[Note: I’m not African-American but I know Charcoal Ink has many African-American readers and of course my partner in crime Memphiz is African-American, so I thought this post would interest you]
I stumbled across an advert for Baby Phat pre-paid debit card when I was reading Necole Bitchie. I was so surprised that Baby Phat had stepped into personal finance and there was not more noise about it! I clicked on the advert and started doing more research about this venture and I have to say that it makes me feel a little…queasy.
The Baby Phat Prepaid Visa RushCard shares its great features with the Prepaid Visa RushCard, also developed by hip-hop entrepreneur Russell Simmons. But instead of the basic black design of that card, the Baby Phat Prepaid Visa RushCard comes in playful pink and displays the slinky Baby Phat feline logo that has come to be known by the fashionable worldwide.
Maybe I am a sour puss but honestly, Russell Simmons has branded a debit card for women?? I don’t know – I just feel like personal finance should always be left to the professionals. Russell Simmons is a successful businessman in music, and I know he is using Baby Phat’s fashion pull to sell personal finance? Financial advisors normally have work for several years, even decades to be taken seriously by customers. I don’t think there is anything wrong with making money (hell, I want to make a lot of it) but I just don’t think a debit card by a fashion company makes any sense.
Is Russell Simmons being serious?
Clearly he is because this card is not a credit card, it is a debit card and one of the marketing factors they are using to flog the card is that you don’t overspend on it. I just don’t understand why a Baby Phat consumer would specifically apply for a Baby Phat-branded debit card if it literally does the same thing as a standard VISA debit card you get from your bank. Advantages are said to include no overdraft fees and it helps people rebuild their credit, according to this website.
Will you be applying for this card? Do you think Russell is trying to cash in on black women? Let me know in the comments.