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Magic Cash aka poor folk getting ripped off. posted by bichen

links::purchasing | Friday, Mar 12th 2004, 04:18:31 PM

Magic Cash is promoted by Magic Johnson. But as me and a coworker look at it, it almost looks like Magic Johnson (yes, the former NBA Basketball great) is ripping off poor black folk. The card is targeted toward people with bad credit and apparently the commercials feature happy African-Americans.

So what is it? It's a card that acts like a credit card. You can use it to buy stuff online, at stores, etc. It's more like a debit card though in that you can only spend what's on the card. So... the Magic Cash card is a debit card. So, what's so bad about it?

1) It has a set up fee. ($29.95)
2) It has monthly fees. ($5.95)
3) There's a fee for almost anything you want to do with it INCLUDING putting more money on the card! Also if you forget your PIN it costs money. :O

And the kicker is one of the big selling points is that there's no annual fee. Of course. They don't need an annual fee if they're charging you a MONTHLY fee. C'mon. So you're basically paying to use your money and the people this apparently appeals to are those without much money.

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