APS and Prepaid Gold MasterCard

Advanced payment solutions has just signed a deal with the prepaid gold MasterCard. APS is going to work with UK consumers who are suffering from a bad or no credit rating. The credit builder is the first type of service in Europe to be offered. There will be no extra charge for the prepaid gold MasterCard. There are also no late fees, interest charges, or early settlement fees.

MasterCard and Advanced Payment Solutions decided to collude because of consumer feedback. Apparently there were several consumers looking for help to rebuild their credit as well as to learn how to be responsible with credit. Many of these consumers have bankruptcies, involuntary arrangements, and missed payments. These issues are also on the rise for many UK cardholders, which has increased the demand for some type of card to help get them out of debt.

The credit builder option is only available, at the moment, with the cash plus prepaid MasterCard. When you apply for this card there is an a yearly fee, and then a monthly instalment fee. This card will also be reported to the credit agency in order to help you will your credit issues. The idea is that at the end of twelve months with the Advanced Payment Solutions your loan would be cleared and it would count towards improving your credit rating. You will not be charged interest with the card nor will there be an administration fee. You can pay off the loan early of course.

When Rich Wagner spoke about the APS program, he said that their company data showed a number of consumers needed some type of solution. They also devised a way for the consumer to pay in full for the loan as well as behave responsibly with the product in order to increase their credit.

The fact is Advanced Payment Solutions has responded to a need by the consumers. They need to have some type of program that would rebuild credit in a relatively short amount of time. APS simply provided that service without costing the consumer more. It is also a way to make sure the consumer can make regular payments for a year. Most often credit history that is in the bad section has gotten there due to a lack of being able to pay off the debt properly. With this solution they get to rebuild that credit by showing that they are able to pay off the debt on time for the given amount of time.

The Consumer Credit Association has supported the idea of the credit builder program. They believe that with no extra charges and the programs plan many consumers will be able to support the idea. The Consumer Credit Association would also like to see other alternative financial services offered for those who wish to rebuild their credit. Such programs will hopefully teach them a better spending habit as well as responsibility. APS doesn’t require the applicant to have a credit check, which makes it an even better solution for some. They won’t have to take any hits on points and the card can be used online. The card can also be used abroad and has purchase protection.

For a long time the most common question surrounding prepaid cards has been whether it can help to rebuild a person’s credit. Now with the APS program that answer can be yes. With high interest rates on credit cards it is hard for a person with bad credit or no credit to find a credit card. This product makes it a little easier on consumers and they get to be protected.

Back To Financial News April 2008
Travel Rewards With Your Credit Card
APS and Prepaid Gold MasterCard
The Figures On Credit Card Balance Transfers
Pointers for Balance Transfers
Credit Card Interest
Credit Offers Limited
Executive’s Life Ruined by ID Theft
Getting Around Life’s Obstacles
How To Borrow A Grand
Paying for a Good Credit Rating
UK Debt and the Mortgage Industry
Abuse of Government Credit Cards
Asian Growth Helps UK
Banks Raising Funds Offers Hope
Darling and UK Banks Going Head to Head
Estate Agents and Card Fraud
Government to Help UK Banks
Insuring UK Gardens
Interest Rates Rising with Underhanded Techniques
Lost Luggage Insurance Removed
Overdraft Charges Increase Credit Card Balances
Prediction: 10 Percent Drop in Insurance Market
Rise in the Housing Market Prices
The Scams With Telephone Calls and Security Codes
UK Insurance Costs Rising