Prepaid Credit Card Applications Increase

Published on 1 January 1970 by Raffick Marday

Applications for pre pay credit cards increased by more than 35 percent in the last six months, new research shows. Find out why more and more Brits are seeing the attractiveness of pre pay credit cards.

Figures for the period April-October, 2010, show that applications for prepaid credit cards have increased by more than a third in the last six months

As the nation gets used to living in ‘Austerity Britain’, compareprepaid.co.uk figures show that applications rose from 30,000 per month in October-March 2009/10 to just over 40,000 per month for the period April-Oct, 2010.

With a lack of available credit, job insecurity and government cuts, the next decade promises to put far more strain on all of our finances. While the last decade was all about the credit card; spending on the ‘never-never’ and not worrying about paying the money back, austerity Britain is a very different place.

Recognising a need to cut costs and budget, consumers are increasingly turning to prepaid credit cards to help their budgeting needs.

A lack of available credit for those with poor credit history, and the fact that you can get a prepaid credit card without any credit checks have all helped cash strapped Brits see the attractiveness of pre pay credit cards.

There are some great new prepaid credit cards available on the market at the moment that have fewer charges and offer customers a far better deal.

Sainsbury’s have just launched 3 new prepaid cards to compete directly against Tesco's and Marks and Spencer's, and they have been launched to assist consumers who wish to budget or control spending.

A pre pay card UKenables a card user to manage their monthly income more efficiently as it prevents over spending, aids budgeting and also avoids the user from becoming overdrawn or getting into debt.

The cards come with a means to check where you have used the card to monitor the exact location and amount used there, which could help aid shoppers identify relevant loyalty card schemes for their specific needs.

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