Mastercard has announced that Thomas Cook’s range of currency cards will stop working on 6 April.
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.
The cards have continued to work as normal since Thomas Cook’s collapse in September 2019 but Mastercard has announced that cardholders won’t be able to use their cards, or reload them, after 6 April 2020. However, they will have until 6 April 2026 to redeem their cash from Mastercard.
The prepaid cards were issued by Wirecard and provided by Mastercard but part of the Thomas Cook brand.
Cardholders should claim any cash on their cards as soon as possible as each card has a £2 monthly inactivity fee if it's not used for 15 months.
Cash can be reclaimed through your online account or you can call Mastercard's card services on 0800 023 2098. You should receive your money within three to five days of cashing out.
The currency will be returned to you in pounds, at the Thomas Cook exchange rate on the day. This means you could get less cash back if you originally loaded the currency when the exchange rate was better.
Cash out rates
The cashout rate is appalling. I have €532 and they are giving me £437 which at the current rate will only buy back €490. So annoyed as it is not me initiating the closure of the account. Looks like mastercard are going to make a lot of money out of this . Totally dishonest. They could have offered to transfer to a new card but I guess they want to make a bit of extra cash.