16 October 2006
UK's first GOLD prepaid MasterCard® on its way
The United Kingdom is set to get its first gold prepaid MasterCard on November 1st.
The cashplus Gold prepaid MasterCard is being launched by Advanced Payment Solutions (APS) and will be available to anyone over the age of 18 for just £9.95 plus usage fees. It will be issued by Broadcastle Bank Ltd.
Unlike most 'gold cards', cashplus Gold does not require cardholders to undergo a credit check or to have a bank account. However cardholders do need to load their own funds onto the card to start with.
The new cashplus Gold card has the highest 'load' limit allowed on a MasterCard prepaid card set at £5,000 at any one time. Loading the card is free.
The gold card was created because cardholders asked for it, explains APS Chief Executive Rich Wagner.
"We conducted several cardholder focus groups in locations throughout the UK and discovered the average user wanted a more aspirational card that better suited their lifestyle.
"Looking at transaction trends we can see that cashplus cardholders are savvy consumers who shop online and travel frequently. The amount loaded onto the cards has been growing by about 20% month on month and we felt it was important to grow our card portfolio in line with cardholder usage trends. We listened to their feedback and created the product they asked for."
"Cardholders are moving more and more of their day to day spending onto their cashplus card - everything from paying for transport, food and entertainment through to subscription services such as SKY, AOL and bills such as council tax and DVLA payments," says Mr Wagner. "They also appear to be using the card to put away money for a big one off purchase or holiday where paying with a MasterCard card, either online or abroad is easier for the consumer because of the high acceptance levels."
"MasterCard cards are attractive because they are accepted globally and online. Combine this with no bills, no interest and no chance of getting into debt and it becomes a great way to manage money," he says.
Nearly £25 million has been loaded onto cashplus prepaid MasterCards since the launch of the standard cashplus prepaid MasterCard late last year.
The new card will be available from November 1 at www.mycashplus.co.uk and retailers throughout the UK.
Product details:
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Available from www.mycashplus.co.uk £9.95 plus a monthly service fee or £1 per transaction. FREE Loads at The Post Office® and over 400 retail outlets. ATM charges apply. |
Ends
Notes to Editors:
The cashplus prepaid MasterCard® has been named as a finalist for the Most Promising Retail Financial Services Product Award, to be announced in November 2006.
For further information, please contact:
Sanjay Mistry
@ Public Relations
Tel: 0870 011 4716
Mob: 07810 368 772
Email: info@prlimited.co.uk
About Advanced Payment Solutions
Advanced Payment Solutions was established in early 2004 to become the pre-eminent leader of general purpose prepaid cards and payment solutions in the United Kingdom. Its senior management team and board of directors have unparalleled experience in the prepaid and payment industry. The company aims to lead UK prepay market growth to emulate the success of prepaid payment cards in the US.
APS' first prepaid payment card, the cashplus prepaid MasterCard, launched in September 2005, is the UK's first general purpose prepaid chip and PIN payment card. Cardholders can reload their MasterCard at over 14,000 Post Office® branches and some 450 retailers throughout the UK.
Alongside developing its cashplus product portfolio, APS provides a suite of services for businesses wanting to offer branded prepaid products to their customers.
About Broadcastle Bank Ltd
Broadcastle Bank Ltd is authorised and regulated by the Financial Services Authority. Their registered office is Sefton Park, Bells Hill, Stoke Poges, Bucks, SL2 4JS, Company Number 0542018.
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