As banks everywhere are being less generous with their lending, prepaid credit cards and gift cards becoming increasingly popular in other parts of the world, according to a new report.
Javelin Research revealed that American usage of the ‘pay as you go’ prepaid cards saw an increase at the end of last year and looks set to carry that momentum through the rest of 2010.
The cards have proved especially popular amongst those with bad credit ratings. In the past, these people would have been left without card options as banks would deem them too risky.
Now though, with cards that they can load up with cash or benefits, they can take advantage of ATMs and cheaper online offers.
With British people laden down with huge amounts of personal debt and banks increasingly concerned about the risk of defaulting, a similar upward trend in the popularity of prepaid credit and debt cards could soon be seen in the UK.
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