Urban One Expands Into Financial Industry With One VIP Prepaid Debit Card

Urban One expands into the financial industry with the introduction of One VIP, a prepaid Visa debit card with a rewards program for Black consumers.

“We are excited to take the lead and be the first African American owned company to provide this kind of financial solution for Black consumers,” Urban One Senior Vice President of Financial Services Jon Round said in a release. “This digital financial solution and rewards program allows us to provide access, flexibility, and empowerment to our consumers, and helps to circulate Black dollars in the Black community.”

Cardholders can manage their account online or via the One VIP mobile app and make cash withdrawals, retail and online purchase with the prepaid debit card. Urban One says consumers earn points on most purchases and can earn additional points when using their card with select merchants as part of the Buy Black initiative that features 25 Black-owned brands. Points can be redeemed as cash back or as a donation to the Urban One Community Works Foundation.

Donations will be used to support charities supporting people of color, including The Innocence Project for criminal justice reform, the National Black Justice Coalition serving LGBTQ/SGL communities and Howard University.

Additionally, Urban One says it will donate $10 per account per three-month period for every cardholder who maintains a One VIP account for three consecutive months and meets loading/spending requirements.

“For 40 years, Urban One has led the way, representing Black culture in the USA, seeking to inform, inspire and entertain Black America. Today, I’m proud that Urban One leads the way again with another first,” CEO Alfred Liggins added. “This marks the first step by Urban One to financially include and empower, with financial products designed for the Black community.”

The One VIP Visa Prepaid Card is issued by Stride Bank, N.A., Member FDIC, pursuant to a license from Visa USA Inc. Deposits are FDIC insured up to $250,000 by Stride Bank.

Urban One is the parent company of the Radio One broadcast radio station group, the Reach Media syndication network, TV One and iOne Digital. The company also has an interest in MGM National Harbor in Prince George’s Country, MD.

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