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Tom Joyner Donna McWilliam, File, Associated Press
NEW YORK вЂ” Syndicated radio host Tom Joyner, a favorite figure when you look at the black colored community, is lending their vocals up to a card that is prepaid.
The move is likely to raise eyebrows because superstars came under fire for supporting high-fee cards marketed to groups that are low-income.
Prepaid cards work just like debit cards, but are not linked with bank records. Users can load the cards by having a desired buck quantity and reload them as required.
An $8.95 monthly cost and $2.50 ATM withdrawal charge unlike various other cards in the marketplace, Joyner states their brand new Reach card has simply three demonstrably disclosed charges: a $9.95 activation charge.
The Reach card should price about $120 per year for many users, relating to PreCash, the business issuing the card together with Joyner.
The air host on Tuesday started ads that are reading the card in their morning show, which reaches 8 million black audience per week much more than 100 areas. That is significant because African People in the us are more inclined to be unbanked or underbanked, meaning they avoid old-fashioned banking solutions in benefit of options such as for instance check cashing and pay day loans.
The card that is reach created particularly with Joyner’s audience at heart, stated Mia Mends, basic supervisor of prepaid debit for PreCash. “we do not assume all are unbanked or underbanked, but there is most likely some overlap.”
Prepaid cards are well liked among the unbanked since they provide the conveniences of the debit or credit card. However the cards come with many costs that might shock users. Read More