Move over Kim Kardashian — there's a new high-priced prepaid card in town.
Transact24 Ltd.'s T24 Black Visa card, announced Thursday, has a $240 activation fee and a $15 monthly fee, which is waived for the first year. Users of the card can load up to $50,000 (or $100,000 if they apply for a premium version) and get perks like access to VIP airport lounges and free worldwide travel insurance and medical benefits.
The card "represents true value" for including those perks, said Philip Meyer, Transact24's managing director, in a press release. "Not only does it remove the worry of carrying cash, it provides the user with complete financial control as all transactions occur in real-time."
The security features of the card include online and text-message account access and Verified by Visa protection for online payments. The card, which is intended for international use, also uses chip-and-PIN security.
The trend for new prepaid cards has been to slash fees to appeal to a more price-sensitive audience. Wal-Mart Stores Inc.'s card and the new Approved card from Suze Orman each charge $3 a month; American Express Co. offers a card with almost no fees.
An earlier attempt at a VIP prepaid card, the Kardashian Kard, was shut down almost as soon as it was launched due to an outcry over its fees. The Kard charged users up to a year's worth of fees up front, totaling up to $99.95.