Pay as you go Credit Card for Students
Posted by Peter Brady on Mon 10th July 2006 at 09:00 AM, Filed in Student Credit
It seems that along with pay as you go phone cards we about to see pay as you go credit cards aimed at poor students with reckless spending habits.
Apparently the cards will look virtually identical to a normal credit card, but will only be good for the amount loaded up on it. The idea is that they can be topped up at various destinations such as banks, building societies, shops and post offices. I quite like this idea because there is a danger while at university of racking insurmountable debts and incurring a severely unfavourable APR for your pains. Advanced Payment Solutions, the principal cash card provider forsee’s this becoming an ideal option for children studying in some god foresaken university.
The card will be part of the Master Card system and the intention appears to be that there will be a joining fee of £9.95 plus monthly charge of £4.95. But what on the surface of it appears to be a good idea is quite frankly given the kiss of the death by the fact that the card statements will be sent to parents not the students themselves.
Umm the guy who came up with the last bit obviously has never been to university. Just imagine 25 crates of beer, 10 mucky magazines and a night in a disreputable establishment popping up on your statement! Exactly. Unfortunately, because of that it will never get off the ground.
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