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Prepaid cards are a 'positive' money management tool

Cards can be ideal for those who can not apply for a bank account, says expert

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25 October 2011

Prepaid cards are a 'positive' money management tool”

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Reloadable prepaid cards are a positive way for people to manage their finances, according to a leading financial expert.

In an interview with the Wall Street Journal, Jennifer Tescher, chief executive of the Centre for Financial Services Innovation, a consultant specialising in serving those unable to enter mainstream banking services, claimed that the cards are ideal for those who can not apply for a bank account.

"If you know what questions to ask and you spend some time shopping, prepaid cards can be a positive tool for managing money and can even be a substitute for a traditional checking account," she told the news provider.

In 2005, CashPlus issued the first prepaid cards in the UK with Virgin following offering their own version in 2007.

They could become increasingly popular over the coming years, with research from The Payments Council forecasting that cash will be used for less than 50 per cent of all transactions by 2018.

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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
	20 months	3 months	16.8^%
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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