Today, nFinanSe (OTCBB:NFSE) announced that it has launched the industry's lowest cost reloadable prepaid debit card.
The Company believes the nFinanSe Discover Network Reloadable Prepaid Card is revolutionary, with industry-leading low fees and rich features such as the ability to be immediately used, text messaging notification of transactions and balances and free customer service. This product provides a lower cost electronic payment option for the 73 million unbanked and underbanked consumers in the country. With credit cards no longer an option for the millions of Americans who are maxed out on their current cards or for those consumers who live day-to-day on a cash basis with no banking relationship, the nFinanSe Reloadable Card will enable consumers to fill the void or "plastic gap".
"Banks are now slashing the number of new credit cards, reducing credit limits, decreasing services and limiting options for average, hard-working Americans. While they continue to charge high fees and are even raising them during these difficult economic times, we offer the low cost solution," says Jerry R. Welch, Chairman and CEO of nFinanSe.
"Consumers can find and reload the nFinanSe Discover® Network Reloadable Prepaid Card in one of more than 9,000 Dollar General locations and Winn-Dixie grocery stores throughout the nation. The Company also has commitments for its revolutionary Reloadable Card in an additional 10,000 retail locations during the first half of 2009. The Company estimates its new prepaid card could save Americans over $500 million annually if consumers switched to the nFinanSe Reloadable Prepaid Card from competing cards in the marketplace," Mr. Welch notes.
Not all reloadables are alike
While other prepaid providers charge as much as $9.95 - $14.95 for the purchase of a reloadable prepaid card, $4.95 in monthly maintenance fees, $4.95 to reload cards and as much as $2 for a customer service call, the nFinanSe Reloadable Prepaid Card costs are dramatically lower. The nFinanSe Reloadable Prepaid Card costs $5.95, carries a monthly maintenance fee of only $2.95, can be reloaded for $2.95 and offers FREE customer service. That's almost half of what nFinanSe's major competitors charge customers.
"We've grown accustomed to paying with cards in stores and online," Mr. Welch says. "The fact is that consumers cannot even buy merchandise and services online without some type of payment card. In a country accustomed to plastic and other forms of electronic payments, reloadable cards are the key for Americans to continue buying goods and services in stores and online. Our Reloadable Card empowers consumers to get the most for their money in the worst economic slump in modern times."