EVEN Prepaid MasterCard® lets customers get even with the banks

By: EVEN Card Ltd
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Feb. 4, 2015 - PRLog -- Overseas travellers and online shoppers can now forget about FX rates, avoid hidden card charges and buy-back fees thanks to the launch of EVEN Card, a brand new prepaid card, boasting a unique, single fixed fee structure and near real-time access to the interbank wholesale rate with no mark-ups or any other volume based fees.

EVEN Card’s ground-breaking service allows customers to make transactions abroad and go cross-border online shopping using the exchange rate banks pay each other, whilst delivering great additional benefits including a loyalty scheme and cashback up to 13% at some of the nation’s favourite stores including M&S, H Samuel and BHS.

With many prepaid travel cards carrying a punitive inactivity fee and stinging you if you use it in the UK, EVEN Card can be used at home or away without imposing any additional charges. Its unique rewards program sees users earn points on all card activities, social and website interaction, which can be redeemed for cash and, in the future, other rewards.

EVEN Card allows you to deposit funds in GBP via the Internet or bank transfer and use it anywhere where you see the MasterCard Acceptance Mark. This means the consumer does not need to manage different ‘wallets’ of currency as with other travel  cards and always holds money in pounds. Finally, there are no transaction fees except for the £50 annual membership.

An independent study of 7,000 UK consumers, commissioned to accompany the launch of EVEN Card, revealed that a staggering 77% believe the hidden charges are unfair and a constant source of frustration. The survey also revealed that 65% would be interested in a prepaid travel card as long as the set annual fee was the only charge.

EVEN Card founder and CEO Tamir Strauss said: “Consumers are fed up of feeling like they’re being fooled by hidden fees, inflated currency rates and buy-back charges; costs that may not be obvious until they open their statements, long after they’ve used the card. According to our research, even with all these hidden charges, prepaid travel cards is one of the fastest growing segments in the card market due to the control, convenience and security that they offer over cash.”

“EVEN Card tackles these issues by taking a simpler approach to fees and usability, making it ideal for families planning holidays, gap year students, business people, cross border shoppers or globe-trotting retirees. And when the cardholder’s trip finally comes to an end, any remaining funds can be spent in the UK or transferred back to your bank account without penalty as you load the card and always hold the balance in GBP.”

Tamir concludes: “We are pioneering a shift away from one-hit-wonder travel cards by introducing an innovative new tool which provides customers with peace of mind when spending abroad and via the Internet. We decided that it was high time to get even with some of the financial services providers and that’s exactly what we believe EVEN card enables customers to do”.

Registration, price comparison information and additional information can be found at www.evencard.com.

For more information, please contact Charlotte Elmehagen at Cavalier Public Relations at charlotte@cavalierpr.com or 07540 993 660.

Notes to editor:

All figures, unless otherwise stated, are from EVEN Card. Total sample size was 7000 adults. The initial survey was undertaken online between the 1st April 2014 and 30th April 2014 with an additional survey being in the field between the 8th and the 12th December 2014.

About EVEN Card

·       We built EVEN to be an answer to problems that people face when dealing with money and those who control it.

·       Even Card Ltd. is a new company that we've created to bring great products that deliver clear value through transparent charging and new benefits for the consumer.

·       We look at life from the customer's perspective, as we're consumers of financial services ourselves, and are driven by personal experiences and disappointment with the current state of play. The first area we looked at is the costs we face when paying for things abroad, either when travelling or when buying on websites in other countries.

Comparison table

Unlike some companies which choose to compare themselves against weaker brands to try to look good, we chose the current best buy product (according to independent comparison sites), the one with the most customers and the brand that bills itself as the people’s champion. Those are the Post Office Travel Money Card Plus, FairFX Anywhere Card, Virgin Prepaid MasterCard Pay Monthly Tariff, and the Thomas Cook Cash Passport.

Our usage assumptions are based on customers who spend £2,500 overseas (travelling and/or shopping online) and £2,000 in the UK during the year. We used MoneySuperMarket for transaction/ATM size and number for every £500 spent. Therefore, if you intend to spend less than around £650 a year then this might not be the most cost efficient product for you, but, of course, we would love you to join us as we also offer great cashbacks and a revolutionary rewards programme.

These are EVEN card’s exchange rates for €, $, HKD, AUD, CHF, JPY, SGD and CAD, which are the same rates the banks pay each other, but most other companies never give you access to them. We will not mark up these rates, and pass them to you as we receive them. To see the rate you should be getting for a transaction happening now, check the bid price for GBP/XXX (XXX being the transaction’s currency). For older transactions you can view the historic rates, which may be slightly different to the rate you got since only closing rates are available historically.

For all other currencies, you will receive the MasterCard rate, and unlike most other card companies, we won't mark it up, or add any commissions or fees.

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Tags:Money, Travelcard, Travel, Finance, Shopping
Industry:Banking, Financial, Travel
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