A new pre-pay ‘credit’ card has been launched by UK company Prepay Technologies, aimed at providing a payment card to those who can’t get a normal credit or debit card because of their credit history or finances.

The card can be ‘loaded’ with funds at post offices and some convenience stores, in much the same way as a pay as you go mobile phone. The card can only be used when it has sufficient funds on it, so there is no possibility of users building up a debt that they can’t service.

This means that virtually all applications will be accepted by the issuer, providing a valid name and address is supplied and can be verified.

The card is backed by the Maestro system and so is accepted at a huge number of outlets worldwide, as well as at most online stores.

The cards come with a cost for the convenience though, with a 2.5% fee charged for all internet and telephone use. There’s also a monthly flat fee of £1.99 to cover administration costs, along with a £1.50 charge for each cash machine withdrawal.

This entry was posted on Monday, May 22nd, 2006 at 4:56 pm and is filed under New Cards, Prepaid Cards. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.