New Prepaid Card Comes With Ability to Restrict Impulsive Spending

by Ben Jackson 0

The Next Step Network has launched a prepaid card designed to keep cardholders’ spending in check when they need help in managing their financial lives.

The Next Step MasterCard Program for Families minimizes the risks associated with providing individuals unfettered access to financial support. By default, a Next Step Prepaid MasterCard cannot be used at merchants that categorize themselves as bars, liquor stores, gambling establishments, escort services, and the like.

The Next Step Network was founded by people who are recovering from addictions and wanted to provide tools to help others do the same. Controlling spending might help prevent trouble at critical moments. However, the audience for this card may prove too limited to make it a self-sustaining program. Despite the limited size, if the card shows that restricting spending can be implemented successfully, the company may be able to implement a similar type product in other contexts such as for teens, senior citizens, and potentially vulnerable populations.

Overview by Ben Jackson, Director, Prepaid Advisory Service, Mercator Advisory Group

Read full story at the GlobeNewswire

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