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Prepaid debit cards: A new Valentine's Day consumer opinion
survey released today by Visa U.S.A. reconfirms that more
and more consumers are ending their relationships with cash
and checks for the convenience, safety and global acceptance
of prepaid debit cards. Visa U.S.A. also announced a Valentine's
Giveaway for consumers who log onto Visa.com and tell their
debit love story.
By an almost three to one margin, consumers chose prepaid
debit cards over checks for their average, everyday purchases.
In addition, of the consumers who acknowledged they had a
debit card, an overwhelming majority said they were now paying
with cash and checks less frequently at the point of sale.
Also, recent news reports have stated that the Federal Reserve
is processing fewer checks than in the past.
"The survey shows that consumers' love of prepaid debit
cards continues to trend upward," said Stacey Pinkerd,
Visa U.S.A. Senior Vice President for Debit and Prepaid Products.
"More than 90 percent of those people surveyed who have
a Visa check card said they were very satisfied with the card.
These numbers continue to underscore the benefits and growing
popularity of prepaid debit cards. The more people use debit,
the more they love it."
Pinkerd added, "today's consumers are constantly being
faced with difficult financial challenges such as paying bills,
budgeting for their needs - and in many cases - that of their
families. It is our goal at Visa to ensure that our customers
are given payment choices that best fit their needs, from
debit to credit, to new products like gift cards."
- 94% of consumers who have a Visa check card are satisfied
with the card, this includes 75% who are very satisfied;
- 30% of consumers said they used their debit card for
everyday purchases, while only 13% used checks;
- 55% of consumers who own a Visa check card are now paying
less with cash;
- 59% of consumers who own a Visa check card are now paying
less with checks;
- 50% of women and 48% of men who use the Visa check card
say that it helps "keep them honest" as a tool
that better helps them manage their checking account balance.
As part of Valentine's Day 2003, Visa U.S.A is sponsoring
a "Visa Valentine's Giveaway." This program will
allow consumers to share their Visa check card love story
and be eligible to receive a $25 Visa Gift Card. Between February
11 and 24, Visa check cardholders can go to Visa.com and share
their story about why they love their Visa check card. The
first 170 cardholders who log onto Visa.com and tell their
story will be eligible for the gift card.
The Visa U.S.A's Valentine's Day Survey interviewed 1,000
Visa check cardholders in February 2003. The poll's margin
of error is plus or minus 3 percent.
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