Mobile phone operator Virgin Mobile USA is teaming with payment processor NetSpend to launch a re-loadable pre-paid Visa debit card that earns customers reward points that can be redeemed for free airtime.
The Virgin Mobile Stash Card will be issued by Inter National Bank and is linked to a Virgin mobile phone and is aimed at the teenage and young adult market. The card can be used to pay for purchases anywhere Visa debit cards are accepted. Cardholders can load funds onto their Stash cards at NetSpend partner retail locations across the US and maintain up to a $10,000 balance.
As well as allowing users to earn free airtime, the service includes peer-to-peer money transfers and wireless text alerts to manage spending and prevent fraud, as well as online account management and a savings programme.
Rick Savard, CEO of NetSpend, says: "The launch of the Stash Card marks a new breed of reloadable private label prepaid debit cards with significant added features that we developed for Virgin Mobile."
Dan Schulman, CEO, Virgin Mobile USA, comments: "As Virgin Mobile's first branded debit card, Stash's flexible suite of features empowers young adults and teens to manage their spending responsibly and conveniently load their accounts with cash, debit or credit cards or direct deposit. Our customers earn exclusive Virgin Mobile rewards for any purchases they make with their Stash cards."