According to Joseph Rosta of USBanker, some elite prepaid cards are losing their luster in the recession. Rosta sites a recent report by Aite Group reporting that based on a survey of 21 card industry executives. Eighty-two percent of those participating say current economic conditions are have a “somewhat to very adverse” impact on the sale of private-label cards, as expanding retailer bankruptcies stoke consumer fears they could be stuck holding worthless and unredeemable gift and other prepaid cards from defunct chain stores.
Are you seeing these changes?
For more information, please visit Rosta's original article here.
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