Green Dot Corp. said Thursday that it is working with the AARP Foundation to issue a MasterCard-branded prepaid card in mid-February.
Green Dot, of Monrovia, Calif., said the affinity card will be available online and at Walgreen Co. retail stores. Green Dot said the card will be marketed to Social Security payees.
The card will initially have no fee to purchase. Its has a monthly fee of $5.95, which can be waived for each billing cycle that the user has at least $250 directly deposited to the prepaid account, at least $1,000 is loaded on to the account, or the user makes at least 30 completed transactions.
"In support of our charitable mission, we worked with Green Dot on its development of a prepaid debit card that offers older Americans a convenient and safe payment method at a low cost," says Jo Ann Jenkins, the AARP foundation president, in a press release.
