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What is Pockit?
Pockit has come about as a result of innovation and growth in the fintech sector. It is an award-winning digital bank account that is favoured amongst those who frequently shop online and have previously been refused bank accounts from major banks due to their credit history.
It is also popular as the sign-up process to get yourself a Pockit bank account takes a matter of minutes and can be done either online or through the app. As opposed to the days or weeks timescale it comes to sending paperwork back and forth to set yourself up a current account with one of the major banks.
As well as people popular amongst those who shop online, it's also useful for getting your wages paid into. Each Pockit card is a Mastercard debit card. This means that it comes with its own account number and sort code, and can be used to have your wages paid into each month. Similar to Monzo, it also allows you to get paid a day earlier if your employer pays you through BACS.
It also allows you to manage your money. Allowing you to set up direct debits through the app so that money can be set aside for all of your monthly and annual payments to be paid on time each and every month.
Benefits of using Pockit when spending online
Now we have covered the basics of what Pockit is. Why is it so popular amongst people who frequently spend money online? Well, there is a feature that is innovative and unique to Pockit called Pockit cashback.
They have teamed up with some of the biggest names in online retailing to provide you with up to £20 cashback per month when you're spending online. When using the card you will get a certain percentage of some of the money you've spent using the card paid straight back into your account
Here are some of the retailers that Pockit has partnered up with. From the table below you can see some of the biggest names in the industry have signed up allowing you to get cashback on your purchases both when shopping in-store and also online.
Retailer | Percentage | Online | Instore |
|---|---|---|---|
Apple | 2% | Yes | Yes |
Argos | 4% | Yes | Yes |
Clarks | 7% | Yes | Yes |
Footlocker | 7% | Yes | Yes |
GoGroopie | 5% | Yes | No |
New Look | 7% | Yes | Yes |
Nike | 6% | Yes | Yes |
Nord VPN | 40% | Yes | No |
Primark | 5% | No | Yes |
Sainsburys | 3% | Yes | Yes |
We can anticipate that many more businesses will soon start to partner up with Lockit giving you more options of places to shop both online and in-store to get cashback on your shopping.
The membership fee to entitle yourself to be eligible for the cashback scheme is just £1.99 which will easily pay for itself through the cashback you'll be saving if you frequently shop online.
As a small business owner, the other reason that this card in particular is useful for shopping online is that because it is a prepaid card you can only put on the money you need to spend online. This subsequently limits your exposure to online fraud as it isn't linked to any particular bank or credit card account.
limit your exposure to online fraud pockit isn't linked to your bank or credit card account.
Start saving with Pockit
Another innovative feature that this innovative new bank has is called Pockit LOQBOX. It can be added to your Pockit account absolutely free of charge. They like to describe it as having your own 'piggy bank' within the Pockit app. Acting both as a savings account and also allowing you to build up your credit score at the same time.
It also allows you to set saving goals and will constantly keep you updated on how well you are doing on reaching that goal. Allowing you to contribute anywhere from £20 to £200 per month over the course of a year towards reaching this goal.
When saving money to go into your Pockit LOQBOX account, you're going to want to make sure that you have the appropriate funds in your Pockit account. And then LOQBOX will automatically collect that payment on your day of choice. The reason the arrangement is set out as such is that it shows that you can make both regular and consistent payments which will increase your credit score.
In summary
Pockit is a fantastic value product if you're looking for a pre-paid MasterCard. It has many benefits that its competitors don't and is used and trusted by over 500,000 customers. As we have covered today, it is even more beneficial if you shop online. Allowing you to earn up to £20 in cash back each and every month, up to £240 each year.
Like many other prepaid providers, Pockit also puts convenience at the heart of its customer journey. Allowing you to set yourself up an account within a matter of minutes. And being able to access and manage your account at any time anywhere through the intuitive and easy-to-use app.
If your interested intaking a look at Pockit, you can find more information here.
If you do decide to sign up for Pockit through the above link you will receive a £5 bonus as a thank you. Winner, winner, chicken dinner.
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