T-Mobile Launches Low-Fee Prepaid Card
T-Mobile has decided to step out of its comfort zone and expand its efforts to the unbanked market. The cell phone company known for its no-contract cell phone service is now reaching out to the unbanked with a prepaid card that has very low fees.
The Visa-backed prepaid card has no monthly fee, annual fee or refill fee at T-Mobile stores. It is easy to sign up at a T-Mobile store, but you do not have to be a T-Mobile customer to get one. There are 42,000 free ATMs in the card’s network, giving most people access to their money without incurring a withdrawal fee.
T-Mobile marketing executive Andrew Sherrard said, “One of the main reasons we’re doing this is to deepen our relationship with our customers.” The company wants to give their customers a chance to have a card in their name, even if they do not qualify for traditional lending.
Considering that a large number of the company’s customers do not have monthly phone contracts, a prepaid card like this fits their profile.
Customers can send their direct deposits to their Mobile Money cards, and they can find information about them on a mobile app or at a local T-Mobile store.
If you are a T-Mobile user in need of an easy, low-cost prepaid card, this seems like a sound solution.