BET, the name brand that is biggest in black colored colored news, is supplying the card with NetSpend, one of the best prepaid credit card companies. NetSpend hopes the recommendation shall make it transform BET people into fee-paying consumers.
Blacks are overrepresented among precisely what the industry that is monetary the unbanked and underbanked, people who would not have bank reports or who use high-cost solutions like check-cashing and spend time loans.
Prepaid cards are only like debit cards however they arenвЂ™t connected with a bank bank checking account and frequently lack the consumer defenses supplied by debit and charge cards. They are the fastest-growing repayment that is electronic, according to a 2010 research due to the Federal Reserve.
BET started phone this is certainly using online acquisitions this four weeks 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.
вЂњWe look for genuine fans, like BET, who recognize this need in this country: to create solutions which are financial customers that are low-incomeвЂќ he states. Read More