Russell Simmons has recently been under fire from Boyce Watkins, a professor of finance at Syracuse University on whether or not his Visa RushCard actually gives people access to the American Dream. According to this post in Taking Charge, Watkins mentions:
"I never really knew the American Dream consisted of having a piece of plastic that puts people further and further in debt.
He goes on to criticize the Visa Rush Card fee structure that charges an activation fee of $19.95, daily convenience fees of $1.00, and even ATM withdrawal fees of $1.95. Russell Simmons recently responded to the publicity and mentioned:
"The RushCard is a prepaid card, NOT a credit card. It gives people the convenience of a credit card without the debt. I have watched with pride the way RushCard has changed the lives of hundreds of thousands of people giving them respect and dignity. It gives underserved communities the tools to get their money right."
What do you think about the feud between Russell and Watkins?
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