Our friends at The Root have reported that Tom Joyner has decided to market his own pre-paid credit card for consumers who may not qualify for traditional credit cards. Many of you may be aware that Russell Simmons has also been a long-time promoter of his own branded pre-paid card, the RushCard. Though both Simmons and Joyner indicate that their fees are not excessive, consumers who decide to apply for pre-paid cards should be aware that these cards are not always accepted for some rental reservations and may not include insurance for many purchases. In many cases, you may be required to tie up additional funds on your card by way of deposits that may take several days to release thus not allowing you access to your complete balance. Joyner’s Reach card is estimated to cost $120 in annual fees.
Hustletown readers, are pre-paid credit cards a good way for people who don’t have or want traditional credit cards to navigate the consumer system or are they additional ways of making money from those of us who are least able to save money and become financially stable?