14 DAY TRIAL // Virgin Mobile USA and NetSpend announced the launch of the Virgin Mobile "Stash" Prepaid Visa Debit Card.
"We know our youth market is eager for ways to become more financially independent and responsible," said Virgin Mobile USA CEO Dan Schulman. "As Virgin Mobile's first branded debit card, Stash's flexible suite of features empowers young adults and teens to manage their spending responsibly and conveniently load their accounts with cash, debit or credit cards or direct deposit. Our customers earn exclusive Virgin Mobile rewards for any purchases they make with their Stash cards."
The new prepaid debit card is linked to a Virgin Mobile phone, allowing users to earn free airtime. The extended offering of features includes peer-to-peer money transfers and wireless text alerts, to manage spending and prevent fraud, as well as online accounts management and a savings program. Schulman said the program will in the future extend to include other products and services offered by Virgin Mobile and its partners. The card will be offered to current Virgin Mobile customers and all prospective consumers buying new Virgin Mobile phones.
"The launch of the Stash Card marks a new breed of reloadable private label prepaid debit cards with significant added features that we developed for Virgin Mobile," said Rick Savard, CEO of NetSpend. "With teens spending almost $160 billion annually, the importance of this market - Virgin Mobile's target audience - cannot be overestimated. Stash is just the first step in a partnership well positioned to pioneer new benefits for teens and all prepaid phone and debit card customers," Savard said.
The Virgin Mobile Stash Prepaid Visa Card allows users to make everyday purchases anywhere Visa debit cards are accepted. Cardholders can load funds onto their Stash cards at NetSpend partner retail locations and maintain up to a $10,000 balance. Funds are deposited into a federally insured account at Inter National Bank (Member FDIC), one of NetSpend's issuing banks.