Raphaels Hits the Road with RAC Prepaid Card (May 28, 2014)
U.K.-based Raphaels Bank has signed on to deliver what the bank is calling the first prepaid loyalty card program in the roadside recovery industry for the RAC, a British automobile association. The RAC Member Benefits card is issued to anyone purchasing a 12-month RAC breakdown, car, motorbike or home insurance, with cards preloaded in denominations of £20 (US$33), £50 (US$83) or £100 (US$167), depending upon the amount of coverage purchased.
The reloadable Visa-branded card also features a loyalty program, offering cardholders cashback rewards of up to 15 percent for purchases made at more than 60 retailers, including ASDA, Marks & Spencer, Debenhams and Goldsmiths. Raphaels is partnering with customer engagement provider Grass Roots on the card platform.
This isn’t the first time prepaid providers have used automobile-related groups as a distribution channel. In 2011, American Express joined with AAA Southern New England to launch a co-branded reloadable prepaid membership card including a prepaid option. Earlier that year, NetSpend Inc. began offering prepaid Visa cards to policyholders with General Automobile Insurance Services Inc. to encourage them to pay insurance premiums electronically.
See related stories:
- Q&A With Andrew Downes, Raphaels
- Regional AAA Teams with Amex on Prepaid Membership Card
- NetSpend to Distribute Cards through Auto Insurer
