The Sun announced Monday it will launch a prepaid MasterCard to help its readers “combat the growing problem of debt.”

The prepaid MasterCard, which allows readers to spend only the amount of money they have loaded onto it, is a marketing push in association with Newcastle Building Society and Tuxedo Money Solutions.

"The reason we looked to the Sun is that they have a very loud voice in the market place and can help probably more than any other media to explain this product to their readers," Mark Simon, the chief executive of Tuxedo Money Solutions told MediaGuardian.

The Sun and Tuxedo intend to target readers who are unable to open traditional bank accounts or have credit cards because of poor credit histories. Pre-paid cards can be more expensive to use than credit and debit cards, however, it is impossible for users to run up debts on them.

According to Media Guardian, the Sun is spending about £1 million over the next 10 months to promote the venture. The Sun's card comes after the Daily Mirror's pre-paid card Quidity, which launched last October.

Sun-Tuxedo cards can be topped up at PayPoint facilities, some high street bank branches and online. The application costs £6.49 and Sun readers will receive £5 cash-back on its first load.