Whether you are for or against the concept, there's no escaping the fact that it is becoming increasingly acceptable for younger adults to flash the plastic. Is this a step forwards, a progression in the way that we perceive our finances and financial responsibility? Or is it a step too far, pushing a generation of 13-18 year olds into facing some very adult responsibilities?
Anyone venturing to take part in the debate must first be made aware of the differences between the average credit/debit card and the increasingly popular prepaid card. Bank accounts, credit checks, and high interest borrowing all belong under the umbrella of credit/debit. Prepaid cards are not linked to a bank account, there is no overdraft facility and no credit check needs to be performed. Best compared to a gift card, but re-loadable with a chip and PIN function.
The new prepaid MeCard is a MasterCard offering, thoughtfully marketed towards parents and teenagers. It is the latest example in a trickle of prepaid cards for youngsters, which have begun to infiltrate the market. Parents must sign up for a primary card and then a teen card for each of their 13-18 year olds. Online accounts are used to manage the money and these are cleverly linked, with parent able to view balances and transactions of the younger family members' cards.
You have chosen to apply for a MeCard prepaid card, please ensure you meet the following points as this will make your application more likely to be approved. Please ensure that:
You are at least 18 years of age
You are a permanent resident/citizen of the UK
No application fee for Parents but £9.99 per card for teens but £10 loaded on to each teen card when activated
Please note that until payment is made your MeCard account will not be opened.
How to Pay
Pay now - The fastest and easiest way to pay is by credit card or debit card. Make a simple one off payment whilst signing up. Confirmed highly secure website, with card and personal details protected.
These points are simply a guide to the minimum acceptance criteria for the MeCard. Please ensure you read their terms and conditions and see a full list of charges.
The decision to accept will only be made by MeCard after they have taken your details, confirmed your ID and received payment.