In this time of the crunch it’s great to be able to pay stuff off bit-by-bit in easy to swallow pieces – finance.
Even O2 has started to offer finance!
No. Really!
O2 has joined forces with NatWest to produce a couple of pre-pay cards, one for adults, and t’other – the Load & Go card for teenagers.
It’s probably best described as a debit card from the Royal Bank of Mum and/or Dad.
The olds load up the chip and pin card to their chosen limit then let their offspring to splash the cash just like regular credit card users.
They can go crazy (up-to the limit) online, in a cash machine or in any shop that shows the Visa logo.
Applicants can be aged between 13 and 16 and just need to drag a parent in to sign the form.
The card is fee-free, but as you can never go overdrawn that bit is hardly surprising 
This all sounds a bit more NatWest than O2 so far – so where’s the mobile link?
Well, the kids will get real-time balance updates sent to their O2 phone.
O2 are also being a bit more stealthy than that though – they’re obviously pre-planning for that time when your phone replaces your credit card and cash.
Speaking at the launch, Ronan Dunne, O2’s UK Chief Executive, hinted that could be the case: “O2 has a strong and successful track record of innovation and O2 Money will represent a launchpad into a wide range of mobile banking services. We believe that we are at the start of a journey towards the coming together of phone and wallet and we intend, through O2 Money, to be at the forefront of this trend.”
If you happen to be a tad older than 16 but still think this is a groovy idea O2 Money haven’t forgotten about you – it’s also offering an adult version called Cash Manager, which does much the same, but instead of parents filling it, the card is fed with cash from your salary – BoooOOoOoOooo!!!!!
I might see if my folks would still fill it up though – not sure if that would work as I left home about 18 years ago………………………..
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{ 3 comments… read them below or add one }
Hello,
I just wanted to let you know that there are other prepaid cards on the market that offer similar benefits to the O2 Load and Go card. I work for Neon MasterCard Prepaid Card which is one of the safer ways for your teenager to spend, with no chance of going overdrawn and a bar on adult store spending. It also allows teenagers to earn cash back when they shop at over 1000 of their favourite stores online.
Check out the website at: http://www.neon-prepaid-card.com/bgneon and there’s also a video which explains how it works http://www.youtube.com/watch?v=wHnO0rRRrrA
Thanks for that Anna – I’m sure that my readers will appreciate other options
Jay
Since the launch of the O2 Prepaid Card we have seen a dramatic increase in people taking up a pay as you go card. It just show you how much consumers did not understand the concept or even know what a prepaid card is until O2 came on the market.
Check out full reviews done on O2
O2 Cash Manager Card http://www.compareprepaid.co.uk/reviews/o2-topup-card.html