Virgin Money is trumpeting the launch of its new ‘pay as you go’ card – which, it says, is aimed at people who ‘don’t have access to traditional banking facilities’.

But this is no philanthropic gesture.

Like many other ‘prepaid’ cards – which holders load up with cash then use, like a debit card, to shop or make ATM withdrawals – it is a breathtakingly expensive way to access your own cash.

Virgin is targeting migrant workers and young teenagers – who can ill afford to be ripped off – as well as UK adults travelling abroad.

But if fails to mention the charges until the footnotes of its press release.

It turns out there’s an application fee of £9.95 and replacement cards cost £4.95.

Although it can be loaded free at Post Offices and online, there’s a 2.75 per cent charge for anyone using a Pay Point and a 2.5 per cent credit card loading fee (with a £2 minimum).

And even the press release footnotes omit to mention what the website reveals: a 2.95 per cent fee is deducted each time the card is used to make a payment or cash withdrawal.

There’s also a 3.5 per cent overseas transaction fee.

Sounds to me like Virgin just gave itself a licence to print money.