It was designed to be an easy way to organise your holiday spending – but what happens to all the money in your Lyk or Cash Passport account now Thomas Cook has been liquidated?
The cards let you load on money from your bank account, then switch it between 10 currencies fee-free.
You could also use it to pay for things overseas, as the card worked through MasterCard for holiday spending.
It also let you lock in exchange rates ahead of time – something a lot of people will have done as the pound fell in the past few months.
But the good news is, unlike holiday vouchers , Thomas Cook currency card owners should still be able to keep using them as normal after the firm’s collapse.
That’s because the service was provided by Wirecard Card Solutions Limited, with the money funds on them protected separately from the company.
As the latest terms and conditions explain: “Your money is however safeguarded at a UK credit institution where it is ring-fenced and designated as customer funds.”
The card is even managed separately, by managed by Mastercard Prepaid Management Services Limited (Card Services), so should keep working too.
Mastercard told Mirror Money: “The Thomas Cook multi-currency travel card is unaffected by today’s news.
“The safety of cardholders’ money is not affected as the funds are not held by Thomas Cook, but by Wirecard Card Solutions Limited (Wirecard) as the issuer.
“Cardholders can continue to use their cards as normal.”
Should you keep using it though?
Read More
Thomas Cook goes bust
-
Thomas Cook crisis – LIVE updates -
Thomas Cook enters liquidation -
Holidaymakers could be ‘left on streets’ -
What it means for you and your holiday
The prepaid card from Thomas Cook works in a similar way to a debit card so it can be really helpful for holidaymakers that do not want to hold onto lots of cash or cards on holiday.
To use it, you’ll have to pre-load the card with your spending money and then use it in cash machines and in shops – the app also means you can track your spending which is useful where contactless is concerned.
The card has no load fee – however you will have to pay 2% of your transaction to transfer your cash back into pounds.
There are also ATM fees for using it at a cash point.
Mirror Money tests show that while the site is still live, it currently seems to be rejecting applications for new cards.
However, to assume it will keep working indefinitely on the same terms is another matter.
Without the Thomas Cook brand to help sales, it seems reasonable to assume changes will be made in future.
Additionally, the cards, while good value, aren’t the best deal on the market at the moment.
As such, it might be a case of use the money already on it, then switch to one better suited to you needs.
According to MoneySavingExpert, the best prepay cards right now are from and .
Alternatively, you can get perfect exchange rates and no commission by taking out a card that’s free to use overseas such as and .