Looking for a 'Cash-Like' Card

jojax14 on 19/07/2021 - 23:46

So one of the impacts of the pandemic has been a dramatic reduction in cash transactions. Some of my cash transactions I have chosen to keep in cash because I do not want leave a paper trail of my spending. I am not talking about things illegal or immoral, just stuff I don't want appearing on my CC statement.

My ideal scenario is something I can load somewhere with cash (think 7-11 or post-office) and then spend where credit cards are accepted. I have seen Visa/Mastercard 'gift cards' but the fees are ridiculous - typically they are around 7% of the value of the card. Plus they are not reloadable which would make this even more painful.

It looks as if the few products which were around are being phased out, probably because a higher level of anonymity makes them a magnet for illegal behaviour. I am not looking for total anonymity, just a firewall between my normal financial transactions and my spending. Does anyone know if such a product exists? Bonus points if it is available through a mainstream/common retail chain - one which is still open through lockdowns.

Financial

Comments

  • JohnSy on 20/07/2021 - 00:14
    +1

    I read an article recently about virtual credit cards. I have not used them myself. I believe this was one of the companies mentioned. https://privacy.com/

  • scrimshaw on 20/07/2021 - 00:22

    The Australia Post previously had a Load 'n Go prepaid card but that's now been replaced by the Everyday Mastercard

    https://auspost.com.au/money-insurance/prepaid-cards/everyda…

    The reason that it is chock full of fees is to purposely make them super inconvenient for crooks to move money around, basically think of it is a barrier of entry for nefarious activity.

    Virtual Credit Card services, such as Revolut, also exist. (Privacy.com is USA only)
    https://www.revolut.com/en-AU/

  • AustriaBargain on 20/07/2021 - 01:36

    You could open a credit card with a bank different to the bank where you keep your regular accounts and credit cards. Or look at Wise, formerly Transferwise, if you aren't eligible for a credit card for whatever reason.

  • USER DC on 20/07/2021 - 06:07

    Yeah i find same, Use Wise's virtual cards, (you can dispose them and get a new one straight away.

    Although i dont really suggest going for credit cards. (They are a burden on credit ratings, loans etc. They make people want to spend more money just for sake of meeting their minimum spend limits (so they unlock the bonus offers). They often have annual fees or some other fees associated with it.)

  • [Deactivated] on 20/07/2021 - 06:40
    +8

    AFP has entered chat.

  • Agarwal on 20/07/2021 - 07:32
    +1

    Do you have a Qantas Frequent Flyer account? You could use the travel card attached to that for such things.

    Edit, sorry I don't think you can load it with cash.

    You could just open a savings account and use a debit card then I guess.

  • MITM on 20/07/2021 - 10:17

    Presumably being a true OZB you have a ING account. Open another account, name account "Slush Fund", deposit cash at your local PO and follow the prerequisites for a fee free account and spend away.

  • Seraphin7 on 20/07/2021 - 10:21

    Anonymity and low cost really don't go together … due to AML, it's not effectively possible to do what you're talking about without significant cost or restriction.

    Depending on what you're actually trying to hide, a side bank account with debit card is really your only option. This will still leave a paper trail, albeit one you would need to go looking for.

  • Trance N Dance on 20/07/2021 - 10:40

    Basically in Australia, there isn't a way to obfuscate your paper trail without paying large fees. The closest you will get is prepaid Mastercard/Visa/eftpos cards, with the Westfield EFTPOS card having the lowest fee at $2.95 but limited to EFTPOS transactions.

    Opening a different bank account or neobank account (eg ING, Revolute, Up, etc) will have the transactions recorded in a statement that's attached to your TFN/identity but who you share that statement with is up to you, the bank and the government.

    • Zachary on 22/07/2021 - 13:00

      so sign up with a fake name and don't give your tfn to the bank or anyone else?

  • GG57 on 20/07/2021 - 10:53

    Reading the comments here, it wouldn't be worth the time and effort, surely?

  • Autonomic on 20/07/2021 - 10:58
    +1

    Would something like Zip suit? Line of credit with no credit check that you can use just like a credit card. Don't think you can pay it off with cash however if that's your barrier.

  • casho on 21/07/2021 - 14:04

    I use a debit Visa card. Not sure if they are still available. I can only spend money that is in my bank account. I think it is rare now as every time I show it to ANZ staff they look puzzled and haven't seen it before.

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