Consumer Payment Card News

Teen Mastercard

Move over VISA Buxx, here comes a prepaid, reloadable teen payment card from your largest competitor. This week the iGEN MasterCard is making its debut in about 100 Rite-Aid stores in the metropolitan Washington, D.C. area. The new teen card is expected to be available at more than 3,700 Rite-Aid stores in 30 states by the end of summer. CA-based Next Estate Communications, GA-based Synovus’ pointpathbank, and NY-based MasterCard have teamed to create the iGEN MasterCard. Next Estate was established in 1999 to monetize the youth market through the development of new generation payment products. The new MasterCard is available in any denomination between $20 and $500 for a convenience fee of $3.95 per card. iGEN MasterCard accounts can be reloaded at participating Rite-Aid stores, with a toll-free phone call or on the iGEN Web site. VISA introduced its VISA Buxx prepaid, teen payment card last August. So far, Bank of America, Capital One, National City, Wachovia, and U.S. Bank issue the Buxx teen card. American Express introduced its Cobaltcard prepaid teen card in October. For more information on the iGEN MasterCard visit www.igencard.com.

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