This is a write up on the Republic Bank Visa Travel Money card, or VTM for short as the local bank likes to call it.
A VTM is basically a Visa Electron card and is a great option for gamers who don't want the anvil of a traditional credit card hanging around their neck. It is also a lot easier to qualify for, requiring no prior credit record, job letter, pay slip or collateral.
Visa Electron is a reloadable debit card that works everywhere a credit card would. That means Online as well. Most importantly it IS NOT a credit card. A VTM is not a loan facility from the bank in any form or fashion. Meaning only the funds you "load" on the VTM are available for purchases and not a dime more.
That's great for two reasons.
1) Less interest
2) Less interest
As everyone should know by now, Credit Cards are the devil incarnate. They will burn a hole through your finances given half a chance (and they are almost always given half a chance)
For example, if you have a Credit Card with a 20,000.00 limit and you do not religiously pay off the amount due, you'll easily pay over $5000.00 in bank charges and interest a year. That is a lot of money that could be better spent.
So enough on the finance lesson and back to the VTM.
Republic Bank will allow you to purchase a VTM for US$10.00
All you need are two forms of ID. (One, if you're an existing customer)
You get the card the same day and it comes with a PIN which you will need if making withdrawals at an ATM machine. The PIN is sealed in the envelope with the card, unfortunately you are not allowed to set it yourself. If you planned to maintain an easy to remember PIN (like say 1234) across all your bank cards, you are SOL.
The expiry date is comfortably set in the year 2013. The card sports the regular 12 digit visa number to the front and the 3 digit security codes (known as CVC2 or CVV2 codes) to the back.
There isn't a name imprinted but they still included a spot for your "Authorized Signature". You may want to put something legible here for local merchants who may still want to verify your signature or ask for ID.
Note, you are allowed multiple cards for the same account. Up to a limit of 5. Great for sharing with friends or family. You will need ID for each member you want to sign up. Also, each additional card costs US$10.00
Once you've got the card, you should apply for their online banking feature,
https://republiconline.republictt.com/This will let you see the balance on your VTM and also transfer money if you have a Savings Account with Republic Bank (with money in it of course)
The Poor/Smart Mans way to buy online.
The Gotchas:
The first time money is loaded on the card, it will take 48 hours to be reflected in your account. Thereafter, it takes 24 hours. (A bit of a killjoy if you were anxious to try it out online with a purchase right away)
Loading money costs you 1.15% of the amount. So say you went to Republic Bank and loaded $100.00 on the card, they will take $1.15 for their troubles, leaving you with a net deposit of $98.85
Does not sound like a whole lot but if you use this card often, that percentage charge will add up to some significant money, (still no where near the financial smart bomb a credit card is though)
The card sign up form at the bank mandates that you place "Trinidad & Tobago" as the issuing country. Despite being US$ based.
Had the form allowed you to use a United States address, this would likely solve a lot of woes faced by Trinis attempting to purchase from NewEgg and the likes.
Being a US Based card, ATM withdrawals in the United States are free but local withdrawals carry a TT$20 charge. Note, local purchases are free as well (At KFC, Hilo, Francis Fashions, etc..). This charge only applies to local ATM cash withdrawals using your pin.
Read the official RBL VTM FAQ here:
http://www.republictt.com/1asp/personal.asp?f=ebs_tmoneyThis card has been tested with an online purchase by yours truly on STEAM (awesome game downloading service, where you can pay for a game online and download it directly to your PC). Also tested with Amazon.com. Worked like a charm.
That's it for the Republic VTM, happy hunting.
Intercontinental Bank offers a similar service with their Gold Visa Debit card. Primary difference being that those cost $200.00 a year instead of the 1.15% reload fee and there are no charges for using local ATMs. Depending on your usage, that may be a better deal.
Anyone using their service that can confirm?
