Isracard launches rechargeable card to help young people manage expenses

Isracard credit card is reaching out to teens and young adults by launching a digitally loaded card called Netanchik. The card allows transactions up to NIS 1,000 at a time and can be recharged up to a maximum amount of NIS 4,000 per month. 

The card can be integrated into a digital wallet, and its owner can use it to pay in physical stores or online sites but use no more than the amount of the balance on it. 

Isracard stated that they developed and are marketing this card due to the ongoing cost of living crisis and rising interest rates. Additionally, they stated that the third quarter of 2023 (and every year) includes summer vacation, back-to-school purchases and the extra food, clothing and other items needed for the Jewish holidays, so household expenses are higher than usual. 

The card will help with family expenses

The loaded card will help control family expenses, teach the younger generation about wise consumption and proper management of money, and help youth and their parents better manage these extra expenses. 

Those who hold a non-banking Isracard card order the card without a fee. After ordering, a text message with a secret code will be sent and the card is loaded through the app at a fee of NIS 5 per load. 

The card is an efficient substitute for pocket money as it has a limit and expenses can be tracked. 

Amit Sagi, VP of Marketing at Isracard said that with summer expenses and in the current economic environment, it was important for the company to offer a solution that allows control by parents and independence for teens which will help with effective expense management for the variety of items which teens need especially in summer and then in preparation for the school year.