360money Prepaid Card Launched
360money prepaid card will be available to 'virtually anyone'
22nd may 2006
A new 'pay as you go' payment card has been launched that can be topped up at participating post offices and convenience stores, much like a mobile phone.
The card will be run in conjunction with Mastercard's Maestro debit card system, so will be usable in most of the places a standard credit card can be used.
The card's providers, a company called PrePay Technologies, say that as there is no possibility of running up a debt using the card - it will be rejected if it isn't loaded with enough funds to cover a purchase - then they will make it available to virtually anyone who applies, requiring only a validatable name and address.
While the card may seem attractive to people who can't get a credit or debit card because of their financial circumstances or credit rating, it comes with costs. A management fee of £1.99 a month will be charged, along with a flat fee of £1.50 for all cash machine withdrawals and a 2.5% charge for all telephone or internet purchases.
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More on Prepaid Cards : Prepaid Cards Issued to Children (News, 27/01/2006), Clydesdale to Launch Prepaid Mastercards (News, 20/01/2006), Prepaid 'Credit' Card to Launch (News, 16/09/2005), MBNA Launches Pre-paid Gift Visa Card (News, 30/06/2005) |
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