GoUrban offers prepaid credit card
Posted on September 26, 2007
Filed Under Mastercard, Prepaid | Leave a Comment
An e-commerce Web site catering to black consumers is offering a branded, prepaid credit card in an effort trying to reach out to people who don’t use traditional financial institutions.
Denver-based www.GoUrban.net announced Tuesday it reached agreement with card issuer MetaBank, payment technology company ESafe Cards Inc. and MasterCard to begin offering the prepaid card with the GoUrban.net name and logo.
The cards will carry up to $2,500 in funds paid by the cardholder and usable anywhere Master Card is accepted.
Part of the card’s purpose is to expand people’s access to financial tools, said Russell Brant III, founder and CEO of GoUrban.net.
The Federal Reserve counts millions of Americans who don’t use or have access to banks — 19 percent of the general population and 46 percent of African-American households — making it nearly impossible for them to rent cars, make hotel or airplane ticket reservations, or shop online.
The card is only the second branded credit card connect to a minority owned company, he said. The other card is music and fashion mogul Russell Simmons’ Rush Card.
The GoUrban.net card charges a monthly $4.95 maintenance fee and a handful of other fees for certain transactions.
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