Prime Card rewards online shoppers with cashback

 IDT Finance, issuer of the Prime Card (the UK’s first instant-issue prepaid MasterCard®) has introduced cashback rewards for all registered cardholders.

 London, UK, 11 August 2008: IDT Finance, issuer of the Prime Card (the UK’s first instant-issue prepaid MasterCard®) has introduced cashback rewards for all registered cardholders. Prime Cashback will enable Prime Card users to gain money back whenever they shop online at over 1,000 participating retailers including Currys, Tesco, Superdrug, HMV and Marks & Spencer.

The cashback reward system is completely free. Prime Card users can sign-up to the cashback service by simply registering their Prime Card at www.primecashback.com and start earning cashback from purchases made at participating retailers. The amount earned is credited to the holder’s Prime Card account and can be spent in any way they wish.

Jamie King, Director IDT Finance, said: “The economic downturn has meant that consumers are tightening their belts and looking for more ways to save money. We believe cashback is a great way to reward our cardholders. A high number of our customers already use their Prime Card online to take advantage of lower prices and also to protect themselves against online fraud and ID theft. Online cashback simply provides them with another benefit.”

Recent research undertaken by IDT into online spending showed that families can save £17 a week by shopping online. The research directly compared both online and high street prices for items in the Retail Price Index, with the average household saving £17[1] of the £456[2] they spend weekly, by purchasing exclusively online.

With Egg recently cancelling over 16,000 customer credit card accounts and more than half of all UK credit card applications being rejected, consumers will be increasingly looking at alternatives to traditional financial products to ensure they are able to purchase online.

King concluded: “The Prime Card was developed primarily as a solution for the unbanked and can help anyone without a bank account save by shopping online. However, prepaid cards are going to become more and more important across the board in coming years. This is due to the pressure credit providers are putting on consumers and the increasing fear of online fraud.”