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MySpace prepaid Visa Credit Card for teenagers
Aug 28, 2009 - Eric Smyth
ANZ Bank has unveiled a reloadable prepaid Visa Credit Card for teenagers on MySpace so that they can securely spend their money online.
Nick Love a spokesman for MySpace stated that the card would give under 18's who are unable to obtain a credit card more freedom and security to make purchases on the internet.
Teenagers can spend their own money on concert tickets and can also use the card to purchase prepaid phone credit through the site.
John Harries a spokesman for ANZ stated that research had shown that parents were looking for convenient, secure and simple alternatives to cash for young people.
MySpace Visa Credit Card will teach teens credit card responsibility?
MySpace Visa Credit Card is preloaded and uses people's own money; it is not linked to a deposit account so users do not need to be ANZ customers. The cards have a maximum balance of $1000, and cost $5.95 and are available to teenagers aged 13 and older with MySpace accounts.
Family finance expert Justine Davies thought that the idea had merit and could potentially help parents teach teenagers the meaning of credit card responsibility. The onus is on parents to teach their children how to use the card. Parents would have to set boundaries on what teenagers could purchase.
Ms. Davies stated that from her observation when kids were using their own money which they had worked hard to earn then they tended to be more cautious about what they spent it on.
MySpace Recharge Prepaid Visa Card - Features
The MySpace Recharge Prepaid Visa Card offers the freedom of a Visa card, without worrying about going into debt. The card is reloadable, so you are in control of your spending.
- Use where Visa Prepaid cards are accepted electronically
- No application fee
- No credit checks & no interest
- Use in stores, online and even overseas
- Re-load with your own cash up to $1000
- Get cash out at ATMs that display the Visa symbol
Please note that currently the Woolworths and Coles groups are declining to accept any Visa or MasterCard reloadable prepaid cards (including the MySpace Recharge Prepaid Visa Card) as a method of payment.
MySpace Recharge Prepaid Visa Card - Fees
- Card Issue fee $5.95
- Lost or stolen Card replacement $15.00
- Value Loading Fee
- BPAY $2.00
- ANZ Merchant $3.45 - Monthly Service fee, unlimited POS Transactions $2.95
- IVR fee $1.20
- Live Operator Fee $4.00
- SMS fee $0.25
- ANZ ATM fee $0.75
- Reissue fee $15.00
- Unsuccessful disputed transaction fee $10.00
- Card Closure $15.00
There are more fees involved. So if you really want to teach your kid financial literacy, please read MySpace Recharge Prepaid Visa Credit Card Product Disclosure Statement before you apply.
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Serena
You need to properly research a product before writing about it. You have made 2 statements about the MySpace Recharge Prepaid Visa Card that are absurb and utterly incorrect:
1. It is NOT a credit card. You are not making purchases on credit. You are using your own money which you have preloaded onto your card.
2. There is not credit check by ANZ because it is NOT A CREDIT CARD. You only require a MySpace ID in order to apply for the MySpace Recharge Prepaid Visa Card. Now because MySpace stipulates that every person that applies for a MySpace account must be 15 years or older, then logically, anyone who applies for the MySpace Recharge Prepaid Visa Card would at least be 15 years of age.
3. The statement "buy for online or offline purchases" is incorrect. All transactions using the MySpace Recharge Prepaid Visa Card must be processed eletronically. You cannot make an offline transaction.
There is a clear difference between a Prepaid Card and a Credit Card. With a credit card, you are making purchases on credit, spending money that isn't yours which needs to be repaid to your credit card issuer. Now because you are not spendiing your own money, you are more likely to over-spend and wind up in debt. With a Prepaid Card, you have preloaded the funds onto your card so whenever you make a purchase in-store or online, it is YOUR money. Hence, if you preloaded $500 onto your Prepaid card, then you are limited to spending $500. That's it.
Rate Detective
Thanks Serena for your comments.
1. It's a Review of MySpace Recharge Prepaid Visa Card and we are using simple to understand English but not corporate or legal English. As you can use this card like regular credit card we call it "prepaid credit card" - emphasis on "prepaid". And it's clearly stated that the card has maximum balance of $1000 and must be preloaded, so no confusion here...
2. If there is no credit check, why we can't say that? :) Also check official ANZ site with the same "no credit check" information:
https://your.prepaidcardsupport.net/anzportal/myspace.do
3. Check Product PDS. It says you can purchase offline if the card is accepted:
"- The Card can be used anywhere Visa Prepaid cards are accepted to pay for goods and services electronically, including online purchase transactions.
- Some merchants in Australia do not accept the Card."
mohamad
i want to make this card now
Guest
Does This Card Cost 5.95 MONTHLY or is it Free?
Rate Detective
MySpace Recharge Prepaid Visa Card has a one time Card Issue Fee of $5.95 and Monthly Service Fee of $2.95.
Please check other fees before applying...
Anonymous
where do you check your balance?
Anonymous
do you have to activate it online?
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