Postal Bank launches prepaid card

Can be used for purchases of up to NIS 20,000 in thousands of businesses.

By JERUSALEM POST STAFF
June 4, 2019 21:34
2 minute read.
Israel Postal Company branch in Jerusalem

Israel Postal Company branch in Jerusalem 390 (R). (photo credit: Ronen Zvulun / Reuters)

 
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The Postal Bank recently launched an international rechargeable credit card of the, intended for holders of restricted accounts, those who declared bankruptcy, and for anyone who is forbidden manage an account with a bank or hold credit cards.

The Card Deal firm and lawyer Lirom Sende are launching the card, which enables the purchase of up to NIS 20,000 in hundreds of thousands of businesses in Israel and around the world, and to carry out a wide range of everyday activities without the need for cash or credit cards.

In Israel, there about 1 million people subject to execution proceedings and some 200,000 are bankrupt.

“The post office cards are the best solution for customers who are limited and will enable them to live in dignity without a bank account or credit card,” said Sende.

“The cards offer a great deal of added value: allowing us to learn intelligent financial conduct, to operate independently, with full control over expenses and to monitor purchases, without exceeding expenses. We chose the Postal Bank cards because they offer an option that combines three currencies with a MasterCard card: the shekel, the euro and the pound, as well as a Visa card that is loaded in dollars for shopping online and abroad in countries where the dollar is the leading currency.”

A credit card will be issued free of charge for five years for those who put on NIS 2,000 in a one-time deposit.

“Within a decade between 2008-2019, there has been a 550% increase in the number of insolvent borrowers in the State of Israel,” Sende said.

“In light of that, the solution is most relevant to those who have been declared bankrupt and must be subject to execution proceedings. By means of the cards of the Postal Bank, it is possible to conduct [business] on a daily basis, like every citizen in the country, despite the heavy banking restrictions on them.”

“The Postal Bank is the largest financial institution in Israel, with hundreds of branches throughout the country and reaches disadvantaged populations in the periphery,” according to Adv. Dana Hirschberg, CEO of Card Deal. “We examined the advantages of the Postal Bank’s cards and saw that they were not affiliated with a bank or a bank account. They allow purchases of up to NIS 20,000 in hundreds of thousands of businesses in Israel and abroad and a wide range of daily activities can be performed without the need for cash or credit cards or money from ABMs.”

Hirschberg also noted that they intend to expand their activity with a similar venture abroad.

The cost of the shekel charging commission in shekel currency is 2%.

The firm is the largest office in Israel in the field of insolvency and bankruptcy cases. Card Deal specializes in credit and financial card operations.

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