ANZ and MySpace join to create the Recharge credit card

ANZ and MySpace join to create the Recharge credit card

3 September 2009

Online credit cards and social networking sites have come together as ANZ Bank and MySpace announced that they have come together to launch the next phase in online spending. The two industry-leaders have announced the creation of the reloadable prepaid Visa credit card for MySpace users, creating a product targeted directly at the teen market. The first of its kind in Australia, the MySpace Recharge card will operate through the MySpace website with usage and rewards system.

The MySpace Recharge card will operate like many online credit cards but also as most debit cards in that it will be a prepaid reloadable card. MySpace users will spend their own money online for a range of online transactions like ticket outlets, online shopping or auction sites.

The MySpace Recharge card features and conditions:

• Available to all MySpace members aged 13 or over

• Maximum balance of $1000

• $5.95 issue fee

• Accepted at all ATMs where Visa is accepted

• Not restricted to existing ANZ banks customers

MySpace spokesman Nick Love said "The MySpace Recharge prepaid Visa card is unique in that it allows under 18's and people that don't own a credit card the freedom and security to spend their own money on items such as concert tickets and clothes, at millions of online and retail stores worldwide."

"These options are only set to grow with the upcoming launch of a range of e4commerce services in the new MySpace Music service."

ANZ is said to be proud of its status as the first Australian bank offering a financial option through a social outlet like MySpace, designed for the next generation, according to a media release from ANZ Managing Director John Harries.

"Prepaid cards continue to grow in popularity both here and overseas because they are convenient and offer card users greater flexibility and security. Customer research says that parents are looking for simple, convenient and secure alternatives to cash for young people, and this card aims to deliver this in a responsible manner because it is pre-loaded and uses people's own money."

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