Prepaid credit cards 'increasingly considered by not-for-profit organisations'
Members of not-for-profit organisations are considering prepaid credit cards as a method for managing their finances, according to one US organisation.
Prepaid credit cards 'increasingly considered by not-for-profit organisations'”
Prepaid credit cards allow users to place a set level of credit on their credit card account, which is then used by the card holder over a period of time. Once these funds are spent, it is not possible to use the card until the funds are replenished.
Speaking today, Sarah Gordon, the nonprofit relationship manager for the Center for Financial Services Forum (CFSF), said that charitable and other non-profit generating operations are increasingly requesting additional information from the forum about the credit card product.
She suggests those making these enquiries feel that the product could help them better manage their finances.
Ms Gordon continued that the CFSF is hoping to "provide information and resources that will build consumer awareness around prepaid cards generally and to provide nonprofit organisations in particular with the tools and resources needed to incorporate prepaid into their programming".
A host of credit card providers offer prepaid accounts in the UK, with both MasterCard and Visa offering the service.
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