Prepaid card use on the rise

Over 400,000 more people started using prepaid credit cards last year compared to 2008, new figures have shown. The stats, from Canadian provider DirectCash, indicate that there are now over 3 million people using the pay as you go cards to help manage their finances. Canadians used their prepaid cards to make online purchases, pay for bills and transport, as well as getting money from ATM machines. Prepaid cards differ from regular credit cards, as they don’t require a credit check before you can get…

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71% plan to use new ISA allowance

Whilst many banks are offering low rates of interest on savings accounts, new rules on ISA allowances have encouraged many to take full advantage. 71 per cent of ISA savers are planning on making the most of the change, by putting more money into the tax free savings account. The new tax year – beginning next week – will allow users to save up to £10,200, of which up to £5,100 can be saved in cash. Based on the Chancellor’s two per cent inflation forecast…

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Prepaid cards enable cashless purchases

One of India’s biggest cities is conducting a huge experiment with prepaid credit cards. Residents in New Delhi are being offered the chance to take advantage of benefits of prepaid credit cards by the postal department. These new pay as you go cards would enable people with no access to conventional credit cards or debit cards to use ATMs and make cashless transactions in shops. Rana Kapoor of Yes Bank comments that ‘it is an excellent platform for reaching out to communities where financial services are difficult to tender.’ Prepaid cards are…

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Prepaid credit cards’ online benefits

Consumers could save £560 a year by getting themselves a prepaid credit card, according to the government’s Champion for Digital Inclusion. Martha Lane Fox indicates that the figure is the average saving made by people with credit or debit cards who make purchases online, compared to those without cards. The biggest savings come from buying clothing, package holidays and bill payments, but these aren’t available to those without a card. Ms Lane Fox is now promoting the Freedom Prepaid MasterCard, which allows consumers to load it up with…

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A joint budget can lead to financial calm

Setting up a joint budget or bank account with your partner can reduce financial anxiety in your relationship. This is the advice of financial expert Rachel Haig, who concedes that whilst it may not be the most enjoyable activity for couples, it could be one of the most important. Ms Haig, of Morningstar.com, recommends that you should discuss fiscal priorities with your partner and identify short-, medium- and long-term goals. You should also keep track of any fixed outgoings you have, such as mortgages, utilities, phone…

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