Prepaid Credit Card market to grow

04/08/2008

Pre-Paid credit market is set to grow to nearly £4.5 billion within the next 2 and half years. 

Pre paid credit cards are becoming more and more popular in recent times for those who are looking for credit card functionality but without the associated risks. 

Phil Alcock a credit card expert from Fairinvesment.co.uk said "There are currently about 2.3 million prepaid credit card holders in the UK, and this figure is just set to keep on rising as people realise the benefits of a prepaid card - by 2010, the prepaid credit card market is estimated to be worth around £4billion with more than 7 million prepaid card holders."

Prepaid credit cards offer greater security protection and allow you to better manage your money, especially knowing that the only amount available to spend is the actual amount you had topped your card with.  With the changes in peoples lifestyles and the amount of time people have to spend on shopping many have opted to carry out majority of the shopping online. 

With pre paid credit cards the fears of loosing your banking details to a 3rd party are pretty much abolished. These types of credit cards are becoming more and popular with parents who want to give the children access to a credit card but not allowing them to escalate into any major financial difficulties as they would more than likely dictate the spending power.

Prepaid credit cards can be used anywhere, to pay for your groceries, fuel or even book a holiday as long as you have deposited the funds onto the card.