In the midst of a global economic downturn, Russell Simmons’ prepaid Visa RushCard has managed to reach the two billion dollar mark in deposits – an all time high for the five-year-old venture.
The RushCard allows members to track their transactions online while including debt reducing strategies and restrictions to prevent overdrafting or over use. It allows people with bad credit to build up good credit.
“I’m personally very happy that RushCard is benefiting and empowering people exactly as it was intended,” said Simmons in a statement. “In America today, no one should be left out or kept out of having access to the American Dream and financial services which a bank account or credit card provides to others. The fact that we have already helped our members manage $2 billion in transactions proves that RushCard is instrumental in providing access to those services that hundreds of thousands of people may not otherwise have.”
The online Spend Tracker and the RushPATH to Credit are new programs added by Simmons that make it possible for users to report their regular payment history to participating consumer credit reporting agencies while still easily tracking expenses.
Simmons expressed hope for the future saying, “As we celebrate this major accomplishment, we look forward to the day all Americans have the financial access and dignity they deserve.”