Trial for New Prepaid Credit Cards in South East England

In London and the South East of England there were over 600 shops and retail outlets apart of the new prepaid credit cards trial. The trail is trying to target consumers who do not have normal access to credit cards or debt cards. The new card will allow individuals to load the credit card with cash to be used at any of the shops that are apart of the trial. The idea is to help consumers use credit cards both on and offline, without incurring a larger debt.

Studies have shown that there are 3 million individuals living in the UK that do not have access to a regular bank account. This means that they do not have a way to pay for items they are shopping for unless the store takes cash. Hotels, airlines, and car rental agencies are just three places that do not hold reservations without a credit or debt card. With the prepaid credit cards consumers are able to get what they need, without worrying about carrying the cash or not being able to hold the reservation. Many of the millions of consumers are usually denied access to debit or credit cards for one reason or another, it could be that they are new to the country or that they don’t have sufficient credit for the global credit crunch that has hit the UK.

Prepaid credit cards are a way for consumers to buy products. To obtain prepaid credit cards you do not need to have an identification or credit history. Consumers will find that the loading rates will be discounted and possibly free for the trial period. Usually the price for loading the card is going to be ₤6.99. This is a smaller fee than having an interest rate with the credit card.

There are many reasons to have prepaid credit cards. One of the reasons to try the trial with prepaid credit cards is the accessibility. There are no credit checks or identification requirements. This means if you have bad or fair credit you don’t have to worry. Another reason for choosing the prepaid credit cards is the safety. The cards do not carry personal information like regular credit cards. This means you don’t risk identity theft by using one of these cards. This makes security for shopping online.

Prepaid credit cards that are on trial at the moment provide a way of money sharing. You can load the card or withdraw money from the card. It is the cheapest way to send money abroad to your family. You also have control with these prepaid credit cards. You have a way to control how much your family spends because you would have to reload it before they could use it again. You also have no debt risk with these prepaid credit cards. Since you control the amount of money on the card, and you don’t have a limit, but a balance like a debt card or checking account you can feel a little more secure.

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