The Color of Money: Marketing financial services in communities of color

Wednesday, April 15, 2009

Today is the Part Two of The Takeaway’s series “The Color of Money.” We’re exploring how the financial crisis is affecting people of color in the United States, perhaps differently than it affects their white peers. Today we are taking a close look at how financial services are marketed by black Americans to black Americans. For example, “rush cards" — no-credit-check, pre-paid credit cards with $200 credit limits and $50 a year in fees. We’re joined by Boyce Watkins, professor of finance at Syracuse University and founder of YourBlackWorld, to discuss access to credit, the failings of financial institutions, and the changing American Dream.

Listen to Part One of The Takeaway's Color of Money series, Debtors' Prison: It lives in the 21st Century.

Here is the ad for Russell Simmons' "Rush Card":



And here is a conversation about that Rush Card from the Young Guns Now (some harsh language):

Guests:

Boyce Watkins

Hosted by:

Lynn Sherr

Contributors:

Noel King

Comments [2]

Smythe

Those guys are idiots. It's a debit card and it's marketed to individuals that do not have a bank account. You can do a bill pay service and received direct deposits. I wouldn't exactly take any financial advice from the likes of those characters.

Apr. 16 2009 10:00 PM
Paul

This Rush Card is a prepaid visa, so it is not really a credit card.

You have to deposit money on the card in order to use it to purchase anything, so there's no way you can spend more money than you have.

Apr. 15 2009 09:53 AM

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