Thomas Cook's prepaid cards to close in April – check if you've got any remaining balance to cash out
Thomas Cook's range of prepaid currency cards will be closing in April, Mastercard has announced – if you've got one, check if you've any money on it to cash out before the closure.
Thomas Cook's travel card range consisted of the Lyk card, Thomas Cook Multi-Currency Cash Passport, Thomas Cook Single Currency Cash Passport and the Co-operative Travel Cash Passport.
Though they were part of the Thomas Cook brand, the cards are provided by Mastercard and issued by a company called Wirecard. After Thomas Cook's collapse, both firms said the cards would continue to work as usual. But Mastercard has now confirmed that the cards will be closing on 6 April 2020.
After this, you won't be able to use your card or reload it. So if you've money on one of these cards and won't spend it before the closing date, you'll need to contact Mastercard to get your cash.
Technically you have until 6 April 2026 to redeem your cash – but as each card has a £2 monthly inactivity fee if it's not used for 15 months, it's worth doing it now to avoid losing money down the line.
The currency will be returned to you in pounds, at the Mastercard exchange rate on the day you cash it – so it's possible you could get less cash back if you originally loaded the currency when the exchange rate was better.
See our Travel Credit Cards guide for the cheapest ways to spend abroad, and our Prepaid Travel Cards guide if you want to lock in a rate.
I've got a Thomas Cook card – how can I reclaim my cash?
If you've still got money on a Thomas Cook card or a Co-operative Travel Cash Passport and won't spend it before 6 April, you'll need to redeem your cash proactively.
You can do this by calling Mastercard's card services on 0800 023 2098.
Mastercard has warned that if you've recently changed any of your personal information, you might need to provide some supporting documents to complete your cash out.
Once your cash out's been approved, you'll receive your funds into your bank account within three to five working days.
What does Mastercard say?
Mastercard has written to customers and said: "We have reviewed the level of support we can continue to offer you as a cardholder and have made the hard decision to discontinue your currency card."
It added: "You should aim to have spent all funds on your card before 6 April 2020 as any remaining balance will be subject to the monthly inactivity fee set out in the card terms and conditions."
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