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Tom Joyner Donna McWilliam, File, Associated Press
NEW YORK вЂ” Syndicated radio host Tom Joyner, a well known figure within the black colored community, is lending his sound up to a card that is prepaid.
The move is likely to raise eyebrows because a-listers came under fire for supporting high-fee cards marketed to low-income teams.
Prepaid cards work just like debit cards, but aren’t linked with bank records. Users can load the cards by having a online payday IL desired buck reload and amount them as needed.
An $8.95 monthly fee and $2.50 ATM withdrawal cost unlike various other cards available on the market, Joyner claims their brand new Reach card has simply three demonstrably disclosed charges: a $9.95 activation cost.
The card that is reach cost about $120 per year for many users, in accordance with PreCash, the organization issuing the card together with Joyner.
The air host on Tuesday started ads that are reading the card in his morning show, which reaches 8 million black colored audience per week much more than 100 areas. Which 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 payday advances.
The card that is reach created especially with Joyner’s audience in your mind, 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 popular amonst the unbanked since they provide conveniences of the debit or credit card. Nevertheless the cards come with many charges that might shock users.
By way of example, some cards charge $1 each minute for customer support phone phone phone phone calls. Other people charge $1 every right time users swipe cards during the register. Continue reading “Broadcast host Tom Joyner supporting a unique prepaid credit card”