Today, May 3rd 2011, marks the launch of the new exclusive Orange Cash Prepaid MasterCard exclusive on CompareandSave.com. The first 2,500 applicants get the card for FREE (normally £5), with £5 preloaded on the card ready for you to spend for free.

This card is ideal for first-time card users or people looking to budget and take control of their finances. I applied for one for that very reason, allowing myself to pay my spending money on to it each month so that I know exactly what I am allowed to spend. I am terrible at making my money last the month, let alone saving anything and, as I’m looking to move house later this year, I thought it would be a good idea to do something proactive. I use it purely as a more-secure, cash alternative for my day-to-day spending.

The fact there is no transaction fee on this card makes it ideal to use as an alternative to cash. Just load it up and away you go. It is also the first major contactless prepaid MasterCard on the market which is a nice little extra if, like me, you are a bit of a geek who likes a gadget.  You simply hold your card up to the contactless reader and pay for purchases of £15 and under without having to use cash or enter a PIN.

An extra perk for Orange mobile users is special rewards to be used on Pay As You Go mobile phones. You earn one Orange prepaid reward point for every £1 spent using the card. Users can redeem their rewards online for free texts, airtime, credit on Orange Pay As You Go phones or vouchers to be used in Orange shops.

So, to sum up, this great new Orange Cash Prepaid MasterCard offers:

•    New, easy-to-use contactless Orange Cash prepaid MasterCard allows customers to make faster payments
•    Orange Cash Prepaid MasterCard customers on Orange Pay As You Go earn points which are redeemable against a great range of rewards
•    MasterCard PayPass Contactless card technology allows users to quickly make purchases of £15 or under