Speedcard, i-money and i-Travel cards launched

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Speedcard, i-money and i-Travel cards launched

The Speedcard, i-money and i-Travel cards have been launched in the pre-payment card market.

Pre-payment cards are a relatively new product that does not require the user to undergo a credit check or even have a bank account.

A varying monthly subscription fee is charged on the cards and some have a commission feature which takes a payment from customers as they put cash on their card.

All of the products charge for cash machine withdrawals.

These fees also vary, from a minimum of 85P on the i-Travel and i-money cards to £2 on the Mastercard Cashplus card.

Director of credit cards at financial website moneysupermarket Richard Mason said: "The concept of a prepay card is not a bad one as long as the charges are understood and the card is used responsibly."

The Speedcard, i-money and i-Travel cards join such products as the Cash2Go and the American Express Traveller's Cheque card in the current prepay market.

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