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Credit cards that can be pre-loaded 'can be economical'

Prepaid credit cards can be good value for money, according to the Prepaid International Forum (PIF).

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8 May 2009

Credit cards that can be pre-loaded 'can be economical' ”

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They are also a good way of protecting consumers from fraud, states the chairman of PIF.

Prepaid cards are offered by MasterCard, Maestro, Visa Electron and American Express and are much the same as traditional credit cards except without the credit. Users can pre-load the cards with their own money before use.

Although they can be good value, some companies charge an admin fee for the cards, according to PIF.

Chairman Chris Reddish suggested that there are ways of avoiding fees. He said: "Quite a few of the good cards will have three routes to topping up, maybe by using your credit card, things like avoiding atms - why put cash on the card to take when you're using it in the retailer environment at point of sale?"

According to figures from the UK payments industry association, Apacs, debit and credit cards made up 66 per cent of all UK retail spending last year.

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Credit Cards	0% Balance Transfers	0% Purchases	APR Representative (Variable)
	Tesco ClubCard Credit Card
	9 months	15 months	16.9^%
16.9% APR representative (variable). Based on a credit limit of 1200 and purchase rate 16.9% p.a(variable).
	Virgin Credit Card
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16.8% APR representative (variable). Based on a credit limit of 1200 and purchase rate 16.8% p.a(variable).
	Barclaycard Platinum with BT
	22 months	3 months	17.5^%
17.5% APR representative (variable). Based on a credit limit of 1200 and purchase rate 17.5% p.a(variable).
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