Teen credit card

Australia's first reloadable prepaid Visa card has been launched and presenter and editor of Money Magazine Effie Zahos joins us in the studio.

The card

MySpace & ANZ have launched The MySpace Recharge Card which is the first reloadable prepaid Visa card in Australia.

The card is aimed at under 18 year olds and parents who want an avenue other than cash to give kids pocket money and to give their kids access to buying things such as concert tickets online without having to borrow the parents credit card.

The card has a series of fees (see below), but is not attached to a bank account nor can it be overdrawn. Money is loaded on the card via cash or BPAY.

Parents worried that it gives the teen too much access to buy anything on the internet can set the account up in their name, give the card to their kids and then monitor transactions via an online account. There are also plans for user rewards which will be offered to all users and not based on points.

The card can hold a maximum of $1000 at any one time and is protected by the standard ANZ fraud protect policy. If the card gets stolen it can be blocked by sending a text to your account.

MySpace will also align with an online music provider (such as iTunes) which will allow users to purchase music online.

About the card

Available only to My Space Users
Top up online with Bpay or with cash at 7/11 & Australia Post
Aimed at under 18's but anyone can use it
Don't need ID to get one - you just need to be over 13 and have a MySpace account (name and address)
Card will have a PIN number and if you lose it you can lock it by sending a text to your account
Money is protected by standard ANZ fraud policy
Account can be managed with an online account that itemises transactions
MAX credit - $1000
It's available - sign up today & card will be with you in 14 days

Fees