The Bank Freedom Prepaid MasterCard was the subject of 33,000 television spots in September. That's a lot of exposure for something that is, essentially, a reloadable shopping card stamped with a MasterCard logo. So why all the hype?
Bank Freedom’s CEO Bruce Berman pointed out that the television spots weren't appearing on network TV, but on local cable channels. He maintains that September's advertising blitz was a cost-effective way to get news of the card to the target demographic: underbanked Americans.
People with poor credit or no credit often have a tough time getting a credit card. Berman believes that the new prepaid Bank Freedom MasterCard will benefit high-risk card holders. Bank Freedom also offers free direct deposits to all its customers, many of whom might have been relying on expensive check cashing stores. Customers can also use their card anywhere MasterCard debit cards are accepted, and at more than a million ATMs all over the world.
Remember: prepaid credit cards are similar to debit cards, but can entail hefty account setup and annual membership fees. Always read your cardholder agreement carefully before you commit to a new credit card – prepaid or not.
Be sure to check out our list of popular secured and prepaid credit cards.
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