The MAGIC by Magic Johnson Prepaid MasterCard announced the launch of MAGIC Mojo Savings Goals and that it has joined the MoneyPass surcharge-free ATM network.

MoneyPass is a network of Elan Financial Services, which provides comprehensive ATM and debit card processing solutions for financial institutions, independent sales organizations, and retailers. MoneyPass provides surcharge-free access at more than 23,000 ATMs across the United States.

MAGIC Mojo cardholders set a savings goal, and then save money towards that goal by sending text messages whenever they want to make a save.

"We are working hard to provide our cardholders with more tools and product features to save money and help better manage their finances," says Earvin "Magic" Johnson, chairman and CEO of Magic Johnson Enterprises. "One of the features we are most excited about is MAGIC Mojo Savings Goals. We partnered with Piggymojo.com to encourage our cardholders to change the way they think about saving money, and to start saving in a fun way by picking up their phone instead of pulling cash out of their wallet, and by doing that, they will see how quickly their savings adds up."

For many people, and particularly those on a tight budget, the only way to save more is to spend less. MAGIC Mojo inspires users to do just that by making impulse saves rather than impulse purchases. Now whenever cardholders make a smart move like eating at home instead of dining out or buying something on sale, they can save the money by simply sending a text message and the money will be transferred toward their savings goal.

First, they enroll in MAGIC Mojo at OnlyMagicCard.com and set a goal-such as enrolling in classes, taking a vacation, paying off debt, or setting aside for an emergency fund. They also set up the total goal amount and time to reach their goal. MAGIC Mojo then breaks that goal into smaller, more achievable weekly savings targets and sends weekly text reminders and encouragement to help cardholders stay on track.

Every time cardholders save money by not making a purchase or spending less on a purchase by shopping smart, they simply send a text message that starts with the word "Magic" followed by the dollar amount saved and a brief description. For example, "Magic 7 didn't eat lunch out." The money is transferred from the spending side of their MAGIC prepaid card to the savings side and the user is now $7 closer to reaching their savings goal.

Adds Johnson, "With MAGIC Mojo, cardholders will save more than they thought they could, improve their spending and savings habits, and reach their goals faster." 

MAGIC Mojo is powered by Piggymojo.com.

[This article was posted on January 8, 2013, on the website of ABA Banking Journal, www.ababj.com.]  

TrackBack URI for this entry

Comments (0)

Subscribe to this comment's feed

Name

Email

Title

Comment

smaller | bigger

Subscribe via email (Registered users only)

I have read and agree to the Terms of Usage.

Write the displayed characters

Add Comment