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Extreme launches pre-paid chip and PIN cards

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&#0039;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>