Tax & NetSpend

Speedway, 7-Eleven promoting federal tax refund prepaid card program

Published in CSP Daily News

By  Greg Lindenberg, Online Editor

ENON, Ohio -- Speedway LLC is promoting a program that allows U.S. taxpayers to deposit their federal tax refunds onto a NetSpend prepaid card.

Marathon Petroleum and Speedway spokesperson Shane Pochard told CSP Daily News, "Anyone can bring in their government [tax refund] check, pay $3.95 for a NetSpend Visa card, and we'll put that money on the card."

The program, in its first year, "is another opportunity for us to provide a service for our customers. It's another opportunity for them to come inside the store after purchasing fuel, and it gives us a broader offering to our customer base," he said.

Krista Shepard, spokesperson for Austin, Texas-based NetSpend Holdings Inc.--a provider of general-purpose reloadable (GPR) prepaid debit cards and related financial services to underbanked U.S. consumers--told CSP Daily News that the retailer is supporting the campaign with pump-toppers, door signs and other point-of-sale (POS) materials, as well as web advertising.

Consumers can participate at any Speedway location. The card is good anywhere Visa and MasterCard debit cards are accepted, and it can be used to pay bills online and get cash at more than one million ATMs worldwide.

It offers real-time, 24/7 online account access; anytime alerts via text message or email after every purchase and deposit; requires no credit check; has no overdraft fees or interest charges; and earns 500 bonus points with each new card activation or reload, redeemable for free fuel and merchandise through the the Speedy Rewards NetSpend Reload Club. The seventh reload is fee free.

NetSpend said that Dallas-based 7-Eleven Inc., which recently forged a deal that expanded NetSpend's reload network (see Related Content below for previous CSP Daily News coverage), is also participating in the tax refund program.

Margaret Chabris, spokesperson for 7-Eleven, confirmed that the chain is taking part in the program.

"Some 5,000 7-Eleven stores offer the NetSpend card and are promoting a program whereby customers can direct deposit their tax refunds to a NetSpend card purchased at a 7-Eleven store," she told CSP Daily News.

The retailer is also running a contest to accompany the promotion. "NetSpend will double the tax refund for 13 customers who purchase their NetSpend card at 7-Eleven between January 1 and March 31, 2012. These 13 winners are selected as one per each of 7-Eleven's U.S. zones," Chabris said.

Austin, Texas-based NetSpend offers its reloadable prepaid debit cards and related financial services to the estimated 60 million underbanked consumers who do not have a traditional bank account or who rely on alternative financial services.

7-Eleven operates, franchises or licenses more than 9,000 convenience stores in North America. Globally, there are more than 44,300 7-Eleven stores in 16 countries.

Enon, Ohio-based Speedway owns and operates the nation's fourth largest c-store chain, with approximately 1,375 locations in seven states in the Midwest, is an indirect wholly owned subsidiary of Marathon Petroleum Corp., Findlay, Ohio.