Green Dot Corporation (GDOT) - a prepaid financial services company and a member of FDIC (Federal Deposit Insurance Corporation), recently launched a new prepaid card, called RushCard Live Reloadable Prepaid Visa Card, in association with UniRush, LLC.The card will be available for purchase from the end of the month through a wide network of partner retailers across their outlet stores in the U.S.
The RushCard Live is a prepaid Visa card and can be used at all places where Visa debit cards are accepted. The card can be used to make retail purchases, pay bills and shop online as well. This personalized card can also be used to make ATM transactions at more than 22,000 MoneyPass ATM network without being charged for it .
RushCard Live provides users with some very attractive features such as an early payroll direct deposit and pass-through FDIC insurance coverage. Users can add money to their card through direct deposit, MoneyPak and through bank transfers as well.
Direct deposit allows users to get their paycheck benefit payments and tax refund checks directly loaded into the RushCard Live up to two days in advance, thereby, giving the users a hassle free experience. MoneyPak is a quick and convenient way to add cash to RushCard Live and is likely to be made available at 60,000 retail outlets, like Walmart, CVS/pharmacy, Kmart, 7-eleven.
With the launch of RushCard Live, Green Dot has made life easier for under-banked people. Users of this card can also download a free mobile app and access information about their balances and transaction history. However, RushCard Live should not be confused with a credit card as it doesn’t offer any credit or overdraft facilities.
Managements of Green Dot and UniRush LLC believe that this card will help them expand customer base and overall category sales as it is more cost-effective and easily available at diversified retail outlets. However, it remains to be seen whether it can provide a viable alternative to traditional banking.
Based in CA, Green Dot provides low -cost banking and payment solutions. Its main objective is to reinvent personal banking for the masses through a portfolio of financial services available across a wide array of retail locations nationwide.
Some other stocks worth mentioning in this industry include Alliance Data (ADS), Equifax Inc (EFX) and Fiserv Inc (FISV). All these stocks carry a Zacks Ranks#2 (Buy). GreenDot also carries a Zacks Rank#2.
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