Targeting Pre-Paid Cards to the Hispanic Demographic - Other News

ADVERTISING DISCLOSURE

ADVERTISING DISCLOSURE:
Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from most credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.

Credit Card Applications » News » Other » Targeting Pre-Paid Cards to the Hispanic Demographic

Targeting Pre-Paid Cards to the Hispanic Demographic

Targeting Pre-Paid Cards to the Hispanic Demographic
The content is accurate at the time of publication and is subject to change.

In Iowa, card processing company The Members Group partnered with Coopera Consulting to produce the Coopera Card, a pre-paid, reloadable Visa card geared specifically towards the Hispanic community.

“Many Hispanics avoid traditional financial services due to a lack of traditional identification documents, language barriers or a mistrust of financial institutions,” said Miriam De Dios, vice president of Coopera, to the website cuinsight.com. “Reloadable pre-paid cards are among the most effective ways to introduce Hispanic community members to a community-based financial institution.”

The Coopera Card will offer cardholders secured access to financial services, such as money orders and check cashing, without having to pay a fee. Eligibility to carry the card is not contingent upon credit history, nor is the applicant required to provide a taxpayer identification number.

“We view the Coopera Card as a way to ease our Hispanic members into the financial mainstream,” said Arna Reynolds, CEO of the Amarillo Community FCU in Texas, an early adopter of the card, to cuinsight.com. “A reloadable card does not allow a cardholder to spend more than he has, yet he isn’t operating on a cash basis.”

The hope is that community banks and credit unions will consider the Coopera Card to be a useful tool that can be used to attract members of the Hispanic community. Additionally, the Coopera Card will bring in more interchange revenue for the banks, something which will be appealing as lenders attempt to offset losses as a result of the debit interchange fee cap.

“Affordable prepaid cards with transparent pricing have the potential to become a bridge to mainstream banking services for many Hispanic families otherwise priced out of traditional bank accounts,” said Janis Bowdler, director of the National Council of La Raza’s Wealth-Building Policy Project, according to cuinsight.com. “Our research with Hispanic consumers revealed a high appreciation for the budgeting and control that prepaid cards can offer.”

Individuals carrying a Coopera Card can load it with funds by going to the issuer’s branch, on-line, or by using their wages via direct deposit. The card can be used anywhere Visa is accepted, and cash can be withdrawn from the card using any ATM branded with Visa`s logo. For individuals with family in Latin America, the Coopera Card allows for secondary cardholders to be attached to each account, which provides an inexpensive, safe way for primary cardholders to allow family members in distant locales access to money.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
Add to Favorites:

Related News:

Mastercard Set to Buy Ethoca
Mastercard Set to Buy Ethoca

Posted: March 20, 2019

Credit Card security is something that everyone is mindful of these days, and in keeping with this theme, Mastercard is set to buy Ethoca, a company that specializes in helping both retailers and card issuers detect and resolve digital… Continue reading

American Express Set to Buy Lounge Buddy
American Express Set to Buy Lounge Buddy

Posted: March 19, 2019

American Express is well known for their Centurion Lounge network, and now they are upping the ante with the purchase of LoungeBuddy, a digital platform designed to help people find and book time in airport lounges around the world. While… Continue reading

The New Luxury Card App is Launched
The New Luxury Card App is Launched

Posted: March 18, 2019

Luxury Card has rolled out their new app, giving cardholders access to a variety of features and benefits including, finding one of a kind experiences and chat in real time with Luxury Card Concierge Specialists. These specialists can help… Continue reading

Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
Earn 5% cash back at different places each quarter like gas stations, grocery stores, restaurants, Amazon.com and more up to the quarterly maximum, each time you activate.
For Excellent, Good Credit
INTRO OFFER: Discover will match ALL the Miles you've earned at the end of your first year, automatically. For example, if you earn 30,000 Miles, you get 60,000 Miles. That's $600 towards travel!
For Excellent, Good Credit
Earn unlimited 1.5% cash back on every purchase, every day
For Average, Fair, Limited Credit
You've successfully subscribed!

Please specify the following:All these fields are optional

Your Credit History
Themes you are interested in:

By providing this information you help us make our news letters more useful and informative. Thank you!