The media company Urban One has launched a new digital bank account geared toward Black consumers that rewards users for shopping at Black-owned businesses.
Urban One, which targets Black Americans and city dwellers, introduced the One VIP accoount Thursday. The account comes with a prepaid debit card and customers earn one point per every $2 spent on regular purchases and 1.5 points per $2 spent on select Black-owned brands, as well as Uber, Netflix, Starbucks and other big-name merchants. They can also earn bonus points by shopping through Ampre, One VIP’s shopping network.
Customers can then redeem their points for cash back or as a donation to the Urban One Community Works Foundation, which will use the funds to support charities that serve people of color. Urban One will contribute an additional $10 per account if the cardholder meets certain requirements, such as loading and spending $500 per month.