New payment cards for under 18’s by MeCard

Whether you are for or against the concept, there’s no escaping the fact that it is becoming increasingly acceptable for younger adults to flash the plastic. Is this a step forwards, a progression in the way that we perceive our finances and financial responsibility? Or is it a step too far, pushing a generation of 13-18 year olds into facing some very adult responsibilities?

Anyone venturing to take part in the debate must first be made aware of the differences between the average credit/debit card and the increasingly popular prepaid card. Bank accounts, credit checks, and high interest borrowing all belong under the umbrella of credit/debit. Prepaid cards are not linked to a bank account, there is no overdraft facility and no credit check needs to be performed. Best compared to a gift card, but re-loadable with a chip and PIN function.

The new prepaid MeCard is a MasterCard offering, thoughtfully marketed towards parents and teenagers.  It is the latest example in a trickle of prepaid cards for youngsters, which have begun to infiltrate the market. Parents must sign up for a primary card and then a teen card for each of their 13-18 year olds. Online accounts are used to manage the money and these are cleverly linked, with parent able to view balances and transactions of the younger family members’ cards.

Well this certainly takes a little of the sting out of the situation. Handing over control of the personal finances from parent to dependent is traditionally a large step. A concept such as MeCard allows this hand over to occur gradually, a half-way point is created. MeCard also boasts chip and PIN protection, which is certainly safer than carrying cash.

Parents are right to be worried about card fraudsters and ATM crime. The need to educate teenagers about these possibilities should be observed. The bottom line seems to be that if precautions are taken, the freedom of choice that prepaid cards such as MeCard offer gets the thumbs up here.

For more information on the MeCard or to apply click here >> MeCard

                          

Consumers and Businesses who use credit cards are being tortured by hundreds of phone calls from his credit card firms repay his outstanding credit card bill.

Keith Harrison, a businessman from Buckfastleigh in Devon, spoke exclusively to the BBC about the telephone harassment that the MBNA credit card firm, and the debt collection firm Link Financial.

“Whatever you say about your circumstances they are not interested, they just want you to get your debit card out,” ”They were condescending and rude. The bottom line is they don’t believe what you say” said Mr Harrison.

The lenders’ behaviour was so bad that it contributed to a decision in February, by Judge Nicholas Chambers QC at Mold County Court, to write off just over £20,000 outstanding on Mr Harrison’s card.

“I am satisfied that the claimant’s description of the way that he was hounded by his creditors is essentially correct not least in the use of “non-traceable” telephone calls,” the judge said.

“There can be no excuse for conduct of which it must be supposed the sole purpose must have been to make the claimant’s life so difficult that he would come to heel.”

Running into trouble Mr Harrison, who runs a design business from home, ran into trouble in 2007 – nearly a decade after first taking out the MBNA card.

“They almost had a mechanised collection process they triggered that took us completely by surprise”

Keith Harrison
In the space of three months he was struck by a series of family illnesses. His mother had a serious heart attack, necessitating constant care at home after being treated in hospital. Then both his wife and daughter also went into hospital with serious ailments.

New Alternative

With so many companies being declined for credit and bank facilities, the business prepaid MasterCard is a great alternative to a corporate card or a business bank account and is a New solutions for businesses who need a payment card.

100% instant approval guaranteed* – whatever your company’s status

• No documents needed up front to open an account
• No credit checks
• No links to any other bank accounts – separate borrowings from cashflow

A great addition to a business account:

• Prepaid card providers are offering free deposits, so if your current bank charges per transaction and you make a lot of deposits, this could reduce your costs significantly
• Free internet banking – check your transactions and spend real time, 24/7
• No purchase transaction or borrowing costs – only spend what you load
• Pay bills quickly and efficiently

Expenses cards that offer no risk

• No risk of overspending as your employees can only spend what’s loaded
• Reduce risk of fraud with payment protection offered on some prepaid cards
• Track balance and spend instantly with free internet banking
• Top up employees’ accounts while they’re travelling
• Use wherever MasterCard is accepted – nearly 29 million locations worldwide

Cut Payroll time and processing costs

Did you know it can cost your business around £10 per company cheque once you’ve factored in banking fees and your own staff’s salary and time, This could save your business up to £52,000 per year in payroll costs alone.

Compare Business Account Cards

                          

Holiday makers who had purchased a Post Office prepaid travel card to get a better exchange rate were left with cancelled cards leaving many customers abroad without any money and with family members to support.

In addition the Post Office is coming under further scrutiny by refunding these customers with a poor exchange rate. Customers are complaining the Post Office is refunding them the money that was left on their cancelled card in Sterling at a bad exchange rate.

Travel Money Cards are used by holidaymakers who want to take their money abroad without the need for traveller’s cheques, or racking up high charges on their credit cards.

The card users load their money onto the card in the currency they require, at the exchange rate on the day they bought the money. This exchange rate does not change, even if the money on the card is used on a day when the rate is lower or higher than before.

Travel Money Cards enable holidaymakers to withdraw cash from cash machines, and make purchases in stores and restaurants, as they would with any other debit or credit card.

According to a customer, it takes eight weeks for the Post Office to deal with complaints, by which time it will be too late before she leaves for her holiday.

“The conversion rates used for customer refunds were based on the buy and sell rates offered by the Post Office on March 14 2011,” a Post Office spokeswoman told the Mail Online.

She continued to explain about 96 percent of the total balances which were cancelled on the cards have been automatically refunded.

There are many travel card providers on the market, so holidaymakers considering using this method of taking their money abroad may find a suitable alternative to the Post Office product.

The Bread FX Travel Money Card is a good option for example, it is free to make purchases with, and can be used to load Euros onto, as long as the traveller loads a minimum of £9.99. There are no monthly or transaction fees and a small usage charge for ATM’s .

                          

Payments company MasterCard has now completed the acquisition of the prepaid Card Program Management operations of UK-based non-bank wholesale foreign exchange supplier Travelex Holdings Ltd for an acquisition of $458 million.

“The acquisition of Travelex’s CPM operations furthers the company’s strategic business goals and strengthens the suite of global prepaid business assets.”, MasterCard said.

MasterCard also said that it will allow to play a greater role in the prepaid value chain supporting issuers and partners, especially outside of the US and in the attractive cross-border payments space.

In December last year, MasterCard agreed to acquire prepaid Card Program Management (CPM) operations of Travelex for $458m in cash.

MasterCard has acquired the Travelex operations that manage and deliver consumer and corporate prepaid travel cards to business partners globally, including financial institutions, retailers, travel agents and foreign exchange bureaus.

These operations also manage cross-border payroll, per-diem and expense-management prepaid cards for corporations.

As part of the transaction, MasterCard and Travelex also signed a long-term contract whereby MasterCard will provide program management services for the Travelex Cash Passport prepaid card sold through Travelex stores and online channels.

The company also added that the acquisition will enable it to play a greater role in the prepaid value chain supporting issuers and partners, especially outside of the U.S. and in the attractive cross-border payments space.

In December last year, MasterCard announced the acquisition of prepaid Card Program Management, or CPM, operations of Travelex Holdings for 290 million pounds or $458 million in cash.

The deal also includes an earn-out of up to an additional 35 million pounds or $55 million if certain performance targets are met.

The acquisition includes the Travelex operations that manage and deliver consumer and corporate prepaid travel cards to business partners, including financial institutions, retailers, travel agents and foreign exchange bureaus.

MasterCard projects the deal to be $0.04 dilutive to its 2011 earnings per share due to amortization and one time transaction and integration costs. For 2012, MasterCard expects the acquisition to be neutral and accretive beginning in 2013.

                          

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