BET Joins The Prepaid Card Bandwagon For Worse, Not Better

April 10th, 2012 - By MN Editor

What do Russell Simmons, Kim Kardashian, Lil Wayne, Tom Joyner, Suze Orman, George Lopez, and now BET have in common? They all have their own or have endorsed a prepaid debit card.

Yes…they have all jumped into the prolific market which targets working class and low income families promising to give them all the luxurious privilege of spending money to use their own money. BET has joined the ranks of those who expect people spend their money using a “glorified gift card” as they are called by John Ulzheimer, President of Consumer Education at SmartCredit.com.

The prepaid card is one that doesn’t help anyone establish credit, costs far too much for those who have limited budgets, and, because they allow those who use them to remain outside the banking system, too often insert the user into a permanent underclass of society, unable to progress economically.

BET has partnered with NetSpend (NTSP) to endorse their Control Card that promotes the following perks.

For the complete story, visit TheGrio.com.

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RedButterfly81

Debit cards from your bank is better. The Rushcard sucks, they take $1.00 out of your card for every purchase you make, at stores and online and charge you about $4-$15 every month (depending on the card design) you add money on your card.
IllyPhilly

This is SO true! Who the f#ck would think they help build credit? Why don’t we promote opening bank accounts and investing in CD, Stocks, or hell Money Market accounts?
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