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Prepaid cards 'increasingly popular in US'

Prepaid cards are gaining in popularity in the US, it has been reported.

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21 December 2009

Prepaid cards 'increasingly popular in US'”

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Prepaid cards are gaining in popularity in the US, it has been reported.

The cards are becoming increasingly popular among consumers, companies and the public sector, according to Dow Jones.

Prepaid cards work in much the same way as a traditional debit or credit card, except they must be preloaded with money before they can be used.

This characteristic makes prepaid cards particularly popular among those who are budget-conscious, resulting in a rise in popularity during the economic downturn.

MasterCard, Visa, JPMorgan Chase, Bank of America and American Express all currently offer prepaid cards and are investing millions of pounds in them, the news service reports.

Prepaid cards are also popular for parents to teach their children about financial responsibility.

They are also appealing to those without a bank account.

O2, Fair FX and Caxton FX are just three of the companies that currently offer the cards.

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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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16.8% APR representative (variable). Based on a credit limit of 1200 and purchase rate 16.8% p.a(variable).
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17.5% APR representative (variable). Based on a credit limit of 1200 and purchase rate 17.5% p.a(variable).
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