The Coopera Card is a reloadable prepaid card designed to meet the needs of Hispanic consumers. It was launched in October 2011.
“Our goal was to have 10 pilot credit unions within the first year,” says Miriam De Dios, CEO of Coopera, a consulting firm and CUNA strategic partner. As of November 2012, talks were underway with the company’s 13th client.
The Coopera Card has English and Spanish language options from card purchase to statements to cardholder support. Calls to the interactive voice response system are free.
Cardholders pay no monthly maintenance fee for the first 60 days, giving them time to become familiar with the card. After that, the monthly fee is $5.95, which can be waived by loading $1,000 a month.
A cardholder pays $10 for a secondary card that carries no monthly maintenance fee.
With the reloadable prepaid card, cardholders can avoid the costs of check cashing and money orders. Couple that with a secondary card to send to relatives living far away or in other countries, and cardholders can avoid remittance fees.
“Looking at an average scenario, a cardholder could save close to $800 a year by switching to a Coopera Card and using it for all those purposes,” De Dios says.
Because of such features, she adds, NerdWallet—a card comparison website—rated the Coopera Card as one of the top five consumer-friendly prepaid cards.
Other prepaid card solutions for the unbanked or underbanked include: