The Extreme Group has launched the Extreme Cred pre paid top up credit card, aimed at both the teenage and security conscious market.
<p>Extreme claims to have found a gap in the UK credit card market for a pre-paid option available to all ages.<br /><br />The new card will work in the same way as pre-paid mobile phones, and can be topped up at Paypoint outlets when the credit runs out.<br /><br />The company is keen to promote the security of chip and PIN, cash withdrawal at any cash machine and the ability to purchase on- and offline anywhere where the Maestro sign is shown. <br /><br />Extreme claims the card is unique because it is the only card in its sector to be Chip and PIN compatible, and because there are no management or transaction fees. <br /><br />Extreme branded businesses cover drinks, retail, clothing, events, mobile, pre-pay cards, travel, electronics, hotels and theme parks.<br /><br />This is a perfect fit, giving the ability to safely carry cash about and buy online to people who don't want to be tied down or hassled, says Mark Kennedy managing director of Extreme Cred.<br /><br />Extreme says that in November 2005 financial scheme rules were changed to enable card transactions to be authorized online. This meant that the risk of going overdrawn on a pre-paid account was removed, making the pre-pay card proposition viable and available to everyone of any age. In the US there are over 50 million pre-pay cards in circulation with over $100 million being spent on them annually.</p>