Black households compose 21% of the 10 million Americans that are considered “unbanked”– unable or unwilling to open checking, savings or credit card account. Enter Russel Simmons and the Rush Card. Some say it does more harm than good.
The Rush Card has come under fire as critics question the card’s value to the black community. For example, professor of finance at Syracuse University, Dr. Boyce Watkins, is unimpressed with the purported mission. During an interview with radio program, “The Takeaway”, he stated, “It’s a very interesting sort of idea here. [Simmons is] saying ‘I’m giving everyone access to the American Dream,’ but I never really knew the American Dream consisted of having a piece of plastic that puts people further and further in debt.”
Read more here The Rush Card, good or bad?
1 comments:
In the past, I have used not this particular card but other prepaid cards like it. The problem is, it treats your card as a debit card and when renting cars or reserving hotel rooms or making other purchases, the user gets a hold placed on their funds for a long time, most times for several days at a time, and it can put you in a bind while you wait for the funds to be released. This can cause a legitimate transaction to not be processed – declined. If it’s the only way, this type of card can be okay. But I would strongly advise against it if you have other options. People should not become dependent on it. Rush card has many fees associated with its use. Those monthly fees add up.
If you need a debit card, just get one from the bank where you already do business or maybe a credit union affiliated with your job. You tend to get treated better when you have an established relationship with your financial institution.
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