SOURCE: Magic Johnson Enterprises

Magic Johnson Enterprises

June 27, 2012 19:00 ET

Introducing MAGIC by Magic Johnson, a Reloadable Prepaid MasterCard® From Earvin "Magic" Johnson

MAGIC by Magic Johnson Delivers a Strong Financial Opportunity That Offers Acceptance, Convenience, and Control

LOS ANGELES, CA--(Marketwire - Jun 27, 2012) - In life, everyone can use a little magic to call their own. Entrepreneur and NBA Hall of Famer Earvin "Magic" Johnson, in partnership with OneWest Bank, FSB, today launches the MAGIC card, a reloadable prepaid MasterCard® that offers an excellent way for cardholders to simplify their lives and better manage their everyday financial needs. Offered nationally and available online at OnlyMagicCard.com, cardholders can rest easy knowing the MAGIC prepaid MasterCard comes from a reputable name they can trust.

"I want people to know this is my card," said Johnson, Chairman and CEO of Magic Johnson Enterprises. "I created this card because I believe everybody should be able to function in today's society where money has changed, and cash is no longer king. The MAGIC prepaid card can help make people's lives easier because it's safer and it allows cardholders to feel more in control. It's also important to me to be clear and upfront about the fees, so that people easily understand how this card works."

To learn more about how people can use the MAGIC prepaid card, and the MAGIC card National Tour, which starts in July, visit OnlyMagicCard.com. On the tour, Mr. Johnson wants to know "What Inspires You?" People can share videos of their inspirational stories on YouTube (http://youtube.com/OnlyMagicCard). The person with the most inspiring story will get to meet with Magic Johnson at a special inspirational event in LA. Tour event locations can be found at OnlyMagicCard.com (OnlyMagicCard.com) and on Facebook (http://fb.com/OnlyMagicCard).

THE ULTIMATE TEAM PLAYER INSPIRES PERSONAL ACHIEVEMENT

"One of the ways I want to help people define their own success and achieve financial freedom is to give them more access to a solid financial toolkit," says Johnson. 

The MAGIC prepaid card offers an alternative payment solution that is safer and more convenient than cash, and it provides money management tools that empower customers to take steps toward greater financial security. Since there's no credit check or bank account required, it's also easy to get a card and begin using it.

The FDIC reports more than 60 million people in the U.S. do not have traditional bank deposit accounts or have limited access to a payment card.

"Let's face it, cash can only take you so far. With the MAGIC prepaid card people can go places and do things they can't do with cash -- like shop online, rent a car, or book travel reservations. But beyond that, it's a card designed for anybody who wants more enjoyment, stability and control in their life."

HOW THE MAGIC PREPAID CARD WORKS

With the MAGIC prepaid card there is no credit check or bank account required. It is a prepaid card that allows the cardholder to add money to it and control spending by only spending what they put on the card. All funds are FDIC-insured. Similar to a debit card, it can be used to withdraw cash at ATMs or used for purchases at millions of merchants worldwide anywhere MasterCard is accepted. 

Choice, Control, Convenience, Security, and Acceptance: A Look At The Benefits of MAGIC Membership

With the MAGIC prepaid MasterCard there are never any fees for purchases, and when used the right way, cardholders get a wealth of benefits for one low monthly fee of $4.95.

  • Add money for free with direct deposit or ACH bank transfer. Add money with cash at over 60,000 locations using Green Dot's MoneyPak network for $4.95 (a Green Dot fee, not a fee charged by MAGIC).
  • Get cash for free by asking for cash back at a retailer like a grocery store. Cardholders can also get cash from any bank teller or ATM (fees may apply, see fee schedule for details). 
  • Track spending for free 24/7 with online and mobile account management solutions and free email and text alerts.
  • Make purchases for free online and at millions of merchants worldwide, anywhere MasterCard is accepted.
  • Set up a free MAGIC Mojo savings goal account and see how easy it can be to save money and reach goals with our unique text system that celebrates "impulse saves" and helps keep you on track. 
  • Stay worry free knowing that the MAGIC prepaid card is FDIC insured and protected with the MasterCard Zero Liability Policy.

Johnson concludes, "In many ways today if you don't have plastic, you're out, and I don't think anybody should be left out. This card can work for everyone and we are committed to making sure it does."

To get the new MAGIC Prepaid MasterCard by Magic Johnson, go to onlymagiccard.com or call 1-866-530-2272.

ABOUT MAGIC JOHNSON ENTERPRISES

Magic Johnson Enterprises acts as a catalyst for driving unparalleled business results for its partners and fosters community/economic empowerment by making available high-quality entertainment, products and services that answer the demands of ethnically diverse urban communities. For more information, visit http://magicjohnson.com/enterprises/index.php

ABOUT ONEWEST BANK, FSB

OneWest Bank is the largest Southern California-headquartered bank and is focused on delivering personalized, relationship-based banking to its customers. The bank has 77 retail branches conveniently located throughout Southern California to serve consumers and businesses, small and large. With total assets of $26 billion and $15 billion in deposits, OneWest has the size and the strength to offer a wide array of banking products and services, locally and nationally, and the stability to protect its depositors.

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