Yankees third baseman Alex Rodriguez will be bringing his major league celebrity to prepaid card company Unirush LLC after agreeing to design a new card for the underbanked.
The card, called the DYNASTY RushCard, will feature the same elements as other cards in the company’s suite, which includes online budgeting tools, card-to-card transfers, access to ATMs and prescription drug discounts. The new card joins several others in the company’s suite, which include Baby Phat RushCard and a KLS RushCard designed by former model and fashion designer Kimora Lee Simmons.
According to a statement announcing the launch of the DYNASTY card, its design was created with A-Rod’s input and–similar to other RushCards–can be used anywhere that Visa is accepted. The new card is just one of several additions the company has made to its products and services this year. This past August the company rolled out a new free mobile application for both iOS and Android devices that allows cardholders to check the balances of their cards, review their transactions and transfer history and send money to other RushCard users.
RushCard: Where to Keep Your Money When the Bank Won’t Cut It:
For those unfamiliar with the RushCard line of financial products, the cards are manufactured by Unirush, which was founded in 2003 as a joint venture between Rush Communications and Unifund Corporation and owned by hip hop entrepreneur Russell Simmons. Unirush was created to provide financial solutions for those that don’t readily have access to banking services—a figure that stands somewhere around 60 million in the United States alone according to the company. To date, Unirush claims it provides prepaid card services to over 1.5 million consumers.
Investigation of Unirush, Others, Still Lingers:
While Simmons and many others have lauded Unirush for empowering those unable to establish traditional banking relationships, the company and several others came under investigation earlier this year by the Florida Attorney General’s office for misrepresenting their products through charging hidden fees and promising the cards could improve credit scores. At the time the investigation was announced, Simmons quickly came out to defend the honor of his cards, saying in a statement that he welcomed “any and all debate, discussion and understanding” about the legitimacy both his product and the prepaid card industry.
Other companies included in the investigation included First Data Corporation, Green Dot Corporation, Account Now, Inc., Netspend Corporation. A representative for the Florida Attorney General’s office couldn’t be immediately reached to comment on status of the investigation.