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Pay as you go credit card

February 26, 2007 by admin  
Filed under News, News-Credit-Cards

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A prepay credit card is being trialled in Liverpool as the UK tries to tackle the problem of personal debt.

The Bread card, which is provided by Maestro, allows holders to put money onto it in much the same way that you top up a mobile phone.

Purchases can be made on the card, while money can also be withdrawn from ATMs. The key difference, however, is that you cannot get into debt or incur charges because the card will only let you spend what you have topped up.

The card is designed to help those who cannot get a bank account because they have previously handled their finances badly, are foreign nationals or are UK nationals travelling abroad.

“This card will give people the chance to rebuild their , which is great for those who get into a bit of a mess during their teens and early 20s,” said a spokesman for Bread.

“With such a big focus on Liverpool as the capital of culture, Bread thought the card would be perfect to launch in a city which seems to be growing more rapidly than any other in the UK.”

The scheme is set to begin in March or April and will run for around .

Tags: spokesman, foreign nationals, Payment systems, personal finance, bank, six months

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