Facecard
Facecard is a new pre-paid debit card targeted to students -- it's prepaid and re-loadable, and usable anywhere MasterCard is accepted.
Although it uses the debit system, it isn't really a debit card so much as a variant on a pre-paid gift card.
Among the other features:
- usable at ATMs
- Friend to friend payments
- Loadable online by the cardholder
- Others can add to the balance like a gift-card
- Not a credit card, so no credit check is used or needed
- Parents can sign up their child
The major pitch on the site is that using a pre-paid card helps students avoid accumulating unnecessary debt and get control of their spending. Here's an excerpt from the member news section of the site:
On my birthday last year, I received probably 10 gift cards from friends and family. They were from 10 different stores ranging in amount from $5-$50. While gift cards are great and all, $20 at a nice clothing store won't buy you much.
This year is going to be different. Now when my aunts, grandmothers and friends ask me what I want for my birthday, I can say "I'd love some money on my facecard." And anyone, not just members, can put money on my card. All they have to do is come to facecard.com, click "Give Money," and they're on their way. Tada, a birthday made easy thanks to facecard!
The name appears to be a stroke of brilliance, at least as long as Facebook is around. The product is available to US citizens aged 13 and over.
