New ANZ credit cards targets teens through MySpace

28 August 2009

ANZ Bank and MySpace have joined forces to launch a new reloadable prepaid Visa credit card for MySpace users in a bid to target the growing teen financial market. The major bank and social networking site have developed the MySpace Recharge card, the first of its kind in Australia, that has a usage and rewards system solely linked through the MySpace website.

This new prepaid reloadable card will allow teenagers on MySpace to spend their own money online, on anything from concert tickets to mobile phone credit. Targeting teens over the age of 13 who are not eligible for credit cards, the MySpace Recharge card offers a secure alternative for this young demographic.

The MySpace Recharge card will be available to teenagers aged 13 and older with MySpace accounts and have a maximum balance of $1000. Costing $5.95 for an issue fee, the cards can also be used at ATMS that accept Visa cards and are not restricted to existing ANZ banks customers.

MySpace spokesman Nick Love said "The MySpace Recharge prepaid Visa card is unique in that it allows under 18's and people that don't own a credit card the freedom and security to spend their own money on items such as concert tickets and clothes, at millions of online and retail stores worldwide."

"These options are only set to grow with the upcoming launch of a range of e4commerce services in the new MySpace Music service."

ANZ Managing Director John Harries stated in a media release that ANZ Bank was pleased that it was the first major Australian bank to offer a financial option for the next generation, with social networking playing such a big role in their daily lives.

"Prepaid cards continue to grow in popularity both here and overseas because they are convenient and offer card users greater flexibility and security. Customer research says that parents are looking for simple, convenient and secure alternatives to cash for young people, and this card aims to deliver this in a responsible manner because it is pre-loaded and uses people's own money."

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