Travelex launches prepaid card with Air Miles
The UK-based foreign exchange provider Travelex has announced the launch of its new 'Travelex Air Miles Cash Passport' card, a prepaid card that rewards its users with Air Miles when they load or reload money onto the card.
Available in three currencies (Pounds Sterling, Euros and US Dollars), and issued by R. Raphael & Sons, the new card not only rewards travellers with miles when they add money to the card, but it is also intended to provide consumers with an effective way to manage their spending while on holiday.
Not only are overseas ATM withdrawals from the card free of charge (except for any locally imposed fees when abroad), the card also allows the cardholder to lock the currency exchange rate at the time of loading or reloading, protecting travellers from sudden changes in exchange rates when they are travelling overseas.
The card also provides 24/7 global assistance, which provides emergency cash up to the value of the remaining balance on the card, usually within 24 hours. Although focused on travellers, the card can also be used in the UK for everyday purchases.
The reward structure is variable based on the amount of money loaded onto the card. Cardholders loading up to 149.99 onto the card earn 1 Air Mile for every 30 spent, while those loading between 150 and 249.99 onto the card earn 1 Air Mile for every 20 spent, and those loading more than 250 onto the card earn 1 mile for every 9 spent.
Cardholders can also earn 50 bonus Air Miles the first time they use the card if they load 600 or more onto it (until 15th September 2010). Air Miles collectors can apply for the card via the Air Miles web site.