Russell Simmons to slash fees on his prepaid card after Suze Orman rolls out …- Prepaid Deals

Russell Simmons to slash fees on his prepaid card after Suze Orman rolls out …

Russell Simmons to slash fees on his prepaid card after Suze Orman rolls out …
Article from Washington Post:

NEW YORK — A little celebrity competition may be good for the prepaid card market.

Hip-hop mogul Russell Simmons said Thursday that he plans to trim several fees on his prepaid card, which works like a debit card but isn’t linked to a checking account. The announcement comes just weeks after financial guru Suze Orman introduced a prepaid card of her own.

Simmons said the fee cuts are simply the result of rapidly growing demand for his RushCard. He said the bigger profit margins have given him flexibility to cut fees and roll out new services.

But he noted that Orman’s entry in to the market should only fuel that growth — and push fees down further.

“What Suze Orman and other celebrities are doing is educating customers about this alternative,” Simmons said.

The RushCard, which has been criticized by consumer advocates for its fee structure, will still be more expensive than several popular prepaid cards on the market even after the fee cuts take effect in the next two months.

But Simmons said that pricing is not his only concern.

“I don’t think my job is to be cheapest,” he said. “I want to be the iPhone of this…………………continues on Washington Post

>>> Read the full article from the source
.

Related News:

The right way to use prepaid cards
Article from MSN Money:

By MSN Money partner on Fri, Jan 27, 2012 12:08 PM

This post comes from Jeanine Skowronski at partner site MainStreet.

Prepaid debit cards are widely criticized for charging high fees and offering few incentives to consumers. The criticism, in many instances, isn’t unwarranted. A study conducted by credit card ranking site NerdWallet found that some prepaid products can cost users up to $ 300 a year.

Still, they remain popular among the unbanked and th…………………continues on MSN Money

>>> Read the full article from the source

American Express Business Marble Thanks Gift Card 0

Show your appreciation for your staff and business associates with the Gift Card that says thank you. In addition to your gratitude, you’ll be giving them the freedom to create their own memorable experience. American Express Gift Cards are available in a variety of prepaid amounts, and enhanced with special offers, so your colleagues can save when they use their Gift Card at participating merchants. They can be used virtually everywhere American Express Cards are welcomed in the U.S. Buying a