Commonwealth Bank expands bank card product

Tue, May 29th 2012, 08:40 AM

Commonwealth Bank has entered the prepaid and gift card markets with the introduction of its MasterCard Prepaid Card and MasterCard Gift Card.
Touted as "convenience and gift giving mastered", the latest offerings in the bank's suite of bank card products are expected to appeal to a broad base of consumers seeking a smart alternative to cash and the traditional credit card, but with equal buying power, flexibility, convenience and secure access to funds.
The prepaid cards and gift cards were available for a minimum purchase of $20 at all of the bank's locations in New Providence, Grand Bahama and Abaco beginning May 7, just in time for the recent Mother's Day period.
Commonwealth Bank's President Ian Jennings foresees that the expansion of the bank's payment services, by way of these new products, will aim to satisfy a market seeking efficient banking solutions.
"We are truly delighted to bring the MasterCard Prepaid Card and Gift Card to the Bahamian market,"he said. " In addition to the tremendous value and privileges accompanying the MasterCard brand, the reloadable prepaid card allows for easy management of spending at home and abroad. And when used together with CB Online, the bank's online banking system, enables customers to load their prepaid cards from anywhere in the world, with next day value."
"As the cards are prepaid, there is no credit approval process so that cards are available to everyone with minimum formality."
Jennings added that the cards will satisfy a growing need in the market for alternative banking solutions for residents without Commonwealth Bank accounts, students or individuals with little or no credit. The cards can be used anywhere MasterCard is accepted.
While gift cards are purchased at a single value between $20 and $500, reloadable prepaid cards can be reloaded with cash easily at any Commonwealth Bank branch or via CB Online for existing customers with online service.
The initial card load must be completed in one of our branches and the CB Online service for prepaid reloadable cards should be requested at the time of application to get the most benefit from the card. Card balances for the reloadable card are available 24 hours a day by telephone.
To celebrate the new product launch, purchasers of prepaid cards or gift cards between May 7 and May 31 will be automatically entered to win a $500 MasterCard Gift Card.

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