Urban radio star Tom Joyner promotes a pre-paid cash/credit card ...

Urban radio star Tom Joyner promotes a new pre-paid “Reach Visa Card” in partnership with Radio One-connected Reach Media and PreCash.

The idea is to use the show (and the card) to help the 43 million Americans who “are either unbanked or underbanked”, says Reach – which says “a disproportionate number are black compared to other ethnic groups.”

The Reach Card will have a $9.95 activation fee, $8.95 monthly fee and $2.50 ATM fee. Cardholders get free direct deposit of funds and customer service. 12-year-old PreCash is based in Houston and says it’s got three million active customers.

This does not bode well.