In an economy marked by debt, high interest rates on credit cards can place a much heavier burden on Americans’ spending. That’s why Synchology, a company that specializes in branded prepaid debit cards, introduced the Jump Card last week.
Part debit card, part financial planning tool, the Jump Card is Synchology’s flagship product – a white label prepaid rewards card that is ripe for brand partners. For now, consumers can order a Jump Card by visiting myjumpcard.com. The online portal allows users to reload the card, as well as set budgets and track their reward points.
“Prepaid has matured to a point where it really is a viable replacement for a traditional checking account,” Bobenhouse says. “Part of the reason we built the product that we built is that the history of prepaid has a consumer impression that they’re primarily for the underserved or people who can’t get a bank account, and that’s really not the truth of the matter.”
[ibimage==21638==Large==none==self==ibimage_align-center][ibimage==21639==Large==none==self==ibimage_align-center]Like other rewards cards, the Jump Card allows users to earn points based on their spending, which can then be redeemed for a variety of uses. For example, a $25 store gift card is worth 3,000 points, and 7,500 points earns you $50 cash back on your card.
Through the dashboard, users can determine budgets, track month-to-month spending by category, and set up SMS alerts for various spending activities.
According to Doug Bobenhouse, Synchology president and co-founder, and one of the company’s four dedicated employees, one of the best thing about prepaid cards is that they can’t be overdrawn and thus subject to overdraft fees. Still, users must pay a $5 monthly or $50 annual monthly subscription.
Bobenhouse believes that prepaid cards, due to their ease of use and freedom from interest, are valid mainstream products. As such, he is looking for brand partners who would like to personalize the Jump Card for their own products.
If you’re interested in trying out Jump Card for yourself or your brand, visit myjumpcard.com for more information.
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