Green Dot To Offer AARP-Branded Prepaid Card

January 26, 2012, 1:02 p.m. EST 1 Min Read

Green Dot Corp. is working with the AARP Foundation to issue a MasterCard-branded prepaid card in mid-February, the card marketer announced Jan. 26.

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 target Social Security payees.

The card initially will 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 or at least $1,000 loaded through a different means 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, AARP foundation president, in a press release.

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