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O2 to launch pre-paid Visa card

A phone company is launching a pre-paid Visa card next month, designed to help people to maintain better control over their spending.

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17 July 2009

O2 to launch pre-paid Visa card”

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O2 has joined with NatWest to offer the new cards, which must be pre-loaded meaning that customers will not be able to go overdrawn.

The new service from O2Money will also send real-time balance updates to card holders' mobile phones so they can keep track of their finances.

The Visa cards will allow holders to shop online, as well as withdraw money from cash machines.

It is hoped the cards will be useful to young people aged 13 and over because they offer the benefits of a Visa card but within a safe framework.

Parents will also be able to load money onto the child's pre-paid cash card online.

Ronan Dunne, O2's UK chief executive, said: "By bringing a fresh, transparent and customer-focused approach to pre-paid cards, we plan to drive this market and take a significant share. In partnership with NatWest, O2 Money is delivering new ways of helping our customers better connect with their money."

NatWest also offers a student credit card with a £500 credit limit to help young credit card holders control their spending.

There is no annual fee with the student credit card.

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16.9% APR representative (variable). Based on a credit limit of 1200 and purchase rate 16.9% p.a(variable).
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