Virginmoney credit card meets enter the dragon.

This ads is great, I was in tears. I think it has great viral potential.
Anyway enjoy the video and pass it on.

Don’t forget to watch MTV prepaid card ads.

With Bopo and MTV joining forces to the promote the prepaid visa card to youth market, we’ll be seeing more youth originated commercials hitting the small screen.

While this ad is cool and generate awareness, I would love to see a more viral focused campaign. Something a little more engaging and a great laugh.

I just love this ad, wish my bank managers we this hip.

This is an interesting question that’s currently being debated over the internet as financial institutions target their marketing strategies towards the youth market with student focus credit cards. Financial Institutions understand that the youth market is one of the largest driving forces for spending, but

I believe the really question is, are the teens ready to handle the responsibility of a credit card. With surveys from the US seems to indicate teens not ready yet, in a recent poll found 11% teens acknowledge that their parents make the monthly payments. 15% had made the minimum repayments and 2% had intentionally missed their monthly repayments. [Article can be found here]

Just based on the above results show that there’s a serious need to educate teens about financial planning and personal accountability. Though Parents need to follow suit and show a little bit of Tough Love no use having systems in place when Mom and Dad continue bail their children out of debt.

Where do prepaid cards fit in?
I see the prepaid credit cards being little like training wheels on my first bike. Teens gain access to all the features of a credit card, their own card, freedom to make purchases online and offline. With the only risk involved being zero balance, though teens begin to understand the value of money.

The magic bullet comes back to education, as soon as Teens understand the value of money they’re spending habits will change.

Read more about Giving Teens Credit

In a recent survey in USA conducted by The Network Branded Prepaid Card Association (NBPCA), has found that  early users of re loadable prepaid cards had positive experiences with the reloaded prepaid cards and that the service had offered a solid value.

Consumers that were more likely to pay for goods and services with cash, recognized the positive improvements when testing the prepaid credit cards as they began to understand the benefits of the service, security, convenience and the control.

The NBPCA expect to see a great card acquisition amongst this target demographic.

Read more about the Consumer expectation survey here

Wanting to gain a more dominate brand within the youth market, Bopo prepaid cards has announces that they have enter in to agreements for MTV to promote and distribute a co-branded Mtv prepaid visa card. The MTV bopo credit card is being promoted using MTV’s television network and website, targeting the youth market. The agreement is for a term of 5 years and is designed to strengthen the appeal of the bopo prepaid Visa card to this demographic.

The Bopo credit card allows customers to reload their Bopo cards using the Paypal Money transfer service.

Bopo cardholders that have a Paypal account  will need to verify the Bopo credit card details

There’s seems to be a little confusion over the Bopo Prepaid Visa Card and the Prepaid Visa cards issued by ANZ from their online website prepaidshop.com.au

While there are similarities between the cards there are differences between the Prepaid Visa cards and Prepaid Visa Gift Cards.

Both cards allow:
Cards to be used to make transactions online.
Cards can be worldwide, where Visa is accepted.

This is where the similarities end for the Prepaid Visa Gift Cards.
They’re seems to a few more restrictions on where the Prepaid Visa Gift card can be used.

The Prepaid Visa Gift Cards cannot be used in the following scenarios.
Cannot be used at an ATM
Cannot widthdraw cash from Prepaid Visa Gift Card
Cannot be used for online gambling merchants (Adult ?)
Cannot be used at petrol pumps
Express payment services
Make purchases that exceed the Card Balance.

Just with the restriction alone places the Prepaid Visa Gift cards into niche market. The Prepaid Visa Card services is definitely targeting a different type of consumer and believe it offers a great solution for those last minute shoppers.

Their Corporate services benefit both Company and Employees as Companies are able to have branded Prepaid card created and offer them as incentive rewards to employees who will benefit from the being able to make purchases where Visa is accepted.

I wasn’t able to find information regarding Bopo offering Branded Corporate cards though they do have a facility for Companies to offer employees incentive rewards to employees.

While both cards offer similar services each prepaid visa card provider, Bopo seems to have covered both by having the option of withdrawing funds from an ATM puts the Bopo card ahead.

You can review the PrepaidShop FAQ to get more information about their services.
To review the Bopo credit card fee schedule here

Both Prepaid Visa card services offer great value for their target markets, we’ll be keeping an eye out to see how both services

Websites offering the Prepaid Visa Gift Card
Prepaidshop.com.au
Cometrue.com.au

Unlike Prepaid Visa Gift Cards that is offered by ANZ the Cometrue giftcard can only be used within Australia where EFTPOS is available.

Some may see the EFTPOS only as a barrier, it really shouldn’t be as many locations that do accept VISA/Mastercard within Australia have EFTPOS available.

The ComeTrue giftcard is a no frills version of the Prepaid visa cards. They have a shorter card life as card will expires within 6 months of being issued. The Giftcards cannot be reloaded or topped up with additional funds as  the value of the gift card is set at the time of purchase.

Just like cash, if you lost it, it’s gone forever, you won’t receive a replacement cards.

Fees are minimal, $0.20 per sms balance inquiry though this can be reduced if you check your balances online. There are no transaction fees for EFTPOS transactions.

Fees & Charges (just an overview)

$5.95 – Cost of the Gift Card
$0.50 – SMS Balance inquiry
$0.75 – attempt to make a transaction with Insufficient funds
$1.50 – ATM denial Fee.

To review all of the Cometrue Gift Card fees and charges here

While some of the features may be a barrier for some, I believe that this service works well with the last minute shopper market and I personally would look forward to Christmas with Cometrue gift cards rather than boxers and Socks.

Another great feature about the Cometrue giftcard is that for every Cometrue giftcard purchased, $1.10 is given to OzChild Charity.

So if your out of ideas and need a gift that you know they will use, consider using the Cometrue giftcard service and help support a great charity.

For more about the Cometrue Giftcard visit Cometrue.com.au