Russell Simmons’ RushCard: Everyone Needs Plastic!

Article written by: Andre Sanchez
Posted on: November 6, 2009

Russell Simmons shares a lot in common with the other hip hop moguls of today; he’s formed a successful clothing company, helped found an ever evolving label, etc. But Russell Simmons is now starting out with something very different for hip hop entrepreneurs: the credit/debit card arena.

You’ve probably heard of it by now. Welcome to the RushCard.

There are two versions of the RushCard (as seen above); along with the black and pink Baby Phat design, there are options for a pay as you go plan and a monthly plan. Both cards offer:

• No monthly, annual, or hidden fees
• Created by philanthropist and entrepreneur Russell Simmons
• Everyone is eligible—no credit check or employment verification
• Quick, easy application
• Free money loading with direct deposit of pay or government benefits
• Free 24×7 customer service, activity status, & balance inquiries
• Use online, over the phone—anywhere Visa debit cards are accepted

Fees include:

• No annual, monthly, or customer service fees
• One-time activation fee: $19.95
  (so you don’t have to pay monthly fees that can cost $60 a year or more)
• Fee per purchase: $1.00
  (capped at $10 per month—additional purchases are free)
• ATM cash withdrawal fee: $1.95
  (anywhere in the US)
• Inactivity fee: $2.95
  (no loads, purchases, or ATM activity within 60 days)

And add that on with the perks of you being able to:

• Avoid expensive check cashing fees or worries about NSF, overdraft, or bounced check fees
• Pay bills online or over the telephone—no more time-consuming trips to pay in cash.
• Add money to your card conveniently and for free by arranging for direct deposit of some or all of your pay or government benefits—or even your tax refund. You can also transfer money to your card for free using PayPal.
• Instantly load money on your card at tens of thousands of convenient MoneyGram and CheckFree locations
• Check your activity status anytime online or by phone for free. (Unlike many other companies, we don’t charge for our 24/7 customer service.)
• Get cash quickly from over 855,000 ATMs worldwide with a secure PIN number
• Earn money every time you refer a friend and they get a RushCard ($5.00).

I happen to have a pre-paid card myself (not RushCard), and I like it a lot more than having a bank issued card in a way; no more overdraft bills, and no more general spam mail from the bank. Unfortunately, there are ridiculous transaction fees that come with these types of cards, so of course having a pre-paid card will have its criticisms.

Here’s the RushCard commercial that airs on BET nowadays…

Over 2 million people have a RushCard, and in this economy where bad credit runs rampant, it might be a good look to invest in one of these because the RushCard comes with an optional service that helps build a positive credit rating by reporting the regular bill payments you make with your card to participating credit reporting agencies. It’s said that the RushCard is the only prepaid card that does this for their customers.

All you need to get approved for a card of your own is a social security number and be over the age of 18, so this could be a good look for our SoJones readers out there who might need plastic but don’t know where to look.

Reader, are you gonna want a RushCard? If you currently own one, how do you like it? Let’s hear your thoughts in the comments!