Getdebit.com reports that today, WWE and Stored Value Solutions, Inc. announced an agreement under which Stored Value Solutions will provide prepaid gift cards and other promotional cards for World Wrestling Entertainment.
To learn more about this partnership, please click here: Prepaid Card Smack Down
What do you think?
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MobileNews.com reports that Phones International boss Peter Jones (pictured) has waded into the new prepay cashcard market with the launch of the On-X MasterCard, which will be sold to various under-served demographics via his distribution company Data Select.
It expects sales of 40,000 units during the period.
The total UK prepay debit card market, which includes the gifting sector, will be worth £17 billion by 2010, said Data Select. Its principle target demographic is around eight million UK residents with no banking privileges.
Data Select Debuts Prepay Card
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The Consumerist writes today about the hidden cost of prepaid debit cards and the impact that these fees are having on the U.S. economy. Editor Ben Popken writes, with credit cards harder to come by and more annoying to use, the prepaid debit card market is projected to explode from $8.7 billion loaded on the cards to $119 billion in 2012, but a good chunk of that is going to be eaten up by hidden fees and gotchas. Popken gives a brief run-down on some normal costs.
$1.75 for each ATM withdrawal
$1 for each ATM balance inquiry
$.50 for each purchase
$4 monthly maintenance charge
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Erica Sandberg of Creditcards.com reports that many businesses -- from office supply stores to wireless companies -- are switching to prepaid cards, and the reasons are multifold. One is the likelihood of boosted sales. According to rebate analyst Hal Stinchfield, CEO of Promotional Marketing Insights, a well-featured rebate card can result in "double-digit or sometimes triple-digit sales growth during the promotion period."
Has your company seen an increased growth in prepaid cards as rebates? We'd like to hear your thoughts.
Prepaid cards replace checks as rebate payment of choice
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Sara Huffman of ConsumerAffairs.com decided to do an experiment using her "big bank" checking card and a prepaid debit card. Huffman chose a Silver Prepaid Mastercard, which promised free unlimited purchase transactions anywhere credit cards and debit cards are accepted, and most importantly, no overdraft fees. Huffman was approved for this card immediately.
One of the best features that Huffman discovered was, Two minutes after each purchase I got an email from Silver Card telling me I had made a purchase, how much the purchase was for, and best of all, how much money was left in my account. What a great feature!
We encourage you to read Huffman's entire account here.
And finally, from Huffman, While there is almost no truly free banking, using a prepaid credit card is an alternative to going with the Big Banks. It isn't for everyone, but if you get hit with multiple overdraft charges every month or so, you might find it's just as simple and much, much cheaper.
What did you think of Huffman's experiment? As a prepaid card professional, did you learn anything from her experiences?
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The PayPers reports that SmartCard Marketing Systems is to market the prepaid gift cards via its Velocitymoney.com website. As a result of the deal, online customers can activate, load and select shipping options on the cards on their website. SmartCard Marketing Systems markets MasterCard and Visa-branded prepaid cards, as well as prepaid wireless and long-distance cards and payment processing services.
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According to a press release, Emida customers across the U.S. will soon have three new and two enhanced products and services include Verifone POSA microbrowser access, enhanced PC terminal access, Prepaid Prepaid, money transfer and M-MONI™, Emida’s mobile wallet solution. Each of the new and enhanced services is designed to give Emida’s clients more flexibility, more value add and better customer retention. The new microbrowser application for Verifone POSA terminals allows merchants to run faster transactions, improving productivity and efficiency.
For more information about Emida, please click the company's website here.
Emida Announces New Prepaid Products and Upgraded Services
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Mainstreet.com reports that prepaid card consumers should be careful, according to a new report conducted by Consumer Union, the nonprofit publisher of Consumer Reports. Here's a break down of the fees that can be associated with prepaid cards.
Activation Fees. 17 of the 18 prepaid cards charged a fee for getting started. The Millenium Advantage Card, for example, charges $99.95 in application and initiation fees.
Monthly Fees. Although sometimes this fee can be waved (if, for instance, direct deposit is established), 15 of the 18 prepaid cards charged a monthly fee, some as high as $10. ATM or Cash Withdrawing Fees. All cards charge some fee for ATM use, sometimes as much as $2.50. 17 of the prepaid cards will also charge you up to $1 for balance inquiries, and these charges do not factor in the ATM owner's own fees.
Inactivity Fees. Eight of the pre-paid cards charge a fee when you don't use your card for a period of time. Not using your Exact card this month? That will be $9.95, please.
The Fees add up: According to the report, a new Rush Card user whose first month card use included three ATM withdrawals, two deposits, three bill payments and eight regular purchases would pay $43.75 in fees.
Prepaid Cards: Beware of High Fees
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Darla Nagel reports on, Home Safe Card, which is a new prepaid taxi card that aims to curb drunk driving by offering individuals a safe way to get home after a night out. According to Nagel's report, the CEO of Home Safe Card is marketing the card to colleges at first because he sees a need for a safe way to travel home. The card is accepted by any taxi or company that accepts Discover. For more information on the Home Safe Card, visit the original article here.
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