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Prepaid card companies have had great success at attracting the underbanked, but their prices remain high compared to banks' — and they might have no choice but to keep them high.
January 25 -
I naively thought that Suze Orman's new prepaid offering, the Approved Card, would help turn the tide of negativity. Instead, it has had the opposite effect, creating a seemingly endless echo chamber about the evils of prepaid.
January 24
Comedian and actor George Lopez on Wednesday
The prepaid card company said Wednesday that Lopez has signed a multiyear marketing partnership to promote Mango's products.
The growing prepaid industry is rife with celebrities promoting the cards, which are generally used by young, poor, immigrant or other underbanked consumers. Lopez's deal with Mango comes less than a month after personal finance guru Suze Orman
Orman and other celebrities who market their own cards have come under fire, in part due to the high fees some of them charge. Music mogul Russell Simmons has often faced that criticism
Mango's prepaid card charges $5 per month, $2 for ATM withdrawals and 50 cents for ATM balance inquiries and mobile money transfers, according
Lopez's endorsement of Mango may help the company gain more prominence — and customers — among U.S. Hispanics, who make up