The card has been launched by Ryanair in partnership with M-Cube, which specialises in pre-paid schemes.
People signing up will be offered two Mastercards, one that works in euros and the other in pounds, and are encouraged to use them with the promise of cash back of up to 20% on purchases from companies including Miss Selfridge, Sky Digital, PC World and Laura Ashley.
Other incentives including a discount of up to 50% off tickets when the card is used at TicketMaster via the members' portal, and a rewards scheme that will see users given £10 cash on their cards for the first 1,000 points accrued.
Ryanair is luring potential recruits on to the website by promising that its no-paper, online-only statement system will mean that there are "no statements at home".
Members signing up in November will be entered into a draw to win a trip to Barcelona.
Mashallah Ali, chief executive of M-Cube, said: "By working with partners such as Ryanair to create membership clubs which create deeper relationships with customers, we're using pre-paid cards as key to unlock additional revenues through cardholder loyalty and usage."