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Prepaid cards have struggled against the perception that they are disposable and predatory. A card designed around the teachings of personal finance guru Suze Orman is aiming to break those stigmas — and may displace long-term banking relationships in the process.
January 9 -
A new rebate program from UniRush is the latest attempt by a prepaid card marketer to make its product as sticky as a bank account without generating a backlash from its fee-sensitive audience.
November 1 -
American Express Co. is making its boldest move yet in the prepaid market by introducing a reloadable card that carries almost no fees.
June 13
UniRush LLC plans to lower the fees on its reloadable prepaid cards.
The plan was disclosed Tuesday afternoon on the Twitter account of UniRush founder and music mogul Russell Simmons.
"After reviewing [RushCard] projections ...
Simmons did not say what the new prices will be. UniRush CEO Rob Rosenblatt told American Banker that more information would be made available Wednesday but would not provide further detail on Tuesday.
Simmons' RushCard has already had its price cut within the past year. As of January 2011, its cards cost $3.95 or $14.95 to activate; they used to cost $19.95. Its monthly fee remains unchanged at $10, or $1 per transaction up to a limit of $10, depending on the pricing plan the customer chooses.
The 2011 price cut followed a massive outcry against prepaid card fees, sparked primarily by the short-lived celebrity-endorsed Kardashian Kard, which charged up to a year's worth of fees up front.
Established prepaid-card companies find themselves again under pressure for their prices, this time because newer entrants undercut them. Finance guru Suze Orman's prepaid card,
UniRush is also adding features to improve the value of its cards. In November, it began
