon? Or is it now a full on bank? Iv always been more of a Monzo or N26 fan boy than Revolut as they both started off as banks and not a pre-paid CC like Revolut, had bad experiences of pre-paid CCs years ago when they used to be provided by holiday companies. Lost so much in fees etc.... my own fault but hey, we live and learn!
I see Revolut as my go-to online and abroad paying (prepaid) card.
(Ever since UBS started charging 1.75% fee even for domestic CHF online payments, I am pissed at them and won't be paying anything with it except in person and in CH. )

It is not a bank account (no IBAN per se for certain services), but it has the best forex rates that I have seen.
And you can withdraw some cash per month from ATMs without fees (with free account I believe it's 200 GBP limit).
Haven't tried any of the other services (except for Transferwise for currency conversion and sending p2p).
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Old 02.04.2020, 13:52
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Re: What is the point of Maestro card?

  1. Maestro: spend only what you have on things that you need.
  2. Mastercard: go into debt buying things you don't need to impress people you don't like, while paying fees for the luxury.
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Old 02.04.2020, 15:14
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Re: What is the point of Maestro card?

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  1. Maestro: spend only what you have on things that you need.
  2. Mastercard: go into debt buying things you don't need to impress people you don't like, while paying fees for the luxury.

I cannot buy that yellow 911 with Mastercard
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Old 02.04.2020, 15:44
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Re: What is the point of Maestro card?

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  1. Maestro: spend only what you have on things that you need.
  2. Mastercard: go into debt buying things you don't need to impress people you don't like, while paying fees for the luxury.
There are huge numbers of people, I'm sure, who like me never pay any interest on CC purchases, and fees are avoidable if you shop around a bit.
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Old 03.04.2020, 20:47
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Re: What is the point of Maestro card?

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There are huge numbers of people, I'm sure, who like me never pay any interest on CC purchases, and fees are avoidable if you shop around a bit.
That's exactly what they want you to think,.
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  #31  
Old 04.04.2020, 14:04
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Re: What is the point of Maestro card?

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How is Neon shaping up? Any hidden charges? Am I right in saying they are trying to be like a Swiss N26/Monzo/Revolut? I did check out Neon but didnít see much feedback online in terms of reviews so didnít go ahead.
It's fine. Coming from the UK I find it bizzare that you have to set up a direct debit by post, but other than that I have no complaints. They also have 0% foreign exchange fees which is nice. Perhaps it's a bit less polished than UBS, CS etc. but I like to get value for money, and in my mind these banks are extremely expensive.

So I use neon as my current account, free cashback Amex for spending in places that accept Amex and free co-op MasterCard rewards card for spending in places that don't take Amex.
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  #32  
Old 04.04.2020, 14:07
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Re: What is the point of Maestro card?

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That's exactly what they want you to think,.
? I've never paid interest on a credit card in my life. I've collected a few hundred pounds cashback and several thousand pounds worth of frequent flyer points (300k Avios for a start). Further, in Switzerland I wouldn't recommend paying an annual fee for a credit card, so you really are paying nothing.

I don't spend lots on crap I don't need, but rather prefer to live frugally. Part of living frugally is maximising your cashback on spending. Obviously some people don't have the discipline to use credit cards, but if you are disciplined credit cards are better than debit cards for spending.

Your tactic is only optimal if you don't trust yourself to go crazy with the credit card.

Last edited by jorido; 04.04.2020 at 14:41.
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Old 04.04.2020, 14:18
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Re: What is the point of Maestro card?

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Interesting. The are so many different accounts out there. Where does Revolut land in between all these? Is it like Neon? Or is it now a full on bank? Iv always been more of a Monzo or N26 fan boy than Revolut as they both started off as banks and not a pre-paid CC like Revolut, had bad experiences of pre-paid CCs years ago when they used to be provided by holiday companies. Lost so much in fees etc.... my own fault but hey, we live and learn!
Revolut is essentially best used for converting currencies. You upload from (say) your Swiss current account into your Revolut CHF account then convert those CHF into (say) your Revolut Euro account. You could either spend those euros on the Revolut account or pull them across to a euro current account. In the week Revolut is typically the cheapest way of transferring money (perhaps not if it involves large sums or involves an unusual currency). At the weekend TransferWise is better (but less good than Revolut during the week). You can also take withdraw small amounts of currency for free.

Rule of thumb for those looking to get the best value for money. Use the best local credit card you can for everyday spending. If you don't have a local credit card use Revolut. By FAR, the best credit card in Switzerland is the free Amex cashback card, which gives you 1% back on everything you spend. Amex isn't accepted everywhere of course. The best non Amex cards are the coop and migros cards.

Further, it's worth investigating curve if you have EU or GB credit cards. I won't go into that here though. You can get cashback on withdrawing money this way.

Last edited by jorido; 04.04.2020 at 14:31.
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  #34  
Old 04.04.2020, 18:14
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Re: What is the point of Maestro card?

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? I've never paid interest on a credit card in my life. I've collected a few hundred pounds cashback and several thousand pounds worth of frequent flyer points (300k Avios for a start). Further, in Switzerland I wouldn't recommend paying an annual fee for a credit card, so you really are paying nothing.

I don't spend lots on crap I don't need, but rather prefer to live frugally. Part of living frugally is maximising your cashback on spending. Obviously some people don't have the discipline to use credit cards, but if you are disciplined credit cards are better than debit cards for spending.

Your tactic is only optimal if you don't trust yourself to go crazy with the credit card.
This ad sponsored by Mastercard.
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