Why Not to Rush Out and Get a Pre-Paid Rush Card Visa

While sitting up late watching the MTV Music Awards (it was the only thing decent on late at night and it was such a train wreck I could not change the channel) and working on the blog, I came across some commercials for the RushCard pre-paid Visa. The commercial, promoted by founder Russell Simmons, stated the card could save someone on average $600 per year, as well as various other benefits.

The card is pre-paid and accepted anywhere Visa debit cards are taken as payment, as well as one could even have their paycheck automatically deposited onto the card. Ok, sounds good enough. Then Mr. Simmons comes on the television stating he created this card for people to have the “freedom and convenience of plastic without today’s risk of debt.” Then, they even offered a promo card to earn a free $10 loaded onto the card for new customers. Ok, sounds legit, so I looked into the program further.

The major purpose of the card is to allow customers the chance to easily have access to a card without the worry of going into debt, paying over draft fees, etc. The customer can only spend what they pre-paid onto the card. In addition, they make it easy to add funds to the card, even allowing several versions of direct deposit. Sounds like the card could fill a gap for those having trouble managing credit and/or bank accounts.

After diving in further, I finally found the fee schedule to really see what the card is about. This card is riddled with fees, which I find totally confusing, making it totally impracticable in my opinion. I find it funny that there is a one-time fee to use the card depending on which celebrity card you want to use. Really? I think that tells the story right there.

I ran some different scenarios of spending habits using their little quiz, and there are various fee structures (monthly versus pay as you go) to meet your spending habits. The biggest difference appears to be whether you will be using the card as debit or credit on transactions.

In my opinion, this card is really meant to only line the pockets of the filthy rich celebrities backing them by taking advantage of those that are not capable of spending responsibly. Do not be tempted by the celebrity power behind these cards. Again the card states it could save someone on average $600 per year, which means someone spending $50/month on average on interest and fees.

I love the intention behind the card, because I know not everyone is as fortunate to have good credit and easy banking. I feel like this card though really takes advantage of the naive or unfortunate. I mean, depending on your fee structure, there are even ATM fees to get back the money you put on the card. Or how about the fee for bill pay? Crazy!

The following two promo codes were advertised:
Gym- Free $10
Jersey- Free $10 + free prescription discount card

Wow, this just keeps getting better and better. The free $10 just means I get part of my first month use of the card for free. Plus I can get a free prescription discount card? Use that as another sign that this card is worthless and a gimmick. Please read between the lines and fully evaluate other options before jumping into the wallets of celebrity sponsors.