Rezzcard and JetPay Create Prepaid Card for Affordable Housing Tenants
Rezzcard and JetPay are teaming up to create a prepaid card specifically geared toward tenants of public, Section 8, workforce, and tax credit subsidized housing. Known simply as MAC®, this Visa-branded debit card will allow users to pay their rent, utility bills and some other household expenses for fees lower than most third-party bill pay services charge.
The card works in combination with the Rezzcard mobile app, giving users the option to pay their bills and rent directly through their phones. Funds can be loaded onto the card through direct deposit, bank transfers, Green Dot cash deposits or checks approved by Ingo Money.
The MAC prepaid card can still be used like a traditional Visa prepaid card for online and in-store purchases. Cash withdrawals are available through Visa-approved ATMs.
According to the National Multifamily Housing Council, 70% of tenants of multifamily rental housing earn less than $50,000 in annual income.
“Affordable housing tenants have enough to worry about without the high fees and burdensome process that comes with money orders, payday loans and other rent payment solutions,” said Ron Moelis, a founding member of the New York State Association for Affordable Housing. “The MAC Visa prepaid card offers a low-cost, convenient alternative with benefits for both tenants and property managers.”
“Consumers will be able to check their balances 24/7, and because it is a prepaid card, users will not be burdened with the usual high fees associated with account overdrafts, minimum balances, and money transfers,” explained Bipin Shah, chairman and chief executive officer of JetPay.
Rezzcard and JetPay are working to promote their new prepaid card to public housing authorities and multifamily property managers.