RadioShack Announces Plan to Help Consumers Redeem, Spend and Save Their Federal Stimulus Checks and IRS Tax Refunds
Consumer electronics retailer offers 10-percent discount on purchases of $50 or more when a federal stimulus check or IRS tax refund is used as a form of payment; unspent balances loaded on prepaid card
April 25, 2008 // Franchising.com // FORT WORTH, Texas - RadioShack Corporation (NYSE: RSH) today announced plans to help customers redeem, spend and even save their federal stimulus checks and IRS tax refunds.
Customers who use their stimulus or IRS refund checks in amounts up to $2,500 as a form of payment at their neighborhood RadioShack store between May 4 and July 12, 2008, and make a minimum qualifying purchase of $50 will receive a 10-percent discount. However, as an added value customers will not be required to commit the entire amount of their federal stimulus or IRS refund checks to the consumer electronics retailer. Any remaining unspent balance will be placed on a Vision Silver(SM) Prepaid MasterCard® card that can be used wherever MasterCard cards are accepted.
RadioShack will not charge a check or card activation fee when customers use part or all of their federal stimulus or IRS refund check to make a purchase. Better still, there are no product exclusions for the 10-percent discount offer, so customers can save on everything from GPS devices, wireless phones or even home computers and accessories up to the $2,500 maximum redemption amount per refund. Last, but not least, customers may qualify to convert their Vision Silver(SM) Prepaid MasterCard® card into a permanent personalized prepaid card if they so desire. Customers may obtain more information from their neighborhood RadioShack store beginning May 4.
"What's unique about RadioShack's offer is that we are giving our customers 10-percent off their favorite electronics with a small minimum purchase amount while allowing them to convert the unspent balance of their checks into prepaid cards for spending at a later time or place," said Peter Whitsett, executive vice president, merchandising for RadioShack. "While we would certainly love for them to spend everything at RadioShack, we understand other obligations may be necessary. Fortunately, our offer gives them the best of both worlds: save upfront on their consumer electronics purchase and save the rest of the money for a later date. This is the kind of personalized solution that keeps our customers' best interests at heart."
Whitsett said RadioShack's offer will also have great appeal to the millions of individuals in the United States that do not have a checking account and rely upon check cashing services that may charge fees as high as 3-5 percent.
"Many customers today are underbanked, meaning they do not have checking accounts or credit," Whitsett said. "However, they're just like everyone else in that they would like to use some or all of their stimulus checks or IRS refund to purchase things to make their lives and work more enjoyable and productive. With no check redemption or card activation fees, a 10-percent savings on products and the ability to receive their unspent balance on a prepaid MasterCard, underbanked customers will benefit from our offer in more ways than one."
The federal government is expected to begin mailing stimulus checks to qualified recipients in May. Most taxpayers will receive stimulus checks ranging from $600 to $1,200 or more based on their number of dependents. Exact rules for RadioShack's federal stimulus and IRS refund offer will be available in 4,500 company stores and marketing materials starting May 4. Certain services and gift cards are not included and the offer can't be combined with other discounts. This offer is not available in certain states. See store for details in your area. Normal ATM charges will apply to cash withdrawals made using the Vision Silver(SM) Prepaid MasterCard® card, and monthly maintenance fees are applicable to unused balances after 30 days. Other terms and restrictions may apply.
About RadioShack Corporation
RadioShack Corporation (NYSE: RSH) is one of the nation's most experienced and trusted consumer electronics specialty retailers. Operating from convenient and comfortable neighborhood and mall locations, RadioShack stores deliver personalized product and service solutions within a few short minutes of where most Americans either live or work. The company has a presence through almost 6,000 company-operated stores and dealer outlets in the United States, over 150 RadioShack locations in Mexico and nearly 800 wireless phone kiosks. RadioShack's dedicated force of knowledgeable and helpful sales associates has been consistently recognized by several independent groups as providing the best customer service in the consumer electronics and wireless industries. For more information on RadioShack Corporation, or to purchase items online, visit www.RadioShack.com.