NORCROSS, Ga., Sept. 27 /PRNewswire/ -- PRE Holdings, Inc. announces a safer alternative to cash. PRE, a leading provider of prepaid transaction processing solutions, is distributing the new Mio(TM) Money Prepaid MasterCard(R) and Mio(TM) Now Card, an instant issue, PIN-based STAR(R) card. Mio Cards are a safe, convenient, flexible alternative to cash. Unlike cash, the Mio Cards make it easy to track spending and decrease the risks caused by theft, while delivering the financial benefits of a payment card, such as simplified money handling, budget tracking and bill payment. Parents often find prepaid cards a welcome financial convenience to share with teens. The Mio Cards offer parents the peace of mind of knowing that their college students will never be short on cash should an emergency arise, or without money to purchase everyday needs. The Mio Cards can also help parents teach smart money management techniques and financial responsibility. The Mio Cards also provide a safer alternative to cash while traveling. Unlike cash, which is gone if lost or stolen, the Mio Cards can be deactivated in the event of loss, preserving its balance. It also eliminates the inconvenience of money orders and check cashing services for frequent users of cash. "The Mio Cards help meet pressing financial needs for so many people," said Tim Moss, chief operating officer of PRE Holdings, Inc., distributor of the Mio Cards. "The Mio Cards are a safe, flexible payment option." Moss noted that there are four specific areas where the Mio Cards offer protection to consumers: 1. Mio Card accounts are not linked to consumers' bank accounts and account information is not reported to credit bureaus. 2. Cardholders are protected from unauthorized purchases -- should the Mio Money Card be subject to loss, theft or fraud, MasterCard Zero Liability protection applies and cardholders will not be held responsible for purchases they did not make. The Mio Cards are also protected from unauthorized use through the use of a Personal Identification Number (PIN). The funds on cards are FDIC insured; BankFirst, Member FDIC. 3. Monthly statements are online, eliminating paper records. 4. No written application is required to obtain a Mio Money Card. "The Mio Cards fill a niche in the realm of prepaid cards," said Moss. "We listened to what our customers told us in our extensive consumer research and we built in the features that were most important to them -- instant use, ease of reloading the card, real time card to card sharing, a simple fee structure and free 24x7 bilingual customer service." Moss cited several common examples where the Mio Cards can be invaluable, "The Mio Cards can literally be a lifesaver when a person needs to share money to resolve a travel emergency or to get needed cash to friends or relatives. Other circumstances where the convenience and inherent security of the Mio Cards can be significant include parents funding college expenses or wanting to control and monitor the spending of their college students; giving consumers a safe way to make online purchases; or providing a mechanism for small business owners to provide and track petty cash for employee expenses." He continued, "It is simply an ideal solution for people that prefer to use cash rather than other means, for those wanting to control spending and for those who need more tangible security for their money." The Mio Card is NOT a credit card and therefore does not give access to a credit line. Consumers use only the funds that are loaded on the Mio Card account. The Mio Now Card is sold at thousands of retail locations across the country. It is an "instant issue" card meaning that customers receive a Mio Now Card at the time of purchase. It can be loaded with funds of up to $500 by the customer and activated instantly with a quick call to a toll-free number with successful ID verification and account approval*. Customers then gain immediate access to their funds anywhere STAR cards are accepted, such as ATMs and most retailers. Because the use is PIN-based, the cash balance is protected against unauthorized use if the card is lost or stolen. Within days, customers receive a personalized Mio Money Prepaid MasterCard. The Mio Money Prepaid MasterCard is accepted at over 1 million ATMs, millions of retailers and online -- anywhere Debit MasterCard is accepted around the world. The Mio Cards can be loaded in several ways: - Direct Deposit (including all or part of a paycheck, social security check, or even a tax refund) - Cash loads at any Mio retail center nationwide; (call Mio customer service at 866-840-6461 or go to http://www.miocard.com for location information) Flexibility is a major asset. Mio customers can have multiple Mio Cards set up for a single account balance or have several family accounts that each carry independent balances, allowing control of the balance on each card. Mio Card accounts can be monitored and funds can be shared from one Mio Card account to another instantly by telephone or online (http://www.miocard.com). Proprietary technology allows Mio to post transactions within seconds, so customers can review their most recent transactions, check balances and print statements virtually in "real time." The fee structure for the Mio Cards is simple. The average new card retailer fee is just $9.95 and reload fees are $4.95 (regardless of the load amount). The standard monthly account service fee plans range from $4.95 for low usage consumers to a $12 all-inclusive "Value Plan" for those who use their card more often. For information on the various account/use structures, go to http://www.miocard.com and click on the Mio for Consumers link. About PRE PRE Holdings, Inc. (http://www.preholdings.com), along with its subsidiaries PRE Solutions, Inc. and ITC Financial Services, LLC, is a leading provider of prepaid transaction processing solutions. With a range of products designed to offer retailers powerful revenue opportunities in prepaid products and other services, the company's solutions are fast, easy-to-use and eliminate the need for a retailer to purchase and manage prepaid product inventory. PRE Holdings' inventory features real-time product delivery, detailed transaction reporting and point-of-sale activation. Available at more than 60,000 retail locations, PRE's product line includes prepaid wireless airtime, long-distance cards, gift cards, music downloads, mobile phone ringtones and games, online games, the Mio(TM) Money Prepaid MasterCard(R), and the Mio(TM) Now Card. Mio Cards are issued by BankFirst and offered by ITC Financial Licenses, Inc. About BankFirst BankFirst is a progressive bank specializing in reliable, innovative payment services and competitive deposit products for consumers nationwide. After over 75 years, BankFirst continues to provide innovative solutions by focusing on stored value cards and related services since 2001; BankFirst is now recognized as a leader and pioneer in this emerging industry. BankFirst is chartered in Sioux Falls, SD, with offices in neighboring Toronto and Brookings, SD, Chandler, AZ, and Minneapolis, MN. For more information visit http://www.bankfirstpaysys.com. About MasterCard Incorporated MasterCard Incorporated is a leading global payments solutions company that provides a broad variety of innovative services in support of our global members' credit, deposit access, electronic cash, business-to-business and related payment programs. MasterCard, through its principal operating subsidiary, MasterCard International Incorporated, manages a family of well- known, widely accepted payment card brands including MasterCard(R), Maestro(R) and Cirrus(R) and serves financial institutions, consumers and businesses in over 210 countries and territories. The MasterCard award-winning Priceless(R) advertising campaign is now seen in 105 countries and in 48 languages, giving the MasterCard brand a truly global reach and scope. For more information go to http://www.mastercardinternational.com or refer to the filings of MasterCard Incorporated with the U.S. Securities and Exchange Commission. * Obtaining Your Card: The USA PATRIOT Act is a federal law that requires all financial institutions to obtain, verify, and record information that identifies each person who opens a Card Account. What this means for you: When you open a Card Account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver's license or other identifying documents.
SOURCE PRE Holdings, Inc.