Magazine article American Banker

Lil Wayne Endorses Fee-Heavy Prepaid Debit Card

Magazine article American Banker

Lil Wayne Endorses Fee-Heavy Prepaid Debit Card

Article excerpt

Byline: Will Hernandez

The fallout from the now-defunct Kardashian Kard appears to be forcing celebrities to scrutinize potential prepaid debit card partnerships before signing a deal to endorse and promote a product.

Rapper Lil Wayne's music recording label Young Money Entertainment made sure it was offering a credible product long before it officially launched a cobranded Discover-branded reloadable prepaid debit card Nov. 10, according to an executive from the company helping to manage the program.

"That was absolutely in the forefront of everyone's mind," says Tim Clark, CEO of Accent InterMedia Inc. "This product had to have credible legs and value cardholders could actually use and feel good being a part of."

Young Money's card is adhering to the recent trend of prepaid card providers adding extensive features to create customer retention.

The card features online bill pay from Billeo Inc., direct deposit, a spend analyzer that helps cardholders budget funds, prescription drug discounts and shopping discounts in the form of cash back that are meant to offset card fees. The Young Money card's purchase price is $6.95 with a $3.95 monthly maintenance fee. An ATM withdrawal costs $2. The reload fee is $4.95.

Discover Financial Services issues the card. Fidelity National Information Services, or FIS, processes the transactions.

A portion of every card sold will benefit nonprofit organizations such as Lil Wayne's One Family Foundation.

Clark declined to reveal the card's sales since a social media marketing campaign for the product began Sept. …

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