MySpace credit card launched

People looking to compare credit cards may be interested to learn of a new development within the industry.

The ANZ Bank has announced the launch of a new MySpace Visa designed to be used by teenagers.

According to Nick Love, spokesperson for MySpace, claimed this will give younger people the opportunity to buy items securely online, despite being too young to qualify for a real credit card.

This will enable them to "spend their own money on items such as concert tickets and clothes", he said.

Mr Love added: "This card aims to deliver this in a responsible manner because it is pre-loaded and uses people’s own money."

Commenting on the development, Justine Davies, a family finance expert, welcomed the idea, as it may help to develop young people’s money skills.

According to recent figures from the Reserve Bank of Australia, people are choosing to use their debit cards more than their credit cards.

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