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As teen payment cards struggle to catch on, Citibank this week launched a prepaid MasterCard aimed at students between 13 and 18 years of age. The Citi Cash Card for Students will carry a $25 annual fee and a $1.50 per transaction load-fee. However, the load fees will be waived if a Citibank debit or credit card, or a Citibank checking or savings account is used to replenish the card. The account can be monitored in real-time via a special Web site, which is accessible by parents and students. The card can be used at all MasterCard locations, including ATMs. Students under sixteen require a parent or other adult to apply for them and load money onto the card. VISA launched the prepaid VISA Buxx card in August 2000. To-date, six national issuers offer the VISA product including Bank of America, First Tennessee, First Union, National City, US Bank, and Wachovia. The issuers of the VISA Buxx charge annual fees up to $15.00 and load fees ranging from $1.00 to $2.50. To apply for the Citi Cash Card for Students, visit www.cashcard.citicards.com.
