The Commonwealth Bank has unveiled a new account feature for 16 and 17 year olds with the introduction of a Debit MasterCard - giving greater financial independence, convenience and the security of using MasterCard for online and retail purchases.
According to Michael Cant, Executive General Manager of Retail Products, Commonwealth Bank - the Debit MasterCard is a flexible, everyday transaction account that acts like a credit card only cardholders spend their own funds.
"The Debit MasterCard is designed to give 16 and 17 year olds the independence of managing their own money and the opportunity to be more financially responsible while protecting them from the danger of spending money they don't have as debit card holders can only spend funds available in their account."
The Bank continues to provide fee free banking (excludes overseas transactions and transaction involving currency conversion) for customers under the age of 18. "Our accounts for under 18s including the Debit MasterCard, continue to remain fee free," said Mr Cant.
"The youth Debit MasterCard is better suited to 16 and 17 year olds as it gives them the freedom to purchase music, clothes, games etc online without having to borrow mum or dad's card."
To celebrate the launch, Commonwealth Bank will offer users who sign up and activate their card by 5 March 2010, the opportunity to win an exclusive Fly on the Wall experience with Video Hits in Sydney and a Playstation3 prize pack. Runners-up will receive one of ten Sony Music CDs.
More information about the youth Debit MasterCard and competition is available at: www.commbank.com.au/accessallareas