BET, NetSpend join to advertise re payment card that is prepaid

BET, NetSpend join to advertise re payment card that is prepaid

BET, the name brand that is biggest in black colored colored news, is supplying the card with NetSpend, one of the biggest prepaid credit card businesses. NetSpend hopes the suggestion shall make it transform BET people into fee-paying consumers.

Blacks are overrepresented among precisely just what the industry this is certainly economic the unbanked and underbanked, people who lack bank reports or who use high-cost solutions like check-cashing and spend time loans.

Prepaid cards are only like debit cards nevertheless they aren’t connected by having a bank account that is checking very often lack the client defenses given by debit and charge cards. They are the fastest-growing repayment that is electronic, relative to a 2010 research due to the Federal Reserve.

BET began phone this is certainly using purchases that are online 30 days regarding card, called the Control Prepaid MasterCard. The organizations are testing the market before whatever they anticipate could be a flooding of good interest, states Dan Henry, CEO of NetSpend.

“We look for real lovers, like BET, who recognize this need in this country: to create solutions which are financial customers that are low-income” he states. Those customers usually turn to choices being expensive storefront check-cashers. Read more…