T-Mobile Launches Low-Fee Prepaid Card

February 5, 2014, Written By Bill Hardekopf

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.



The information contained within this article was accurate as of February 5, 2014. For up-to-date
information on any of the terms, cards or offers mentioned above, visit the issuer's website.


About Bill Hardekopf

Bill Hardekopf is the CEO of LowCards.com and covers the credit card industry from all perspectives. Bill has been involved with personal finance for over 15 years. He is a frequent contributor to Forbes, The Street and The Christian Science Monitor.
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