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
"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
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
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.
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.
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
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.